Financials
- Fiscal year
- 2025
- Total assets
- €220,044
- Loss
- -€154,950
- Solvency
- 89.8%
Total assets▲ 80.4%
Net result
20182025
ZEPHYR - FIN
ActiveSummary
The annual accounts of ZEPHYR - FIN for fiscal year 2025 show a net loss of 70% of total assets and of 151% of the equity at the start of that year. The 2025 annual accounts show equity of €197,600 and a net result of -€154,950. Equity is shrinking by ~15.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. The company has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Activity
La société a pour objet l'acquisition, la souscription, la prise ferme, le placement, la…
From the articlesNo NACE code in the KBO yet1 site
Size
€220,044total assets 2025
- Equity
- €197,600
- Loss
- -€154,950
Structure
- Parent
- FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ · 100%
- Board
- 6 members
- Holdings
- 1
Auditor: Mazars Bedrijfsrevisoren CVBAAccounts 112 d early
Why 57Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year- Loss of €154,950, the second in a row (FY 2025)+ Size: total assets €220,044+ Liquidity: current ratio 10.35, cash €219,486+ Equity €197,600 (89.8% of total assets)Show the evidence
Checked score
Score 2025
57
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 68% of its sector peers (no NACE code, micro)
Performance against the sector, not lower risk
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that weighs is under Signals.
Financial strength · tick = 2024
Strong
Solvency
100=
equity 89.8% of total assets
Liquidity
100+4
short-term debt 9.7% · cash 99.7%
Profitability
0=
return on assets -70.4%
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.2%
12-2024: 0.2%▲ +0.6% vs 11-2024highest value
01-2025: 0.2%▼ -1.2% vs 12-2024
02-2025: 0.2%▲ +1.3% vs 01-2025highest value
03-2025: 0.2%● 0.0% vs 02-2025highest value
04-2025: 0.2%▼ -3.1% vs 03-2025
05-2025: < 0.1%▼ -71.8% vs 04-2025lowest value
06-2025: < 0.1%● 0.0% vs 05-2025lowest value
07-2025: < 0.1%● 0.0% vs 06-2025lowest value
08-2025: < 0.1%▲ +6.8% vs 07-2025
09-2025: < 0.1%● 0.0% vs 08-2025
10-2025: < 0.1%● 0.0% vs 09-2025
11-2025: < 0.1%● 0.0% vs 10-2025
12-2025: < 0.1%● 0.0% vs 11-2025
01-2026: < 0.1%● 0.0% vs 12-2025
02-2026: < 0.1%▲ +4.3% vs 01-2026
03-2026: < 0.1%● 0.0% vs 02-2026
04-2026: < 0.1%● 0.0% vs 03-2026
05-2026: 0.1%▲ +100% vs 04-2026
06-2026: 0.1%● 0.0% vs 05-2026
07-2026: 0.1%● 0.0% vs 06-2026
08-2026: 0.1%● 0.0% vs 07-2026
09-2026: 0.1%● 0.0% vs 08-2026
10-2026: 0.1%● 0.0% vs 09-2026
- Loss of €154,950, the second in a row (FY 2025) raises the probability
- Size: total assets €220,044 lowers the probability for this profile
- Liquidity: current ratio 10.35, cash €219,486 lowers the probability
- Equity €197,600 (89.8% of total assets) lowers the probability
Credit up to €11,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 10.35 against 6.28 in 2024; short-term debt: 9.7% and cash: 99.7% of total assets), and 10.2% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (no NACE code, micro). Better than this share of them on solvency 81%, liquidity 95%, profitability 4%, growth against the median 92%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 04-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-04-2026, 112 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
112 d early
2024
118 d early
2023
106 d early
2022
110 d early
2021
115 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 112 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 10 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
05-10-2026 today31-12-2026 close31-07-2027 deadline
- Appointment: FORVIS MAZARS BEDRIJFSREVISOREN (statutory auditor)Permanent representative: Sébastien Schueremans
- Annual accounts filedfiscal year 2025 · full…
- Annual accounts filedfiscal year 2025 · abbreviated…
Key points
- Risk: 8 loss-making years in a rowloss fiscal year 2025 -€154,950 View
- Caution: Result fell in 2025from -€43,656 to -€154,950 ▼ 255% View
- Controlled by FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJknown shareholders 100% 100% View
- Board changedlatest change 30-12-2025 · 6 in office 1 joined · 1 left View
- Positive: Always filed on timeaccounts within the deadline every year 5 years View
By topic
Board & ownership
- Board
- 6 members
- Parent
- FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ · 100%
- Known shareholders
- 100%
- Auditor
- Mazars Bedrijfsrevisoren CVBA
Go to Board & ownership
Network & group
- Group
- Belgische Staat
- Holdings
- 1
- Connected companies
- 47
1 holding
Timeline
- Events
- 33
- Since
- 2006
- Next accounts
- by 31-07-2027
- 22-06-2026Appointment: FORVIS MAZARS BEDRIJFSREVISOREN (statutory auditor)
- 10-04-2026Annual accounts filed
- 10-04-2026Annual accounts filed
Company details
- Sites
- 1
- Legal form
- Public limited company
- Founded
- 20-07-1995
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 1
- Purpose
- La société a pour objet l'acquisition, la souscription, la prise ferme, le placement, la…
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