ZENNEA: 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.
ZENNEA
Largest movements
- Cash +€29,484
up €29,484 (+16.1%), from €183,166 to €212,650
mainly Net result for the year (+€33,886) and Receivables within one year (+€20,075)
- Receivables within one year -€20,075
down €20,075 (-81.9%), from €24,504 to €4,429
of which Trade receivables: -€20,185
- Reserves +€15,386
up €15,386 (+9.2%), from €167,513 to €182,898
- Other debts -€8,075
down €8,075 (-31.5%), from €25,650 to €17,575
- Tax, wage and social debts +€3,267
up €3,267 (+21.4%), from €15,284 to €18,551
of which Taxes: +€3,267
- Gross operating margin -€6,115
down €6,115 (-10.9%), from €56,222 to €50,108
- Taxes -€1,512
down €1,512 (-9.6%), from €15,745 to €14,233
- Financial income +€623
up €623 (+82.2%), from €758 to €1,381
- Depreciation +€615
up €615 (+34.2%), from €1,799 to €2,413
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.
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 | €217,769 | €227,408 | +€9,639 | +4.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,912 | €4,779 | -€1,133 | -19.2% |
| Tangible fixed assets | 22/27 | €5,840 | €4,707 | -€1,133 | -19.4% |
| Furniture and vehicles | 24 | €5,840 | €4,707 | -€1,133 | -19.4% |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €211,857 | €222,629 | +€10,772 | +5.1% |
| Amounts receivable within one year | 40/41 | €24,504 | €4,429 | -€20,075 | -81.9% |
| Trade receivables | 40 | €24,432 | €4,246 | -€20,185 | -82.6% |
| Other amounts receivable | 41 | €72 | €183 | +€111 | +152.8% |
| Cash at bank and in hand | 54/58 | €183,166 | €212,650 | +€29,484 | +16.1% |
| Deferred charges and accrued income | 490/1 | €4,188 | €5,550 | +€1,363 | +32.5% |
| Total equity and liabilities | 10/49 | €217,769 | €227,408 | +€9,639 | +4.4% |
| Equity | 10/15 | €175,573 | €190,958 | +€15,386 | +8.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €167,513 | €182,898 | +€15,386 | +9.2% |
| Distributable reserves | 133 | €167,513 | €182,898 | +€15,386 | +9.2% |
| Amounts payable | 17/49 | €42,197 | €36,450 | -€5,747 | -13.6% |
| Amounts payable within one year | 42/48 | €42,197 | €36,450 | -€5,747 | -13.6% |
| Trade debts | 44 | €1,263 | €324 | -€939 | -74.4% |
| Suppliers | 440/4 | €1,263 | €324 | -€939 | -74.4% |
| Taxes, remuneration and social security | 45 | €15,284 | €18,551 | +€3,267 | +21.4% |
| Taxes | 450/3 | €15,284 | €18,551 | +€3,267 | +21.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €25,650 | €17,575 | -€8,075 | -31.5% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,799 | €2,413 | +€615 | +34.2% |
| Other operating charges | 640/8 | €740 | €766 | +€27 | +3.6% |
| Gross operating margin | 9900 | €56,222 | €50,108 | -€6,115 | -10.9% |
| Operating profit (loss) | 9901 | €53,684 | €46,928 | -€6,756 | -12.6% |
| Financial income | 75/76B | €758 | €1,381 | +€623 | +82.2% |
| Recurring financial income | 75 | €758 | €1,381 | +€623 | +82.2% |
| Financial charges | 65/66B | €164 | €190 | +€27 | +16.3% |
| Recurring financial charges | 65 | €164 | €190 | +€27 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €54,278 | €48,119 | -€6,160 | -11.3% |
| Income taxes | 67/77 | €15,745 | €14,233 | -€1,512 | -9.6% |
| Profit (loss) for the period | 9904 | €38,533 | €33,886 | -€4,648 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,533 | €33,886 | -€4,648 | -12.1% |
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 7 October 2026 via checked.be.