ZEPHIR CONSTRUCTION: 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.
ZEPHIR CONSTRUCTION
Largest movements
- Stocks and contracts -€61,014
down €61,014 (-83.8%), from €72,783 to €11,769
of which Stocks: -€42,218
- Receivables within one year -€32,762
down €32,762 (-27.2%), from €120,319 to €87,558
of which Trade receivables: -€35,555
- Cash +€27,483
up €27,483 (+800%), from €3,437 to €30,921
mainly Net result for the year (+€95,051) and Stocks and contracts (+€61,014)
- Tangible fixed assets -€5,941
down €5,941 (-32.0%), from €18,541 to €12,600
of which Plant, machinery and equipment: -€3,947
- Trade debts -€161,568
down €161,568 (-74.9%), from €215,617 to €54,049
- Profit (loss) carried forward +€95,051
up €95,051, from -€85,343 to €9,708
- Accrued charges and deferred income -€8,828
down €8,828 (-20.7%), from €42,694 to €33,866
- Tax, wage and social debts +€8,373
up €8,373 (+45.5%), from €18,410 to €26,783
of which Taxes: +€6,094
- Other debts -€3,632
down €3,632 (-34.4%), from €10,556 to €6,924
- Gross operating margin +€237,777
up €237,777 (+513%), from €46,359 to €284,135
- Staff costs +€47,032
up €47,032 (+40.4%), from €116,403 to €163,435
- Taxes +€10,589
up €10,589 (+5,997%), from €177 to €10,766
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 | €219,157 | €146,015 | -€73,142 | -33.4% |
| Fixed assets | 21/28 | €18,541 | €12,600 | -€5,941 | -32.0% |
| Tangible fixed assets | 22/27 | €18,541 | €12,600 | -€5,941 | -32.0% |
| Plant, machinery and equipment | 23 | €8,848 | €4,900 | -€3,947 | -44.6% |
| Furniture and vehicles | 24 | €9,693 | €7,700 | -€1,994 | -20.6% |
| Current assets | 29/58 | €200,616 | €133,415 | -€67,201 | -33.5% |
| Stocks and contracts in progress | 3 | €72,783 | €11,769 | -€61,014 | -83.8% |
| Stocks | 30/36 | €53,987 | €11,769 | -€42,218 | -78.2% |
| Contracts in progress | 37 | €18,796 | - | -€18,796 | |
| Amounts receivable within one year | 40/41 | €120,319 | €87,558 | -€32,762 | -27.2% |
| Trade receivables | 40 | €115,260 | €79,705 | -€35,555 | -30.8% |
| Other amounts receivable | 41 | €5,060 | €7,853 | +€2,793 | +55.2% |
| Cash at bank and in hand | 54/58 | €3,437 | €30,921 | +€27,483 | +800% |
| Deferred charges and accrued income | 490/1 | €4,075 | €3,168 | -€908 | -22.3% |
| Total equity and liabilities | 10/49 | €219,157 | €146,015 | -€73,142 | -33.4% |
| Equity | 10/15 | -€75,343 | €19,708 | +€95,051 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,343 | €9,708 | +€95,051 | |
| Amounts payable | 17/49 | €294,499 | €126,307 | -€168,192 | -57.1% |
| Amounts payable after more than one year | 17 | €4,685 | €2,047 | -€2,638 | -56.3% |
| Financial debts | 170/4 | €4,685 | €2,047 | -€2,638 | -56.3% |
| Amounts payable within one year | 42/48 | €247,120 | €90,394 | -€156,726 | -63.4% |
| Current portion of amounts payable after more than one year | 42 | €2,537 | €2,638 | +€101 | +4.0% |
| Trade debts | 44 | €215,617 | €54,049 | -€161,568 | -74.9% |
| Suppliers | 440/4 | €215,617 | €54,049 | -€161,568 | -74.9% |
| Taxes, remuneration and social security | 45 | €18,410 | €26,783 | +€8,373 | +45.5% |
| Taxes | 450/3 | €7,504 | €13,598 | +€6,094 | +81.2% |
| Remuneration and social security | 454/9 | €10,906 | €13,185 | +€2,279 | +20.9% |
| Other amounts payable | 47/48 | €10,556 | €6,924 | -€3,632 | -34.4% |
| Accrued charges and deferred income | 492/3 | €42,694 | €33,866 | -€8,828 | -20.7% |
| Remuneration, social security and pensions | 62 | €116,403 | €163,435 | +€47,032 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,611 | €9,316 | -€295 | -3.1% |
| Other operating charges | 640/8 | €3,338 | €2,905 | -€433 | -13.0% |
| Gross operating margin | 9900 | €46,359 | €284,135 | +€237,777 | +513% |
| Operating profit (loss) | 9901 | -€82,994 | €108,479 | +€191,473 | |
| Financial income | 75/76B | €2 | €169 | +€167 | +9,382% |
| Recurring financial income | 75 | €2 | €169 | +€167 | +9,382% |
| Financial charges | 65/66B | €4,027 | €2,831 | -€1,195 | -29.7% |
| Recurring financial charges | 65 | €4,027 | €2,831 | -€1,195 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€87,018 | €105,817 | +€192,835 | |
| Income taxes | 67/77 | €177 | €10,766 | +€10,589 | +5,997% |
| Profit (loss) for the period | 9904 | -€87,195 | €95,051 | +€182,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€87,195 | €95,051 | +€182,246 |
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 14 October 2026 via checked.be.