Zaphyr: 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.
Zaphyr
Largest movements
- Cash +€85,779
up €85,779 (+359%), from €23,862 to €109,641
mainly Net result for the year (+€81,137) and Tax, wage and social debts (+€5,823)
- Deferred charges and accrued income +€1,825
new in 2025: €1,825
- Reserves +€81,137
up €81,137 (+268%), from €30,306 to €111,443
- Tax, wage and social debts +€5,823
up €5,823 (+48.7%), from €11,960 to €17,784
of which Taxes: +€6,723
- Gross operating margin +€66,097
up €66,097 (+158%), from €41,884 to €107,981
- Taxes +€14,162
up €14,162 (+155%), from €9,155 to €23,318
- Financial charges +€1,483
up €1,483 (+222%), from €667 to €2,150
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 | €46,049 | €132,487 | +€86,437 | +188% |
| Formation expenses | 20 | €211 | €0 | -€211 | -100% |
| Fixed assets | 21/28 | €3,693 | €2,590 | -€1,104 | -29.9% |
| Tangible fixed assets | 22/27 | €3,693 | €2,590 | -€1,104 | -29.9% |
| Furniture and vehicles | 24 | €3,693 | €2,590 | -€1,104 | -29.9% |
| Current assets | 29/58 | €42,145 | €129,897 | +€87,752 | +208% |
| Amounts receivable within one year | 40/41 | €18,283 | €18,430 | +€148 | +0.8% |
| Trade receivables | 40 | €18,150 | €18,150 | = | 0.0% |
| Other amounts receivable | 41 | €133 | €280 | +€148 | +111% |
| Cash at bank and in hand | 54/58 | €23,862 | €109,641 | +€85,779 | +359% |
| Deferred charges and accrued income | 490/1 | - | €1,825 | +€1,825 | |
| Total equity and liabilities | 10/49 | €46,049 | €132,487 | +€86,437 | +188% |
| Equity | 10/15 | €32,306 | €113,443 | +€81,137 | +251% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €30,306 | €111,443 | +€81,137 | +268% |
| Distributable reserves | 133 | €30,306 | €111,443 | +€81,137 | +268% |
| Amounts payable | 17/49 | €13,743 | €19,044 | +€5,301 | +38.6% |
| Amounts payable within one year | 42/48 | €13,743 | €19,044 | +€5,301 | +38.6% |
| Trade debts | 44 | €363 | €952 | +€588 | +162% |
| Suppliers | 440/4 | €363 | €952 | +€588 | +162% |
| Taxes, remuneration and social security | 45 | €11,960 | €17,784 | +€5,823 | +48.7% |
| Taxes | 450/3 | €11,060 | €17,784 | +€6,723 | +60.8% |
| Remuneration and social security | 454/9 | €900 | - | -€900 | |
| Other amounts payable | 47/48 | €1,419 | €309 | -€1,111 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,675 | €1,315 | -€360 | -21.5% |
| Other operating charges | 640/8 | €81 | €62 | -€19 | -23.0% |
| Gross operating margin | 9900 | €41,884 | €107,981 | +€66,097 | +158% |
| Operating profit (loss) | 9901 | €40,128 | €106,604 | +€66,476 | +166% |
| Financial charges | 65/66B | €667 | €2,150 | +€1,483 | +222% |
| Recurring financial charges | 65 | €667 | €2,150 | +€1,483 | +222% |
| Profit (loss) for the period before taxes | 9903 | €39,461 | €104,454 | +€64,993 | +165% |
| Income taxes | 67/77 | €9,155 | €23,318 | +€14,162 | +155% |
| Profit (loss) for the period | 9904 | €30,306 | €81,137 | +€50,831 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €30,306 | €81,137 | +€50,831 | +168% |
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 20 October 2026 via checked.be.