zenza: 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.
zenza
Largest movements
- Tangible fixed assets +€616,853
up €616,853 (+34.9%), from €1.8m to €2.4m
of which Land and buildings: +€534,474
- Stocks and contracts +€221,109
up €221,109 (+111%), from €198,892 to €420,002
- Cash +€156,538
up €156,538 (+61.1%), from €256,270 to €412,808
mainly Other debts (+€563,603) and Net result for the year (+€474,293)
- Receivables within one year +€118,104
up €118,104 (+564%), from €20,938 to €139,042
of which Trade receivables: +€138,104
- Other debts +€563,603
up €563,603 (+1,839%), from €30,644 to €594,247
- Debts after one year +€417,301
up €417,301 (+35.7%), from €1.2m to €1.6m
- Reserves -€249,285
down €249,285 (-32.4%), from €768,441 to €519,156
of which Distributable reserves: -€246,712
- Tax, wage and social debts +€231,059
up €231,059 (+504%), from €45,823 to €276,883
of which Taxes: +€158,641
- Current portion of long-term debt +€87,693
up €87,693 (+54.4%), from €161,276 to €248,969
- Gross operating margin +€440,179
up €440,179 (+44.9%), from €979,786 to €1.4m
- Staff costs +€71,517
up €71,517 (+15.2%), from €471,828 to €543,344
- Taxes +€70,348
up €70,348 (+99.5%), from €70,730 to €141,079
- Depreciation +€42,076
up €42,076 (+25.8%), from €162,780 to €204,855
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 | €2,269,846 | €3,380,084 | +€1.1m | +48.9% |
| Fixed assets | 21/28 | €1,784,945 | €2,398,278 | +€613,333 | +34.4% |
| Intangible fixed assets | 21 | €17,609 | €14,089 | -€3,520 | -20.0% |
| Tangible fixed assets | 22/27 | €1,767,336 | €2,384,188 | +€616,853 | +34.9% |
| Land and buildings | 22 | €1,397,537 | €1,932,011 | +€534,474 | +38.2% |
| Plant, machinery and equipment | 23 | €290,284 | €370,382 | +€80,098 | +27.6% |
| Furniture and vehicles | 24 | €67,060 | €69,320 | +€2,260 | +3.4% |
| Other tangible fixed assets | 26 | €12,455 | €12,476 | +€21 | +0.2% |
| Current assets | 29/58 | €484,901 | €981,806 | +€496,905 | +102% |
| Stocks and contracts in progress | 3 | €198,892 | €420,002 | +€221,109 | +111% |
| Stocks | 30/36 | €198,892 | €420,002 | +€221,109 | +111% |
| Amounts receivable within one year | 40/41 | €20,938 | €139,042 | +€118,104 | +564% |
| Trade receivables | 40 | €938 | €139,042 | +€138,104 | +14,720% |
| Other amounts receivable | 41 | €20,000 | €0 | -€20,000 | -100% |
| Cash at bank and in hand | 54/58 | €256,270 | €412,808 | +€156,538 | +61.1% |
| Deferred charges and accrued income | 490/1 | €8,801 | €9,955 | +€1,154 | +13.1% |
| Total equity and liabilities | 10/49 | €2,269,846 | €3,380,084 | +€1.1m | +48.9% |
| Equity | 10/15 | €774,641 | €525,356 | -€249,285 | -32.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €768,441 | €519,156 | -€249,285 | -32.4% |
| Non-distributable reserves | 130/1 | €2,573 | €0 | -€2,573 | -100% |
| Reserves not available under the articles | 1311 | €2,573 | €0 | -€2,573 | -100% |
| Distributable reserves | 133 | €765,868 | €519,156 | -€246,712 | -32.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,495,205 | €2,854,728 | +€1.4m | +90.9% |
| Amounts payable after more than one year | 17 | €1,167,886 | €1,585,187 | +€417,301 | +35.7% |
| Financial debts | 170/4 | €1,167,886 | €1,585,187 | +€417,301 | +35.7% |
| Amounts payable within one year | 42/48 | €327,319 | €1,269,542 | +€942,222 | +288% |
| Current portion of amounts payable after more than one year | 42 | €161,276 | €248,969 | +€87,693 | +54.4% |
| Trade debts | 44 | €89,576 | €149,443 | +€59,867 | +66.8% |
| Suppliers | 440/4 | €89,576 | €149,443 | +€59,867 | +66.8% |
| Taxes, remuneration and social security | 45 | €45,823 | €276,883 | +€231,059 | +504% |
| Taxes | 450/3 | €24,913 | €183,554 | +€158,641 | +637% |
| Remuneration and social security | 454/9 | €20,910 | €93,328 | +€72,418 | +346% |
| Other amounts payable | 47/48 | €30,644 | €594,247 | +€563,603 | +1,839% |
| Remuneration, social security and pensions | 62 | €471,828 | €543,344 | +€71,517 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,780 | €204,855 | +€42,076 | +25.8% |
| Other operating charges | 640/8 | €1,936 | €8,177 | +€6,241 | +322% |
| Non-recurring operating charges | 66A | €16,689 | €0 | -€16,689 | -100% |
| Gross operating margin | 9900 | €979,786 | €1,419,965 | +€440,179 | +44.9% |
| Operating profit (loss) | 9901 | €326,553 | €663,588 | +€337,035 | +103% |
| Financial income | 75/76B | €342 | €42 | -€300 | -87.6% |
| Recurring financial income | 75 | €342 | €42 | -€300 | -87.6% |
| Financial charges | 65/66B | €49,027 | €48,258 | -€769 | -1.6% |
| Recurring financial charges | 65 | €49,027 | €48,258 | -€769 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €277,868 | €615,372 | +€337,504 | +121% |
| Income taxes | 67/77 | €70,730 | €141,079 | +€70,348 | +99.5% |
| Profit (loss) for the period | 9904 | €207,137 | €474,293 | +€267,156 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €207,137 | €474,293 | +€267,156 | +129% |
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 14 October 2026 via checked.be.