ZENOBIE: 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.
ZENOBIE
Largest movements
- Current investments +€186,859
up €186,859 (+50.7%), from €368,500 to €555,359
- Cash -€74,040
down €74,040 (-19.4%), from €382,527 to €308,487
mainly Current investments (-€186,859) and Accrued charges and deferred income (-€22,016)
- Receivables after one year +€20,001
up €20,001 (+11.1%), from €179,646 to €199,647
- Receivables within one year +€13,383
up €13,383 (+960%), from €1,394 to €14,777
- Reserves +€181,400
up €181,400 (+24.4%), from €742,000 to €923,400
- Accrued charges and deferred income -€22,016
down €22,016 (-18.1%), from €121,933 to €99,917
- Gross operating margin -€35,387
down €35,387 (-12.0%), from €293,995 to €258,608
- Financial income +€9,705
new in 2026: €9,705
- Taxes -€9,478
down €9,478 (-10.5%), from €90,055 to €80,577
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €952,285 | €1,101,170 | +€148,885 | +15.6% |
| Fixed assets | 21/28 | €12,478 | €16,699 | +€4,221 | +33.8% |
| Tangible fixed assets | 22/27 | €12,478 | €16,699 | +€4,221 | +33.8% |
| Furniture and vehicles | 24 | €3,165 | €9,130 | +€5,965 | +188% |
| Other tangible fixed assets | 26 | €9,313 | €7,569 | -€1,744 | -18.7% |
| Current assets | 29/58 | €939,807 | €1,084,471 | +€144,664 | +15.4% |
| Amounts receivable after more than one year | 29 | €179,646 | €199,647 | +€20,001 | +11.1% |
| Other amounts receivable | 291 | €179,646 | €199,647 | +€20,001 | +11.1% |
| Amounts receivable within one year | 40/41 | €1,394 | €14,777 | +€13,383 | +960% |
| Other amounts receivable | 41 | €1,394 | €14,777 | +€13,383 | +960% |
| Current investments | 50/53 | €368,500 | €555,359 | +€186,859 | +50.7% |
| Cash at bank and in hand | 54/58 | €382,527 | €308,487 | -€74,040 | -19.4% |
| Deferred charges and accrued income | 490/1 | €7,740 | €6,201 | -€1,539 | -19.9% |
| Total equity and liabilities | 10/49 | €952,285 | €1,101,170 | +€148,885 | +15.6% |
| Equity | 10/15 | €747,737 | €929,210 | +€181,473 | +24.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €742,000 | €923,400 | +€181,400 | +24.4% |
| Distributable reserves | 133 | €742,000 | €923,400 | +€181,400 | +24.4% |
| Profit (loss) carried forward | 14 | €737 | €810 | +€73 | +9.9% |
| Amounts payable | 17/49 | €204,548 | €171,960 | -€32,588 | -15.9% |
| Amounts payable within one year | 42/48 | €82,615 | €72,043 | -€10,572 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €56,484 | €56,550 | +€66 | +0.1% |
| Trade debts | 44 | €7,771 | €7,319 | -€452 | -5.8% |
| Suppliers | 440/4 | €7,771 | €7,319 | -€452 | -5.8% |
| Taxes, remuneration and social security | 45 | €18,360 | €8,174 | -€10,186 | -55.5% |
| Taxes | 450/3 | €18,360 | €8,174 | -€10,186 | -55.5% |
| Accrued charges and deferred income | 492/3 | €121,933 | €99,917 | -€22,016 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,898 | €4,221 | +€1,323 | +45.7% |
| Other operating charges | 640/8 | €185 | €239 | +€54 | +29.2% |
| Gross operating margin | 9900 | €293,995 | €258,608 | -€35,387 | -12.0% |
| Operating profit (loss) | 9901 | €290,912 | €254,148 | -€36,764 | -12.6% |
| Financial income | 75/76B | - | €9,705 | +€9,705 | |
| Recurring financial income | 75 | - | €9,705 | +€9,705 | |
| Financial charges | 65/66B | €1,230 | €1,803 | +€573 | +46.6% |
| Recurring financial charges | 65 | €1,230 | €1,803 | +€573 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €289,682 | €262,050 | -€27,632 | -9.5% |
| Income taxes | 67/77 | €90,055 | €80,577 | -€9,478 | -10.5% |
| Profit (loss) for the period | 9904 | €199,627 | €181,473 | -€18,154 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €199,627 | €181,473 | -€18,154 | -9.1% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.