ZENOBIA: what changed
Two fiscal 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.
ZENOBIA
Largest movements
- Receivables within one year -€30,923
down €30,923 (-27.5%), from €112,530 to €81,607
of which Trade receivables: -€26,955
- Cash +€29,559
up €29,559 (+232.7%), from €12,705 to €42,264
mainly Receivables within one year (+€30,923) and Depreciation (+€18,105)
- Stocks and contracts +€14,780
up €14,780 (+5.5%), from €270,432 to €285,212
- Debts after one year -€18,897
no longer reported in 2025 (was €18,897)
- Trade debts +€15,746
up €15,746 (+36.7%), from €42,920 to €58,666
- Other debts +€15,126
up €15,126 (+5.3%), from €282,859 to €297,985
- Tax, wage and social debts +€7,951
up €7,951 (+51.0%), from €15,583 to €23,534
of which Taxes: +€6,001
- Current portion of long-term debt -€6,456
down €6,456 (-49.2%), from €13,110 to €6,654
- Staff costs +€9,019
up €9,019 (+5.8%), from €156,585 to €165,604
- Depreciation -€7,465
down €7,465 (-29.2%), from €25,570 to €18,105
- Gross operating margin -€5,113
down €5,113 (-2.6%), from €199,030 to €193,917
- Financial income +€2,075
up €2,075 (+416.7%), from €498 to €2,573
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.
Cash bridge derived
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 | €476,237 | €489,328 | +€13,091 | +2.7% |
| Fixed assets | 21/28 | €80,570 | €80,245 | -€325 | -0.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €72,278 | €72,161 | -€117 | -0.2% |
| Plant, machinery and equipment | 23 | €8,681 | €5,565 | -€3,116 | -35.9% |
| Furniture and vehicles | 24 | €45,106 | €44,448 | -€658 | -1.5% |
| Other tangible fixed assets | 26 | €18,491 | €22,148 | +€3,657 | +19.8% |
| Financial fixed assets | 28 | €8,291 | €8,083 | -€208 | -2.5% |
| Current assets | 29/58 | €395,667 | €409,083 | +€13,416 | +3.4% |
| Stocks and contracts in progress | 3 | €270,432 | €285,212 | +€14,780 | +5.5% |
| Stocks | 30/36 | €270,432 | €285,212 | +€14,780 | +5.5% |
| Amounts receivable within one year | 40/41 | €112,530 | €81,607 | -€30,923 | -27.5% |
| Trade receivables | 40 | €98,956 | €72,001 | -€26,955 | -27.2% |
| Other amounts receivable | 41 | €13,574 | €9,606 | -€3,968 | -29.2% |
| Cash at bank and in hand | 54/58 | €12,705 | €42,264 | +€29,559 | +232.7% |
| Total equity and liabilities | 10/49 | €476,237 | €489,328 | +€13,091 | +2.7% |
| Equity | 10/15 | €99,905 | €100,178 | +€273 | +0.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €29,200 | €29,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,705 | €8,978 | +€273 | +3.1% |
| Amounts payable | 17/49 | €376,332 | €389,150 | +€12,818 | +3.4% |
| Amounts payable after more than one year | 17 | €18,897 | - | -€18,897 | |
| Financial debts | 170/4 | €18,897 | - | -€18,897 | |
| Amounts payable within one year | 42/48 | €357,435 | €388,610 | +€31,175 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €13,110 | €6,654 | -€6,456 | -49.2% |
| Trade debts | 44 | €42,920 | €58,666 | +€15,746 | +36.7% |
| Suppliers | 440/4 | €42,920 | €58,666 | +€15,746 | +36.7% |
| Advances received on contracts in progress | 46 | €2,963 | €1,771 | -€1,192 | -40.2% |
| Taxes, remuneration and social security | 45 | €15,583 | €23,534 | +€7,951 | +51.0% |
| Taxes | 450/3 | €1,510 | €7,511 | +€6,001 | +397.4% |
| Remuneration and social security | 454/9 | €14,073 | €16,023 | +€1,950 | +13.9% |
| Other amounts payable | 47/48 | €282,859 | €297,985 | +€15,126 | +5.3% |
| Accrued charges and deferred income | 492/3 | - | €540 | +€540 | |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €156,585 | €165,604 | +€9,019 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,570 | €18,105 | -€7,465 | -29.2% |
| Other operating charges | 640/8 | €1,263 | €873 | -€390 | -30.9% |
| Non-recurring operating charges | 66A | €4,307 | €7,569 | +€3,262 | +75.7% |
| Gross operating margin | 9900 | €199,030 | €193,917 | -€5,113 | -2.6% |
| Operating profit (loss) | 9901 | €11,305 | €1,766 | -€9,539 | -84.4% |
| Financial income | 75/76B | €498 | €2,573 | +€2,075 | +416.7% |
| Recurring financial income | 75 | €498 | €2,573 | +€2,075 | +416.7% |
| Financial charges | 65/66B | €302 | €1,013 | +€711 | +235.4% |
| Recurring financial charges | 65 | €302 | €1,013 | +€711 | +235.4% |
| Profit (loss) for the period before taxes | 9903 | €11,501 | €3,326 | -€8,175 | -71.1% |
| Income taxes | 67/77 | €4,200 | €3,053 | -€1,147 | -27.3% |
| Profit (loss) for the period | 9904 | €7,301 | €273 | -€7,028 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,301 | €273 | -€7,028 | -96.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.