Zeno Charged: 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.
Zeno Charged
Largest movements
- Receivables within one year +€241,149
up €241,149 (+91.2%), from €264,347 to €505,497
of which Trade receivables: +€249,558
- Intangible fixed assets +€67,695
up €67,695 (+35.6%), from €190,418 to €258,113
- Deferred charges and accrued income -€35,959
down €35,959 (-57.0%), from €63,081 to €27,122
- Cash +€32,643
up €32,643 (+27.9%), from €116,932 to €149,575
mainly Trade debts (+€308,855) and Depreciation (+€84,583)
- Trade debts +€308,855
up €308,855 (+149%), from €206,652 to €515,507
- Short-term financial debts -€90,000
down €90,000 (-100%), from €90,000 to €0
- Other debts +€59,441
up €59,441 (+74.0%), from €80,289 to €139,730
- Investment grants +€46,792
up €46,792 (+113%), from €41,447 to €88,239
- Profit (loss) carried forward -€20,256
down €20,256 (-14.9%), from -€135,711 to -€155,966
- Gross operating margin +€176,504
up €176,504 (+234%), from €75,397 to €251,901
- Staff costs +€102,665
up €102,665 (+124%), from €83,087 to €185,752
- Depreciation +€43,167
up €43,167 (+104%), from €41,416 to €84,583
- Financial income +€15,904
up €15,904 (+537%), from €2,961 to €18,864
- Other operating charges +€8,988
up €8,988 (+2,621%), from €343 to €9,331
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 | €754,970 | €1,069,972 | +€315,002 | +41.7% |
| Fixed assets | 21/28 | €246,831 | €321,345 | +€74,513 | +30.2% |
| Intangible fixed assets | 21 | €190,418 | €258,113 | +€67,695 | +35.6% |
| Tangible fixed assets | 22/27 | €56,413 | €63,231 | +€6,818 | +12.1% |
| Plant, machinery and equipment | 23 | €25,639 | €19,634 | -€6,005 | -23.4% |
| Furniture and vehicles | 24 | €3,441 | €4,450 | +€1,009 | +29.3% |
| Leasing and similar rights | 25 | €27,333 | €39,147 | +€11,814 | +43.2% |
| Current assets | 29/58 | €508,138 | €748,627 | +€240,489 | +47.3% |
| Stocks and contracts in progress | 3 | €63,778 | €66,434 | +€2,656 | +4.2% |
| Stocks | 30/36 | €63,778 | €66,434 | +€2,656 | +4.2% |
| Amounts receivable within one year | 40/41 | €264,347 | €505,497 | +€241,149 | +91.2% |
| Trade receivables | 40 | €242,178 | €491,736 | +€249,558 | +103% |
| Other amounts receivable | 41 | €22,169 | €13,761 | -€8,408 | -37.9% |
| Cash at bank and in hand | 54/58 | €116,932 | €149,575 | +€32,643 | +27.9% |
| Deferred charges and accrued income | 490/1 | €63,081 | €27,122 | -€35,959 | -57.0% |
| Total equity and liabilities | 10/49 | €754,970 | €1,069,972 | +€315,002 | +41.7% |
| Equity | 10/15 | €270,577 | €297,113 | +€26,536 | +9.8% |
| Contributions | 10/11 | €360,000 | €360,000 | = | 0.0% |
| Reserves | 13 | €4,840 | €4,840 | = | 0.0% |
| Distributable reserves | 133 | €4,840 | €4,840 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,711 | -€155,966 | -€20,256 | -14.9% |
| Investment grants | 15 | €41,447 | €88,239 | +€46,792 | +113% |
| Amounts payable | 17/49 | €484,393 | €772,859 | +€288,466 | +59.6% |
| Amounts payable after more than one year | 17 | €20,181 | €32,945 | +€12,764 | +63.2% |
| Financial debts | 170/4 | €20,181 | €32,945 | +€12,764 | +63.2% |
| Amounts payable within one year | 42/48 | €464,212 | €725,413 | +€261,200 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €6,662 | €7,839 | +€1,177 | +17.7% |
| Financial debts | 43 | €90,000 | €0 | -€90,000 | -100% |
| Credit institutions | 430/8 | €90,000 | €0 | -€90,000 | -100% |
| Trade debts | 44 | €206,652 | €515,507 | +€308,855 | +149% |
| Suppliers | 440/4 | €206,652 | €515,507 | +€308,855 | +149% |
| Advances received on contracts in progress | 46 | €59,105 | €44,400 | -€14,705 | -24.9% |
| Taxes, remuneration and social security | 45 | €21,504 | €17,937 | -€3,567 | -16.6% |
| Taxes | 450/3 | €4,082 | €339 | -€3,742 | -91.7% |
| Remuneration and social security | 454/9 | €17,423 | €17,597 | +€175 | +1.0% |
| Other amounts payable | 47/48 | €80,289 | €139,730 | +€59,441 | +74.0% |
| Accrued charges and deferred income | 492/3 | - | €14,502 | +€14,502 | |
| Remuneration, social security and pensions | 62 | €83,087 | €185,752 | +€102,665 | +124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,416 | €84,583 | +€43,167 | +104% |
| Other operating charges | 640/8 | €343 | €9,331 | +€8,988 | +2,621% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €75,397 | €251,901 | +€176,504 | +234% |
| Operating profit (loss) | 9901 | -€49,449 | -€27,765 | +€21,684 | +43.9% |
| Financial income | 75/76B | €2,961 | €18,864 | +€15,904 | +537% |
| Recurring financial income | 75 | €2,961 | €18,864 | +€15,904 | +537% |
| Financial charges | 65/66B | €4,402 | €11,015 | +€6,613 | +150% |
| Recurring financial charges | 65 | €4,402 | €11,015 | +€6,613 | +150% |
| Profit (loss) for the period before taxes | 9903 | -€50,890 | -€19,916 | +€30,974 | +60.9% |
| Income taxes | 67/77 | €180 | €339 | +€160 | +88.9% |
| Profit (loss) for the period | 9904 | -€51,070 | -€20,256 | +€30,815 | +60.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,070 | -€20,256 | +€30,815 | +60.3% |
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 23 October 2026 via checked.be.