ZENO-Indices: 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-Indices
Largest movements
- Intangible fixed assets +€82,740
up €82,740 (+28.9%), from €286,655 to €369,395
- Cash +€33,193
up €33,193 (+65.6%), from €50,636 to €83,829
mainly Debts after one year (+€227,000) and Depreciation (+€64,912)
- Debts after one year +€227,000
new in 2025: €227,000
- Profit (loss) carried forward -€113,102
down €113,102 (-65.9%), from -€171,571 to -€284,673
- Investment grants -€10,605
down €10,605 (-25.0%), from €42,420 to €31,815
- Trade debts +€9,188
up €9,188 (+89.8%), from €10,228 to €19,416
- Accrued charges and deferred income +€5,116
new in 2025: €5,116
- Depreciation +€32,604
up €32,604 (+101%), from €32,308 to €64,912
- Staff costs +€14,232
up €14,232 (+16.4%), from €86,757 to €100,988
- Financial charges +€5,131
up €5,131 (+3,801%), from €135 to €5,266
- Gross operating margin -€2,056
down €2,056 (-4.5%), from €46,074 to €44,018
- Taxes -€1,885
down €1,885 (-96.4%), from -€1,956 to -€3,841
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 | €360,467 | €478,367 | +€117,900 | +32.7% |
| Fixed assets | 21/28 | €291,257 | €373,626 | +€82,369 | +28.3% |
| Intangible fixed assets | 21 | €286,655 | €369,395 | +€82,740 | +28.9% |
| Tangible fixed assets | 22/27 | €1,002 | €631 | -€371 | -37.0% |
| Furniture and vehicles | 24 | €1,002 | €631 | -€371 | -37.0% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €69,210 | €104,741 | +€35,531 | +51.3% |
| Amounts receivable within one year | 40/41 | €5,429 | €9,619 | +€4,190 | +77.2% |
| Trade receivables | 40 | - | €2,580 | +€2,580 | |
| Other amounts receivable | 41 | €5,429 | €7,039 | +€1,610 | +29.7% |
| Cash at bank and in hand | 54/58 | €50,636 | €83,829 | +€33,193 | +65.6% |
| Deferred charges and accrued income | 490/1 | €13,145 | €11,292 | -€1,852 | -14.1% |
| Total equity and liabilities | 10/49 | €360,467 | €478,367 | +€117,900 | +32.7% |
| Equity | 10/15 | €325,849 | €202,142 | -€123,707 | -38.0% |
| Contributions | 10/11 | €455,000 | €455,000 | = | 0.0% |
| Capital | 10 | €455,000 | €455,000 | = | 0.0% |
| Issued capital | 100 | €455,000 | €455,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,571 | -€284,673 | -€113,102 | -65.9% |
| Investment grants | 15 | €42,420 | €31,815 | -€10,605 | -25.0% |
| Amounts payable | 17/49 | €34,618 | €276,225 | +€241,607 | +698% |
| Amounts payable after more than one year | 17 | - | €227,000 | +€227,000 | |
| Financial debts | 170/4 | - | €227,000 | +€227,000 | |
| Amounts payable within one year | 42/48 | €34,618 | €44,108 | +€9,490 | +27.4% |
| Trade debts | 44 | €10,228 | €19,416 | +€9,188 | +89.8% |
| Suppliers | 440/4 | €10,228 | €19,416 | +€9,188 | +89.8% |
| Taxes, remuneration and social security | 45 | €24,390 | €24,692 | +€303 | +1.2% |
| Taxes | 450/3 | €3,780 | €4,241 | +€461 | +12.2% |
| Remuneration and social security | 454/9 | €20,610 | €20,452 | -€158 | -0.8% |
| Accrued charges and deferred income | 492/3 | - | €5,116 | +€5,116 | |
| Remuneration, social security and pensions | 62 | €86,757 | €100,988 | +€14,232 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,308 | €64,912 | +€32,604 | +101% |
| Other operating charges | 640/8 | €396 | €400 | +€4 | +0.9% |
| Gross operating margin | 9900 | €46,074 | €44,018 | -€2,056 | -4.5% |
| Operating profit (loss) | 9901 | -€73,386 | -€122,282 | -€48,896 | -66.6% |
| Financial income | 75/76B | €10,605 | €10,605 | = | 0.0% |
| Recurring financial income | 75 | €10,605 | €10,605 | = | 0.0% |
| Financial charges | 65/66B | €135 | €5,266 | +€5,131 | +3,801% |
| Recurring financial charges | 65 | €135 | €5,266 | +€5,131 | +3,801% |
| Profit (loss) for the period before taxes | 9903 | -€62,916 | -€116,943 | -€54,027 | -85.9% |
| Income taxes | 67/77 | -€1,956 | -€3,841 | -€1,885 | -96.4% |
| Profit (loss) for the period | 9904 | -€60,960 | -€113,102 | -€52,142 | -85.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,960 | -€113,102 | -€52,142 | -85.5% |
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 24 October 2026 via checked.be.