ZAPHIRA: 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.
ZAPHIRA
Largest movements
- Cash -€90,286
down €90,286 (-93.8%), from €96,301 to €6,015
mainly Investment in fixed assets (net) (-€95,341) and Tax, wage and social debts (-€59,621)
- Tangible fixed assets +€67,902
up €67,902 (+12.8%), from €528,872 to €596,774
of which Land and buildings: +€65,773
- Receivables within one year -€30,135
down €30,135 (-32.3%), from €93,435 to €63,300
of which Other amounts receivable: -€52,124
- Tax, wage and social debts -€59,621
down €59,621 (-78.1%), from €76,303 to €16,682
- Profit (loss) carried forward +€38,998
up €38,998 (+20.7%), from €188,092 to €227,091
- Trade debts -€24,188
down €24,188 (-99.8%), from €24,248 to €59
- Debts after one year -€16,271
down €16,271 (-3.9%), from €414,800 to €398,529
- Gross operating margin -€275,474
down €275,474 (-74.4%), from €370,231 to €94,757
- Taxes -€43,999
down €43,999 (-84.1%), from €52,305 to €8,306
- Depreciation -€35,825
down €35,825 (-56.6%), from €63,265 to €27,440
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 | €718,609 | €666,272 | -€52,337 | -7.3% |
| Fixed assets | 21/28 | €528,872 | €596,774 | +€67,902 | +12.8% |
| Tangible fixed assets | 22/27 | €528,872 | €596,774 | +€67,902 | +12.8% |
| Land and buildings | 22 | €528,872 | €594,646 | +€65,773 | +12.4% |
| Plant, machinery and equipment | 23 | - | €2,128 | +€2,128 | |
| Current assets | 29/58 | €189,737 | €69,498 | -€120,238 | -63.4% |
| Amounts receivable within one year | 40/41 | €93,435 | €63,300 | -€30,135 | -32.3% |
| Trade receivables | 40 | €27,688 | €49,677 | +€21,988 | +79.4% |
| Other amounts receivable | 41 | €65,747 | €13,623 | -€52,124 | -79.3% |
| Cash at bank and in hand | 54/58 | €96,301 | €6,015 | -€90,286 | -93.8% |
| Deferred charges and accrued income | 490/1 | - | €183 | +€183 | |
| Total equity and liabilities | 10/49 | €718,609 | €666,272 | -€52,337 | -7.3% |
| Equity | 10/15 | €191,092 | €230,091 | +€38,998 | +20.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,092 | €227,091 | +€38,998 | +20.7% |
| Amounts payable | 17/49 | €527,517 | €436,182 | -€91,335 | -17.3% |
| Amounts payable after more than one year | 17 | €414,800 | €398,529 | -€16,271 | -3.9% |
| Financial debts | 170/4 | €414,800 | €398,529 | -€16,271 | -3.9% |
| Amounts payable within one year | 42/48 | €112,717 | €37,653 | -€75,064 | -66.6% |
| Current portion of amounts payable after more than one year | 42 | €9,200 | €16,271 | +€7,071 | +76.8% |
| Trade debts | 44 | €24,248 | €59 | -€24,188 | -99.8% |
| Suppliers | 440/4 | €24,248 | €59 | -€24,188 | -99.8% |
| Taxes, remuneration and social security | 45 | €76,303 | €16,682 | -€59,621 | -78.1% |
| Taxes | 450/3 | €76,303 | €16,682 | -€59,621 | -78.1% |
| Other amounts payable | 47/48 | €2,966 | €4,641 | +€1,675 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,265 | €27,440 | -€35,825 | -56.6% |
| Other operating charges | 640/8 | €621 | €1,187 | +€565 | +91.0% |
| Non-recurring operating charges | 66A | €50,000 | €0 | -€50,000 | -100% |
| Gross operating margin | 9900 | €370,231 | €94,757 | -€275,474 | -74.4% |
| Operating profit (loss) | 9901 | €256,345 | €66,130 | -€190,215 | -74.2% |
| Financial charges | 65/66B | €14,282 | €17,160 | +€2,878 | +20.2% |
| Recurring financial charges | 65 | €14,282 | €17,160 | +€2,878 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €242,064 | €48,970 | -€193,093 | -79.8% |
| Income taxes | 67/77 | €52,305 | €8,306 | -€43,999 | -84.1% |
| Profit (loss) for the period | 9904 | €189,758 | €40,664 | -€149,094 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €189,758 | €40,664 | -€149,094 | -78.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.