Zefira: 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.
Zefira
Largest movements
- Current investments +€25,000
up €25,000 (+55.6%), from €45,000 to €70,000
- Receivables within one year -€9,852
down €9,852 (-36.9%), from €26,699 to €16,846
of which Other amounts receivable: -€8,536
- Tangible fixed assets -€8,752
down €8,752 (-22.7%), from €38,557 to €29,805
of which Furniture and vehicles: -€8,308
- Cash -€1,869
down €1,869 (-8.1%), from €23,061 to €21,192
mainly Contributions, distributions and other (-€189,238) and Current investments (-€25,000)
- Other debts +€124,596
new in 2025: €124,596
- Profit (loss) carried forward -€116,835
down €116,835 (-100.0%), from €116,835 to €0
- Trade debts -€3,287
down €3,287 (-62.9%), from €5,224 to €1,937
- Gross operating margin +€48,608
up €48,608 (+87.1%), from €55,834 to €104,441
- Taxes +€15,491
up €15,491 (+168.8%), from €9,176 to €24,667
- Depreciation +€4,488
up €4,488 (+105.3%), from €4,264 to €8,752
- Financial income +€1,964
new in 2025: €1,964
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 | €134,383 | €139,108 | +€4,725 | +3.5% |
| Fixed assets | 21/28 | €38,557 | €29,805 | -€8,752 | -22.7% |
| Tangible fixed assets | 22/27 | €38,557 | €29,805 | -€8,752 | -22.7% |
| Plant, machinery and equipment | 23 | €1,440 | €996 | -€444 | -30.8% |
| Furniture and vehicles | 24 | €37,116 | €28,809 | -€8,308 | -22.4% |
| Current assets | 29/58 | €95,826 | €109,303 | +€13,477 | +14.1% |
| Amounts receivable within one year | 40/41 | €26,699 | €16,846 | -€9,852 | -36.9% |
| Trade receivables | 40 | €18,163 | €16,846 | -€1,316 | -7.2% |
| Other amounts receivable | 41 | €8,536 | €0 | -€8,536 | -100.0% |
| Current investments | 50/53 | €45,000 | €70,000 | +€25,000 | +55.6% |
| Cash at bank and in hand | 54/58 | €23,061 | €21,192 | -€1,869 | -8.1% |
| Deferred charges and accrued income | 490/1 | €1,067 | €1,265 | +€198 | +18.6% |
| Total equity and liabilities | 10/49 | €134,383 | €139,108 | +€4,725 | +3.5% |
| Equity | 10/15 | €119,835 | €3,000 | -€116,835 | -97.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,835 | €0 | -€116,835 | -100.0% |
| Amounts payable | 17/49 | €14,548 | €136,108 | +€121,560 | +835.6% |
| Amounts payable within one year | 42/48 | €14,200 | €136,108 | +€121,909 | +858.5% |
| Trade debts | 44 | €5,224 | €1,937 | -€3,287 | -62.9% |
| Suppliers | 440/4 | €5,224 | €1,937 | -€3,287 | -62.9% |
| Taxes, remuneration and social security | 45 | €8,976 | €9,576 | +€601 | +6.7% |
| Taxes | 450/3 | €7,202 | €9,576 | +€2,374 | +33.0% |
| Remuneration and social security | 454/9 | €1,774 | €0 | -€1,774 | -100.0% |
| Other amounts payable | 47/48 | - | €124,596 | +€124,596 | |
| Accrued charges and deferred income | 492/3 | €348 | - | -€348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,264 | €8,752 | +€4,488 | +105.3% |
| Other operating charges | 640/8 | €886 | €527 | -€359 | -40.5% |
| Gross operating margin | 9900 | €55,834 | €104,441 | +€48,608 | +87.1% |
| Operating profit (loss) | 9901 | €50,684 | €95,162 | +€44,478 | +87.8% |
| Financial income | 75/76B | - | €1,964 | +€1,964 | |
| Recurring financial income | 75 | - | €1,964 | +€1,964 | |
| Financial charges | 65/66B | €51 | €55 | +€4 | +8.6% |
| Recurring financial charges | 65 | €51 | €55 | +€4 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €50,633 | €97,071 | +€46,438 | +91.7% |
| Income taxes | 67/77 | €9,176 | €24,667 | +€15,491 | +168.8% |
| Profit (loss) for the period | 9904 | €41,457 | €72,403 | +€30,947 | +74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,457 | €72,403 | +€30,947 | +74.6% |
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 7 October 2026 via checked.be.