ZEPHIR CD: 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.
ZEPHIR CD
Largest movements
- Receivables within one year +€6,478
up €6,478 (+260.7%), from €2,485 to €8,963
- Tangible fixed assets -€1,505
down €1,505 (-25.8%), from €5,840 to €4,335
of which Furniture and vehicles: -€935
- Formation expenses -€473
down €473 (-66.6%), from €710 to €237
- Cash +€462
up €462 (+86.9%), from €532 to €994
mainly Debts after one year (+€17,438) and Trade debts (+€10,880)
- Debts after one year +€17,438
up €17,438 (+320.3%), from €5,444 to €22,882
- Trade debts +€10,880
up €10,880 (+1244.9%), from €874 to €11,754
- Profit (loss) carried forward -€8,257
down €8,257 (-23.1%), from -€35,697 to -€43,954
- Tax, wage and social debts -€6,391
down €6,391 (-51.0%), from €12,520 to €6,129
of which Remuneration and social security: -€9,600
- Other debts -€4,240
down €4,240 (-63.2%), from €6,709 to €2,469
- Gross operating margin +€5,612
up €5,612 (+59.3%), from -€9,460 to -€3,848
- Staff costs +€1,769
new in 2025: €1,769
- Other operating charges -€365
down €365 (-89.0%), from €410 to €45
- Depreciation -€121
down €121 (-5.7%), from €2,099 to €1,978
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 | €13,167 | €18,128 | +€4,961 | +37.7% |
| Formation expenses | 20 | €710 | €237 | -€473 | -66.6% |
| Fixed assets | 21/28 | €7,940 | €6,435 | -€1,505 | -19.0% |
| Tangible fixed assets | 22/27 | €5,840 | €4,335 | -€1,505 | -25.8% |
| Furniture and vehicles | 24 | €3,304 | €2,369 | -€935 | -28.3% |
| Other tangible fixed assets | 26 | €2,536 | €1,965 | -€571 | -22.5% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €4,517 | €11,457 | +€6,940 | +153.6% |
| Stocks and contracts in progress | 3 | €1,500 | €1,500 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,485 | €8,963 | +€6,478 | +260.7% |
| Trade receivables | 40 | €2,485 | €8,963 | +€6,478 | +260.7% |
| Cash at bank and in hand | 54/58 | €532 | €994 | +€462 | +86.9% |
| Total equity and liabilities | 10/49 | €13,167 | €18,128 | +€4,961 | +37.7% |
| Equity | 10/15 | -€20,697 | -€28,954 | -€8,257 | -39.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,697 | -€43,954 | -€8,257 | -23.1% |
| Amounts payable | 17/49 | €33,864 | €47,082 | +€13,218 | +39.0% |
| Amounts payable after more than one year | 17 | €5,444 | €22,882 | +€17,438 | +320.3% |
| Financial debts | 170/4 | €5,444 | €22,882 | +€17,438 | +320.3% |
| Amounts payable within one year | 42/48 | €28,420 | €23,218 | -€5,202 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €3,454 | €589 | -€2,865 | -82.9% |
| Financial debts | 43 | €2,622 | €2,277 | -€345 | -13.2% |
| Credit institutions | 430/8 | €2,622 | €2,277 | -€345 | -13.2% |
| Trade debts | 44 | €874 | €11,754 | +€10,880 | +1244.9% |
| Suppliers | 440/4 | €874 | €11,754 | +€10,880 | +1244.9% |
| Advances received on contracts in progress | 46 | €2,241 | €0 | -€2,241 | -100.0% |
| Taxes, remuneration and social security | 45 | €12,520 | €6,129 | -€6,391 | -51.0% |
| Taxes | 450/3 | €2,920 | €6,129 | +€3,209 | +109.9% |
| Remuneration and social security | 454/9 | €9,600 | €0 | -€9,600 | -100.0% |
| Other amounts payable | 47/48 | €6,709 | €2,469 | -€4,240 | -63.2% |
| Accrued charges and deferred income | 492/3 | - | €983 | +€983 | |
| Remuneration, social security and pensions | 62 | - | €1,769 | +€1,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,099 | €1,978 | -€121 | -5.7% |
| Other operating charges | 640/8 | €410 | €45 | -€365 | -89.0% |
| Gross operating margin | 9900 | -€9,460 | -€3,848 | +€5,612 | +59.3% |
| Operating profit (loss) | 9901 | -€11,969 | -€7,641 | +€4,328 | +36.2% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €605 | €615 | +€10 | +1.7% |
| Recurring financial charges | 65 | €605 | €615 | +€10 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,574 | -€8,256 | +€4,318 | +34.3% |
| Profit (loss) for the period | 9904 | -€12,574 | -€8,256 | +€4,318 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,574 | -€8,256 | +€4,318 | +34.3% |
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 4 October 2026 via checked.be.