ZENOFFICE: 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.
What changed
ZENOFFICE
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11,928
2024 · -€34,136+€46,065
Equity
€1.8m
2024 · €1.8m+€11,928
Cash
€71,252
2024 · €74,857-€3,606
Balance sheet total
€2.7m
2024 · €2.7m-€13,670
Largest movements
Assets
- Current investments +€99,737
up €99,737 (+7.7%), from €1.3m to €1.4m
- Receivables within one year -€70,688
down €70,688 (-13.0%), from €543,151 to €472,463
of which Trade receivables: -€44,904
- Tangible fixed assets -€39,228
down €39,228 (-5.2%), from €757,079 to €717,851
of which Land and buildings: -€42,940
Equity and liabilities
- Provisions -€39,150
no longer reported in 2025 (was €39,150)
- Other debts +€32,313
up €32,313 (+368.3%), from €8,773 to €41,086
- Debts after one year -€27,663
down €27,663 (-6.8%), from €405,172 to €377,509
Income statement
- Gross operating margin +€140,638
up €140,638, from -€53,134 to €87,505
- Financial income -€126,400
down €126,400 (-86.3%), from €146,427 to €20,027
- Provisions -€78,301
down €78,301, from €39,150 to -€39,150
- Financial charges +€28,539
up €28,539 (+95.3%), from €29,951 to €58,490
- Taxes +€17,866
up €17,866 (+555.9%), from €3,214 to €21,080
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
-€34,136
Gross operating margin
+€140,638
Depreciation
-€4,445
Provisions
+€78,301
Other operating charges
+€4,376
Financial income
-€126,400
Financial charges
-€28,539
Taxes
-€17,866
Result 2025
€11,928
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.
From operations
+€132,495
Investment
-€106,315
Financing
-€29,786
Cash 2024
€74,857
From operations (derived)
+€132,495
Net result for the year
+€11,928
Depreciation
+€45,806
Stocks and contracts
+€305
Receivables within one year
+€70,688
Deferred charges and accrued income
-€420
Provisions
-€39,150
Trade debts
+€24,105
Tax, wage and social debts
-€13,061
Other debts
+€32,313
Accrued charges and deferred income
-€20
Investment (derived)
-€106,315
Investment in fixed assets (net)
-€6,578
Current investments
-€99,737
Financing
-€29,786
Debts after one year
-€27,663
Current portion of long-term debt
-€2,123
Cash 2025
€71,252
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,690,071 | €2,676,400 | -€13,670 | -0.5% |
| Fixed assets | 21/28 | €757,079 | €717,851 | -€39,228 | -5.2% |
| Tangible fixed assets | 22/27 | €757,079 | €717,851 | -€39,228 | -5.2% |
| Land and buildings | 22 | €743,839 | €700,899 | -€42,940 | -5.8% |
| Furniture and vehicles | 24 | €3,575 | €7,287 | +€3,712 | +103.8% |
| Other tangible fixed assets | 26 | €9,665 | €9,665 | = | 0.0% |
| Current assets | 29/58 | €1,932,992 | €1,958,550 | +€25,558 | +1.3% |
| Stocks and contracts in progress | 3 | €19,148 | €18,843 | -€305 | -1.6% |
| Stocks | 30/36 | €19,148 | €18,843 | -€305 | -1.6% |
| Amounts receivable within one year | 40/41 | €543,151 | €472,463 | -€70,688 | -13.0% |
| Trade receivables | 40 | €480,974 | €436,070 | -€44,904 | -9.3% |
| Other amounts receivable | 41 | €62,177 | €36,393 | -€25,784 | -41.5% |
| Current investments | 50/53 | €1,292,373 | €1,392,109 | +€99,737 | +7.7% |
| Cash at bank and in hand | 54/58 | €74,857 | €71,252 | -€3,606 | -4.8% |
| Deferred charges and accrued income | 490/1 | €3,462 | €3,882 | +€420 | +12.1% |
| Total equity and liabilities | 10/49 | €2,690,071 | €2,676,400 | -€13,670 | -0.5% |
| Equity | 10/15 | €1,837,976 | €1,849,904 | +€11,928 | +0.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €651,260 | €651,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €202,250 | €54,900 | -€147,350 | -72.9% |
| Distributable reserves | 133 | €447,150 | €594,500 | +€147,350 | +33.0% |
| Profit (loss) carried forward | 14 | €1,180,416 | €1,192,344 | +€11,928 | +1.0% |
| Provisions and deferred taxes | 16 | €39,150 | - | -€39,150 | |
| Provisions for liabilities and charges | 160/5 | €39,150 | - | -€39,150 | |
| Environmental obligations | 163 | €39,150 | - | -€39,150 | |
| Amounts payable | 17/49 | €812,945 | €826,496 | +€13,552 | +1.7% |
| Amounts payable after more than one year | 17 | €405,172 | €377,509 | -€27,663 | -6.8% |
| Financial debts | 170/4 | €405,172 | €377,509 | -€27,663 | -6.8% |
| Amounts payable within one year | 42/48 | €407,753 | €448,988 | +€41,234 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €29,787 | €27,664 | -€2,123 | -7.1% |
| Trade debts | 44 | €276,100 | €300,205 | +€24,105 | +8.7% |
| Suppliers | 440/4 | €276,100 | €300,205 | +€24,105 | +8.7% |
| Taxes, remuneration and social security | 45 | €93,094 | €80,033 | -€13,061 | -14.0% |
| Taxes | 450/3 | €91,424 | €80,033 | -€11,391 | -12.5% |
| Remuneration and social security | 454/9 | €1,670 | - | -€1,670 | |
| Other amounts payable | 47/48 | €8,773 | €41,086 | +€32,313 | +368.3% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Non-recurring operating income | 76A | €158,971 | - | -€158,971 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,361 | €45,806 | +€4,445 | +10.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €39,150 | -€39,150 | -€78,301 | |
| Other operating charges | 640/8 | €13,754 | €9,378 | -€4,376 | -31.8% |
| Gross operating margin | 9900 | -€53,134 | €87,505 | +€140,638 | |
| Operating profit (loss) | 9901 | -€147,399 | €71,471 | +€218,870 | |
| Financial income | 75/76B | €146,427 | €20,027 | -€126,400 | -86.3% |
| Recurring financial income | 75 | €146,427 | €20,027 | -€126,400 | -86.3% |
| Financial charges | 65/66B | €29,951 | €58,490 | +€28,539 | +95.3% |
| Recurring financial charges | 65 | €29,951 | €58,490 | +€28,539 | +95.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,922 | €33,008 | +€63,930 | |
| Income taxes | 67/77 | €3,214 | €21,080 | +€17,866 | +555.9% |
| Profit (loss) for the period | 9904 | -€34,136 | €11,928 | +€46,065 | |
| Transfer from tax-exempt reserves | 789 | €1 | €147,350 | +€147,349 | +14445978.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,135 | €159,278 | +€193,414 |
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 7 October 2026 via checked.be.