Zenith Graphics Services: 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.
Zenith Graphics Services
Largest movements
- Cash -€201,384
down €201,384 (-45.1%), from €446,584 to €245,200
mainly Contributions, distributions and other (-€140,000) and Other debts (-€111,245)
- Tangible fixed assets +€20,983
new in 2025: €20,983
- Deferred charges and accrued income +€15,000
new in 2025: €15,000
- Other debts -€111,245
down €111,245 (-43.9%), from €253,141 to €141,896
- Tax, wage and social debts -€44,902
down €44,902 (-94.7%), from €47,402 to €2,500
- Trade debts -€31,658
down €31,658 (-22.6%), from €140,100 to €108,442
- Advances received +€13,490
up €13,490 (+166.4%), from €8,106 to €21,596
- Gross operating margin -€120,926
down €120,926 (-39.1%), from €309,248 to €188,322
- Taxes -€15,177
down €15,177 (-25.1%), from €60,578 to €45,401
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €752,025 | €583,321 | -€168,704 | -22.4% |
| Fixed assets | 21/28 | €6,061 | €20,983 | +€14,922 | +246.2% |
| Intangible fixed assets | 21 | €6,061 | - | -€6,061 | |
| Tangible fixed assets | 22/27 | - | €20,983 | +€20,983 | |
| Furniture and vehicles | 24 | - | €20,983 | +€20,983 | |
| Current assets | 29/58 | €745,964 | €562,337 | -€183,626 | -24.6% |
| Stocks and contracts in progress | 3 | €24,800 | €24,621 | -€179 | -0.7% |
| Stocks | 30/36 | €24,800 | €24,621 | -€179 | -0.7% |
| Amounts receivable within one year | 40/41 | €274,580 | €277,517 | +€2,937 | +1.1% |
| Trade receivables | 40 | €254,551 | €273,169 | +€18,618 | +7.3% |
| Other amounts receivable | 41 | €20,029 | €4,348 | -€15,682 | -78.3% |
| Cash at bank and in hand | 54/58 | €446,584 | €245,200 | -€201,384 | -45.1% |
| Deferred charges and accrued income | 490/1 | - | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €752,025 | €583,321 | -€168,704 | -22.4% |
| Equity | 10/15 | €301,776 | €306,734 | +€4,958 | +1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €289,376 | €294,334 | +€4,958 | +1.7% |
| Distributable reserves | 133 | €289,376 | €294,334 | +€4,958 | +1.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €450,249 | €276,587 | -€173,662 | -38.6% |
| Amounts payable within one year | 42/48 | €448,749 | €274,434 | -€174,315 | -38.8% |
| Trade debts | 44 | €140,100 | €108,442 | -€31,658 | -22.6% |
| Suppliers | 440/4 | €140,100 | €108,442 | -€31,658 | -22.6% |
| Advances received on contracts in progress | 46 | €8,106 | €21,596 | +€13,490 | +166.4% |
| Taxes, remuneration and social security | 45 | €47,402 | €2,500 | -€44,902 | -94.7% |
| Taxes | 450/3 | €47,402 | €2,500 | -€44,902 | -94.7% |
| Other amounts payable | 47/48 | €253,141 | €141,896 | -€111,245 | -43.9% |
| Accrued charges and deferred income | 492/3 | €1,500 | €2,153 | +€653 | +43.5% |
| Remuneration, social security and pensions | 62 | - | €2,060 | +€2,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,584 | €3,641 | +€1,056 | +40.9% |
| Other operating charges | 640/8 | €387 | €411 | +€24 | +6.2% |
| Gross operating margin | 9900 | €309,248 | €188,322 | -€120,926 | -39.1% |
| Operating profit (loss) | 9901 | €306,277 | €182,211 | -€124,066 | -40.5% |
| Financial income | 75/76B | €8,252 | €8,705 | +€453 | +5.5% |
| Recurring financial income | 75 | €8,252 | €8,705 | +€453 | +5.5% |
| Financial charges | 65/66B | €453 | €556 | +€103 | +22.8% |
| Recurring financial charges | 65 | €453 | €556 | +€103 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €314,075 | €190,359 | -€123,717 | -39.4% |
| Income taxes | 67/77 | €60,578 | €45,401 | -€15,177 | -25.1% |
| Profit (loss) for the period | 9904 | €253,497 | €144,958 | -€108,540 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €253,497 | €144,958 | -€108,540 | -42.8% |
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 30 September 2026 via checked.be.