ZENSA: what changed
ZENSA
Largest movements
- Cash +€53,287
up €53,287 (+18.9%), from €282,451 to €335,739
mainly Net result for the year (+€40,682) and Other debts (+€9,493)
- Reserves +€40,682
up €40,682 (+10.9%), from €371,897 to €412,580
- Other debts +€9,493
up €9,493 (+151%), from €6,305 to €15,798
- Tax, wage and social debts +€7,967
up €7,967 (+47.5%), from €16,776 to €24,742
- Gross operating margin +€11,117
up €11,117 (+32.4%), from €34,268 to €45,384
- Financial income -€8,617
down €8,617 (-37.8%), from €22,800 to €14,183
of which Non-recurring financial income: -€15,147
- Taxes +€1,348
up €1,348 (+9.2%), from €14,579 to €15,927
- Depreciation -€927
down €927 (-66.4%), from €1,397 to €470
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €498,631 | €552,921 | +€54,290 | +10.9% |
| Fixed assets | 21/28 | €2,020 | €1,550 | -€470 | -23.3% |
| Tangible fixed assets | 22/27 | €470 | - | -€470 | |
| Furniture and vehicles | 24 | €470 | - | -€470 | |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €496,611 | €551,371 | +€54,760 | +11.0% |
| Amounts receivable within one year | 40/41 | €400 | €400 | = | 0.0% |
| Trade receivables | 40 | €400 | €400 | = | 0.0% |
| Current investments | 50/53 | €197,178 | €198,651 | +€1,473 | +0.7% |
| Cash at bank and in hand | 54/58 | €282,451 | €335,739 | +€53,287 | +18.9% |
| Deferred charges and accrued income | 490/1 | €16,581 | €16,581 | = | 0.0% |
| Total equity and liabilities | 10/49 | €498,631 | €552,921 | +€54,290 | +10.9% |
| Equity | 10/15 | €470,144 | €510,826 | +€40,682 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €371,897 | €412,580 | +€40,682 | +10.9% |
| Distributable reserves | 133 | €371,897 | €412,580 | +€40,682 | +10.9% |
| Profit (loss) carried forward | 14 | €79,646 | €79,646 | = | 0.0% |
| Amounts payable | 17/49 | €28,487 | €42,095 | +€13,608 | +47.8% |
| Amounts payable within one year | 42/48 | €28,487 | €42,095 | +€13,608 | +47.8% |
| Trade debts | 44 | €5,406 | €1,554 | -€3,852 | -71.2% |
| Suppliers | 440/4 | €5,406 | €1,554 | -€3,852 | -71.2% |
| Taxes, remuneration and social security | 45 | €16,776 | €24,742 | +€7,967 | +47.5% |
| Taxes | 450/3 | €16,776 | €24,742 | +€7,967 | +47.5% |
| Other amounts payable | 47/48 | €6,305 | €15,798 | +€9,493 | +151% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,397 | €470 | -€927 | -66.4% |
| Other operating charges | 640/8 | €446 | €279 | -€167 | -37.4% |
| Non-recurring operating charges | 66A | €452 | - | -€452 | |
| Gross operating margin | 9900 | €34,268 | €45,384 | +€11,117 | +32.4% |
| Operating profit (loss) | 9901 | €31,973 | €44,635 | +€12,663 | +39.6% |
| Financial income | 75/76B | €22,800 | €14,183 | -€8,617 | -37.8% |
| Recurring financial income | 75 | €7,653 | €14,183 | +€6,530 | +85.3% |
| Non-recurring financial income | 76B | €15,147 | - | -€15,147 | |
| Financial charges | 65/66B | €1,832 | €2,209 | +€377 | +20.6% |
| Recurring financial charges | 65 | €1,832 | €2,209 | +€377 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €52,941 | €56,609 | +€3,668 | +6.9% |
| Income taxes | 67/77 | €14,579 | €15,927 | +€1,348 | +9.2% |
| Profit (loss) for the period | 9904 | €38,362 | €40,682 | +€2,321 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,362 | €40,682 | +€2,321 | +6.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.