Zenith Graphics: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Zenith Graphics
NACE 29.320, Manufacture of motor vehicles, trailers and semi-trailers
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €893,435+€296,045
Equity
€4.2m
2024 · €4.2m+€80,292
Cash
€1.1m
2024 · €1.0m+€39,709
Balance sheet total
€10.7m
2024 · €11.7m-€992,718
Largest movements
Assets
- Receivables within one year -€373,875
down €373,875 (-10.4%), from €3.6m to €3.2m
of which Trade receivables: -€303,417
- Tangible fixed assets -€312,438
down €312,438 (-8.7%), from €3.6m to €3.3m
of which Plant, machinery and equipment: -€320,137
- Stocks and contracts -€245,366
down €245,366 (-8.9%), from €2.7m to €2.5m
- Intangible fixed assets -€122,503
down €122,503 (-26.2%), from €467,492 to €344,989
Equity and liabilities
- Trade debts -€1.1m
down €1.1m (-32.4%), from €3.4m to €2.3m
- Tax, wage and social debts -€154,780
down €154,780 (-17.6%), from €877,362 to €722,581
of which Taxes: -€160,240
- Other debts +€118,318
up €118,318 (+12.0%), from €982,932 to €1.1m
Income statement
- Turnover +€1.2m
up €1.2m (+6.4%), from €19.0m to €20.2m
- Goods and materials +€696,578
up €696,578 (+10.4%), from €6.7m to €7.4m
of which Purchases: +€749,601
- Staff costs +€386,149
up €386,149 (+7.3%), from €5.3m to €5.7m
- Services and other goods -€208,585
down €208,585 (-4.3%), from €4.8m to €4.6m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€893,435
Turnover
+€1.2m
Other operating income
+€97,290
Goods and materials
-€696,578
Services and other goods
+€208,585
Staff costs
-€386,149
Depreciation
-€17,143
Write-downs
+€88,798
Provisions
-€29,853
Other operating charges
-€49,258
Other operating items
-€7,850
Financial income
-€11,095
Financial charges
-€3,870
Taxes
-€116,955
Result 2025
€1.2m
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.8m
Investment
-€610,411
Financing
-€1.1m
Cash 2024
€1.0m
From operations (derived)
+€1.8m
Net result for the year
+€1.2m
Depreciation
+€1.0m
Stocks and contracts
+€245,366
Receivables within one year
+€373,875
Deferred charges and accrued income
-€7,325
Provisions
+€29,853
Trade debts
-€1.1m
Tax, wage and social debts
-€154,780
Advances received
-€19,250
Other debts
+€118,318
Accrued charges and deferred income
+€55,755
Investment (derived)
-€610,411
Investment in fixed assets (net)
-€610,411
Financing
-€1.1m
Debts after one year
+€33,080
Current portion of long-term debt
+€89,246
Short-term financial debts
-€115,151
Contributions, distributions and other
-€1.1m
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,666,928 | €10,674,210 | -€992,718 | -8.5% |
| Fixed assets | 21/28 | €4,177,180 | €3,756,668 | -€420,511 | -10.1% |
| Intangible fixed assets | 21 | €467,492 | €344,989 | -€122,503 | -26.2% |
| Tangible fixed assets | 22/27 | €3,603,559 | €3,291,120 | -€312,438 | -8.7% |
| Plant, machinery and equipment | 23 | €1,529,572 | €1,209,436 | -€320,137 | -20.9% |
| Furniture and vehicles | 24 | €328,686 | €518,523 | +€189,836 | +57.8% |
| Leasing and similar rights | 25 | €136,945 | €98,175 | -€38,770 | -28.3% |
| Other tangible fixed assets | 26 | €1,608,355 | €1,464,987 | -€143,368 | -8.9% |
| Financial fixed assets | 28 | €106,129 | €120,559 | +€14,430 | +13.6% |
| Other financial fixed assets | 284/8 | €106,129 | €120,559 | +€14,430 | +13.6% |
| Amounts receivable and cash guarantees | 285/8 | €106,129 | €120,559 | +€14,430 | +13.6% |
| Current assets | 29/58 | €7,489,749 | €6,917,541 | -€572,207 | -7.6% |
| Stocks and contracts in progress | 3 | €2,748,793 | €2,503,427 | -€245,366 | -8.9% |
| Stocks | 30/36 | €2,748,793 | €2,503,427 | -€245,366 | -8.9% |
| Raw materials and consumables | 30/31 | €1,819,656 | €1,408,619 | -€411,037 | -22.6% |
| Finished goods | 33 | €929,137 | €1,094,808 | +€165,671 | +17.8% |
| Amounts receivable within one year | 40/41 | €3,581,909 | €3,208,034 | -€373,875 | -10.4% |
| Trade receivables | 40 | €3,294,019 | €2,990,602 | -€303,417 | -9.2% |
| Other amounts receivable | 41 | €287,890 | €217,432 | -€70,458 | -24.5% |
| Cash at bank and in hand | 54/58 | €1,037,179 | €1,076,888 | +€39,709 | +3.8% |
| Deferred charges and accrued income | 490/1 | €121,868 | €129,192 | +€7,325 | +6.0% |
| Total equity and liabilities | 10/49 | €11,666,928 | €10,674,210 | -€992,718 | -8.5% |
| Equity | 10/15 | €4,166,855 | €4,247,146 | +€80,292 | +1.9% |
| Contributions | 10/11 | €683,269 | €683,269 | = | 0.0% |
| Capital | 10 | €683,269 | €683,269 | = | 0.0% |
| Issued capital | 100 | €683,269 | €683,269 | = | 0.0% |
| Reserves | 13 | €3,449,341 | €3,538,822 | +€89,481 | +2.6% |
| Non-distributable reserves | 130/1 | €123,436 | €123,436 | = | 0.0% |
| Legal reserve | 130 | €123,436 | €123,436 | = | 0.0% |
| Distributable reserves | 133 | €3,325,905 | €3,415,386 | +€89,481 | +2.7% |
| Investment grants | 15 | €34,244 | €25,055 | -€9,189 | -26.8% |
| Provisions and deferred taxes | 16 | €20,254 | €50,107 | +€29,853 | +147.4% |
| Provisions for liabilities and charges | 160/5 | €20,254 | €50,107 | +€29,853 | +147.4% |
| Other liabilities and charges | 164/5 | €20,254 | €50,107 | +€29,853 | +147.4% |
| Amounts payable | 17/49 | €7,479,819 | €6,376,956 | -€1.1m | -14.7% |
| Amounts payable after more than one year | 17 | €1,234,523 | €1,267,603 | +€33,080 | +2.7% |
| Financial debts | 170/4 | €1,234,523 | €1,267,603 | +€33,080 | +2.7% |
| Leasing and similar obligations | 172 | €96,304 | €59,818 | -€36,486 | -37.9% |
| Credit institutions | 173 | €1,138,218 | €1,207,785 | +€69,566 | +6.1% |
| Amounts payable within one year | 42/48 | €6,206,172 | €5,014,475 | -€1.2m | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €326,673 | €415,919 | +€89,246 | +27.3% |
| Financial debts | 43 | €445,107 | €329,957 | -€115,151 | -25.9% |
| Credit institutions | 430/8 | €445,107 | €329,957 | -€115,151 | -25.9% |
| Trade debts | 44 | €3,421,848 | €2,311,768 | -€1.1m | -32.4% |
| Suppliers | 440/4 | €3,421,848 | €2,311,768 | -€1.1m | -32.4% |
| Advances received on contracts in progress | 46 | €152,250 | €133,000 | -€19,250 | -12.6% |
| Taxes, remuneration and social security | 45 | €877,362 | €722,581 | -€154,780 | -17.6% |
| Taxes | 450/3 | €347,292 | €187,052 | -€160,240 | -46.1% |
| Remuneration and social security | 454/9 | €530,070 | €535,530 | +€5,460 | +1.0% |
| Other amounts payable | 47/48 | €982,932 | €1,101,250 | +€118,318 | +12.0% |
| Accrued charges and deferred income | 492/3 | €39,124 | €94,879 | +€55,755 | +142.5% |
| Operating income | 70/76A | €19,367,047 | €20,676,609 | +€1.3m | +6.8% |
| Turnover | 70 | €19,019,725 | €20,239,848 | +€1.2m | +6.4% |
| Other operating income | 74 | €339,472 | €436,762 | +€97,290 | +28.7% |
| Non-recurring operating income | 76A | €7,850 | - | -€7,850 | |
| Operating charges | 60/66A | €18,015,415 | €18,897,012 | +€881,597 | +4.9% |
| Goods for resale, raw materials and consumables | 60 | €6,698,471 | €7,395,049 | +€696,578 | +10.4% |
| Purchases | 600/8 | €6,431,620 | €7,181,221 | +€749,601 | +11.7% |
| Change in stocks: decrease (increase) | 609 | €266,852 | €213,829 | -€53,023 | -19.9% |
| Services and other goods | 61 | €4,799,755 | €4,591,170 | -€208,585 | -4.3% |
| Remuneration, social security and pensions | 62 | €5,285,481 | €5,671,630 | +€386,149 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,013,780 | €1,030,923 | +€17,143 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €128,224 | €39,426 | -€88,798 | -69.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €29,853 | +€29,853 | |
| Other operating charges | 640/8 | €89,703 | €138,961 | +€49,258 | +54.9% |
| Operating profit (loss) | 9901 | €1,351,632 | €1,779,598 | +€427,966 | +31.7% |
| Financial income | 75/76B | €21,223 | €10,128 | -€11,095 | -52.3% |
| Recurring financial income | 75 | €21,223 | €10,128 | -€11,095 | -52.3% |
| Other financial income | 752/9 | €21,223 | €10,128 | -€11,095 | -52.3% |
| Financial charges | 65/66B | €89,513 | €93,383 | +€3,870 | +4.3% |
| Recurring financial charges | 65 | €89,513 | €93,383 | +€3,870 | +4.3% |
| Debt charges | 650 | €86,715 | €85,350 | -€1,365 | -1.6% |
| Other financial charges | 652/9 | €2,798 | €8,033 | +€5,235 | +187.1% |
| Profit (loss) for the period before taxes | 9903 | €1,283,342 | €1,696,342 | +€413,000 | +32.2% |
| Income taxes | 67/77 | €389,907 | €506,862 | +€116,955 | +30.0% |
| Taxes | 670/3 | €389,907 | €506,862 | +€116,955 | +30.0% |
| Profit (loss) for the period | 9904 | €893,435 | €1,189,481 | +€296,045 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €893,435 | €1,189,481 | +€296,045 | +33.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.