ZENOBA: 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.
ZENOBA
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+837%), from €177,957 to €1.7m
- Receivables within one year -€757,452
down €757,452 (-70.4%), from €1.1m to €318,131
of which Trade receivables: -€565,622
- Cash -€26,469
down €26,469 (-35.5%), from €74,467 to €47,998
mainly Stocks and contracts (-€1.5m) and Other debts (-€51,585)
- Trade debts +€539,095
up €539,095 (+65.3%), from €825,153 to €1.4m
- Reserves +€160,780
up €160,780 (+151%), from €106,400 to €267,180
- Other debts -€51,585
down €51,585 (-100%), from €51,585 to €0
- Short-term financial debts +€50,000
up €50,000 (+16.7%), from €300,000 to €350,000
- Gross operating margin +€75,637
up €75,637 (+52.5%), from €143,966 to €219,603
- Taxes +€19,101
up €19,101 (+52.6%), from €36,338 to €55,439
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 | €1,328,007 | €2,034,162 | +€706,155 | +53.2% |
| Current assets | 29/58 | €1,328,007 | €2,034,162 | +€706,155 | +53.2% |
| Stocks and contracts in progress | 3 | €177,957 | €1,668,033 | +€1.5m | +837% |
| Stocks | 30/36 | €177,957 | €1,668,033 | +€1.5m | +837% |
| Amounts receivable within one year | 40/41 | €1,075,583 | €318,131 | -€757,452 | -70.4% |
| Trade receivables | 40 | €862,270 | €296,648 | -€565,622 | -65.6% |
| Other amounts receivable | 41 | €213,313 | €21,483 | -€191,829 | -89.9% |
| Cash at bank and in hand | 54/58 | €74,467 | €47,998 | -€26,469 | -35.5% |
| Total equity and liabilities | 10/49 | €1,328,007 | €2,034,162 | +€706,155 | +53.2% |
| Equity | 10/15 | €125,000 | €285,780 | +€160,780 | +129% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,400 | €267,180 | +€160,780 | +151% |
| Distributable reserves | 133 | €106,400 | €267,180 | +€160,780 | +151% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,203,007 | €1,748,382 | +€545,375 | +45.3% |
| Amounts payable within one year | 42/48 | €1,198,076 | €1,744,687 | +€546,611 | +45.6% |
| Financial debts | 43 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Credit institutions | 430/8 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Trade debts | 44 | €825,153 | €1,364,248 | +€539,095 | +65.3% |
| Suppliers | 440/4 | €825,153 | €1,364,248 | +€539,095 | +65.3% |
| Taxes, remuneration and social security | 45 | €21,338 | €30,439 | +€9,101 | +42.7% |
| Taxes | 450/3 | €21,338 | €30,439 | +€9,101 | +42.7% |
| Other amounts payable | 47/48 | €51,585 | €0 | -€51,585 | -100% |
| Accrued charges and deferred income | 492/3 | €4,931 | €3,696 | -€1,236 | -25.1% |
| Other operating charges | 640/8 | €1,171 | €520 | -€651 | -55.6% |
| Gross operating margin | 9900 | €143,966 | €219,603 | +€75,637 | +52.5% |
| Operating profit (loss) | 9901 | €142,795 | €219,083 | +€76,288 | +53.4% |
| Financial income | 75/76B | €10,740 | €11,867 | +€1,128 | +10.5% |
| Recurring financial income | 75 | €10,740 | €11,867 | +€1,128 | +10.5% |
| Financial charges | 65/66B | €13,580 | €14,732 | +€1,152 | +8.5% |
| Recurring financial charges | 65 | €13,580 | €14,732 | +€1,152 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €139,955 | €216,219 | +€76,263 | +54.5% |
| Income taxes | 67/77 | €36,338 | €55,439 | +€19,101 | +52.6% |
| Profit (loss) for the period | 9904 | €103,618 | €160,780 | +€57,162 | +55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,618 | €160,780 | +€57,162 | +55.2% |
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.