ZENO X: 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.
What changed
ZENO X
NACE 47.690, Retail sale of other cultural and recreation goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €707,863+€1.3m
Equity
€20.2m
2024 · €18.9m+€1.3m
Cash
€1.4m
2024 · €960,011+€415,364
Balance sheet total
€22.9m
2024 · €20.2m+€2.7m
Largest movements
Assets
- Current investments +€4.2m
up €4.2m (+43.8%), from €9.6m to €13.9m
- Stocks and contracts -€1.0m
down €1.0m (-13.3%), from €7.6m to €6.6m
- Receivables within one year -€421,408
down €421,408 (-60.5%), from €696,271 to €274,864
of which Other amounts receivable: -€442,330
- Cash +€415,364
up €415,364 (+43.3%), from €960,011 to €1.4m
mainly Net result for the year (+€2.0m) and Stocks and contracts (+€1.0m)
- Deferred charges and accrued income -€334,797
down €334,797 (-95.4%), from €350,808 to €16,012
Equity and liabilities
- Profit (loss) carried forward +€1.3m
up €1.3m (+7.2%), from €17.5m to €18.8m
- Trade debts +€514,107
up €514,107 (+78.2%), from €657,744 to €1.2m
- Other debts +€500,000
new in 2025: €500,000
- Accrued charges and deferred income +€246,972
up €246,972 (+50.0%), from €494,213 to €741,186
Income statement
- Turnover -€7.4m
down €7.4m (-56.6%), from €13.1m to €5.7m
- Goods and materials -€5.3m
down €5.3m (-79.2%), from €6.7m to €1.4m
of which Purchases: -€5.9m
- Services and other goods -€1.9m
down €1.9m (-61.9%), from €3.1m to €1.2m
- Write-downs -€1.0m
down €1.0m, from €979,909 to -€52,800
- Staff costs -€946,141
down €946,141 (-79.2%), from €1.2m to €248,122
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.
Result 2024
€707,863
Turnover
-€7.4m
Other operating income
-€83,392
Goods and materials
+€5.3m
Services and other goods
+€1.9m
Staff costs
+€946,141
Depreciation
-€1,932
Write-downs
+€1.0m
Other operating charges
+€54,569
Financial income
-€133,089
Financial charges
+€25,015
Taxes
-€439,688
Result 2025
€2.0m
raises the resultlowers the result
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.
From operations
+€5.4m
Investment
-€4.2m
Financing
-€714,286
Cash 2024
€960,011
From operations (derived)
+€5.4m
Net result for the year
+€2.0m
Depreciation
+€152,416
Stocks and contracts
+€1.0m
Receivables within one year
+€421,408
Deferred charges and accrued income
+€334,797
Trade debts
+€514,107
Tax, wage and social debts
+€213,047
Other debts
+€500,000
Accrued charges and deferred income
+€246,972
Investment (derived)
-€4.2m
Investment in fixed assets (net)
-€10,955
Current investments
-€4.2m
Financing
-€714,286
Contributions, distributions and other
-€714,286
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,211,950 | €22,945,938 | +€2.7m | +13.5% |
| Fixed assets | 21/28 | €994,250 | €852,789 | -€141,461 | -14.2% |
| Intangible fixed assets | 21 | €462 | - | -€462 | |
| Tangible fixed assets | 22/27 | €993,788 | €852,789 | -€140,998 | -14.2% |
| Land and buildings | 22 | €682,702 | €599,860 | -€82,842 | -12.1% |
| Plant, machinery and equipment | 23 | €33,223 | €33,018 | -€205 | -0.6% |
| Furniture and vehicles | 24 | €137,553 | €107,099 | -€30,455 | -22.1% |
| Other tangible fixed assets | 26 | €140,309 | €112,813 | -€27,497 | -19.6% |
| Current assets | 29/58 | €19,217,700 | €22,093,149 | +€2.9m | +15.0% |
| Stocks and contracts in progress | 3 | €7,565,113 | €6,559,278 | -€1.0m | -13.3% |
| Stocks | 30/36 | €7,565,113 | €6,559,278 | -€1.0m | -13.3% |
| Goods purchased for resale | 34 | €7,565,113 | €6,559,278 | -€1.0m | -13.3% |
| Amounts receivable within one year | 40/41 | €696,271 | €274,864 | -€421,408 | -60.5% |
| Trade receivables | 40 | €20,028 | €40,950 | +€20,922 | +104% |
| Other amounts receivable | 41 | €676,244 | €233,914 | -€442,330 | -65.4% |
| Current investments | 50/53 | €9,645,497 | €13,867,621 | +€4.2m | +43.8% |
| Other investments | 51/53 | €9,645,497 | €13,867,621 | +€4.2m | +43.8% |
| Cash at bank and in hand | 54/58 | €960,011 | €1,375,375 | +€415,364 | +43.3% |
| Deferred charges and accrued income | 490/1 | €350,808 | €16,012 | -€334,797 | -95.4% |
| Total equity and liabilities | 10/49 | €20,211,950 | €22,945,938 | +€2.7m | +13.5% |
| Equity | 10/15 | €18,930,594 | €20,190,456 | +€1.3m | +6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,379,523 | €1,379,523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54,563 | €54,563 | = | 0.0% |
| Other | 1319 | €54,563 | €54,563 | = | 0.0% |
| Tax-exempt reserves | 132 | €652,550 | €63,150 | -€589,400 | -90.3% |
| Distributable reserves | 133 | €672,410 | €1,261,810 | +€589,400 | +87.7% |
| Profit (loss) carried forward | 14 | €17,531,072 | €18,790,933 | +€1.3m | +7.2% |
| Amounts payable | 17/49 | €1,281,356 | €2,755,482 | +€1.5m | +115% |
| Amounts payable after more than one year | 17 | €570 | €570 | = | 0.0% |
| Other amounts payable | 178/9 | €570 | €570 | = | 0.0% |
| Amounts payable within one year | 42/48 | €786,572 | €2,013,726 | +€1.2m | +156% |
| Trade debts | 44 | €657,744 | €1,171,851 | +€514,107 | +78.2% |
| Suppliers | 440/4 | €657,744 | €1,171,851 | +€514,107 | +78.2% |
| Taxes, remuneration and social security | 45 | €128,828 | €341,875 | +€213,047 | +165% |
| Taxes | 450/3 | €39,804 | €322,411 | +€282,607 | +710% |
| Remuneration and social security | 454/9 | €89,024 | €19,464 | -€69,560 | -78.1% |
| Other amounts payable | 47/48 | - | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €494,213 | €741,186 | +€246,972 | +50.0% |
| Operating income | 70/76A | €13,160,156 | €5,683,240 | -€7.5m | -56.8% |
| Turnover | 70 | €13,067,421 | €5,673,896 | -€7.4m | -56.6% |
| Other operating income | 74 | €92,736 | €9,344 | -€83,392 | -89.9% |
| Operating charges | 60/66A | €12,303,176 | €3,012,214 | -€9.3m | -75.5% |
| Goods for resale, raw materials and consumables | 60 | €6,741,051 | €1,402,438 | -€5.3m | -79.2% |
| Purchases | 600/8 | €6,201,297 | €343,803 | -€5.9m | -94.5% |
| Change in stocks: decrease (increase) | 609 | €539,754 | €1,058,635 | +€518,881 | +96.1% |
| Services and other goods | 61 | €3,105,413 | €1,184,551 | -€1.9m | -61.9% |
| Remuneration, social security and pensions | 62 | €1,194,263 | €248,122 | -€946,141 | -79.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,484 | €152,416 | +€1,932 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €979,909 | -€52,800 | -€1.0m | |
| Other operating charges | 640/8 | €132,056 | €77,487 | -€54,569 | -41.3% |
| Operating profit (loss) | 9901 | €856,981 | €2,671,025 | +€1.8m | +212% |
| Financial income | 75/76B | €236,821 | €103,733 | -€133,089 | -56.2% |
| Recurring financial income | 75 | €236,821 | €103,733 | -€133,089 | -56.2% |
| Income from current assets | 751 | €44,595 | €24,150 | -€20,445 | -45.8% |
| Other financial income | 752/9 | €192,226 | €79,583 | -€112,643 | -58.6% |
| Financial charges | 65/66B | €142,275 | €117,260 | -€25,015 | -17.6% |
| Recurring financial charges | 65 | €142,275 | €117,260 | -€25,015 | -17.6% |
| Debt charges | 650 | €12 | €21 | +€9 | +78.2% |
| Other financial charges | 652/9 | €142,263 | €117,238 | -€25,025 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €951,527 | €2,657,498 | +€1.7m | +179% |
| Income taxes | 67/77 | €243,663 | €683,351 | +€439,688 | +180% |
| Taxes | 670/3 | €900,000 | €917,265 | +€17,265 | +1.9% |
| Tax adjustments and reversals of tax provisions | 77 | €656,337 | €233,914 | -€422,423 | -64.4% |
| Profit (loss) for the period | 9904 | €707,863 | €1,974,147 | +€1.3m | +179% |
| Transfer from tax-exempt reserves | 789 | €189,450 | €589,400 | +€399,950 | +211% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €589,400 | +€399,950 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €707,863 | €1,974,147 | +€1.3m | +179% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.