Zephyr Ventures: 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 Ventures
Largest movements
- Cash -€52,518
down €52,518 (-38.5%), from €136,564 to €84,046
mainly Tax, wage and social debts (-€40,533) and Other debts (-€8,294)
- Tax, wage and social debts -€40,533
no longer reported in 2025 (was €40,533)
- Other debts -€8,294
down €8,294 (-94.0%), from €8,828 to €534
- Reserves -€5,953
down €5,953 (-3.7%), from €161,312 to €155,359
of which Distributable reserves: -€5,953
- Profit (loss) carried forward +€3,284
no longer reported in 2025 (was -€3,284)
- Financial income +€461
up €461 (+194%), from €238 to €699
- Gross operating margin +€454
up €454 (+16.4%), from -€2,768 to -€2,314
- Financial charges +€279
up €279 (+93.3%), from €299 to €578
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 | €220,811 | €168,293 | -€52,518 | -23.8% |
| Fixed assets | 21/28 | €84,247 | €84,247 | = | 0.0% |
| Financial fixed assets | 28 | €84,247 | €84,247 | = | 0.0% |
| Current assets | 29/58 | €136,564 | €84,046 | -€52,518 | -38.5% |
| Cash at bank and in hand | 54/58 | €136,564 | €84,046 | -€52,518 | -38.5% |
| Total equity and liabilities | 10/49 | €220,811 | €168,293 | -€52,518 | -23.8% |
| Equity | 10/15 | €170,428 | €167,759 | -€2,669 | -1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,312 | €155,359 | -€5,953 | -3.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,452 | €153,499 | -€5,953 | -3.7% |
| Profit (loss) carried forward | 14 | -€3,284 | - | +€3,284 | |
| Amounts payable | 17/49 | €50,383 | €534 | -€49,849 | -98.9% |
| Amounts payable within one year | 42/48 | €50,383 | €534 | -€49,849 | -98.9% |
| Trade debts | 44 | €1,022 | - | -€1,022 | |
| Suppliers | 440/4 | €1,022 | - | -€1,022 | |
| Taxes, remuneration and social security | 45 | €40,533 | - | -€40,533 | |
| Taxes | 450/3 | €40,533 | - | -€40,533 | |
| Other amounts payable | 47/48 | €8,828 | €534 | -€8,294 | -94.0% |
| Other operating charges | 640/8 | €384 | €388 | +€4 | +1.0% |
| Gross operating margin | 9900 | -€2,768 | -€2,314 | +€454 | +16.4% |
| Operating profit (loss) | 9901 | -€3,152 | -€2,702 | +€450 | +14.3% |
| Financial income | 75/76B | €238 | €699 | +€461 | +194% |
| Recurring financial income | 75 | €238 | €699 | +€461 | +194% |
| Financial charges | 65/66B | €299 | €578 | +€279 | +93.3% |
| Recurring financial charges | 65 | €299 | €578 | +€279 | +93.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,213 | -€2,581 | +€632 | +19.7% |
| Income taxes | 67/77 | €71 | €88 | +€17 | +23.9% |
| Profit (loss) for the period | 9904 | -€3,284 | -€2,669 | +€615 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,284 | -€2,669 | +€615 | +18.7% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.