ZHEN: 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.
What changed
ZHEN
NACE 46.450, Wholesale of perfume and cosmetics
fiscal year 2024 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
-€665,711
2024 · €885,230-€1.6m
Equity
€10.7m
2024 · €12.3m-€1.6m
Cash
€626,984
2024 · €862,667-€235,683
Balance sheet total
€11.9m
2024 · €14.3m-€2.4m
Largest movements
Assets
- Receivables within one year -€2.2m
down €2.2m (-75.9%), from €2.8m to €686,504
of which Trade receivables: -€1.3m
- Cash -€235,683
down €235,683 (-27.3%), from €862,667 to €626,984
- Stocks and contracts +€229,653
up €229,653 (+6.5%), from €3.5m to €3.8m
- Current investments -€170,000
down €170,000 (-100.0%), from €170,000 to €0
Equity and liabilities
- Reserves -€953,761
down €953,761 (-8.4%), from €11.4m to €10.5m
of which Distributable reserves: -€951,901
- Profit (loss) carried forward -€665,711
down €665,711 (-73.4%), from €906,523 to €240,812
- Short-term financial debts -€575,000
down €575,000 (-100.0%), from €575,000 to €0
- Tax, wage and social debts -€161,894
down €161,894 (-62.2%), from €260,315 to €98,421
of which Taxes: -€100,470
- Debts after one year -€159,750
down €159,750 (-29.6%), from €540,334 to €380,583
Income statement
- Turnover -€8.9m
no longer reported in 2025 (was €8.9m)
- Goods and materials -€3.6m
no longer reported in 2025 (was €3.6m)
of which Purchases: -€4.3m
- Services and other goods -€2.6m
no longer reported in 2025 (was €2.6m)
- Gross operating margin +€1.8m
new in 2025: €1.8m
- Staff costs +€615,176
up €615,176 (+60.5%), from €1.0m to €1.6m
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.
Result 2024
€885,230
Turnover
-€8.9m
Other operating income
-€74,829
Goods and materials
+€3.6m
Services and other goods
+€2.6m
Staff costs
-€615,176
Depreciation
-€204,453
Other operating charges
-€12,917
Other operating items
+€1.8m
Financial income
+€32,202
Financial charges
-€51,198
Taxes
+€312,288
Result 2025
-€665,711
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,303,627 | €11,901,796 | -€2.4m | -16.8% |
| Fixed assets | 21/28 | €3,358,030 | €3,328,056 | -€29,974 | -0.9% |
| Intangible fixed assets | 21 | - | €80,594 | +€80,594 | |
| Tangible fixed assets | 22/27 | €3,357,510 | €3,246,811 | -€110,698 | -3.3% |
| Land and buildings | 22 | €3,118,212 | €2,912,927 | -€205,286 | -6.6% |
| Plant, machinery and equipment | 23 | €55,633 | €24,503 | -€31,130 | -56.0% |
| Furniture and vehicles | 24 | €183,664 | €309,382 | +€125,718 | +68.4% |
| Financial fixed assets | 28 | €520 | €650 | +€130 | +25.0% |
| Other financial fixed assets | 284/8 | €520 | - | -€520 | |
| Amounts receivable and cash guarantees | 285/8 | €520 | - | -€520 | |
| Current assets | 29/58 | €10,945,598 | €8,573,740 | -€2.4m | -21.7% |
| Amounts receivable after more than one year | 29 | €3,440,000 | €3,440,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,440,000 | €3,440,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,525,260 | €3,754,913 | +€229,653 | +6.5% |
| Stocks | 30/36 | €3,525,260 | €3,754,913 | +€229,653 | +6.5% |
| Goods purchased for resale | 34 | €3,525,260 | - | -€3.5m | |
| Amounts receivable within one year | 40/41 | €2,842,844 | €686,504 | -€2.2m | -75.9% |
| Trade receivables | 40 | €1,759,413 | €425,999 | -€1.3m | -75.8% |
| Other amounts receivable | 41 | €1,083,431 | €260,505 | -€822,926 | -76.0% |
| Current investments | 50/53 | €170,000 | €0 | -€170,000 | -100.0% |
| Other investments | 51/53 | €170,000 | - | -€170,000 | |
| Cash at bank and in hand | 54/58 | €862,667 | €626,984 | -€235,683 | -27.3% |
| Deferred charges and accrued income | 490/1 | €104,828 | €65,339 | -€39,488 | -37.7% |
| Total equity and liabilities | 10/49 | €14,303,627 | €11,901,796 | -€2.4m | -16.8% |
| Equity | 10/15 | €12,326,941 | €10,707,469 | -€1.6m | -13.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,408,018 | €10,454,257 | -€953,761 | -8.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €11,406,158 | €10,454,257 | -€951,901 | -8.3% |
| Profit (loss) carried forward | 14 | €906,523 | €240,812 | -€665,711 | -73.4% |
| Amounts payable | 17/49 | €1,976,686 | €1,194,326 | -€782,360 | -39.6% |
| Amounts payable after more than one year | 17 | €540,334 | €380,583 | -€159,750 | -29.6% |
| Financial debts | 170/4 | €540,334 | €380,583 | -€159,750 | -29.6% |
| Credit institutions | 173 | €540,334 | - | -€540,334 | |
| Amounts payable within one year | 42/48 | €1,416,852 | €788,700 | -€628,152 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €117,861 | €106,500 | -€11,361 | -9.6% |
| Financial debts | 43 | €575,000 | €0 | -€575,000 | -100.0% |
| Credit institutions | 430/8 | €575,000 | €0 | -€575,000 | -100.0% |
| Trade debts | 44 | €463,676 | €583,779 | +€120,103 | +25.9% |
| Suppliers | 440/4 | €463,676 | €583,779 | +€120,103 | +25.9% |
| Taxes, remuneration and social security | 45 | €260,315 | €98,421 | -€161,894 | -62.2% |
| Taxes | 450/3 | €100,470 | €0 | -€100,470 | -100.0% |
| Remuneration and social security | 454/9 | €159,845 | €98,421 | -€61,424 | -38.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €19,501 | €25,043 | +€5,542 | +28.4% |
| Operating income | 70/76A | €9,003,927 | - | -€9.0m | |
| Turnover | 70 | €8,929,040 | - | -€8.9m | |
| Other operating income | 74 | €74,829 | - | -€74,829 | |
| Non-recurring operating income | 76A | €58 | €0 | -€58 | -100.0% |
| Operating charges | 60/66A | €7,811,648 | - | -€7.8m | |
| Goods for resale, raw materials and consumables | 60 | €3,581,536 | - | -€3.6m | |
| Purchases | 600/8 | €4,311,371 | - | -€4.3m | |
| Change in stocks: decrease (increase) | 609 | -€729,835 | - | +€729,835 | |
| Services and other goods | 61 | €2,589,986 | - | -€2.6m | |
| Remuneration, social security and pensions | 62 | €1,016,519 | €1,631,696 | +€615,176 | +60.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,826 | €796,279 | +€204,453 | +34.5% |
| Other operating charges | 640/8 | €31,781 | €44,698 | +€12,917 | +40.6% |
| Gross operating margin | 9900 | - | €1,820,720 | +€1.8m | |
| Operating profit (loss) | 9901 | €1,192,279 | -€651,953 | -€1.8m | |
| Financial income | 75/76B | €68,183 | €100,385 | +€32,202 | +47.2% |
| Recurring financial income | 75 | €68,183 | €100,385 | +€32,202 | +47.2% |
| Income from current assets | 751 | €52,752 | - | -€52,752 | |
| Other financial income | 752/9 | €15,431 | - | -€15,431 | |
| Financial charges | 65/66B | €60,505 | €111,703 | +€51,198 | +84.6% |
| Recurring financial charges | 65 | €60,505 | €111,703 | +€51,198 | +84.6% |
| Debt charges | 650 | €45,263 | - | -€45,263 | |
| Other financial charges | 652/9 | €15,242 | - | -€15,242 | |
| Profit (loss) for the period before taxes | 9903 | €1,199,957 | -€663,272 | -€1.9m | |
| Income taxes | 67/77 | €314,727 | €2,439 | -€312,288 | -99.2% |
| Taxes | 670/3 | €314,727 | - | -€314,727 | |
| Profit (loss) for the period | 9904 | €885,230 | -€665,711 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €885,230 | -€665,711 | -€1.6m |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.