ZNX: 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.
ZNX
Largest movements
- Cash +€13,136
up €13,136 (+35.1%), from €37,391 to €50,527
mainly Depreciation (+€14,167) and Net result for the year (+€8,679)
- Tangible fixed assets -€12,525
down €12,525 (-21.1%), from €59,468 to €46,943
- Receivables within one year -€1,853
down €1,853 (-23.4%), from €7,903 to €6,050
- Debts after one year -€13,423
down €13,423 (-27.8%), from €48,251 to €34,828
- Reserves +€8,679
up €8,679 (+50.8%), from €17,085 to €25,764
- Tax, wage and social debts +€3,876
up €3,876 (+39.6%), from €9,789 to €13,665
- Other debts -€2,148
down €2,148 (-19.0%), from €11,309 to €9,161
- Depreciation +€5,234
up €5,234 (+58.6%), from €8,933 to €14,167
- Gross operating margin -€2,705
down €2,705 (-8.1%), from €33,349 to €30,645
- Financial charges +€1,437
up €1,437 (+82.9%), from €1,733 to €3,170
- Taxes -€802
down €802 (-17.3%), from €4,636 to €3,834
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 | €104,761 | €103,520 | -€1,241 | -1.2% |
| Fixed assets | 21/28 | €59,468 | €46,943 | -€12,525 | -21.1% |
| Tangible fixed assets | 22/27 | €59,468 | €46,943 | -€12,525 | -21.1% |
| Furniture and vehicles | 24 | €59,468 | €46,943 | -€12,525 | -21.1% |
| Current assets | 29/58 | €45,294 | €56,577 | +€11,283 | +24.9% |
| Amounts receivable within one year | 40/41 | €7,903 | €6,050 | -€1,853 | -23.4% |
| Trade receivables | 40 | €7,903 | €6,050 | -€1,853 | -23.4% |
| Cash at bank and in hand | 54/58 | €37,391 | €50,527 | +€13,136 | +35.1% |
| Total equity and liabilities | 10/49 | €104,761 | €103,520 | -€1,241 | -1.2% |
| Equity | 10/15 | €22,085 | €30,764 | +€8,679 | +39.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,085 | €25,764 | +€8,679 | +50.8% |
| Distributable reserves | 133 | €17,085 | €25,764 | +€8,679 | +50.8% |
| Amounts payable | 17/49 | €82,677 | €72,756 | -€9,920 | -12.0% |
| Amounts payable after more than one year | 17 | €48,251 | €34,828 | -€13,423 | -27.8% |
| Financial debts | 170/4 | €48,251 | €34,828 | -€13,423 | -27.8% |
| Amounts payable within one year | 42/48 | €34,426 | €37,159 | +€2,733 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €12,879 | €13,423 | +€544 | +4.2% |
| Trade debts | 44 | €449 | €910 | +€460 | +102.4% |
| Suppliers | 440/4 | €449 | €910 | +€460 | +102.4% |
| Taxes, remuneration and social security | 45 | €9,789 | €13,665 | +€3,876 | +39.6% |
| Taxes | 450/3 | €9,789 | €13,665 | +€3,876 | +39.6% |
| Other amounts payable | 47/48 | €11,309 | €9,161 | -€2,148 | -19.0% |
| Accrued charges and deferred income | 492/3 | - | €770 | +€770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,933 | €14,167 | +€5,234 | +58.6% |
| Other operating charges | 640/8 | €963 | €794 | -€169 | -17.5% |
| Gross operating margin | 9900 | €33,349 | €30,645 | -€2,705 | -8.1% |
| Operating profit (loss) | 9901 | €23,454 | €15,684 | -€7,771 | -33.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,733 | €3,170 | +€1,437 | +82.9% |
| Recurring financial charges | 65 | €1,733 | €3,170 | +€1,437 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | €21,721 | €12,513 | -€9,208 | -42.4% |
| Income taxes | 67/77 | €4,636 | €3,834 | -€802 | -17.3% |
| Profit (loss) for the period | 9904 | €17,085 | €8,679 | -€8,406 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,085 | €8,679 | -€8,406 | -49.2% |
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 30 September 2026 via checked.be.