Zenith Graphics Group: what changed
Two financial 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 Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.6m-€83,302
Equity
€12.5m
2024 · €12.4m+€168,522
Cash
€777,505
2024 · €632,099+€145,406
Balance sheet total
€21.6m
2024 · €21.4m+€259,829
Largest movements
Assets
- Receivables within one year -€1.2m
down €1.2m (-67.4%), from €1.8m to €587,025
of which Trade receivables: -€954,788
- Current investments +€1.2m
up €1.2m (+227%), from €528,231 to €1.7m
of which Other investments: +€1.2m
- Receivables after one year +€350,000
new in 2025: €350,000
- Tangible fixed assets -€221,345
down €221,345 (-3.2%), from €7.0m to €6.8m
of which Land and buildings: -€264,812
Equity and liabilities
- Debts after one year -€638,417
down €638,417 (-8.7%), from €7.3m to €6.7m
of which Financial debts: -€487,836
- Other debts +€540,000
up €540,000 (+60.7%), from €889,501 to €1.4m
Income statement
- Services and other goods +€358,191
up €358,191 (+30.4%), from €1.2m to €1.5m
- Turnover +€136,364
up €136,364 (+102%), from €133,629 to €269,993
- Other operating income +€114,299
up €114,299 (+4.5%), from €2.5m to €2.6m
- Financial income -€85,203
down €85,203 (-5.5%), from €1.5m to €1.5m
- Other operating charges -€73,728
down €73,728 (-33.8%), from €218,140 to €144,413
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
€1.6m
Turnover
+€136,364
Other operating income
+€114,299
Services and other goods
-€358,191
Staff costs
+€16,034
Depreciation
+€25,008
Other operating charges
+€73,728
Financial income
-€85,203
Financial charges
+€87
Taxes
-€5,429
Result 2025
€1.5m
raises the resultlowers the result
Derived cash bridge
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
+€3.3m
Investment
-€1.3m
Financing
-€1.9m
Cash 2024
€632,099
From operations (derived)
+€3.3m
Net result for the year
+€1.5m
Depreciation
+€298,388
Receivables after one year
-€350,000
Receivables within one year
+€1.2m
Deferred charges and accrued income
-€12,242
Trade debts
+€185,246
Tax, wage and social debts
-€2,697
Other debts
+€540,000
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€66,826
Current investments
-€1.2m
Financing
-€1.9m
Debts after one year
-€638,417
Current portion of long-term debt
+€7,175
Contributions, distributions and other
-€1.3m
Cash 2025
€777,505
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,388,216 | €21,648,045 | +€259,829 | +1.2% |
| Fixed assets | 21/28 | €18,385,372 | €18,153,809 | -€231,563 | -1.3% |
| Intangible fixed assets | 21 | €43,110 | €26,940 | -€16,171 | -37.5% |
| Tangible fixed assets | 22/27 | €7,005,537 | €6,784,192 | -€221,345 | -3.2% |
| Land and buildings | 22 | €6,976,708 | €6,711,896 | -€264,812 | -3.8% |
| Furniture and vehicles | 24 | €28,829 | €60,796 | +€31,967 | +111% |
| Other tangible fixed assets | 26 | - | €11,500 | +€11,500 | |
| Financial fixed assets | 28 | €11,336,725 | €11,342,678 | +€5,953 | +0.1% |
| Affiliated companies | 280/1 | €11,319,992 | €11,342,678 | +€22,686 | +0.2% |
| Participating interests | 280 | €11,319,992 | €11,342,678 | +€22,686 | +0.2% |
| Other financial fixed assets | 284/8 | €16,733 | €0 | -€16,733 | -100% |
| Amounts receivable and cash guarantees | 285/8 | €16,733 | €0 | -€16,733 | -100% |
| Current assets | 29/58 | €3,002,844 | €3,494,235 | +€491,392 | +16.4% |
| Amounts receivable after more than one year | 29 | - | €350,000 | +€350,000 | |
| Other amounts receivable | 291 | - | €350,000 | +€350,000 | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,803,281 | €587,025 | -€1.2m | -67.4% |
| Trade receivables | 40 | €1,479,344 | €524,556 | -€954,788 | -64.5% |
| Other amounts receivable | 41 | €323,936 | €62,468 | -€261,468 | -80.7% |
| Current investments | 50/53 | €528,231 | €1,728,231 | +€1.2m | +227% |
| Own shares | 50 | €528,231 | €528,231 | = | 0.0% |
| Other investments | 51/53 | - | €1,200,000 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €632,099 | €777,505 | +€145,406 | +23.0% |
| Deferred charges and accrued income | 490/1 | €39,233 | €51,475 | +€12,242 | +31.2% |
| Total equity and liabilities | 10/49 | €21,388,216 | €21,648,045 | +€259,829 | +1.2% |
| Equity | 10/15 | €12,366,246 | €12,534,768 | +€168,522 | +1.4% |
| Contributions | 10/11 | €7,660,756 | €7,660,756 | = | 0.0% |
| Capital | 10 | €7,660,756 | €7,660,756 | = | 0.0% |
| Issued capital | 100 | €7,660,756 | €7,660,756 | = | 0.0% |
| Reserves | 13 | €4,705,490 | €4,874,012 | +€168,522 | +3.6% |
| Non-distributable reserves | 130/1 | €995,377 | €995,377 | = | 0.0% |
| Legal reserve | 130 | €467,146 | €467,146 | = | 0.0% |
| Own shares acquired | 1312 | €528,231 | €528,231 | = | 0.0% |
| Distributable reserves | 133 | €3,710,113 | €3,878,635 | +€168,522 | +4.5% |
| Amounts payable | 17/49 | €9,021,969 | €9,113,276 | +€91,307 | +1.0% |
| Amounts payable after more than one year | 17 | €7,313,176 | €6,674,759 | -€638,417 | -8.7% |
| Financial debts | 170/4 | €6,432,054 | €5,944,219 | -€487,836 | -7.6% |
| Credit institutions | 173 | €6,432,054 | €5,944,219 | -€487,836 | -7.6% |
| Other amounts payable | 178/9 | €881,122 | €730,540 | -€150,581 | -17.1% |
| Amounts payable within one year | 42/48 | €1,708,794 | €2,438,517 | +€729,724 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €480,661 | €487,836 | +€7,175 | +1.5% |
| Trade debts | 44 | €229,915 | €415,161 | +€185,246 | +80.6% |
| Suppliers | 440/4 | €229,915 | €415,161 | +€185,246 | +80.6% |
| Taxes, remuneration and social security | 45 | €108,716 | €106,019 | -€2,697 | -2.5% |
| Taxes | 450/3 | €17,958 | €337 | -€17,621 | -98.1% |
| Remuneration and social security | 454/9 | €90,758 | €105,682 | +€14,924 | +16.4% |
| Other amounts payable | 47/48 | €889,501 | €1,429,501 | +€540,000 | +60.7% |
| Operating income | 70/76A | €2,663,686 | €2,914,349 | +€250,664 | +9.4% |
| Turnover | 70 | €133,629 | €269,993 | +€136,364 | +102% |
| Other operating income | 74 | €2,530,057 | €2,644,357 | +€114,299 | +4.5% |
| Operating charges | 60/66A | €2,549,072 | €2,792,493 | +€243,421 | +9.5% |
| Services and other goods | 61 | €1,179,405 | €1,537,596 | +€358,191 | +30.4% |
| Remuneration, social security and pensions | 62 | €828,131 | €812,096 | -€16,034 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323,396 | €298,388 | -€25,008 | -7.7% |
| Other operating charges | 640/8 | €218,140 | €144,413 | -€73,728 | -33.8% |
| Operating profit (loss) | 9901 | €114,614 | €121,856 | +€7,243 | +6.3% |
| Financial income | 75/76B | €1,544,317 | €1,459,115 | -€85,203 | -5.5% |
| Recurring financial income | 75 | €1,544,317 | €1,459,115 | -€85,203 | -5.5% |
| Income from financial fixed assets | 750 | €1,541,139 | €1,442,333 | -€98,806 | -6.4% |
| Income from current assets | 751 | €3,073 | €15,854 | +€12,781 | +416% |
| Other financial income | 752/9 | €106 | €927 | +€822 | +776% |
| Financial charges | 65/66B | €95,059 | €94,972 | -€87 | -0.1% |
| Recurring financial charges | 65 | €95,059 | €94,972 | -€87 | -0.1% |
| Debt charges | 650 | €94,141 | €85,851 | -€8,290 | -8.8% |
| Other financial charges | 652/9 | €918 | €9,121 | +€8,203 | +894% |
| Profit (loss) for the period before taxes | 9903 | €1,563,872 | €1,485,999 | -€77,873 | -5.0% |
| Income taxes | 67/77 | €7,047 | €12,477 | +€5,429 | +77.0% |
| Taxes | 670/3 | €7,047 | €12,477 | +€5,429 | +77.0% |
| Profit (loss) for the period | 9904 | €1,556,824 | €1,473,522 | -€83,302 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,556,824 | €1,473,522 | -€83,302 | -5.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.