ZENSOR: 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.
ZENSOR
Largest movements
- Intangible fixed assets +€104,990
up €104,990 (+26.3%), from €399,911 to €504,901
- Receivables within one year +€54,485
up €54,485 (+14.9%), from €364,459 to €418,944
of which Trade receivables: +€118,881
- Cash -€48,826
down €48,826 (-87.9%), from €55,563 to €6,736
mainly Investment in fixed assets (net) (-€379,589) and Contributions, distributions and other (-€102,620)
- Stocks and contracts -€15,851
down €15,851 (-15.5%), from €101,935 to €86,085
- Debts after one year +€260,750
up €260,750 (+32.1%), from €811,808 to €1.1m
- Short-term financial debts +€110,313
up €110,313 (+64.2%), from €171,834 to €282,146
- Investment grants -€102,620
down €102,620 (-35.7%), from €287,810 to €185,190
- Profit (loss) carried forward -€95,937
down €95,937 (-3.9%), from -€2.4m to -€2.5m
- Trade debts -€46,468
down €46,468 (-49.1%), from €94,707 to €48,239
- Gross operating margin +€252,946
up €252,946 (+47.3%), from €534,840 to €787,785
- Staff costs -€77,398
down €77,398 (-10.4%), from €743,368 to €665,970
- Depreciation +€63,903
up €63,903 (+30.2%), from €211,350 to €275,254
- Financial income +€16,544
up €16,544 (+19.2%), from €86,346 to €102,889
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 | €991,041 | €1,083,287 | +€92,246 | +9.3% |
| Fixed assets | 21/28 | €413,554 | €517,889 | +€104,335 | +25.2% |
| Intangible fixed assets | 21 | €399,911 | €504,901 | +€104,990 | +26.3% |
| Tangible fixed assets | 22/27 | €1,652 | €997 | -€655 | -39.7% |
| Furniture and vehicles | 24 | €1,652 | €997 | -€655 | -39.7% |
| Financial fixed assets | 28 | €11,991 | €11,991 | = | 0.0% |
| Current assets | 29/58 | €577,487 | €565,398 | -€12,089 | -2.1% |
| Amounts receivable after more than one year | 29 | €48,307 | €51,364 | +€3,057 | +6.3% |
| Other amounts receivable | 291 | €48,307 | €51,364 | +€3,057 | +6.3% |
| Stocks and contracts in progress | 3 | €101,935 | €86,085 | -€15,851 | -15.5% |
| Stocks | 30/36 | €101,935 | €86,085 | -€15,851 | -15.5% |
| Amounts receivable within one year | 40/41 | €364,459 | €418,944 | +€54,485 | +14.9% |
| Trade receivables | 40 | €215,266 | €334,147 | +€118,881 | +55.2% |
| Other amounts receivable | 41 | €149,193 | €84,798 | -€64,396 | -43.2% |
| Cash at bank and in hand | 54/58 | €55,563 | €6,736 | -€48,826 | -87.9% |
| Deferred charges and accrued income | 490/1 | €7,223 | €2,268 | -€4,955 | -68.6% |
| Total equity and liabilities | 10/49 | €991,041 | €1,083,287 | +€92,246 | +9.3% |
| Equity | 10/15 | -€262,769 | -€461,326 | -€198,557 | -75.6% |
| Contributions | 10/11 | €1,893,102 | €1,893,102 | = | 0.0% |
| Capital | 10 | €744,347 | €744,347 | = | 0.0% |
| Issued capital | 100 | €756,747 | €756,747 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €1,148,755 | €1,148,755 | = | 0.0% |
| Share premium | 1100/10 | €1,148,755 | €1,148,755 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,443,681 | -€2,539,618 | -€95,937 | -3.9% |
| Investment grants | 15 | €287,810 | €185,190 | -€102,620 | -35.7% |
| Provisions and deferred taxes | 16 | €55,649 | €41,994 | -€13,655 | -24.5% |
| Deferred taxes | 168 | €55,649 | €41,994 | -€13,655 | -24.5% |
| Amounts payable | 17/49 | €1,198,160 | €1,502,619 | +€304,458 | +25.4% |
| Amounts payable after more than one year | 17 | €811,808 | €1,072,558 | +€260,750 | +32.1% |
| Financial debts | 170/4 | €811,808 | €1,072,558 | +€260,750 | +32.1% |
| Amounts payable within one year | 42/48 | €386,352 | €408,068 | +€21,716 | +5.6% |
| Financial debts | 43 | €171,834 | €282,146 | +€110,313 | +64.2% |
| Credit institutions | 430/8 | €171,834 | €282,146 | +€110,313 | +64.2% |
| Trade debts | 44 | €94,707 | €48,239 | -€46,468 | -49.1% |
| Suppliers | 440/4 | €94,707 | €48,239 | -€46,468 | -49.1% |
| Taxes, remuneration and social security | 45 | €117,213 | €75,084 | -€42,129 | -35.9% |
| Taxes | 450/3 | €10,997 | €10,231 | -€766 | -7.0% |
| Remuneration and social security | 454/9 | €106,216 | €64,853 | -€41,363 | -38.9% |
| Other amounts payable | 47/48 | €2,598 | €2,598 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €21,992 | +€21,992 | |
| Remuneration, social security and pensions | 62 | €743,368 | €665,970 | -€77,398 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,350 | €275,254 | +€63,903 | +30.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €534,840 | €787,785 | +€252,946 | +47.3% |
| Operating profit (loss) | 9901 | -€420,846 | -€154,436 | +€266,410 | +63.3% |
| Financial income | 75/76B | €86,346 | €102,889 | +€16,544 | +19.2% |
| Recurring financial income | 75 | €86,346 | €102,889 | +€16,544 | +19.2% |
| Financial charges | 65/66B | €75,620 | €73,167 | -€2,452 | -3.2% |
| Recurring financial charges | 65 | €75,620 | €73,167 | -€2,452 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€410,120 | -€124,714 | +€285,405 | +69.6% |
| Transfer from deferred taxes | 780 | €7,726 | €13,655 | +€5,929 | +76.7% |
| Income taxes | 67/77 | -€11,125 | -€15,122 | -€3,998 | -35.9% |
| Profit (loss) for the period | 9904 | -€391,269 | -€95,937 | +€295,333 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€391,269 | -€95,937 | +€295,333 | +75.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.