ZIEN: 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.
ZIEN
Largest movements
- Cash +€119,508
up €119,508 (+229.1%), from €52,166 to €171,674
mainly Net result for the year (+€62,684) and Current investments (+€50,000)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€10,768
down €10,768 (-15.3%), from €70,535 to €59,767
of which Other tangible fixed assets: -€7,365
- Reserves +€62,684
up €62,684 (+78.5%), from €79,884 to €142,569
- Debts after one year -€14,399
down €14,399 (-24.0%), from €60,119 to €45,720
- Trade debts +€12,354
up €12,354 (+258.3%), from €4,782 to €17,136
- Gross operating margin +€15,901
up €15,901 (+19.5%), from €81,432 to €97,332
- Taxes +€3,222
up €3,222 (+23.3%), from €13,840 to €17,062
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 | €207,926 | €267,799 | +€59,873 | +28.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €70,640 | €59,872 | -€10,768 | -15.2% |
| Tangible fixed assets | 22/27 | €70,535 | €59,767 | -€10,768 | -15.3% |
| Plant, machinery and equipment | 23 | €26,706 | €22,472 | -€4,234 | -15.9% |
| Furniture and vehicles | 24 | €2,040 | €2,870 | +€830 | +40.7% |
| Other tangible fixed assets | 26 | €41,789 | €34,424 | -€7,365 | -17.6% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €137,286 | €207,927 | +€70,641 | +51.5% |
| Stocks and contracts in progress | 3 | €33,866 | €36,171 | +€2,304 | +6.8% |
| Stocks | 30/36 | €33,866 | €36,171 | +€2,304 | +6.8% |
| Amounts receivable within one year | 40/41 | €1,173 | - | -€1,173 | |
| Trade receivables | 40 | €1,173 | - | -€1,173 | |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €52,166 | €171,674 | +€119,508 | +229.1% |
| Deferred charges and accrued income | 490/1 | €80 | €82 | +€2 | +2.0% |
| Total equity and liabilities | 10/49 | €207,926 | €267,799 | +€59,873 | +28.8% |
| Equity | 10/15 | €84,884 | €147,569 | +€62,684 | +73.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,884 | €142,569 | +€62,684 | +78.5% |
| Distributable reserves | 133 | €79,884 | €142,569 | +€62,684 | +78.5% |
| Amounts payable | 17/49 | €123,042 | €120,230 | -€2,812 | -2.3% |
| Amounts payable after more than one year | 17 | €60,119 | €45,720 | -€14,399 | -24.0% |
| Financial debts | 170/4 | €60,119 | €45,720 | -€14,399 | -24.0% |
| Amounts payable within one year | 42/48 | €62,923 | €74,510 | +€11,587 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €14,186 | €14,398 | +€213 | +1.5% |
| Trade debts | 44 | €4,782 | €17,136 | +€12,354 | +258.3% |
| Suppliers | 440/4 | €4,782 | €17,136 | +€12,354 | +258.3% |
| Advances received on contracts in progress | 46 | - | €1,030 | +€1,030 | |
| Taxes, remuneration and social security | 45 | €16,901 | €17,566 | +€665 | +3.9% |
| Taxes | 450/3 | €15,700 | €16,366 | +€666 | +4.2% |
| Remuneration and social security | 454/9 | €1,201 | €1,200 | -€1 | -0.1% |
| Other amounts payable | 47/48 | €27,055 | €24,380 | -€2,675 | -9.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,704 | €12,747 | +€43 | +0.3% |
| Other operating charges | 640/8 | €198 | €610 | +€412 | +207.7% |
| Gross operating margin | 9900 | €81,432 | €97,332 | +€15,901 | +19.5% |
| Operating profit (loss) | 9901 | €68,530 | €83,975 | +€15,445 | +22.5% |
| Financial income | 75/76B | €178 | €470 | +€292 | +163.4% |
| Recurring financial income | 75 | €178 | €470 | +€292 | +163.4% |
| Financial charges | 65/66B | €4,113 | €4,698 | +€586 | +14.2% |
| Recurring financial charges | 65 | €4,113 | €4,698 | +€586 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €64,595 | €79,747 | +€15,152 | +23.5% |
| Income taxes | 67/77 | €13,840 | €17,062 | +€3,222 | +23.3% |
| Profit (loss) for the period | 9904 | €50,755 | €62,684 | +€11,930 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,755 | €62,684 | +€11,930 | +23.5% |
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 9 October 2026 via checked.be.