ZENITH LOGISTICS: 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 LOGISTICS
Largest movements
- Cash +€1.6m
up €1.6m (+125.9%), from €1.3m to €2.9m
mainly Current investments (+€1.2m) and Net result for the year (+€527,605)
- Current investments -€1.2m
no longer reported in 2025 (was €1.2m)
- Receivables within one year +€52,574
up €52,574 (+6.2%), from €844,102 to €896,677
of which Trade receivables: +€32,181
- Reserves +€527,605
up €527,605 (+22.7%), from €2.3m to €2.9m
of which Distributable reserves: +€527,605
- Other debts -€452,459
no longer reported in 2025 (was €452,459)
- Trade debts +€406,806
up €406,806 (+110.4%), from €368,502 to €775,308
- Gross operating margin +€222,518
up €222,518 (+21.8%), from €1.0m to €1.2m
- Financial charges +€126,626
up €126,626 (+170.4%), from €74,329 to €200,954
- Staff costs +€42,682
up €42,682 (+9.1%), from €470,037 to €512,719
- Financial income +€40,820
up €40,820 (+25.9%), from €157,684 to €198,504
- Taxes -€16,638
down €16,638 (-8.6%), from €193,982 to €177,344
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 | €3,366,517 | €3,812,055 | +€445,538 | +13.2% |
| Fixed assets | 21/28 | €65,944 | €45,569 | -€20,375 | -30.9% |
| Tangible fixed assets | 22/27 | €59,158 | €38,783 | -€20,375 | -34.4% |
| Plant, machinery and equipment | 23 | €11,952 | €7,063 | -€4,889 | -40.9% |
| Furniture and vehicles | 24 | €47,100 | €31,720 | -€15,381 | -32.7% |
| Other tangible fixed assets | 26 | €106 | - | -€106 | |
| Financial fixed assets | 28 | €6,786 | €6,786 | = | 0.0% |
| Current assets | 29/58 | €3,300,573 | €3,766,486 | +€465,913 | +14.1% |
| Amounts receivable within one year | 40/41 | €844,102 | €896,677 | +€52,574 | +6.2% |
| Trade receivables | 40 | €829,107 | €861,288 | +€32,181 | +3.9% |
| Other amounts receivable | 41 | €14,995 | €35,388 | +€20,393 | +136.0% |
| Current investments | 50/53 | €1,181,313 | - | -€1.2m | |
| Cash at bank and in hand | 54/58 | €1,267,982 | €2,863,864 | +€1.6m | +125.9% |
| Deferred charges and accrued income | 490/1 | €7,175 | €5,946 | -€1,229 | -17.1% |
| Total equity and liabilities | 10/49 | €3,366,517 | €3,812,055 | +€445,538 | +13.2% |
| Equity | 10/15 | €2,424,652 | €2,952,257 | +€527,605 | +21.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,324,652 | €2,852,257 | +€527,605 | +22.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,314,652 | €2,842,257 | +€527,605 | +22.8% |
| Amounts payable | 17/49 | €941,865 | €859,798 | -€82,067 | -8.7% |
| Amounts payable within one year | 42/48 | €941,491 | €859,798 | -€81,694 | -8.7% |
| Trade debts | 44 | €368,502 | €775,308 | +€406,806 | +110.4% |
| Suppliers | 440/4 | €368,502 | €775,308 | +€406,806 | +110.4% |
| Taxes, remuneration and social security | 45 | €120,530 | €84,489 | -€36,041 | -29.9% |
| Taxes | 450/3 | €59,374 | €18,184 | -€41,190 | -69.4% |
| Remuneration and social security | 454/9 | €61,156 | €66,305 | +€5,149 | +8.4% |
| Other amounts payable | 47/48 | €452,459 | - | -€452,459 | |
| Accrued charges and deferred income | 492/3 | €374 | - | -€374 | |
| Remuneration, social security and pensions | 62 | €470,037 | €512,719 | +€42,682 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,747 | €22,565 | -€1,182 | -5.0% |
| Other operating charges | 640/8 | €318 | €395 | +€77 | +24.3% |
| Gross operating margin | 9900 | €1,020,561 | €1,243,079 | +€222,518 | +21.8% |
| Operating profit (loss) | 9901 | €526,458 | €707,399 | +€180,941 | +34.4% |
| Financial income | 75/76B | €157,684 | €198,504 | +€40,820 | +25.9% |
| Recurring financial income | 75 | €157,684 | €198,504 | +€40,820 | +25.9% |
| Financial charges | 65/66B | €74,329 | €200,954 | +€126,626 | +170.4% |
| Recurring financial charges | 65 | €74,329 | €200,954 | +€126,626 | +170.4% |
| Profit (loss) for the period before taxes | 9903 | €609,814 | €704,949 | +€95,135 | +15.6% |
| Income taxes | 67/77 | €193,982 | €177,344 | -€16,638 | -8.6% |
| Profit (loss) for the period | 9904 | €415,832 | €527,605 | +€111,773 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €415,832 | €527,605 | +€111,773 | +26.9% |
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 7 October 2026 via checked.be.