ZAFFER RESEARCH and DEVELOPMENT: 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.
ZAFFER RESEARCH and DEVELOPMENT
Largest movements
- Tangible fixed assets +€33,641
up €33,641 (+90.0%), from €37,359 to €71,000
of which Furniture and vehicles: +€22,117
- Cash -€7,901
down €7,901 (-48.2%), from €16,384 to €8,483
mainly Investment in fixed assets (net) (-€63,013) and Trade debts (-€22,758)
- Receivables within one year -€4,867
down €4,867 (-11.2%), from €43,354 to €38,487
of which Trade receivables: -€15,488
- Intangible fixed assets -€3,618
down €3,618 (-25.7%), from €14,074 to €10,456
- Short-term financial debts +€40,000
up €40,000 (+364%), from €11,000 to €51,000
- Trade debts -€22,758
down €22,758 (-74.8%), from €30,421 to €7,663
- Tax, wage and social debts +€9,265
up €9,265 (+46.6%), from €19,891 to €29,156
of which Remuneration and social security: +€7,213
- Profit (loss) carried forward -€9,252
down €9,252 (-32.4%), from €28,514 to €19,261
- Contributions +€2,000
up €2,000 (+10.0%), from €20,000 to €22,000
- Staff costs +€47,731
up €47,731 (+73.3%), from €65,114 to €112,845
- Gross operating margin +€44,382
up €44,382 (+46.8%), from €94,887 to €139,268
- Depreciation +€15,616
up €15,616 (+89.9%), from €17,374 to €32,990
- Taxes -€1,606
new in 2025: -€1,606
- Financial charges +€1,554
up €1,554 (+53.2%), from €2,922 to €4,477
of which Financial charges: +€2,681
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 | €111,826 | €129,080 | +€17,254 | +15.4% |
| Fixed assets | 21/28 | €51,987 | €82,010 | +€30,023 | +57.8% |
| Intangible fixed assets | 21 | €14,074 | €10,456 | -€3,618 | -25.7% |
| Tangible fixed assets | 22/27 | €37,359 | €71,000 | +€33,641 | +90.0% |
| Plant, machinery and equipment | 23 | €36,746 | €48,270 | +€11,524 | +31.4% |
| Furniture and vehicles | 24 | €613 | €22,730 | +€22,117 | +3,606% |
| Financial fixed assets | 28 | €554 | €554 | = | 0.0% |
| Current assets | 29/58 | €59,838 | €47,070 | -€12,768 | -21.3% |
| Stocks and contracts in progress | 3 | €100 | €100 | = | 0.0% |
| Stocks | 30/36 | €100 | €100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,354 | €38,487 | -€4,867 | -11.2% |
| Trade receivables | 40 | €15,488 | €0 | -€15,488 | -100% |
| Other amounts receivable | 41 | €27,866 | €38,487 | +€10,621 | +38.1% |
| Cash at bank and in hand | 54/58 | €16,384 | €8,483 | -€7,901 | -48.2% |
| Total equity and liabilities | 10/49 | €111,826 | €129,080 | +€17,254 | +15.4% |
| Equity | 10/15 | €50,514 | €41,261 | -€9,252 | -18.3% |
| Contributions | 10/11 | €20,000 | €22,000 | +€2,000 | +10.0% |
| Reserves | 13 | €2,000 | - | -€2,000 | |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €28,514 | €19,261 | -€9,252 | -32.4% |
| Amounts payable | 17/49 | €61,312 | €87,819 | +€26,507 | +43.2% |
| Amounts payable within one year | 42/48 | €61,312 | €87,819 | +€26,507 | +43.2% |
| Financial debts | 43 | €11,000 | €51,000 | +€40,000 | +364% |
| Credit institutions | 430/8 | €11,000 | €51,000 | +€40,000 | +364% |
| Trade debts | 44 | €30,421 | €7,663 | -€22,758 | -74.8% |
| Suppliers | 440/4 | €30,421 | €7,663 | -€22,758 | -74.8% |
| Taxes, remuneration and social security | 45 | €19,891 | €29,156 | +€9,265 | +46.6% |
| Taxes | 450/3 | €5,100 | €7,153 | +€2,052 | +40.2% |
| Remuneration and social security | 454/9 | €14,791 | €22,003 | +€7,213 | +48.8% |
| Non-recurring operating income | 76A | - | €2,587 | +€2,587 | |
| Remuneration, social security and pensions | 62 | €65,114 | €112,845 | +€47,731 | +73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,374 | €32,990 | +€15,616 | +89.9% |
| Other operating charges | 640/8 | €552 | €1,070 | +€518 | +93.8% |
| Non-recurring operating charges | 66A | €6,533 | €0 | -€6,533 | -100% |
| Gross operating margin | 9900 | €94,887 | €139,268 | +€44,382 | +46.8% |
| Operating profit (loss) | 9901 | €5,313 | -€7,637 | -€12,951 | |
| Financial income | 75/76B | €60 | €1,255 | +€1,195 | +1,989% |
| Recurring financial income | 75 | €60 | €1,255 | +€1,195 | +1,989% |
| Financial charges | 65/66B | €2,922 | €4,477 | +€1,554 | +53.2% |
| Recurring financial charges | 65 | €1,796 | €4,477 | +€2,681 | +149% |
| Non-recurring financial charges | 66B | €1,126 | - | -€1,126 | |
| Profit (loss) for the period before taxes | 9903 | €2,451 | -€10,858 | -€13,310 | |
| Income taxes | 67/77 | - | -€1,606 | -€1,606 | |
| Profit (loss) for the period | 9904 | €2,451 | -€9,252 | -€11,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,451 | -€9,252 | -€11,704 |
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 17 October 2026 via checked.be.