ZSN Partners: 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.
ZSN Partners
Largest movements
- Cash -€106,027
down €106,027 (-80.2%), from €132,183 to €26,156
mainly Net result for the year (-€39,033) and Debts after one year (-€32,255)
- Receivables within one year +€27,060
up €27,060 (+145%), from €18,643 to €45,703
of which Other amounts receivable: +€14,029
- Receivables after one year +€19,212
new in 2025: €19,212
- Tangible fixed assets -€14,712
down €14,712 (-2.0%), from €719,783 to €705,070
of which Land and buildings: -€19,594
- Profit (loss) carried forward -€35,829
down €35,829 (-15.1%), from -€237,897 to -€273,726
- Debts after one year -€32,255
down €32,255 (-9.2%), from €351,078 to €318,824
of which Financial debts: -€32,255
- Other debts -€26,518
no longer reported in 2025 (was €26,518)
- Advances received +€22,100
new in 2025: €22,100
- Gross operating margin -€506,058
down €506,058 (-99.6%), from €508,188 to €2,130
- Other operating charges -€37,383
down €37,383 (-79.0%), from €47,309 to €9,927
- Depreciation -€14,691
down €14,691 (-39.7%), from €37,008 to €22,317
- Financial charges -€12,059
down €12,059 (-55.6%), from €21,675 to €9,616
- Financial income -€11,700
down €11,700 (-97.0%), from €12,059 to €359
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 | €872,801 | €800,542 | -€72,259 | -8.3% |
| Fixed assets | 21/28 | €719,783 | €705,070 | -€14,712 | -2.0% |
| Tangible fixed assets | 22/27 | €719,783 | €705,070 | -€14,712 | -2.0% |
| Land and buildings | 22 | €717,526 | €697,932 | -€19,594 | -2.7% |
| Plant, machinery and equipment | 23 | - | €1,830 | +€1,830 | |
| Furniture and vehicles | 24 | €2,256 | €5,308 | +€3,052 | +135% |
| Current assets | 29/58 | €153,018 | €95,472 | -€57,546 | -37.6% |
| Amounts receivable after more than one year | 29 | - | €19,212 | +€19,212 | |
| Other amounts receivable | 291 | - | €19,212 | +€19,212 | |
| Amounts receivable within one year | 40/41 | €18,643 | €45,703 | +€27,060 | +145% |
| Trade receivables | 40 | €16,969 | €30,000 | +€13,031 | +76.8% |
| Other amounts receivable | 41 | €1,674 | €15,703 | +€14,029 | +838% |
| Cash at bank and in hand | 54/58 | €132,183 | €26,156 | -€106,027 | -80.2% |
| Deferred charges and accrued income | 490/1 | €2,193 | €4,401 | +€2,208 | +101% |
| Total equity and liabilities | 10/49 | €872,801 | €800,542 | -€72,259 | -8.3% |
| Equity | 10/15 | €311,276 | €272,243 | -€39,033 | -12.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €487,199 | €483,996 | -€3,204 | -0.7% |
| Tax-exempt reserves | 132 | €403,054 | €399,850 | -€3,204 | -0.8% |
| Distributable reserves | 133 | €84,145 | €84,145 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,897 | -€273,726 | -€35,829 | -15.1% |
| Provisions and deferred taxes | 16 | €133,985 | €132,917 | -€1,068 | -0.8% |
| Deferred taxes | 168 | €133,985 | €132,917 | -€1,068 | -0.8% |
| Amounts payable | 17/49 | €427,540 | €395,383 | -€32,158 | -7.5% |
| Amounts payable after more than one year | 17 | €351,078 | €318,824 | -€32,255 | -9.2% |
| Financial debts | 170/4 | €344,078 | €311,824 | -€32,255 | -9.4% |
| Other amounts payable | 178/9 | €7,000 | €7,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,591 | €72,348 | -€3,243 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €31,540 | €32,255 | +€715 | +2.3% |
| Financial debts | 43 | - | €1,475 | +€1,475 | |
| Credit institutions | 430/8 | - | €1,475 | +€1,475 | |
| Trade debts | 44 | €15,929 | €11,284 | -€4,645 | -29.2% |
| Suppliers | 440/4 | €15,929 | €11,284 | -€4,645 | -29.2% |
| Advances received on contracts in progress | 46 | - | €22,100 | +€22,100 | |
| Taxes, remuneration and social security | 45 | €1,604 | €5,234 | +€3,631 | +226% |
| Taxes | 450/3 | €1,604 | €5,234 | +€3,631 | +226% |
| Other amounts payable | 47/48 | €26,518 | - | -€26,518 | |
| Accrued charges and deferred income | 492/3 | €871 | €4,211 | +€3,340 | +383% |
| Non-recurring operating income | 76A | €544,927 | - | -€544,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,008 | €22,317 | -€14,691 | -39.7% |
| Other operating charges | 640/8 | €47,309 | €9,927 | -€37,383 | -79.0% |
| Gross operating margin | 9900 | €508,188 | €2,130 | -€506,058 | -99.6% |
| Operating profit (loss) | 9901 | €423,871 | -€30,113 | -€453,984 | |
| Financial income | 75/76B | €12,059 | €359 | -€11,700 | -97.0% |
| Recurring financial income | 75 | €12,059 | €359 | -€11,700 | -97.0% |
| Financial charges | 65/66B | €21,675 | €9,616 | -€12,059 | -55.6% |
| Recurring financial charges | 65 | €21,675 | €9,616 | -€12,059 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €414,255 | -€39,370 | -€453,626 | |
| Transfer from deferred taxes | 780 | €5,959 | €1,068 | -€4,891 | -82.1% |
| Transfer to deferred taxes | 680 | €136,232 | - | -€136,232 | |
| Income taxes | 67/77 | €1,225 | €730 | -€495 | -40.4% |
| Profit (loss) for the period | 9904 | €282,757 | -€39,033 | -€321,790 | |
| Transfer from tax-exempt reserves | 789 | €17,722 | €3,204 | -€14,519 | -81.9% |
| Transfer to tax-exempt reserves | 689 | €408,696 | - | -€408,696 | |
| Profit (loss) for the period to be appropriated | 9905 | -€108,216 | -€35,829 | +€72,387 | +66.9% |
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 31 October 2026 via checked.be.