ZEPHET: 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.
ZEPHET
Largest movements
- Tangible fixed assets -€294,742
down €294,742 (-15.6%), from €1.9m to €1.6m
of which Plant, machinery and equipment: -€307,196
- Cash -€57,921
down €57,921 (-66.1%), from €87,579 to €29,658
mainly Net result for the year (-€670,645) and Trade debts (-€237,318)
- Receivables within one year -€55,510
down €55,510 (-61.0%), from €90,975 to €35,464
of which Other amounts receivable: -€55,510
- Debts after one year +€700,000
up €700,000 (+25.9%), from €2.7m to €3.4m
- Profit (loss) carried forward -€670,645
down €670,645 (-53.8%), from -€1.2m to -€1.9m
- Trade debts -€237,318
down €237,318 (-68.5%), from €346,476 to €109,157
- Current portion of long-term debt -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Gross operating margin -€714,016
down €714,016, from €467,407 to -€246,609
- Financial charges -€45,975
down €45,975 (-29.6%), from €155,286 to €109,311
- Depreciation +€10,416
up €10,416 (+3.5%), from €297,044 to €307,460
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 | €2,066,163 | €1,657,990 | -€408,173 | -19.8% |
| Fixed assets | 21/28 | €1,887,610 | €1,592,868 | -€294,742 | -15.6% |
| Tangible fixed assets | 22/27 | €1,887,610 | €1,592,868 | -€294,742 | -15.6% |
| Plant, machinery and equipment | 23 | €1,866,761 | €1,559,566 | -€307,196 | -16.5% |
| Furniture and vehicles | 24 | €1,762 | €1,498 | -€264 | -15.0% |
| Assets under construction and advance payments | 27 | €19,086 | €31,804 | +€12,718 | +66.6% |
| Current assets | 29/58 | €178,553 | €65,122 | -€113,431 | -63.5% |
| Amounts receivable within one year | 40/41 | €90,975 | €35,464 | -€55,510 | -61.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €90,975 | €35,464 | -€55,510 | -61.0% |
| Cash at bank and in hand | 54/58 | €87,579 | €29,658 | -€57,921 | -66.1% |
| Total equity and liabilities | 10/49 | €2,066,163 | €1,657,990 | -€408,173 | -19.8% |
| Equity | 10/15 | -€1,185,657 | -€1,856,302 | -€670,645 | -56.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,247,157 | -€1,917,802 | -€670,645 | -53.8% |
| Amounts payable | 17/49 | €3,251,820 | €3,514,293 | +€262,472 | +8.1% |
| Amounts payable after more than one year | 17 | €2,700,000 | €3,400,000 | +€700,000 | +25.9% |
| Financial debts | 170/4 | €2,700,000 | €3,400,000 | +€700,000 | +25.9% |
| Amounts payable within one year | 42/48 | €546,476 | €109,157 | -€437,318 | -80.0% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €0 | -€200,000 | -100.0% |
| Trade debts | 44 | €346,476 | €109,157 | -€237,318 | -68.5% |
| Suppliers | 440/4 | €346,476 | €109,157 | -€237,318 | -68.5% |
| Accrued charges and deferred income | 492/3 | €5,345 | €5,135 | -€209 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,044 | €307,460 | +€10,416 | +3.5% |
| Other operating charges | 640/8 | €3,495 | €7,265 | +€3,770 | +107.9% |
| Gross operating margin | 9900 | €467,407 | -€246,609 | -€714,016 | |
| Operating profit (loss) | 9901 | €166,868 | -€561,334 | -€728,202 | |
| Financial charges | 65/66B | €155,286 | €109,311 | -€45,975 | -29.6% |
| Recurring financial charges | 65 | €155,286 | €109,311 | -€45,975 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €11,582 | -€670,645 | -€682,227 | |
| Profit (loss) for the period | 9904 | €11,582 | -€670,645 | -€682,227 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,582 | -€670,645 | -€682,227 |
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 29 September 2026 via checked.be.