ZenRD: 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.
ZenRD
Largest movements
- Cash -€31,494
down €31,494 (-51.6%), from €61,043 to €29,549
mainly Current investments (-€20,000) and Other debts (-€19,713)
- Current investments +€20,000
new in 2025: €20,000
- Tangible fixed assets -€9,616
down €9,616 (-18.4%), from €52,313 to €42,697
of which Furniture and vehicles: -€8,531
- Receivables within one year -€2,410
down €2,410 (-14.1%), from €17,057 to €14,647
- Other debts -€19,713
down €19,713 (-56.1%), from €35,168 to €15,455
- Debts after one year -€11,901
down €11,901 (-85.5%), from €13,915 to €2,014
- Reserves +€5,615
up €5,615 (+10.0%), from €56,015 to €61,630
- Trade debts +€3,453
up €3,453 (+97.7%), from €3,534 to €6,986
- Tax, wage and social debts -€2,553
down €2,553 (-22.7%), from €11,234 to €8,681
- Gross operating margin -€11,500
down €11,500 (-20.1%), from €57,166 to €45,666
- Other operating charges +€4,747
up €4,747 (+292%), from €1,626 to €6,373
- Depreciation +€1,399
up €1,399 (+10.3%), from €13,564 to €14,963
- Taxes -€1,289
down €1,289 (-15.0%), from €8,578 to €7,289
- Financial income +€1,002
up €1,002 (+455,627%), from €0 to €1,003
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 | €132,795 | €108,001 | -€24,794 | -18.7% |
| Fixed assets | 21/28 | €52,313 | €42,697 | -€9,616 | -18.4% |
| Tangible fixed assets | 22/27 | €52,313 | €42,697 | -€9,616 | -18.4% |
| Furniture and vehicles | 24 | €38,562 | €30,031 | -€8,531 | -22.1% |
| Other tangible fixed assets | 26 | €13,751 | €12,666 | -€1,085 | -7.9% |
| Current assets | 29/58 | €80,482 | €65,304 | -€15,177 | -18.9% |
| Stocks and contracts in progress | 3 | €1,240 | €0 | -€1,240 | -100% |
| Stocks | 30/36 | €1,240 | €0 | -€1,240 | -100% |
| Amounts receivable within one year | 40/41 | €17,057 | €14,647 | -€2,410 | -14.1% |
| Trade receivables | 40 | €17,057 | €14,647 | -€2,410 | -14.1% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €61,043 | €29,549 | -€31,494 | -51.6% |
| Deferred charges and accrued income | 490/1 | €1,141 | €1,108 | -€33 | -2.9% |
| Total equity and liabilities | 10/49 | €132,795 | €108,001 | -€24,794 | -18.7% |
| Equity | 10/15 | €57,348 | €62,963 | +€5,615 | +9.8% |
| Contributions | 10/11 | €1,300 | €1,300 | = | 0.0% |
| Reserves | 13 | €56,015 | €61,630 | +€5,615 | +10.0% |
| Distributable reserves | 133 | €56,015 | €61,630 | +€5,615 | +10.0% |
| Profit (loss) carried forward | 14 | €33 | €33 | +€0 | +1.5% |
| Amounts payable | 17/49 | €75,447 | €45,038 | -€30,409 | -40.3% |
| Amounts payable after more than one year | 17 | €13,915 | €2,014 | -€11,901 | -85.5% |
| Financial debts | 170/4 | €13,915 | €2,014 | -€11,901 | -85.5% |
| Amounts payable within one year | 42/48 | €61,532 | €43,024 | -€18,508 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €11,596 | €11,901 | +€306 | +2.6% |
| Trade debts | 44 | €3,534 | €6,986 | +€3,453 | +97.7% |
| Suppliers | 440/4 | €3,534 | €6,986 | +€3,453 | +97.7% |
| Taxes, remuneration and social security | 45 | €11,234 | €8,681 | -€2,553 | -22.7% |
| Taxes | 450/3 | €11,234 | €8,681 | -€2,553 | -22.7% |
| Other amounts payable | 47/48 | €35,168 | €15,455 | -€19,713 | -56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,564 | €14,963 | +€1,399 | +10.3% |
| Other operating charges | 640/8 | €1,626 | €6,373 | +€4,747 | +292% |
| Gross operating margin | 9900 | €57,166 | €45,666 | -€11,500 | -20.1% |
| Operating profit (loss) | 9901 | €41,976 | €24,330 | -€17,646 | -42.0% |
| Financial income | 75/76B | €0 | €1,003 | +€1,002 | +455,627% |
| Recurring financial income | 75 | €0 | €1,003 | +€1,002 | +455,627% |
| Financial charges | 65/66B | €1,043 | €758 | -€285 | -27.3% |
| Recurring financial charges | 65 | €1,043 | €758 | -€285 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €40,933 | €24,575 | -€16,359 | -40.0% |
| Income taxes | 67/77 | €8,578 | €7,289 | -€1,289 | -15.0% |
| Profit (loss) for the period | 9904 | €32,355 | €17,285 | -€15,070 | -46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,355 | €17,285 | -€15,070 | -46.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.