ZEPHIER: 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.
ZEPHIER
Largest movements
- Cash +€26,370
up €26,370 (+777.0%), from €3,394 to €29,763
mainly Net result for the year (+€36,977) and Depreciation (+€10,026)
- Receivables within one year +€929
up €929 (+9.8%), from €9,436 to €10,365
of which Trade receivables: +€3,485
- Reserves +€37,000
up €37,000 (+1057.1%), from €3,500 to €40,500
- Other debts -€14,659
down €14,659 (-30.1%), from €48,671 to €34,012
- Tax, wage and social debts +€6,476
up €6,476 (+663.4%), from €976 to €7,452
- Gross operating margin +€51,252
up €51,252 (+888.2%), from €5,771 to €57,023
- Depreciation +€9,015
up €9,015 (+891.6%), from €1,011 to €10,026
- Taxes +€8,998
up €8,998 (+921.7%), from €976 to €9,974
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 | €56,974 | €85,145 | +€28,170 | +49.4% |
| Fixed assets | 21/28 | €43,480 | €44,313 | +€833 | +1.9% |
| Tangible fixed assets | 22/27 | €43,480 | €44,313 | +€833 | +1.9% |
| Furniture and vehicles | 24 | €43,480 | €40,673 | -€2,807 | -6.5% |
| Other tangible fixed assets | 26 | - | €3,640 | +€3,640 | |
| Current assets | 29/58 | €13,494 | €40,832 | +€27,337 | +202.6% |
| Amounts receivable within one year | 40/41 | €9,436 | €10,365 | +€929 | +9.8% |
| Trade receivables | 40 | €6,880 | €10,365 | +€3,485 | +50.7% |
| Other amounts receivable | 41 | €2,556 | €0 | -€2,556 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,394 | €29,763 | +€26,370 | +777.0% |
| Deferred charges and accrued income | 490/1 | €665 | €704 | +€38 | +5.8% |
| Total equity and liabilities | 10/49 | €56,974 | €85,145 | +€28,170 | +49.4% |
| Equity | 10/15 | €4,525 | €41,502 | +€36,977 | +817.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €3,500 | €40,500 | +€37,000 | +1057.1% |
| Distributable reserves | 133 | €3,500 | €40,500 | +€37,000 | +1057.1% |
| Profit (loss) carried forward | 14 | €25 | €2 | -€23 | -93.5% |
| Amounts payable | 17/49 | €52,449 | €43,643 | -€8,806 | -16.8% |
| Amounts payable within one year | 42/48 | €52,449 | €43,643 | -€8,806 | -16.8% |
| Trade debts | 44 | €2,802 | €2,179 | -€623 | -22.2% |
| Suppliers | 440/4 | €2,802 | €2,179 | -€623 | -22.2% |
| Taxes, remuneration and social security | 45 | €976 | €7,452 | +€6,476 | +663.4% |
| Taxes | 450/3 | €976 | €7,452 | +€6,476 | +663.4% |
| Other amounts payable | 47/48 | €48,671 | €34,012 | -€14,659 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,011 | €10,026 | +€9,015 | +891.6% |
| Other operating charges | 640/8 | €256 | €0 | -€256 | -100.0% |
| Gross operating margin | 9900 | €5,771 | €57,023 | +€51,252 | +888.2% |
| Operating profit (loss) | 9901 | €4,504 | €46,996 | +€42,492 | +943.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €4 | €46 | +€42 | +1040.8% |
| Recurring financial charges | 65 | €4 | €46 | +€42 | +1040.8% |
| Profit (loss) for the period before taxes | 9903 | €4,501 | €46,951 | +€42,449 | +943.1% |
| Income taxes | 67/77 | €976 | €9,974 | +€8,998 | +921.7% |
| Profit (loss) for the period | 9904 | €3,525 | €36,977 | +€33,452 | +949.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,525 | €36,977 | +€33,452 | +949.0% |
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 9 October 2026 via checked.be.