ZEPHYR CONSULT: 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 CONSULT
Largest movements
- Receivables within one year -€52,646
down €52,646 (-53.9%), from €97,703 to €45,057
of which Trade receivables: -€54,971
- Cash +€37,365
up €37,365 (+32.8%), from €113,920 to €151,285
mainly Net result for the year (+€81,173) and Receivables within one year (+€52,646)
- Profit (loss) carried forward +€92,495
up €92,495 (+78.1%), from -€118,432 to -€25,936
- Trade debts -€72,350
down €72,350 (-63.5%), from €113,877 to €41,526
- Debts after one year -€71,055
down €71,055 (-13.8%), from €516,725 to €445,670
- Other debts +€47,407
up €47,407 (+99.1%), from €47,852 to €95,259
- Gross operating margin -€165,604
down €165,604 (-45.5%), from €363,676 to €198,072
- Taxes -€156,331
down €156,331 (-80.1%), from €195,173 to €38,842
- Financial income +€32,335
up €32,335 (+7,425%), from €435 to €32,771
- Other operating charges -€19,171
down €19,171 (-30.0%), from €63,914 to €44,744
- Depreciation -€7,568
down €7,568 (-16.9%), from €44,697 to €37,129
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 | €1,610,100 | €1,593,523 | -€16,576 | -1.0% |
| Fixed assets | 21/28 | €1,396,034 | €1,395,073 | -€961 | -0.1% |
| Tangible fixed assets | 22/27 | €1,096,034 | €1,095,073 | -€961 | -0.1% |
| Land and buildings | 22 | €1,073,524 | €1,073,357 | -€167 | 0.0% |
| Furniture and vehicles | 24 | €1,359 | €565 | -€794 | -58.4% |
| Other tangible fixed assets | 26 | €21,150 | €21,150 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €214,066 | €198,451 | -€15,615 | -7.3% |
| Amounts receivable within one year | 40/41 | €97,703 | €45,057 | -€52,646 | -53.9% |
| Trade receivables | 40 | €97,647 | €42,676 | -€54,971 | -56.3% |
| Other amounts receivable | 41 | €56 | €2,381 | +€2,325 | +4,185% |
| Cash at bank and in hand | 54/58 | €113,920 | €151,285 | +€37,365 | +32.8% |
| Deferred charges and accrued income | 490/1 | €2,444 | €2,109 | -€335 | -13.7% |
| Total equity and liabilities | 10/49 | €1,610,100 | €1,593,523 | -€16,576 | -1.0% |
| Equity | 10/15 | €580,089 | €661,262 | +€81,173 | +14.0% |
| Contributions | 10/11 | €362,400 | €362,400 | = | 0.0% |
| Reserves | 13 | €336,120 | €324,798 | -€11,322 | -3.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €104,918 | €93,596 | -€11,322 | -10.8% |
| Distributable reserves | 133 | €231,203 | €231,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,432 | -€25,936 | +€92,495 | +78.1% |
| Provisions and deferred taxes | 16 | €34,973 | €31,199 | -€3,774 | -10.8% |
| Deferred taxes | 168 | €34,973 | €31,199 | -€3,774 | -10.8% |
| Amounts payable | 17/49 | €995,039 | €901,063 | -€93,976 | -9.4% |
| Amounts payable after more than one year | 17 | €516,725 | €445,670 | -€71,055 | -13.8% |
| Financial debts | 170/4 | €516,725 | €445,670 | -€71,055 | -13.8% |
| Amounts payable within one year | 42/48 | €472,059 | €449,148 | -€22,911 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €69,023 | €71,055 | +€2,032 | +2.9% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €113,877 | €41,526 | -€72,350 | -63.5% |
| Suppliers | 440/4 | €113,877 | €41,526 | -€72,350 | -63.5% |
| Taxes, remuneration and social security | 45 | €41,308 | €41,309 | +€1 | 0.0% |
| Taxes | 450/3 | €41,308 | €41,309 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €47,852 | €95,259 | +€47,407 | +99.1% |
| Accrued charges and deferred income | 492/3 | €6,254 | €6,245 | -€10 | -0.2% |
| Non-recurring operating income | 76A | €154,986 | €0 | -€154,986 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,697 | €37,129 | -€7,568 | -16.9% |
| Other operating charges | 640/8 | €63,914 | €44,744 | -€19,171 | -30.0% |
| Non-recurring operating charges | 66A | €500 | €0 | -€500 | -100% |
| Gross operating margin | 9900 | €363,676 | €198,072 | -€165,604 | -45.5% |
| Operating profit (loss) | 9901 | €254,564 | €116,199 | -€138,365 | -54.4% |
| Financial income | 75/76B | €435 | €32,771 | +€32,335 | +7,425% |
| Recurring financial income | 75 | €435 | €32,771 | +€32,335 | +7,425% |
| Financial charges | 65/66B | €38,368 | €32,729 | -€5,639 | -14.7% |
| Recurring financial charges | 65 | €38,368 | €32,729 | -€5,639 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €216,632 | €116,241 | -€100,390 | -46.3% |
| Transfer from deferred taxes | 780 | €3,774 | €3,774 | = | 0.0% |
| Transfer to deferred taxes | 680 | €38,747 | €0 | -€38,747 | -100% |
| Income taxes | 67/77 | €195,173 | €38,842 | -€156,331 | -80.1% |
| Profit (loss) for the period | 9904 | -€13,514 | €81,173 | +€94,687 | |
| Transfer from tax-exempt reserves | 789 | €11,322 | €11,322 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €116,240 | €0 | -€116,240 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€118,432 | €92,495 | +€210,927 |
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 18 October 2026 via checked.be.