S.G. 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.
S.G. Zéphyr
Largest movements
- Cash +€10,733
up €10,733 (+352%), from €3,045 to €13,778
mainly Net result for the year (+€35,250) and Depreciation (+€8,699)
- Receivables within one year -€5,267
no longer reported in 2025 (was €5,267)
of which Other amounts receivable: -€3,317
- Tangible fixed assets -€2,207
down €2,207 (-5.7%), from €39,014 to €36,807
of which Furniture and vehicles: -€1,545
- Profit (loss) carried forward +€35,250
up €35,250, from -€24,648 to €10,602
- Current portion of long-term debt -€34,738
no longer reported in 2025 (was €34,738)
- Other debts +€3,298
up €3,298 (+14.3%), from €23,033 to €26,331
- Trade debts -€2,054
down €2,054 (-18.9%), from €10,847 to €8,793
- Tax, wage and social debts +€1,795
up €1,795 (+172%), from €1,041 to €2,837
of which Taxes: +€2,295
- Depreciation -€29,992
down €29,992 (-77.5%), from €38,690 to €8,699
- Gross operating margin -€11,085
down €11,085 (-15.9%), from €69,926 to €58,841
- Taxes +€3,782
new in 2025: €3,782
- Financial charges -€3,684
down €3,684 (-41.5%), from €8,882 to €5,198
- Staff costs +€840
new in 2025: €840
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 | €64,254 | €67,614 | +€3,360 | +5.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €40,514 | €38,307 | -€2,207 | -5.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €39,014 | €36,807 | -€2,207 | -5.7% |
| Land and buildings | 22 | €31,523 | €31,197 | -€327 | -1.0% |
| Plant, machinery and equipment | 23 | €2,262 | €1,927 | -€335 | -14.8% |
| Furniture and vehicles | 24 | €5,228 | €3,683 | -€1,545 | -29.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €23,740 | €29,307 | +€5,567 | +23.4% |
| Stocks and contracts in progress | 3 | €14,866 | €15,372 | +€506 | +3.4% |
| Stocks | 30/36 | €14,866 | €15,372 | +€506 | +3.4% |
| Amounts receivable within one year | 40/41 | €5,267 | - | -€5,267 | |
| Trade receivables | 40 | €1,950 | - | -€1,950 | |
| Other amounts receivable | 41 | €3,317 | - | -€3,317 | |
| Cash at bank and in hand | 54/58 | €3,045 | €13,778 | +€10,733 | +352% |
| Deferred charges and accrued income | 490/1 | €562 | €156 | -€406 | -72.2% |
| Total equity and liabilities | 10/49 | €64,254 | €67,614 | +€3,360 | +5.2% |
| Equity | 10/15 | -€5,851 | €29,399 | +€35,250 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €247 | €247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247 | - | -€247 | |
| Reserves not available under the articles | 1311 | €247 | - | -€247 | |
| Distributable reserves | 133 | - | €247 | +€247 | |
| Profit (loss) carried forward | 14 | -€24,648 | €10,602 | +€35,250 | |
| Amounts payable | 17/49 | €70,105 | €38,215 | -€31,890 | -45.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €69,659 | €37,961 | -€31,698 | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €34,738 | - | -€34,738 | |
| Trade debts | 44 | €10,847 | €8,793 | -€2,054 | -18.9% |
| Suppliers | 440/4 | €10,847 | €8,793 | -€2,054 | -18.9% |
| Taxes, remuneration and social security | 45 | €1,041 | €2,837 | +€1,795 | +172% |
| Taxes | 450/3 | €541 | €2,837 | +€2,295 | +424% |
| Remuneration and social security | 454/9 | €500 | - | -€500 | |
| Other amounts payable | 47/48 | €23,033 | €26,331 | +€3,298 | +14.3% |
| Accrued charges and deferred income | 492/3 | €446 | €254 | -€192 | -43.1% |
| Remuneration, social security and pensions | 62 | - | €840 | +€840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,690 | €8,699 | -€29,992 | -77.5% |
| Other operating charges | 640/8 | €5,826 | €5,572 | -€254 | -4.4% |
| Gross operating margin | 9900 | €69,926 | €58,841 | -€11,085 | -15.9% |
| Operating profit (loss) | 9901 | €25,410 | €43,730 | +€18,320 | +72.1% |
| Financial income | 75/76B | €0 | €499 | +€499 | |
| Recurring financial income | 75 | €0 | €499 | +€499 | |
| Financial charges | 65/66B | €8,882 | €5,198 | -€3,684 | -41.5% |
| Recurring financial charges | 65 | €8,882 | €5,198 | -€3,684 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €16,528 | €39,031 | +€22,503 | +136% |
| Income taxes | 67/77 | - | €3,782 | +€3,782 | |
| Profit (loss) for the period | 9904 | €16,528 | €35,250 | +€18,721 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €16,528 | €35,250 | +€18,721 | +113% |
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.