IMMO ZÉPHYR: 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.
IMMO ZÉPHYR
Largest movements
- Receivables within one year +€10,400
up €10,400 (+95.6%), from €10,883 to €21,283
of which Trade receivables: +€10,400
- Tangible fixed assets -€4,711
down €4,711 (-2.7%), from €177,015 to €172,305
- Other debts +€7,492
up €7,492 (+6.6%), from €114,244 to €121,736
- Debts after one year -€4,622
down €4,622 (-8.1%), from €56,761 to €52,139
- Profit (loss) carried forward +€2,423
up €2,423 (+38.6%), from -€6,273 to -€3,850
- Gross operating margin +€3,771
up €3,771 (+22.0%), from €17,128 to €20,899
- Taxes -€1,911
no longer reported in 2025 (was €1,911)
- Financial charges -€1,683
down €1,683 (-38.3%), from €4,399 to €2,716
- Depreciation +€585
up €585 (+6.4%), from €9,153 to €9,738
- Other operating charges +€312
up €312 (+43.9%), from €710 to €1,022
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 | €190,245 | €195,920 | +€5,675 | +3.0% |
| Fixed assets | 21/28 | €177,015 | €172,305 | -€4,711 | -2.7% |
| Tangible fixed assets | 22/27 | €177,015 | €172,305 | -€4,711 | -2.7% |
| Land and buildings | 22 | €172,888 | €171,069 | -€1,819 | -1.1% |
| Plant, machinery and equipment | 23 | €2,028 | €639 | -€1,389 | -68.5% |
| Furniture and vehicles | 24 | €2,100 | €597 | -€1,503 | -71.6% |
| Current assets | 29/58 | €13,229 | €23,615 | +€10,386 | +78.5% |
| Amounts receivable within one year | 40/41 | €10,883 | €21,283 | +€10,400 | +95.6% |
| Trade receivables | 40 | €5,710 | €16,110 | +€10,400 | +182% |
| Other amounts receivable | 41 | €5,173 | €5,173 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,346 | €2,332 | -€14 | -0.6% |
| Total equity and liabilities | 10/49 | €190,245 | €195,920 | +€5,675 | +3.0% |
| Equity | 10/15 | €14,798 | €17,221 | +€2,423 | +16.4% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Capital | 10 | - | €21,071 | +€21,071 | |
| Issued capital | 100 | - | €21,071 | +€21,071 | |
| Profit (loss) carried forward | 14 | -€6,273 | -€3,850 | +€2,423 | +38.6% |
| Amounts payable | 17/49 | €175,446 | €178,699 | +€3,253 | +1.9% |
| Amounts payable after more than one year | 17 | €56,761 | €52,139 | -€4,622 | -8.1% |
| Financial debts | 170/4 | €56,761 | €52,139 | -€4,622 | -8.1% |
| Amounts payable within one year | 42/48 | €118,685 | €126,560 | +€7,875 | +6.6% |
| Trade debts | 44 | €4,262 | €4,824 | +€562 | +13.2% |
| Suppliers | 440/4 | €4,262 | €4,824 | +€562 | +13.2% |
| Taxes, remuneration and social security | 45 | €179 | - | -€179 | |
| Taxes | 450/3 | €179 | - | -€179 | |
| Other amounts payable | 47/48 | €114,244 | €121,736 | +€7,492 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,153 | €9,738 | +€585 | +6.4% |
| Other operating charges | 640/8 | €710 | €1,022 | +€312 | +43.9% |
| Gross operating margin | 9900 | €17,128 | €20,899 | +€3,771 | +22.0% |
| Operating profit (loss) | 9901 | €7,265 | €10,139 | +€2,874 | +39.6% |
| Financial charges | 65/66B | €4,399 | €2,716 | -€1,683 | -38.3% |
| Recurring financial charges | 65 | €4,399 | €2,716 | -€1,683 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €2,866 | €7,423 | +€4,557 | +159% |
| Income taxes | 67/77 | €1,911 | - | -€1,911 | |
| Profit (loss) for the period | 9904 | €955 | €7,423 | +€6,468 | +678% |
| Profit (loss) for the period to be appropriated | 9905 | €955 | €7,423 | +€6,468 | +678% |
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 18 October 2026 via checked.be.