Zefier: 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.
Zefier
Largest movements
- Receivables after one year -€582,118
down €582,118 (-3.9%), from €15.1m to €14.5m
- Receivables within one year +€547,029
up €547,029 (+82.3%), from €664,664 to €1.2m
- Short-term financial debts +€4.8m
up €4.8m (+117.2%), from €4.1m to €9.0m
- Debts after one year -€3.8m
down €3.8m (-43.4%), from €8.8m to €5.0m
- Other debts -€840,331
down €840,331 (-32.6%), from €2.6m to €1.7m
- Reserves +€477,586
up €477,586 (+5.8%), from €8.2m to €8.7m
- Financial income -€1.0m
down €1.0m (-24.5%), from €4.2m to €3.2m
- Financial charges -€103,366
down €103,366 (-20.4%), from €507,877 to €404,511
- Staff costs +€16,893
up €16,893 (+4.0%), from €417,152 to €434,044
- Gross operating margin -€4,505
down €4,505 (-5.9%), from -€76,464 to -€80,969
- Taxes -€1,714
down €1,714 (-10.7%), from €15,947 to €14,233
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 | €39,956,523 | €39,932,242 | -€24,281 | -0.1% |
| Fixed assets | 21/28 | €24,009,023 | €24,009,023 | = | 0.0% |
| Financial fixed assets | 28 | €24,009,023 | €24,009,023 | = | 0.0% |
| Current assets | 29/58 | €15,947,500 | €15,923,219 | -€24,281 | -0.2% |
| Amounts receivable after more than one year | 29 | €15,076,013 | €14,493,895 | -€582,118 | -3.9% |
| Other amounts receivable | 291 | €15,076,013 | €14,493,895 | -€582,118 | -3.9% |
| Amounts receivable within one year | 40/41 | €664,664 | €1,211,693 | +€547,029 | +82.3% |
| Other amounts receivable | 41 | €664,664 | €1,211,693 | +€547,029 | +82.3% |
| Cash at bank and in hand | 54/58 | €157,553 | €145,654 | -€11,899 | -7.6% |
| Deferred charges and accrued income | 490/1 | €49,270 | €71,977 | +€22,707 | +46.1% |
| Total equity and liabilities | 10/49 | €39,956,523 | €39,932,242 | -€24,281 | -0.1% |
| Equity | 10/15 | €20,076,820 | €20,276,744 | +€199,924 | +1.0% |
| Contributions | 10/11 | €11,853,216 | €11,575,931 | -€277,285 | -2.3% |
| Reserves | 13 | €8,221,341 | €8,698,927 | +€477,586 | +5.8% |
| Distributable reserves | 133 | €8,221,341 | €8,698,927 | +€477,586 | +5.8% |
| Profit (loss) carried forward | 14 | €2,263 | €1,886 | -€377 | -16.7% |
| Amounts payable | 17/49 | €19,879,703 | €19,655,498 | -€224,204 | -1.1% |
| Amounts payable after more than one year | 17 | €8,838,678 | €5,000,000 | -€3.8m | -43.4% |
| Financial debts | 170/4 | €8,838,678 | €5,000,000 | -€3.8m | -43.4% |
| Amounts payable within one year | 42/48 | €10,982,573 | €14,601,190 | +€3.6m | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €4,223,016 | €3,838,678 | -€384,338 | -9.1% |
| Financial debts | 43 | €4,135,000 | €8,980,000 | +€4.8m | +117.2% |
| Other loans | 439 | €4,135,000 | €8,980,000 | +€4.8m | +117.2% |
| Trade debts | 44 | €7,054 | €3,823 | -€3,232 | -45.8% |
| Suppliers | 440/4 | €7,054 | €3,823 | -€3,232 | -45.8% |
| Taxes, remuneration and social security | 45 | €42,350 | €43,868 | +€1,517 | +3.6% |
| Remuneration and social security | 454/9 | €42,350 | €43,868 | +€1,517 | +3.6% |
| Other amounts payable | 47/48 | €2,575,152 | €1,734,822 | -€840,331 | -32.6% |
| Accrued charges and deferred income | 492/3 | €58,452 | €54,308 | -€4,144 | -7.1% |
| Remuneration, social security and pensions | 62 | €417,152 | €434,044 | +€16,893 | +4.0% |
| Other operating charges | 640/8 | €4,675 | €4,491 | -€184 | -3.9% |
| Gross operating margin | 9900 | -€76,464 | -€80,969 | -€4,505 | -5.9% |
| Operating profit (loss) | 9901 | -€498,290 | -€519,504 | -€21,214 | -4.3% |
| Financial income | 75/76B | €4,174,193 | €3,150,279 | -€1.0m | -24.5% |
| Recurring financial income | 75 | €4,174,193 | €3,150,279 | -€1.0m | -24.5% |
| Financial charges | 65/66B | €507,877 | €404,511 | -€103,366 | -20.4% |
| Recurring financial charges | 65 | €507,877 | €404,511 | -€103,366 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €3,168,026 | €2,226,264 | -€941,762 | -29.7% |
| Income taxes | 67/77 | €15,947 | €14,233 | -€1,714 | -10.7% |
| Profit (loss) for the period | 9904 | €3,152,079 | €2,212,031 | -€940,048 | -29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,152,079 | €2,212,031 | -€940,048 | -29.8% |
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 10 October 2026 via checked.be.