ZEPHYR: 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.
ZEPHYR
Largest movements
- Receivables within one year +€14,780
up €14,780 (+20.6%), from €71,826 to €86,606
of which Other amounts receivable: +€8,573
- Tangible fixed assets -€8,153
down €8,153 (-10.3%), from €79,183 to €71,029
of which Furniture and vehicles: -€5,637
- Cash -€5,756
down €5,756 (-4.6%), from €124,142 to €118,386
mainly Net result for the year (-€27,692) and Debts after one year (-€23,816)
- Other debts +€42,803
up €42,803 (+89.8%), from €47,674 to €90,476
- Reserves -€27,692
down €27,692 (-18.2%), from €152,070 to €124,378
- Debts after one year -€23,816
down €23,816 (-12.6%), from €188,287 to €164,470
- Accrued charges and deferred income +€10,021
up €10,021 (+67.0%), from €14,967 to €24,988
- Depreciation +€3,875
up €3,875 (+30.1%), from €12,885 to €16,760
- Gross operating margin -€3,544
down €3,544 (-47.7%), from €7,434 to €3,890
- Financial charges -€3,366
down €3,366 (-22.2%), from €15,149 to €11,783
- Other operating charges -€150
down €150 (-4.2%), from €3,594 to €3,444
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 | €426,620 | €426,046 | -€574 | -0.1% |
| Fixed assets | 21/28 | €79,183 | €71,029 | -€8,153 | -10.3% |
| Tangible fixed assets | 22/27 | €79,183 | €71,029 | -€8,153 | -10.3% |
| Land and buildings | 22 | €61,506 | €59,219 | -€2,287 | -3.7% |
| Plant, machinery and equipment | 23 | €1,027 | €798 | -€229 | -22.3% |
| Furniture and vehicles | 24 | €16,649 | €11,012 | -€5,637 | -33.9% |
| Current assets | 29/58 | €347,438 | €355,017 | +€7,580 | +2.2% |
| Stocks and contracts in progress | 3 | €146,000 | €148,400 | +€2,400 | +1.6% |
| Stocks | 30/36 | €146,000 | €148,400 | +€2,400 | +1.6% |
| Amounts receivable within one year | 40/41 | €71,826 | €86,606 | +€14,780 | +20.6% |
| Trade receivables | 40 | €70,692 | €76,899 | +€6,207 | +8.8% |
| Other amounts receivable | 41 | €1,134 | €9,707 | +€8,573 | +756.2% |
| Cash at bank and in hand | 54/58 | €124,142 | €118,386 | -€5,756 | -4.6% |
| Deferred charges and accrued income | 490/1 | €5,469 | €1,625 | -€3,844 | -70.3% |
| Total equity and liabilities | 10/49 | €426,620 | €426,046 | -€574 | -0.1% |
| Equity | 10/15 | €164,470 | €136,778 | -€27,692 | -16.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €152,070 | €124,378 | -€27,692 | -18.2% |
| Distributable reserves | 133 | €152,070 | €124,378 | -€27,692 | -18.2% |
| Amounts payable | 17/49 | €262,150 | €289,268 | +€27,118 | +10.3% |
| Amounts payable after more than one year | 17 | €188,287 | €164,470 | -€23,816 | -12.6% |
| Other amounts payable | 178/9 | €188,287 | €164,470 | -€23,816 | -12.6% |
| Amounts payable within one year | 42/48 | €58,896 | €99,810 | +€40,913 | +69.5% |
| Trade debts | 44 | €10,624 | €9,086 | -€1,538 | -14.5% |
| Suppliers | 440/4 | €10,624 | €9,086 | -€1,538 | -14.5% |
| Taxes, remuneration and social security | 45 | €599 | €247 | -€351 | -58.7% |
| Taxes | 450/3 | €599 | €247 | -€351 | -58.7% |
| Other amounts payable | 47/48 | €47,674 | €90,476 | +€42,803 | +89.8% |
| Accrued charges and deferred income | 492/3 | €14,967 | €24,988 | +€10,021 | +67.0% |
| Non-recurring operating income | 76A | €1,937 | - | -€1,937 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,885 | €16,760 | +€3,875 | +30.1% |
| Other operating charges | 640/8 | €3,594 | €3,444 | -€150 | -4.2% |
| Gross operating margin | 9900 | €7,434 | €3,890 | -€3,544 | -47.7% |
| Operating profit (loss) | 9901 | -€9,046 | -€16,314 | -€7,268 | -80.4% |
| Financial income | 75/76B | €378 | €405 | +€27 | +7.2% |
| Recurring financial income | 75 | €378 | €405 | +€27 | +7.2% |
| Financial charges | 65/66B | €15,149 | €11,783 | -€3,366 | -22.2% |
| Recurring financial charges | 65 | €15,149 | €11,783 | -€3,366 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€23,816 | -€27,692 | -€3,875 | -16.3% |
| Profit (loss) for the period | 9904 | -€23,816 | -€27,692 | -€3,875 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,816 | -€27,692 | -€3,875 | -16.3% |
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 12 October 2026 via checked.be.