ZENOU: 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.
ZENOU
Largest movements
- Receivables within one year +€33,760
up €33,760 (+153.7%), from €21,972 to €55,732
of which Trade receivables: +€41,310
- Current investments +€12,000
up €12,000 (+54.5%), from €22,000 to €34,000
- Receivables after one year -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Deferred charges and accrued income -€4,912
down €4,912 (-51.9%), from €9,461 to €4,549
- Cash -€4,397
down €4,397 (-24.2%), from €18,149 to €13,752
mainly Receivables within one year (-€33,760) and Contributions, distributions and other (-€30,556)
- Trade debts +€43,738
up €43,738 (+59499.2%), from €74 to €43,811
- Other debts -€11,864
down €11,864 (-55.0%), from €21,563 to €9,699
- Current portion of long-term debt -€3,823
no longer reported in 2025 (was €3,823)
- Gross operating margin +€5,260
up €5,260 (+14.5%), from €36,317 to €41,577
- Taxes +€945
up €945 (+13.4%), from €7,052 to €7,997
- Financial charges -€421
down €421 (-22.0%), from €1,909 to €1,489
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,548 | €147,717 | +€26,169 | +21.5% |
| Fixed assets | 21/28 | €19,967 | €19,685 | -€282 | -1.4% |
| Tangible fixed assets | 22/27 | €19,967 | €19,685 | -€282 | -1.4% |
| Other tangible fixed assets | 26 | €19,967 | €19,685 | -€282 | -1.4% |
| Current assets | 29/58 | €101,582 | €128,033 | +€26,451 | +26.0% |
| Amounts receivable after more than one year | 29 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Other amounts receivable | 291 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €21,972 | €55,732 | +€33,760 | +153.7% |
| Trade receivables | 40 | €11,972 | €53,281 | +€41,310 | +345.1% |
| Other amounts receivable | 41 | €10,000 | €2,450 | -€7,550 | -75.5% |
| Current investments | 50/53 | €22,000 | €34,000 | +€12,000 | +54.5% |
| Cash at bank and in hand | 54/58 | €18,149 | €13,752 | -€4,397 | -24.2% |
| Deferred charges and accrued income | 490/1 | €9,461 | €4,549 | -€4,912 | -51.9% |
| Total equity and liabilities | 10/49 | €121,548 | €147,717 | +€26,169 | +21.5% |
| Equity | 10/15 | €89,206 | €89,206 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €86,206 | €86,206 | = | 0.0% |
| Distributable reserves | 133 | €86,206 | €86,206 | = | 0.0% |
| Amounts payable | 17/49 | €32,342 | €58,511 | +€26,169 | +80.9% |
| Amounts payable within one year | 42/48 | €31,884 | €58,511 | +€26,627 | +83.5% |
| Current portion of amounts payable after more than one year | 42 | €3,823 | - | -€3,823 | |
| Trade debts | 44 | €74 | €43,811 | +€43,738 | +59499.2% |
| Suppliers | 440/4 | €74 | €43,811 | +€43,738 | +59499.2% |
| Taxes, remuneration and social security | 45 | €6,425 | €5,001 | -€1,424 | -22.2% |
| Taxes | 450/3 | €6,425 | €5,001 | -€1,424 | -22.2% |
| Other amounts payable | 47/48 | €21,563 | €9,699 | -€11,864 | -55.0% |
| Accrued charges and deferred income | 492/3 | €459 | - | -€459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,411 | €2,575 | +€164 | +6.8% |
| Non-recurring operating charges | 66A | €4,127 | €60 | -€4,068 | -98.6% |
| Gross operating margin | 9900 | €36,317 | €41,577 | +€5,260 | +14.5% |
| Operating profit (loss) | 9901 | €29,778 | €38,942 | +€9,164 | +30.8% |
| Financial income | 75/76B | €1,047 | €1,100 | +€53 | +5.0% |
| Recurring financial income | 75 | €1,047 | €1,100 | +€53 | +5.0% |
| Financial charges | 65/66B | €1,909 | €1,489 | -€421 | -22.0% |
| Recurring financial charges | 65 | €1,909 | €1,489 | -€421 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €28,916 | €38,553 | +€9,637 | +33.3% |
| Income taxes | 67/77 | €7,052 | €7,997 | +€945 | +13.4% |
| Profit (loss) for the period | 9904 | €21,864 | €30,556 | +€8,691 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,864 | €30,556 | +€8,691 | +39.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.