ZEFA CONSULT: what changed
Two fiscal 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.
ZEFA CONSULT
Largest movements
- Cash -€13,937
down €13,937 (-52.9%), from €26,348 to €12,411
mainly Tax, wage and social debts (-€4,022) and Net result for the year (-€3,443)
- Receivables within one year +€2,748
up €2,748 (+34.8%), from €7,901 to €10,649
of which Other amounts receivable: +€1,608
- Tangible fixed assets +€433
up €433 (+11.2%), from €3,879 to €4,313
of which Plant, machinery and equipment: +€1,401
- Profit (loss) carried forward -€4,276
down €4,276 (-27.7%), from €15,448 to €11,172
- Tax, wage and social debts -€4,022
down €4,022 (-27.1%), from €14,832 to €10,810
of which Taxes: -€4,031
- Other debts -€2,116
down €2,116 (-71.7%), from €2,949 to €833
- Trade debts -€604
down €604 (-54.5%), from €1,109 to €505
- Gross operating margin -€9,311
down €9,311 (-18.4%), from €50,579 to €41,268
- Taxes -€3,261
down €3,261 (-69.0%), from €4,725 to €1,463
- Depreciation +€2,200
up €2,200 (+1824.6%), from €121 to €2,320
- Financial charges +€1,658
up €1,658 (+454.5%), from €365 to €2,022
- Staff costs +€1,378
up €1,378 (+3.8%), from €36,269 to €37,647
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.
Cash bridge derived
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 | €39,338 | €28,320 | -€11,018 | -28.0% |
| Fixed assets | 21/28 | €4,086 | €4,519 | +€433 | +10.6% |
| Tangible fixed assets | 22/27 | €3,879 | €4,313 | +€433 | +11.2% |
| Plant, machinery and equipment | 23 | - | €1,401 | +€1,401 | |
| Furniture and vehicles | 24 | €3,879 | €2,911 | -€968 | -25.0% |
| Financial fixed assets | 28 | €206 | €206 | = | 0.0% |
| Current assets | 29/58 | €35,252 | €23,801 | -€11,451 | -32.5% |
| Amounts receivable within one year | 40/41 | €7,901 | €10,649 | +€2,748 | +34.8% |
| Trade receivables | 40 | €7,581 | €8,721 | +€1,140 | +15.0% |
| Other amounts receivable | 41 | €320 | €1,928 | +€1,608 | +502.8% |
| Cash at bank and in hand | 54/58 | €26,348 | €12,411 | -€13,937 | -52.9% |
| Deferred charges and accrued income | 490/1 | €1,003 | €741 | -€262 | -26.1% |
| Total equity and liabilities | 10/49 | €39,338 | €28,320 | -€11,018 | -28.0% |
| Equity | 10/15 | €20,448 | €16,172 | -€4,276 | -20.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,448 | €11,172 | -€4,276 | -27.7% |
| Amounts payable | 17/49 | €18,890 | €12,148 | -€6,742 | -35.7% |
| Amounts payable within one year | 42/48 | €18,890 | €12,148 | -€6,742 | -35.7% |
| Trade debts | 44 | €1,109 | €505 | -€604 | -54.5% |
| Suppliers | 440/4 | €1,109 | €505 | -€604 | -54.5% |
| Taxes, remuneration and social security | 45 | €14,832 | €10,810 | -€4,022 | -27.1% |
| Taxes | 450/3 | €10,225 | €6,193 | -€4,031 | -39.4% |
| Remuneration and social security | 454/9 | €4,608 | €4,616 | +€9 | +0.2% |
| Other amounts payable | 47/48 | €2,949 | €833 | -€2,116 | -71.7% |
| Remuneration, social security and pensions | 62 | €36,269 | €37,647 | +€1,378 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121 | €2,320 | +€2,200 | +1824.6% |
| Other operating charges | 640/8 | €837 | €1,259 | +€422 | +50.4% |
| Gross operating margin | 9900 | €50,579 | €41,268 | -€9,311 | -18.4% |
| Operating profit (loss) | 9901 | €13,353 | €43 | -€13,310 | -99.7% |
| Financial charges | 65/66B | €365 | €2,022 | +€1,658 | +454.5% |
| Recurring financial charges | 65 | €365 | €2,022 | +€1,658 | +454.5% |
| Profit (loss) for the period before taxes | 9903 | €12,988 | -€1,980 | -€14,968 | |
| Income taxes | 67/77 | €4,725 | €1,463 | -€3,261 | -69.0% |
| Profit (loss) for the period | 9904 | €8,264 | -€3,443 | -€11,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,264 | -€3,443 | -€11,707 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.