ZENOBIA: 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.
ZENOBIA
Largest movements
- Stocks and contracts +€38,471
up €38,471 (+219%), from €17,604 to €56,074
- Tangible fixed assets -€19,272
down €19,272 (-26.9%), from €71,772 to €52,500
of which Plant, machinery and equipment: -€12,026
- Cash -€4,535
down €4,535 (-15.5%), from €29,296 to €24,762
mainly Stocks and contracts (-€38,471) and Debts after one year (-€10,778)
- Receivables within one year -€3,645
down €3,645 (-84.2%), from €4,330 to €684
of which Other amounts receivable: -€2,900
- Reserves +€24,940
up €24,940 (+36.1%), from €69,021 to €93,961
- Debts after one year -€10,778
down €10,778 (-83.0%), from €12,989 to €2,212
- Tax, wage and social debts -€1,873
down €1,873 (-32.3%), from €5,806 to €3,933
- Other debts -€1,467
down €1,467 (-14.2%), from €10,369 to €8,902
- Gross operating margin +€36,932
up €36,932 (+188%), from €19,689 to €56,620
- Taxes +€5,899
up €5,899 (+3,817%), from €155 to €6,054
- Depreciation +€4,615
up €4,615 (+24.2%), from €19,037 to €23,652
- Financial income +€929
up €929 (+993%), from €94 to €1,022
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 | €123,172 | €134,020 | +€10,849 | +8.8% |
| Fixed assets | 21/28 | €71,772 | €52,500 | -€19,272 | -26.9% |
| Tangible fixed assets | 22/27 | €71,772 | €52,500 | -€19,272 | -26.9% |
| Plant, machinery and equipment | 23 | €54,849 | €42,824 | -€12,026 | -21.9% |
| Furniture and vehicles | 24 | €16,824 | €9,676 | -€7,147 | -42.5% |
| Leasing and similar rights | 25 | €99 | €0 | -€99 | -100% |
| Current assets | 29/58 | €51,400 | €81,520 | +€30,121 | +58.6% |
| Stocks and contracts in progress | 3 | €17,604 | €56,074 | +€38,471 | +219% |
| Stocks | 30/36 | €17,604 | €56,074 | +€38,471 | +219% |
| Amounts receivable within one year | 40/41 | €4,330 | €684 | -€3,645 | -84.2% |
| Trade receivables | 40 | €745 | €0 | -€745 | -100% |
| Other amounts receivable | 41 | €3,584 | €684 | -€2,900 | -80.9% |
| Cash at bank and in hand | 54/58 | €29,296 | €24,762 | -€4,535 | -15.5% |
| Deferred charges and accrued income | 490/1 | €170 | €0 | -€170 | -100% |
| Total equity and liabilities | 10/49 | €123,172 | €134,020 | +€10,849 | +8.8% |
| Equity | 10/15 | €81,421 | €106,361 | +€24,940 | +30.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €69,021 | €93,961 | +€24,940 | +36.1% |
| Distributable reserves | 133 | €69,021 | €93,961 | +€24,940 | +36.1% |
| Amounts payable | 17/49 | €41,751 | €27,659 | -€14,091 | -33.8% |
| Amounts payable after more than one year | 17 | €12,989 | €2,212 | -€10,778 | -83.0% |
| Financial debts | 170/4 | €12,989 | €2,212 | -€10,778 | -83.0% |
| Amounts payable within one year | 42/48 | €28,761 | €25,447 | -€3,314 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €11,276 | €10,778 | -€499 | -4.4% |
| Trade debts | 44 | €1,310 | €1,835 | +€526 | +40.1% |
| Suppliers | 440/4 | €1,310 | €1,835 | +€526 | +40.1% |
| Taxes, remuneration and social security | 45 | €5,806 | €3,933 | -€1,873 | -32.3% |
| Taxes | 450/3 | €5,806 | €3,933 | -€1,873 | -32.3% |
| Other amounts payable | 47/48 | €10,369 | €8,902 | -€1,467 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,037 | €23,652 | +€4,615 | +24.2% |
| Other operating charges | 640/8 | €1,181 | €1,161 | -€20 | -1.7% |
| Gross operating margin | 9900 | €19,689 | €56,620 | +€36,932 | +188% |
| Operating profit (loss) | 9901 | -€529 | €31,808 | +€32,337 | |
| Financial income | 75/76B | €94 | €1,022 | +€929 | +993% |
| Recurring financial income | 75 | €94 | €1,022 | +€929 | +993% |
| Financial charges | 65/66B | €1,931 | €1,837 | -€95 | -4.9% |
| Recurring financial charges | 65 | €1,931 | €1,837 | -€95 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,367 | €30,994 | +€33,361 | |
| Income taxes | 67/77 | €155 | €6,054 | +€5,899 | +3,817% |
| Profit (loss) for the period | 9904 | -€2,522 | €24,940 | +€27,462 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,522 | €24,940 | +€27,462 |
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 17 October 2026 via checked.be.