ZENOS: 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.
ZENOS
Largest movements
- Receivables within one year +€14,022
up €14,022 (+41.8%), from €33,522 to €47,544
of which Trade receivables: +€7,981
- Tangible fixed assets -€9,330
down €9,330 (-20.8%), from €44,764 to €35,434
- Cash -€8,572
down €8,572 (-11.6%), from €73,859 to €65,287
mainly Other debts (-€69,786) and Tax, wage and social debts (-€18,257)
- Reserves +€83,000
up €83,000 (+231%), from €36,000 to €119,000
- Other debts -€69,786
down €69,786 (-98.8%), from €70,604 to €819
- Tax, wage and social debts -€18,257
down €18,257 (-52.3%), from €34,908 to €16,652
- Gross operating margin -€5,492
down €5,492 (-4.1%), from €132,558 to €127,066
- Taxes +€5,410
up €5,410 (+19.7%), from €27,492 to €32,902
- Depreciation +€4,689
up €4,689 (+86.4%), from €5,425 to €10,114
- Financial income -€2,650
down €2,650 (-91.3%), from €2,901 to €251
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 | €153,494 | €149,746 | -€3,749 | -2.4% |
| Fixed assets | 21/28 | €44,879 | €35,549 | -€9,330 | -20.8% |
| Tangible fixed assets | 22/27 | €44,764 | €35,434 | -€9,330 | -20.8% |
| Furniture and vehicles | 24 | €44,764 | €35,434 | -€9,330 | -20.8% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €108,615 | €114,196 | +€5,581 | +5.1% |
| Amounts receivable within one year | 40/41 | €33,522 | €47,544 | +€14,022 | +41.8% |
| Trade receivables | 40 | €29,063 | €37,044 | +€7,981 | +27.5% |
| Other amounts receivable | 41 | €4,459 | €10,500 | +€6,041 | +135% |
| Cash at bank and in hand | 54/58 | €73,859 | €65,287 | -€8,572 | -11.6% |
| Deferred charges and accrued income | 490/1 | €1,235 | €1,366 | +€131 | +10.6% |
| Total equity and liabilities | 10/49 | €153,494 | €149,746 | -€3,749 | -2.4% |
| Equity | 10/15 | €47,097 | €130,557 | +€83,461 | +177% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €36,000 | €119,000 | +€83,000 | +231% |
| Distributable reserves | 133 | €36,000 | €119,000 | +€83,000 | +231% |
| Profit (loss) carried forward | 14 | €1,097 | €1,557 | +€461 | +42.0% |
| Amounts payable | 17/49 | €106,398 | €19,188 | -€87,209 | -82.0% |
| Amounts payable within one year | 42/48 | €105,939 | €18,805 | -€87,134 | -82.2% |
| Financial debts | 43 | €271 | €191 | -€81 | -29.8% |
| Credit institutions | 430/8 | €271 | €191 | -€81 | -29.8% |
| Trade debts | 44 | €155 | €1,144 | +€989 | +636% |
| Suppliers | 440/4 | €155 | €1,144 | +€989 | +636% |
| Taxes, remuneration and social security | 45 | €34,908 | €16,652 | -€18,257 | -52.3% |
| Taxes | 450/3 | €34,908 | €16,652 | -€18,257 | -52.3% |
| Other amounts payable | 47/48 | €70,604 | €819 | -€69,786 | -98.8% |
| Accrued charges and deferred income | 492/3 | €458 | €383 | -€75 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,425 | €10,114 | +€4,689 | +86.4% |
| Other operating charges | 640/8 | €1,365 | €573 | -€792 | -58.0% |
| Gross operating margin | 9900 | €132,558 | €127,066 | -€5,492 | -4.1% |
| Operating profit (loss) | 9901 | €125,768 | €116,379 | -€9,389 | -7.5% |
| Financial income | 75/76B | €2,901 | €251 | -€2,650 | -91.3% |
| Recurring financial income | 75 | €2,901 | €251 | -€2,650 | -91.3% |
| Financial charges | 65/66B | €210 | €268 | +€58 | +27.5% |
| Recurring financial charges | 65 | €210 | €268 | +€58 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €128,459 | €116,362 | -€12,097 | -9.4% |
| Income taxes | 67/77 | €27,492 | €32,902 | +€5,410 | +19.7% |
| Profit (loss) for the period | 9904 | €100,967 | €83,461 | -€17,506 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,967 | €83,461 | -€17,506 | -17.3% |
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.