GEPHYR: 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.
GEPHYR
Largest movements
- Cash +€11,898
up €11,898 (+154.4%), from €7,707 to €19,605
mainly Net result for the year (+€18,810) and Trade debts (+€1,499)
- Receivables within one year +€3,806
up €3,806 (+104.5%), from €3,642 to €7,448
of which Other amounts receivable: +€3,847
- Tangible fixed assets +€2,229
up €2,229 (+169.1%), from €1,318 to €3,546
of which Furniture and vehicles: +€2,612
- Profit (loss) carried forward +€17,810
up €17,810, from -€7,644 to €10,166
- Trade debts +€1,499
up €1,499 (+114.4%), from €1,311 to €2,810
- Other debts -€1,014
down €1,014 (-39.5%), from €2,567 to €1,553
- Gross operating margin +€29,676
up €29,676, from -€4,783 to €24,893
- Taxes +€3,689
up €3,689 (+1581.4%), from €233 to €3,922
- Depreciation +€681
up €681 (+170.1%), from €400 to €1,081
- Other operating charges -€409
down €409 (-29.1%), from €1,404 to €996
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 | €13,380 | €31,330 | +€17,950 | +134.2% |
| Fixed assets | 21/28 | €1,318 | €3,546 | +€2,229 | +169.1% |
| Tangible fixed assets | 22/27 | €1,318 | €3,546 | +€2,229 | +169.1% |
| Plant, machinery and equipment | 23 | €839 | €456 | -€383 | -45.7% |
| Furniture and vehicles | 24 | €478 | €3,090 | +€2,612 | +546.0% |
| Current assets | 29/58 | €12,063 | €27,784 | +€15,721 | +130.3% |
| Amounts receivable within one year | 40/41 | €3,642 | €7,448 | +€3,806 | +104.5% |
| Trade receivables | 40 | €40 | €0 | -€40 | -100.0% |
| Other amounts receivable | 41 | €3,601 | €7,448 | +€3,847 | +106.8% |
| Cash at bank and in hand | 54/58 | €7,707 | €19,605 | +€11,898 | +154.4% |
| Deferred charges and accrued income | 490/1 | €714 | €731 | +€17 | +2.3% |
| Total equity and liabilities | 10/49 | €13,380 | €31,330 | +€17,950 | +134.2% |
| Equity | 10/15 | €7,866 | €25,676 | +€17,810 | +226.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,310 | €9,310 | = | 0.0% |
| Distributable reserves | 133 | €9,310 | €9,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,644 | €10,166 | +€17,810 | |
| Amounts payable | 17/49 | €5,515 | €5,654 | +€139 | +2.5% |
| Amounts payable within one year | 42/48 | €5,515 | €5,654 | +€139 | +2.5% |
| Financial debts | 43 | €278 | €91 | -€187 | -67.4% |
| Credit institutions | 430/8 | €278 | €91 | -€187 | -67.4% |
| Trade debts | 44 | €1,311 | €2,810 | +€1,499 | +114.4% |
| Suppliers | 440/4 | €1,311 | €2,810 | +€1,499 | +114.4% |
| Taxes, remuneration and social security | 45 | €1,359 | €1,200 | -€159 | -11.7% |
| Taxes | 450/3 | €1,359 | €0 | -€1,359 | -100.0% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €2,567 | €1,553 | -€1,014 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €1,081 | +€681 | +170.1% |
| Other operating charges | 640/8 | €1,404 | €996 | -€409 | -29.1% |
| Gross operating margin | 9900 | -€4,783 | €24,893 | +€29,676 | |
| Operating profit (loss) | 9901 | -€6,588 | €22,817 | +€29,404 | |
| Financial charges | 65/66B | €104 | €84 | -€20 | -19.2% |
| Recurring financial charges | 65 | €104 | €84 | -€20 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,692 | €22,733 | +€29,424 | |
| Income taxes | 67/77 | €233 | €3,922 | +€3,689 | +1581.4% |
| Profit (loss) for the period | 9904 | -€6,925 | €18,810 | +€25,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,925 | €18,810 | +€25,735 |
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 9 October 2026 via checked.be.