ZORENO: 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.
ZORENO
Largest movements
- Receivables within one year -€22,896
down €22,896 (-26.9%), from €85,069 to €62,173
of which Trade receivables: -€18,612
- Tangible fixed assets -€11,158
down €11,158 (-33.7%), from €33,067 to €21,909
- Cash +€5,486
up €5,486 (+255%), from €2,151 to €7,637
mainly Receivables within one year (+€22,896) and Depreciation (+€11,477)
- Stocks and contracts -€1,775
down €1,775 (-6.5%), from €27,476 to €25,701
of which Stocks: -€6,000
- Profit (loss) carried forward -€30,057
down €30,057 (-145%), from -€20,714 to -€50,771
- Trade debts +€4,122
up €4,122 (+224%), from €1,844 to €5,966
- Other debts -€1,499
down €1,499 (-4.0%), from €37,814 to €36,315
- Gross operating margin -€7,875
down €7,875 (-121%), from -€6,495 to -€14,369
- Staff costs +€3,217
new in 2025: €3,217
- Depreciation -€2,111
down €2,111 (-15.5%), from €13,588 to €11,477
- Financial income -€344
down €344 (-87.2%), from €395 to €51
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 | €149,908 | €120,346 | -€29,562 | -19.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €33,875 | €22,398 | -€11,477 | -33.9% |
| Intangible fixed assets | 21 | €623 | €304 | -€319 | -51.2% |
| Tangible fixed assets | 22/27 | €33,067 | €21,909 | -€11,158 | -33.7% |
| Land and buildings | 22 | €20,386 | €14,959 | -€5,427 | -26.6% |
| Plant, machinery and equipment | 23 | €8,983 | €4,313 | -€4,670 | -52.0% |
| Furniture and vehicles | 24 | €1,827 | €1,091 | -€736 | -40.3% |
| Other tangible fixed assets | 26 | €1,870 | €1,545 | -€326 | -17.4% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €116,033 | €97,948 | -€18,085 | -15.6% |
| Stocks and contracts in progress | 3 | €27,476 | €25,701 | -€1,775 | -6.5% |
| Stocks | 30/36 | €13,501 | €7,501 | -€6,000 | -44.4% |
| Contracts in progress | 37 | €13,975 | €18,200 | +€4,225 | +30.2% |
| Amounts receivable within one year | 40/41 | €85,069 | €62,173 | -€22,896 | -26.9% |
| Trade receivables | 40 | €79,232 | €60,621 | -€18,612 | -23.5% |
| Other amounts receivable | 41 | €5,836 | €1,552 | -€4,285 | -73.4% |
| Cash at bank and in hand | 54/58 | €2,151 | €7,637 | +€5,486 | +255% |
| Deferred charges and accrued income | 490/1 | €1,338 | €2,438 | +€1,100 | +82.2% |
| Total equity and liabilities | 10/49 | €149,908 | €120,346 | -€29,562 | -19.7% |
| Equity | 10/15 | €103,388 | €73,331 | -€30,057 | -29.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,903 | €117,903 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,805 | €11,805 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,805 | €11,805 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,681 | €27,681 | = | 0.0% |
| Distributable reserves | 133 | €78,416 | €78,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,714 | -€50,771 | -€30,057 | -145% |
| Amounts payable | 17/49 | €46,520 | €47,015 | +€495 | +1.1% |
| Amounts payable within one year | 42/48 | €45,575 | €47,015 | +€1,440 | +3.2% |
| Trade debts | 44 | €1,844 | €5,966 | +€4,122 | +224% |
| Suppliers | 440/4 | €1,844 | €5,966 | +€4,122 | +224% |
| Taxes, remuneration and social security | 45 | €5,917 | €4,734 | -€1,183 | -20.0% |
| Taxes | 450/3 | - | €1,995 | +€1,995 | |
| Remuneration and social security | 454/9 | €5,917 | €2,739 | -€3,178 | -53.7% |
| Other amounts payable | 47/48 | €37,814 | €36,315 | -€1,499 | -4.0% |
| Accrued charges and deferred income | 492/3 | €945 | - | -€945 | |
| Remuneration, social security and pensions | 62 | - | €3,217 | +€3,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,588 | €11,477 | -€2,111 | -15.5% |
| Other operating charges | 640/8 | €657 | €569 | -€88 | -13.4% |
| Gross operating margin | 9900 | -€6,495 | -€14,369 | -€7,875 | -121% |
| Operating profit (loss) | 9901 | -€20,739 | -€29,632 | -€8,893 | -42.9% |
| Financial income | 75/76B | €395 | €51 | -€344 | -87.2% |
| Recurring financial income | 75 | €395 | €51 | -€344 | -87.2% |
| Financial charges | 65/66B | €370 | €475 | +€105 | +28.4% |
| Recurring financial charges | 65 | €370 | €475 | +€105 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,714 | -€30,057 | -€9,343 | -45.1% |
| Profit (loss) for the period | 9904 | -€20,714 | -€30,057 | -€9,343 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,714 | -€30,057 | -€9,343 | -45.1% |
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 15 October 2026 via checked.be.