ZENOFI: 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.
ZENOFI
Largest movements
- Current investments +€200,488
up €200,488 (+299%), from €67,000 to €267,488
- Cash -€170,714
down €170,714 (-26.7%), from €639,588 to €468,874
mainly Current investments (-€200,488) and Tax, wage and social debts (-€50,908)
- Receivables within one year +€44,904
up €44,904 (+213%), from €21,099 to €66,003
of which Trade receivables: +€41,221
- Reserves +€123,952
up €123,952 (+18.2%), from €680,987 to €804,939
- Tax, wage and social debts -€50,908
down €50,908 (-52.2%), from €97,551 to €46,643
of which Taxes: -€55,908
- Financial income -€205,756
down €205,756 (-99.6%), from €206,483 to €727
of which Non-recurring financial income: -€206,483
- Taxes -€59,060
down €59,060 (-45.1%), from €130,940 to €71,880
- Gross operating margin +€48,248
up €48,248 (+24.2%), from €199,169 to €247,417
- Financial charges +€4,779
up €4,779 (+1,540%), from €310 to €5,089
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 | €792,547 | €864,831 | +€72,283 | +9.1% |
| Fixed assets | 21/28 | €64,840 | €62,368 | -€2,472 | -3.8% |
| Tangible fixed assets | 22/27 | €64,840 | €62,368 | -€2,472 | -3.8% |
| Land and buildings | 22 | €60,365 | €55,400 | -€4,965 | -8.2% |
| Furniture and vehicles | 24 | €4,098 | €5,619 | +€1,521 | +37.1% |
| Other tangible fixed assets | 26 | €377 | €1,349 | +€972 | +257% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €727,707 | €802,463 | +€74,756 | +10.3% |
| Amounts receivable within one year | 40/41 | €21,099 | €66,003 | +€44,904 | +213% |
| Trade receivables | 40 | €20,836 | €62,057 | +€41,221 | +198% |
| Other amounts receivable | 41 | €263 | €3,946 | +€3,683 | +1,402% |
| Current investments | 50/53 | €67,000 | €267,488 | +€200,488 | +299% |
| Cash at bank and in hand | 54/58 | €639,588 | €468,874 | -€170,714 | -26.7% |
| Deferred charges and accrued income | 490/1 | €20 | €98 | +€77 | +380% |
| Total equity and liabilities | 10/49 | €792,547 | €864,831 | +€72,283 | +9.1% |
| Equity | 10/15 | €680,987 | €804,939 | +€123,952 | +18.2% |
| Reserves | 13 | €680,987 | €804,939 | +€123,952 | +18.2% |
| Distributable reserves | 133 | €680,987 | €804,939 | +€123,952 | +18.2% |
| Amounts payable | 17/49 | €111,560 | €59,891 | -€51,668 | -46.3% |
| Amounts payable within one year | 42/48 | €111,560 | €59,891 | -€51,668 | -46.3% |
| Trade debts | 44 | €709 | €0 | -€709 | -100% |
| Suppliers | 440/4 | €709 | €0 | -€709 | -100% |
| Taxes, remuneration and social security | 45 | €97,551 | €46,643 | -€50,908 | -52.2% |
| Taxes | 450/3 | €97,551 | €41,643 | -€55,908 | -57.3% |
| Remuneration and social security | 454/9 | - | €5,000 | +€5,000 | |
| Other amounts payable | 47/48 | €13,300 | €13,248 | -€52 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,475 | €7,775 | +€1,300 | +20.1% |
| Other operating charges | 640/8 | €4,521 | €2,708 | -€1,813 | -40.1% |
| Gross operating margin | 9900 | €199,169 | €247,417 | +€48,248 | +24.2% |
| Operating profit (loss) | 9901 | €188,172 | €236,933 | +€48,761 | +25.9% |
| Financial income | 75/76B | €206,483 | €727 | -€205,756 | -99.6% |
| Recurring financial income | 75 | €206,483 | €727 | -€205,756 | -99.6% |
| Non-recurring financial income | 76B | €206,483 | - | -€206,483 | |
| Financial charges | 65/66B | €310 | €5,089 | +€4,779 | +1,540% |
| Recurring financial charges | 65 | €310 | €5,089 | +€4,779 | +1,540% |
| Profit (loss) for the period before taxes | 9903 | €394,344 | €232,570 | -€161,774 | -41.0% |
| Income taxes | 67/77 | €130,940 | €71,880 | -€59,060 | -45.1% |
| Profit (loss) for the period | 9904 | €263,404 | €160,690 | -€102,714 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €263,404 | €160,690 | -€102,714 | -39.0% |
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 13 October 2026 via checked.be.