ZEPHI: 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.
ZEPHI
Largest movements
- Cash -€358,565
down €358,565 (-64.8%), from €553,126 to €194,561
mainly Tax, wage and social debts (-€247,062) and Advances received (-€170,559)
- Receivables within one year -€166,887
down €166,887 (-20.8%), from €802,570 to €635,683
of which Trade receivables: -€193,634
- Tax, wage and social debts -€247,062
down €247,062 (-95.1%), from €259,835 to €12,773
of which Taxes: -€225,062
- Advances received -€170,559
no longer reported in 2025 (was €170,559)
- Other debts -€94,973
down €94,973 (-17.7%), from €535,602 to €440,629
- Profit (loss) carried forward +€34,567
up €34,567 (+3.6%), from €961,896 to €996,463
- Trade debts -€24,516
down €24,516 (-90.0%), from €27,232 to €2,716
of which Suppliers: -€26,342
- Gross operating margin -€752,850
down €752,850 (-92.3%), from €815,326 to €62,476
- Taxes -€215,277
down €215,277 (-94.4%), from €228,051 to €12,774
- Financial charges -€9,251
down €9,251 (-61.5%), from €15,048 to €5,797
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 | €2,182,789 | €1,666,808 | -€515,981 | -23.6% |
| Fixed assets | 21/28 | €776,279 | €773,087 | -€3,192 | -0.4% |
| Intangible fixed assets | 21 | €16,929 | €14,014 | -€2,915 | -17.2% |
| Tangible fixed assets | 22/27 | €737,960 | €737,682 | -€278 | 0.0% |
| Land and buildings | 22 | €737,133 | €737,133 | -€0 | 0.0% |
| Furniture and vehicles | 24 | €827 | €549 | -€278 | -33.6% |
| Financial fixed assets | 28 | €21,391 | €21,391 | +€0 | 0.0% |
| Current assets | 29/58 | €1,406,510 | €893,721 | -€512,789 | -36.5% |
| Stocks and contracts in progress | 3 | €50,721 | €58,839 | +€8,118 | +16.0% |
| Stocks | 30/36 | €50,721 | €58,839 | +€8,118 | +16.0% |
| Amounts receivable within one year | 40/41 | €802,570 | €635,683 | -€166,887 | -20.8% |
| Trade receivables | 40 | €193,634 | - | -€193,634 | |
| Other amounts receivable | 41 | €608,936 | €635,683 | +€26,747 | +4.4% |
| Cash at bank and in hand | 54/58 | €553,126 | €194,561 | -€358,565 | -64.8% |
| Deferred charges and accrued income | 490/1 | €93 | €4,638 | +€4,545 | +4,873% |
| Total equity and liabilities | 10/49 | €2,182,789 | €1,666,808 | -€515,981 | -23.6% |
| Equity | 10/15 | €1,058,256 | €1,092,823 | +€34,567 | +3.3% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Capital | 10 | €87,000 | €87,000 | = | 0.0% |
| Issued capital | 100 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €9,360 | €9,360 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €9,360 | €9,360 | -€0 | 0.0% |
| Legal reserve | 130 | €9,360 | €9,360 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €961,896 | €996,463 | +€34,567 | +3.6% |
| Amounts payable | 17/49 | €1,124,533 | €573,985 | -€550,548 | -49.0% |
| Amounts payable after more than one year | 17 | €117,867 | €108,800 | -€9,067 | -7.7% |
| Financial debts | 170/4 | €117,867 | €108,800 | -€9,067 | -7.7% |
| Amounts payable within one year | 42/48 | €1,002,296 | €465,185 | -€537,111 | -53.6% |
| Current portion of amounts payable after more than one year | 42 | €9,067 | €9,067 | +€0 | 0.0% |
| Trade debts | 44 | €27,232 | €2,716 | -€24,516 | -90.0% |
| Suppliers | 440/4 | €27,232 | €890 | -€26,342 | -96.7% |
| Bills of exchange payable | 441 | - | €1,826 | +€1,826 | |
| Advances received on contracts in progress | 46 | €170,559 | - | -€170,559 | |
| Taxes, remuneration and social security | 45 | €259,835 | €12,773 | -€247,062 | -95.1% |
| Taxes | 450/3 | €237,835 | €12,773 | -€225,062 | -94.6% |
| Remuneration and social security | 454/9 | €22,000 | - | -€22,000 | |
| Other amounts payable | 47/48 | €535,602 | €440,629 | -€94,973 | -17.7% |
| Accrued charges and deferred income | 492/3 | €4,370 | - | -€4,370 | |
| Non-recurring operating income | 76A | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,922 | €3,192 | +€270 | +9.2% |
| Other operating charges | 640/8 | €6,471 | €6,355 | -€116 | -1.8% |
| Non-recurring operating charges | 66A | €126 | - | -€126 | |
| Gross operating margin | 9900 | €815,326 | €62,476 | -€752,850 | -92.3% |
| Operating profit (loss) | 9901 | €805,806 | €52,929 | -€752,877 | -93.4% |
| Financial income | 75/76B | €896 | €209 | -€687 | -76.7% |
| Recurring financial income | 75 | €896 | €209 | -€687 | -76.7% |
| Financial charges | 65/66B | €15,048 | €5,797 | -€9,251 | -61.5% |
| Recurring financial charges | 65 | €15,048 | €5,797 | -€9,251 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €791,654 | €47,341 | -€744,313 | -94.0% |
| Transfer from deferred taxes | 780 | €16,224 | - | -€16,224 | |
| Income taxes | 67/77 | €228,051 | €12,774 | -€215,277 | -94.4% |
| Profit (loss) for the period | 9904 | €579,827 | €34,567 | -€545,260 | -94.0% |
| Transfer from tax-exempt reserves | 789 | €25,376 | - | -€25,376 | |
| Profit (loss) for the period to be appropriated | 9905 | €605,203 | €34,567 | -€570,636 | -94.3% |
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.