ZENKO: 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.
ZENKO
Largest movements
- Current investments -€1.6m
down €1.6m (-35.9%), from €4.4m to €2.8m
- Cash +€1.6m
up €1.6m (+1228.4%), from €127,617 to €1.7m
mainly Current investments (+€1.6m) and Net result for the year (+€180,569)
- Receivables within one year +€150,766
up €150,766 (+315.9%), from €47,731 to €198,497
of which Other amounts receivable: +€187,214
- Reserves +€180,569
up €180,569 (+3.9%), from €4.6m to €4.8m
- Gross operating margin -€1.2m
down €1.2m (-85.1%), from €1.4m to €203,994
- Taxes -€114,091
down €114,091 (-60.4%), from €188,875 to €74,784
- Financial income +€53,393
up €53,393 (+84.2%), from €63,422 to €116,814
- Depreciation +€24,009
up €24,009 (+138.8%), from €17,295 to €41,304
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 | €4,743,056 | €4,894,911 | +€151,855 | +3.2% |
| Fixed assets | 21/28 | €144,292 | €126,980 | -€17,312 | -12.0% |
| Tangible fixed assets | 22/27 | €144,292 | €126,980 | -€17,312 | -12.0% |
| Land and buildings | 22 | €42,196 | €32,070 | -€10,126 | -24.0% |
| Plant, machinery and equipment | 23 | €720 | €360 | -€360 | -50.0% |
| Furniture and vehicles | 24 | €96,445 | €90,373 | -€6,072 | -6.3% |
| Leasing and similar rights | 25 | €176 | - | -€176 | |
| Other tangible fixed assets | 26 | €4,755 | €4,176 | -€578 | -12.2% |
| Current assets | 29/58 | €4,598,764 | €4,767,931 | +€169,167 | +3.7% |
| Amounts receivable within one year | 40/41 | €47,731 | €198,497 | +€150,766 | +315.9% |
| Trade receivables | 40 | €36,448 | - | -€36,448 | |
| Other amounts receivable | 41 | €11,283 | €198,497 | +€187,214 | +1659.2% |
| Current investments | 50/53 | €4,420,886 | €2,834,781 | -€1.6m | -35.9% |
| Cash at bank and in hand | 54/58 | €127,617 | €1,695,206 | +€1.6m | +1228.4% |
| Deferred charges and accrued income | 490/1 | €2,529 | €39,447 | +€36,918 | +1459.6% |
| Total equity and liabilities | 10/49 | €4,743,056 | €4,894,911 | +€151,855 | +3.2% |
| Equity | 10/15 | €4,603,412 | €4,783,981 | +€180,569 | +3.9% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €4,597,207 | €4,777,776 | +€180,569 | +3.9% |
| Distributable reserves | 133 | €4,597,207 | €4,777,776 | +€180,569 | +3.9% |
| Amounts payable | 17/49 | €139,643 | €110,930 | -€28,713 | -20.6% |
| Amounts payable after more than one year | 17 | €6,047 | €160 | -€5,887 | -97.4% |
| Financial debts | 170/4 | €5,887 | - | -€5,887 | |
| Other amounts payable | 178/9 | €160 | €160 | = | 0.0% |
| Amounts payable within one year | 42/48 | €132,001 | €110,770 | -€21,231 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €11,312 | €5,887 | -€5,425 | -48.0% |
| Trade debts | 44 | €3,629 | €1,023 | -€2,605 | -71.8% |
| Suppliers | 440/4 | €3,629 | €1,023 | -€2,605 | -71.8% |
| Taxes, remuneration and social security | 45 | €117,061 | €103,859 | -€13,201 | -11.3% |
| Taxes | 450/3 | €117,061 | €103,859 | -€13,201 | -11.3% |
| Accrued charges and deferred income | 492/3 | €1,595 | - | -€1,595 | |
| Non-recurring operating income | 76A | €1,144,059 | €17,000 | -€1.1m | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,295 | €41,304 | +€24,009 | +138.8% |
| Other operating charges | 640/8 | €8,184 | €11,738 | +€3,554 | +43.4% |
| Gross operating margin | 9900 | €1,365,229 | €203,994 | -€1.2m | -85.1% |
| Operating profit (loss) | 9901 | €1,339,750 | €150,952 | -€1.2m | -88.7% |
| Financial income | 75/76B | €63,422 | €116,814 | +€53,393 | +84.2% |
| Recurring financial income | 75 | €63,422 | €116,814 | +€53,393 | +84.2% |
| Financial charges | 65/66B | €7,263 | €12,413 | +€5,150 | +70.9% |
| Recurring financial charges | 65 | €7,263 | €12,413 | +€5,150 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | €1,395,909 | €255,353 | -€1.1m | -81.7% |
| Income taxes | 67/77 | €188,875 | €74,784 | -€114,091 | -60.4% |
| Profit (loss) for the period | 9904 | €1,207,034 | €180,569 | -€1.0m | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,207,034 | €180,569 | -€1.0m | -85.0% |
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 5 October 2026 via checked.be.