Zennith: 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.
Zennith
Largest movements
- Cash -€143,030
down €143,030 (-42.4%), from €337,662 to €194,632
mainly Trade debts (-€172,508) and Other debts (-€68,551)
- Tangible fixed assets +€27,381
up €27,381 (+20.0%), from €136,613 to €163,995
of which Furniture and vehicles: +€37,357
- Receivables within one year +€27,200
up €27,200 (+294%), from €9,247 to €36,448
- Intangible fixed assets -€10,010
down €10,010 (-15.1%), from €66,229 to €56,219
- Trade debts -€172,508
down €172,508 (-84.0%), from €205,477 to €32,969
- Tax, wage and social debts +€88,439
up €88,439 (+120%), from €73,688 to €162,127
of which Remuneration and social security: +€57,420
- Other debts -€68,551
down €68,551 (-75.1%), from €91,332 to €22,780
- Profit (loss) carried forward +€50,735
up €50,735 (+84.8%), from €59,799 to €110,534
- Current portion of long-term debt +€17,166
up €17,166 (+107%), from €16,066 to €33,231
- Staff costs -€28,962
down €28,962 (-15.5%), from €187,394 to €158,432
- Gross operating margin +€21,701
up €21,701 (+7.5%), from €289,593 to €311,293
- Taxes +€9,984
up €9,984 (+94.4%), from €10,577 to €20,561
- Financial charges +€7,434
up €7,434 (+76.1%), from €9,769 to €17,203
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €594,441 | €495,983 | -€98,458 | -16.6% |
| Fixed assets | 21/28 | €221,742 | €239,114 | +€17,371 | +7.8% |
| Intangible fixed assets | 21 | €66,229 | €56,219 | -€10,010 | -15.1% |
| Tangible fixed assets | 22/27 | €136,613 | €163,995 | +€27,381 | +20.0% |
| Land and buildings | 22 | €5,000 | €4,750 | -€250 | -5.0% |
| Plant, machinery and equipment | 23 | €61,603 | €68,626 | +€7,023 | +11.4% |
| Furniture and vehicles | 24 | €519 | €37,876 | +€37,357 | +7,204% |
| Other tangible fixed assets | 26 | €69,492 | €52,742 | -€16,750 | -24.1% |
| Financial fixed assets | 28 | €18,900 | €18,900 | = | 0.0% |
| Current assets | 29/58 | €372,699 | €256,869 | -€115,830 | -31.1% |
| Stocks and contracts in progress | 3 | €25,770 | €25,770 | = | 0.0% |
| Stocks | 30/36 | €25,770 | €25,770 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,247 | €36,448 | +€27,200 | +294% |
| Other amounts receivable | 41 | €9,247 | €36,448 | +€27,200 | +294% |
| Cash at bank and in hand | 54/58 | €337,662 | €194,632 | -€143,030 | -42.4% |
| Deferred charges and accrued income | 490/1 | €20 | €20 | = | 0.0% |
| Total equity and liabilities | 10/49 | €594,441 | €495,983 | -€98,458 | -16.6% |
| Equity | 10/15 | €145,678 | €196,413 | +€50,735 | +34.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,279 | €67,279 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €60,919 | €60,919 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,799 | €110,534 | +€50,735 | +84.8% |
| Amounts payable | 17/49 | €448,763 | €299,570 | -€149,193 | -33.2% |
| Amounts payable after more than one year | 17 | €62,200 | €48,462 | -€13,738 | -22.1% |
| Financial debts | 170/4 | €62,200 | €48,462 | -€13,738 | -22.1% |
| Amounts payable within one year | 42/48 | €386,562 | €251,108 | -€135,454 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €16,066 | €33,231 | +€17,166 | +107% |
| Trade debts | 44 | €205,477 | €32,969 | -€172,508 | -84.0% |
| Suppliers | 440/4 | €205,477 | €32,969 | -€172,508 | -84.0% |
| Taxes, remuneration and social security | 45 | €73,688 | €162,127 | +€88,439 | +120% |
| Taxes | 450/3 | €45,146 | €76,166 | +€31,020 | +68.7% |
| Remuneration and social security | 454/9 | €28,542 | €85,961 | +€57,420 | +201% |
| Other amounts payable | 47/48 | €91,332 | €22,780 | -€68,551 | -75.1% |
| Remuneration, social security and pensions | 62 | €187,394 | €158,432 | -€28,962 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,019 | €42,905 | -€2,114 | -4.7% |
| Other operating charges | 640/8 | €19,765 | €21,458 | +€1,693 | +8.6% |
| Gross operating margin | 9900 | €289,593 | €311,293 | +€21,701 | +7.5% |
| Operating profit (loss) | 9901 | €37,415 | €88,499 | +€51,084 | +137% |
| Financial charges | 65/66B | €9,769 | €17,203 | +€7,434 | +76.1% |
| Recurring financial charges | 65 | €9,769 | €17,203 | +€7,434 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €27,645 | €71,296 | +€43,651 | +158% |
| Transfer to deferred taxes | 680 | €1,950 | - | -€1,950 | |
| Income taxes | 67/77 | €10,577 | €20,561 | +€9,984 | +94.4% |
| Profit (loss) for the period | 9904 | €15,118 | €50,735 | +€35,616 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €15,118 | €50,735 | +€35,616 | +236% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.