ZEPHYR -URG: 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 -URG
Largest movements
- Receivables within one year -€60,505
down €60,505 (-51.3%), from €117,838 to €57,333
of which Other amounts receivable: -€60,505
- Tangible fixed assets -€39,159
down €39,159 (-90.5%), from €43,282 to €4,123
of which Furniture and vehicles: -€22,739
- Deferred charges and accrued income +€2,026
up €2,026 (+18.2%), from €11,141 to €13,167
- Current portion of long-term debt -€43,779
down €43,779 (-92.2%), from €47,504 to €3,725
- Reserves -€30,251
down €30,251 (-77.6%), from €38,975 to €8,724
of which Distributable reserves: -€30,251
- Other debts -€27,351
down €27,351 (-48.8%), from €56,090 to €28,739
- Tax, wage and social debts +€4,525
up €4,525 (+43.8%), from €10,325 to €14,850
of which Remuneration and social security: +€6,273
- Debts after one year -€3,725
down €3,725 (-100%), from €3,725 to €0
- Depreciation -€5,218
down €5,218 (-11.4%), from €45,928 to €40,709
- Staff costs -€2,264
down €2,264 (-5.4%), from €41,931 to €39,668
From the 2025 result to the 2026 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €172,261 | €74,623 | -€97,638 | -56.7% |
| Fixed assets | 21/28 | €43,282 | €4,123 | -€39,159 | -90.5% |
| Tangible fixed assets | 22/27 | €43,282 | €4,123 | -€39,159 | -90.5% |
| Land and buildings | 22 | €18,176 | €1,755 | -€16,420 | -90.3% |
| Furniture and vehicles | 24 | €25,106 | €2,367 | -€22,739 | -90.6% |
| Current assets | 29/58 | €128,979 | €70,500 | -€58,479 | -45.3% |
| Amounts receivable within one year | 40/41 | €117,838 | €57,333 | -€60,505 | -51.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €117,838 | €57,333 | -€60,505 | -51.3% |
| Deferred charges and accrued income | 490/1 | €11,141 | €13,167 | +€2,026 | +18.2% |
| Total equity and liabilities | 10/49 | €172,261 | €74,623 | -€97,638 | -56.7% |
| Equity | 10/15 | €50,896 | €20,460 | -€30,436 | -59.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,975 | €8,724 | -€30,251 | -77.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €37,115 | €6,864 | -€30,251 | -81.5% |
| Profit (loss) carried forward | 14 | -€6,680 | -€6,864 | -€184 | -2.8% |
| Amounts payable | 17/49 | €121,365 | €54,163 | -€67,202 | -55.4% |
| Amounts payable after more than one year | 17 | €3,725 | €0 | -€3,725 | -100% |
| Financial debts | 170/4 | €3,725 | €0 | -€3,725 | -100% |
| Amounts payable within one year | 42/48 | €117,641 | €52,291 | -€65,349 | -55.6% |
| Current portion of amounts payable after more than one year | 42 | €47,504 | €3,725 | -€43,779 | -92.2% |
| Financial debts | 43 | €1,056 | €2,113 | +€1,057 | +100% |
| Credit institutions | 430/8 | €1,056 | €2,113 | +€1,057 | +100% |
| Trade debts | 44 | €2,666 | €2,865 | +€199 | +7.5% |
| Suppliers | 440/4 | €2,666 | €2,865 | +€199 | +7.5% |
| Taxes, remuneration and social security | 45 | €10,325 | €14,850 | +€4,525 | +43.8% |
| Taxes | 450/3 | €3,261 | €1,513 | -€1,748 | -53.6% |
| Remuneration and social security | 454/9 | €7,064 | €13,337 | +€6,273 | +88.8% |
| Other amounts payable | 47/48 | €56,090 | €28,739 | -€27,351 | -48.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,872 | +€1,872 | |
| Remuneration, social security and pensions | 62 | €41,931 | €39,668 | -€2,264 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,928 | €40,709 | -€5,218 | -11.4% |
| Other operating charges | 640/8 | €2,062 | €2,407 | +€344 | +16.7% |
| Gross operating margin | 9900 | €79,495 | €79,456 | -€39 | 0.0% |
| Operating profit (loss) | 9901 | -€10,426 | -€3,327 | +€7,099 | +68.1% |
| Financial income | 75/76B | €6,554 | €5,897 | -€657 | -10.0% |
| Recurring financial income | 75 | €6,554 | €5,897 | -€657 | -10.0% |
| Financial charges | 65/66B | €2,903 | €2,492 | -€411 | -14.2% |
| Recurring financial charges | 65 | €2,903 | €2,492 | -€411 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,775 | €78 | +€6,853 | |
| Income taxes | 67/77 | €309 | €263 | -€46 | -15.0% |
| Profit (loss) for the period | 9904 | -€7,083 | -€184 | +€6,899 | +97.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,083 | -€184 | +€6,899 | +97.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.