ZEPHYRUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 26 filings
Turnover
≈ €320,000
Estimated: probably between €210,000 and €680,000
Total assets
€1.4m▼ 8.9%
2024 · €1.6m
Net result
€162,261▲ 137%
2024 · €68,459
Working capital
€482,996▼ 24.1%
2024 · €636,180
In the rankings
#3 company by equity in Lier, Telecoms and IT sector#4 company by total assets in Lier, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€110,133
▲ 8.4%
2025
20182025
Net result
€162,261
▲ 137%
2025
highest quarter of the sector
20182025
Equity
€948,801
▼ 12.9%
2025
highest quarter of the sector
20182025
Total assets
€1.4m
▼ 8.9%
2025
highest quarter of the sector
20182025
Debt
€501,130
▼ 0.3%
2025
20182025
Working capital
€482,996
▼ 24.1%
2025
highest quarter of the sector
20182025
Solvency
65.4%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
2.40
▼ 0.64
2025
middle half of the sector
20182025
Return on assets (ROA)
11.2%
▲ 6.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.006m-€0.5m▲ 81×€0.04m▼ 91.5%€0.06m▲ 57.9%€0.07m▲ 7.0%€0.07m▲ 8.2%€0.1m▲ 38.1%€0.1m▲ 8.4%
Net result-€0.005m-€0.3m€0.02mwithin the sector's middle half▼ 92.7%€0.03mwithin the sector's middle half▲ 27.6%€0.04mwithin the sector's middle half▲ 52.2%€0.07mwithin the sector's middle half▲ 52.9%€0.07mwithin the sector's middle half▲ 3.0%€0.2mabove the sector's middle half▲ 137%
Equity€0.6m-€0.9m▲ 54.6%€0.9mabove the sector's middle half▲ 2.6%€0.9mabove the sector's middle half▲ 3.2%€1.0mabove the sector's middle half▲ 4.7%€1.0mabove the sector's middle half▲ 6.9%€1.1mabove the sector's middle half▲ 5.6%€0.9mabove the sector's middle half▼ 12.9%
Total assets€1.1m-€1.4m▲ 26.1%€1.5mabove the sector's middle half▲ 2.1%€1.5mwithin the sector's middle half▲ 0.9%€1.5mwithin the sector's middle half▲ 3.4%€1.6mwithin the sector's middle half▲ 2.7%€1.6mwithin the sector's middle half▲ 2.1%€1.4mabove the sector's middle half▼ 8.9%
Debt€0.6m-€0.6m▼ 2.2%€0.6m▲ 1.3%€0.5m▼ 2.8%€0.6m▲ 1.1%€0.5m▼ 4.7%€0.5m▼ 4.7%€0.5m▼ 0.3%
Working capital-€0.07m-€0.3m€0.3mwithin the sector's middle half▲ 18.9%€0.3mwithin the sector's middle half▲ 14.6%€0.5mabove the sector's middle half▲ 49.5%€0.6mabove the sector's middle half▲ 12.3%€0.6mabove the sector's middle half▲ 10.5%€0.5mabove the sector's middle half▼ 24.1%
Solvency49.8%-61.0%▲ 11.2pp61.3%within the sector's middle half▲ 0.3pp62.7%within the sector's middle half▲ 1.4pp63.5%within the sector's middle half▲ 0.8pp66.2%within the sector's middle half▲ 2.6pp68.4%within the sector's middle half▲ 2.3pp65.4%within the sector's middle half▼ 3.0pp
Current ratio0.80-1.68▲ 0.871.76within the sector's middle half▲ 0.091.87within the sector's middle half▲ 0.102.65within the sector's middle half▲ 0.782.83within the sector's middle half▲ 0.183.03within the sector's middle half▲ 0.202.40within the sector's middle half▼ 0.64
Return on assets (ROA)-0.4%-21.5%▲ 22.0pp1.5%within the sector's middle half▼ 20.0pp1.9%within the sector's middle half▲ 0.4pp2.9%within the sector's middle half▲ 0.9pp4.3%within the sector's middle half▲ 1.4pp4.3%within the sector's middle half=11.2%within the sector's middle half▲ 6.9pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 8% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€621,393 ▼ 3.3%
Current assets
€828,538 ▼ 12.7%
Equity and liabilities €1.4m
Equity
€948,801 ▼ 12.9%
Debt
€501,130 ▼ 0.3%
Debt's share of the balance-sheet total rises from 31.6% to 34.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€136,579▲
2024 · €127,737
Cash flow
€188,706▲
2024 · €94,613
Debt to equity
0.53▲
2024 · 0.46
ROE
17.1%▲
2024 · 6.3%
Interest coverage
86.18▲
2024 · 8.54
Debt ≤ 1 year
€345,542▲
2024 · €312,846
Debt > 1 year
€122,878▼
2024 · €157,691
Income taxes
€38,492▲
2024 · €31,651
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €784 | €453 | - | €735 | €4,920 |
| Depreciation and write-downs of the year | €36,086 | €36,314 | €26,007 | €26,154 | €26,446 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,207 | €36,480 | €36,480 | €36,086 | €36,314 | €26,007 | €26,154 | €26,446 | ▲ 1.1% |
| Other operating charges640/8 | - | - | - | €2,645 | €2,683 | €2,936 | €3,016 | €3,458 | ▲ 14.6% |
| Gross operating margin9900 | €44,989 | €513,073 | €79,287 | €102,258 | €106,988 | €102,519 | €130,753 | €140,037 | ▲ 7.1% |
| Operating profit (loss)9901 | €5,833 | €474,105 | €40,225 | €63,527 | €67,991 | €73,576 | €101,582 | €110,133 | ▲ 8.4% |
| Financial income75/76B | - | - | - | €24,707 | €20,268 | €13,287 | €13,479 | €92,204 | ▲ 584% |
| Recurring financial income75 | €30,931 | €4,837 | €6,569 | €24,707 | €20,268 | €13,287 | €13,479 | €92,204 | ▲ 584% |
| Financial charges65/66B | - | - | - | €41,219 | €26,116 | -€986 | €14,952 | €1,585 | ▼ 89.4% |
| Recurring financial charges65 | €36,790 | €8,041 | €14,457 | €41,219 | €26,116 | -€986 | €14,952 | €1,585 | ▼ 89.4% |
| Profit (loss) for the period before taxes9903 | -€26 | €470,900 | €32,337 | €47,015 | €62,143 | €87,849 | €100,109 | €200,752 | ▲ 101% |
| Income taxes67/77 | €4,624 | €163,609 | €9,956 | €18,451 | €18,667 | €21,383 | €31,651 | €38,492 | ▲ 21.6% |
| Profit (loss) for the period9904 | -€4,650 | €307,292 | €22,382 | €28,564 | €43,476 | €66,465 | €68,459 | €162,261 | ▲ 137% |
| Profit (loss) for the period to be appropriated9905 | -€4,650 | €307,292 | €22,382 | €28,564 | €43,476 | €66,465 | €68,459 | €162,261 | ▲ 137% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | €1.4m | ▼ 8.9% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 3.3% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 3.3% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.005m | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.001m | €0.001m | €0.001m | €423 | ▼ 50.5% |
| Other tangible fixed assets26 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 4.2% |
| Financial fixed assets28 | €55 | €149 | €149 | €149 | €149 | €149 | €149 | €149 | = |
| Current assets29/58 | €0.3m | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | €0.9m | €0.8m | ▼ 12.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 1.0% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 1.0% |
| Amounts receivable within one year40/41 | €0.01m | €0.03m | €0.03m | €0.05m | €0.05m | €0.02m | €0.03m | €0.05m | ▲ 70.8% |
| Trade receivables40 | - | - | - | €0.05m | €0.05m | €0.02m | €0.03m | €0.05m | ▲ 70.8% |
| Current investments50/53 | €0.1m | €0.2m | €0.2m | €0.4m | €0.4m | €0.5m | €0.6m | €0.4m | ▼ 23.3% |
| Cash at bank and in hand54/58 | €0.02m | €0.2m | €0.2m | €0.08m | €0.05m | €0.05m | €0.05m | €0.04m | ▼ 21.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 17.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | €1.4m | ▼ 8.9% |
| Equity10/15 | €0.6m | €0.9m | €0.9m | €0.9m | €1.0m | €1.0m | €1.1m | €0.9m | ▼ 12.9% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€0.005m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 26.4% |
| Amounts payable17/49 | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 0.3% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 22.1% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 22.1% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 2.9% |
| Trade debts44 | €0.007m | €0.002m | €0.02m | €0.02m | €0.02m | €0.01m | €0.001m | €0.006m | ▲ 513% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.01m | €0.001m | €0.006m | ▲ 513% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.01m | €0.01m | €0.03m | €0.04m | ▲ 42.2% |
| Taxes450/3 | - | - | - | €0.006m | €0.01m | €0.01m | €0.03m | €0.04m | ▲ 42.2% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 6.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.03m | €0.03m | ▲ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,650 | €307,292 | €22,382 | €28,564 | €43,476 | €66,465 | €68,459 | €162,261 | ▲ 137% |
| + Depreciation and write-downs630 | €36,207 | €36,480 | €36,480 | €36,086 | €36,314 | €26,007 | €26,154 | €26,446 | ▲ 1.1% |
| Operating cash flow (approximation) | €31,556 | €343,772 | €58,861 | €64,650 | €79,790 | €92,472 | €94,613 | €188,706 | ▲ 99.5% |
| Investment in fixed assets (approximation) | - | -€1,187 | €0 | -€784 | -€453 | €0 | -€735 | -€4,920 | ▼ 569% |
| Change in cash | - | €173,613 | €25,468 | -€141,556 | -€23,967 | €1,676 | -€1,097 | -€11,674 | ▼ 965% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as ZEPHYRUS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of ZEPHYRUS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for ZEPHYRUS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00295648 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00422803 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00415972 | |
| 31-12-2022 | abbreviated format | 22-09-2023 | 2023-00451445 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20389592 | |
| 31-12-2020 | abbreviated format | 14-07-2021 | 2021-35500542 | |
| 31-12-2019 | abbreviated format | 03-09-2020 | 2020-50500094 | |
| 31-12-2018 | micro format | 09-08-2019 | 2019-45000104 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51600080 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-49000462 |