ZENNEBAR: 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.
ZENNEBAR
Largest movements
- Cash +€39,460
up €39,460 (+419%), from €9,410 to €48,870
mainly Net result for the year (+€81,483) and Tax, wage and social debts (+€29,216)
- Receivables within one year +€25,551
up €25,551 (+57.1%), from €44,742 to €70,293
of which Trade receivables: +€15,438
- Tangible fixed assets -€11,480
down €11,480 (-8.0%), from €143,493 to €132,013
of which Plant, machinery and equipment: -€11,975
- Profit (loss) carried forward +€81,483
up €81,483 (+111%), from €73,731 to €155,214
- Trade debts -€44,256
down €44,256 (-66.0%), from €67,103 to €22,847
- Tax, wage and social debts +€29,216
up €29,216 (+72.9%), from €40,064 to €69,280
of which Taxes: +€28,972
- Debts after one year -€14,910
down €14,910 (-18.1%), from €82,587 to €67,676
- Gross operating margin +€60,273
up €60,273 (+24.5%), from €245,976 to €306,249
- Staff costs +€43,281
up €43,281 (+35.0%), from €123,831 to €167,112
- Taxes +€8,802
up €8,802 (+37.5%), from €23,499 to €32,301
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €285,944 | €337,894 | +€51,949 | +18.2% |
| Fixed assets | 21/28 | €143,493 | €132,013 | -€11,480 | -8.0% |
| Tangible fixed assets | 22/27 | €143,493 | €132,013 | -€11,480 | -8.0% |
| Plant, machinery and equipment | 23 | €137,366 | €125,390 | -€11,975 | -8.7% |
| Furniture and vehicles | 24 | €6,127 | €6,622 | +€496 | +8.1% |
| Current assets | 29/58 | €142,452 | €205,881 | +€63,429 | +44.5% |
| Stocks and contracts in progress | 3 | €371 | €465 | +€94 | +25.3% |
| Stocks | 30/36 | €371 | €465 | +€94 | +25.3% |
| Amounts receivable within one year | 40/41 | €44,742 | €70,293 | +€25,551 | +57.1% |
| Trade receivables | 40 | €34,729 | €50,167 | +€15,438 | +44.5% |
| Other amounts receivable | 41 | €10,014 | €20,126 | +€10,113 | +101% |
| Current investments | 50/53 | €87,928 | €86,252 | -€1,676 | -1.9% |
| Cash at bank and in hand | 54/58 | €9,410 | €48,870 | +€39,460 | +419% |
| Total equity and liabilities | 10/49 | €285,944 | €337,894 | +€51,949 | +18.2% |
| Equity | 10/15 | €78,731 | €160,214 | +€81,483 | +103% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,731 | €155,214 | +€81,483 | +111% |
| Amounts payable | 17/49 | €207,213 | €177,680 | -€29,534 | -14.3% |
| Amounts payable after more than one year | 17 | €82,587 | €67,676 | -€14,910 | -18.1% |
| Financial debts | 170/4 | €82,587 | €67,676 | -€14,910 | -18.1% |
| Amounts payable within one year | 42/48 | €124,627 | €110,003 | -€14,623 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €14,494 | €14,910 | +€417 | +2.9% |
| Trade debts | 44 | €67,103 | €22,847 | -€44,256 | -66.0% |
| Suppliers | 440/4 | €67,103 | €22,847 | -€44,256 | -66.0% |
| Taxes, remuneration and social security | 45 | €40,064 | €69,280 | +€29,216 | +72.9% |
| Taxes | 450/3 | €36,196 | €65,168 | +€28,972 | +80.0% |
| Remuneration and social security | 454/9 | €3,868 | €4,112 | +€244 | +6.3% |
| Other amounts payable | 47/48 | €2,966 | €2,966 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €123,831 | €167,112 | +€43,281 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,448 | €14,112 | +€664 | +4.9% |
| Other operating charges | 640/8 | €940 | €276 | -€664 | -70.6% |
| Gross operating margin | 9900 | €245,976 | €306,249 | +€60,273 | +24.5% |
| Operating profit (loss) | 9901 | €107,757 | €124,750 | +€16,992 | +15.8% |
| Financial income | 75/76B | €31 | €321 | +€289 | +920% |
| Recurring financial income | 75 | €31 | €321 | +€289 | +920% |
| Financial charges | 65/66B | €14,251 | €11,286 | -€2,964 | -20.8% |
| Recurring financial charges | 65 | €14,251 | €11,286 | -€2,964 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €93,538 | €113,784 | +€20,246 | +21.6% |
| Income taxes | 67/77 | €23,499 | €32,301 | +€8,802 | +37.5% |
| Profit (loss) for the period | 9904 | €70,039 | €81,483 | +€11,444 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,039 | €81,483 | +€11,444 | +16.3% |
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 18 October 2026 via checked.be.