ZENROC ETUDE: 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.
ZENROC ETUDE
Largest movements
- Cash +€337,149
up €337,149 (+200%), from €168,700 to €505,849
mainly Other debts (+€716,762) and Net result for the year (+€319,659)
- Tangible fixed assets -€15,608
down €15,608 (-30.5%), from €51,191 to €35,583
- Other debts +€716,762
up €716,762, from €0 to €716,762
- Reserves -€523,325
down €523,325 (-100%), from €523,325 to €0
- Tax, wage and social debts +€126,093
up €126,093 (+35,515%), from €355 to €126,448
of which Taxes: +€126,093
- Gross operating margin +€109,428
up €109,428 (+32.2%), from €339,708 to €449,136
- Taxes +€33,896
up €33,896 (+43.6%), from €77,745 to €111,641
- Other operating charges -€13,726
down €13,726 (-91.8%), from €14,950 to €1,225
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 | €534,471 | €851,646 | +€317,175 | +59.3% |
| Fixed assets | 21/28 | €283,122 | €267,514 | -€15,608 | -5.5% |
| Tangible fixed assets | 22/27 | €51,191 | €35,583 | -€15,608 | -30.5% |
| Furniture and vehicles | 24 | €51,191 | €35,583 | -€15,608 | -30.5% |
| Financial fixed assets | 28 | €231,931 | €231,931 | = | 0.0% |
| Current assets | 29/58 | €251,349 | €584,132 | +€332,783 | +132% |
| Amounts receivable within one year | 40/41 | €46,312 | €49,935 | +€3,623 | +7.8% |
| Trade receivables | 40 | €1,716 | €209 | -€1,507 | -87.8% |
| Other amounts receivable | 41 | €44,595 | €49,726 | +€5,130 | +11.5% |
| Cash at bank and in hand | 54/58 | €168,700 | €505,849 | +€337,149 | +200% |
| Deferred charges and accrued income | 490/1 | €36,338 | €28,348 | -€7,989 | -22.0% |
| Total equity and liabilities | 10/49 | €534,471 | €851,646 | +€317,175 | +59.3% |
| Equity | 10/15 | €528,325 | €5,000 | -€523,325 | -99.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €523,325 | €0 | -€523,325 | -100% |
| Distributable reserves | 133 | €523,325 | €0 | -€523,325 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,145 | €846,646 | +€840,501 | +13,677% |
| Amounts payable within one year | 42/48 | €6,145 | €846,646 | +€840,501 | +13,677% |
| Trade debts | 44 | €5,790 | €3,437 | -€2,353 | -40.6% |
| Suppliers | 440/4 | €5,790 | €3,437 | -€2,353 | -40.6% |
| Taxes, remuneration and social security | 45 | €355 | €126,448 | +€126,093 | +35,515% |
| Taxes | 450/3 | €355 | €126,448 | +€126,093 | +35,515% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €716,762 | +€716,762 | |
| Remuneration, social security and pensions | 62 | -€139 | €0 | +€139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,691 | €15,608 | -€2,083 | -11.8% |
| Other operating charges | 640/8 | €14,950 | €1,225 | -€13,726 | -91.8% |
| Gross operating margin | 9900 | €339,708 | €449,136 | +€109,428 | +32.2% |
| Operating profit (loss) | 9901 | €307,205 | €432,303 | +€125,098 | +40.7% |
| Financial income | 75/76B | €869 | €1,342 | +€473 | +54.4% |
| Recurring financial income | 75 | €869 | €1,342 | +€473 | +54.4% |
| Financial charges | 65/66B | €904 | €2,346 | +€1,442 | +159% |
| Recurring financial charges | 65 | €904 | €2,346 | +€1,442 | +159% |
| Profit (loss) for the period before taxes | 9903 | €307,171 | €431,300 | +€124,129 | +40.4% |
| Income taxes | 67/77 | €77,745 | €111,641 | +€33,896 | +43.6% |
| Profit (loss) for the period | 9904 | €229,425 | €319,659 | +€90,233 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €229,425 | €319,659 | +€90,233 | +39.3% |
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 23 October 2026 via checked.be.