ZEPHYRA: 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.
ZEPHYRA
Largest movements
- Receivables within one year -€26,629
down €26,629 (-12.3%), from €216,129 to €189,500
of which Trade receivables: -€30,899
- Tangible fixed assets -€12,111
down €12,111 (-21.7%), from €55,883 to €43,771
of which Furniture and vehicles: -€9,043
- Other debts -€20,626
down €20,626 (-28.3%), from €72,757 to €52,131
- Debts after one year -€12,729
down €12,729 (-45.1%), from €28,225 to €15,496
- Tax, wage and social debts -€5,532
down €5,532 (-12.6%), from €43,736 to €38,204
of which Taxes: -€6,532
- Gross operating margin -€31,840
down €31,840 (-29.1%), from €109,560 to €77,719
- Taxes -€9,643
down €9,643 (-37.7%), from €25,590 to €15,948
- Depreciation +€1,808
up €1,808 (+13.4%), from €13,502 to €15,310
- Other operating charges -€1,764
down €1,764 (-63.5%), from €2,777 to €1,014
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 | €477,448 | €442,023 | -€35,425 | -7.4% |
| Fixed assets | 21/28 | €55,883 | €43,771 | -€12,111 | -21.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €55,883 | €43,771 | -€12,111 | -21.7% |
| Plant, machinery and equipment | 23 | €12,115 | €9,046 | -€3,068 | -25.3% |
| Furniture and vehicles | 24 | €43,768 | €34,725 | -€9,043 | -20.7% |
| Current assets | 29/58 | €421,566 | €398,251 | -€23,314 | -5.5% |
| Amounts receivable within one year | 40/41 | €216,129 | €189,500 | -€26,629 | -12.3% |
| Trade receivables | 40 | €211,641 | €180,742 | -€30,899 | -14.6% |
| Other amounts receivable | 41 | €4,488 | €8,758 | +€4,270 | +95.2% |
| Cash at bank and in hand | 54/58 | €204,093 | €206,247 | +€2,154 | +1.1% |
| Deferred charges and accrued income | 490/1 | €1,344 | €2,505 | +€1,161 | +86.4% |
| Total equity and liabilities | 10/49 | €477,448 | €442,023 | -€35,425 | -7.4% |
| Equity | 10/15 | €315,910 | €315,979 | +€69 | 0.0% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Capital | 10 | €7,200 | - | -€7,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €11,400 | - | -€11,400 | |
| Reserves | 13 | €307,760 | €307,760 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €20,100 | €20,100 | = | 0.0% |
| Distributable reserves | 133 | €285,800 | €287,660 | +€1,860 | +0.7% |
| Profit (loss) carried forward | 14 | €950 | €1,019 | +€69 | +7.3% |
| Amounts payable | 17/49 | €161,538 | €126,043 | -€35,495 | -22.0% |
| Amounts payable after more than one year | 17 | €28,225 | €15,496 | -€12,729 | -45.1% |
| Financial debts | 170/4 | €28,225 | €15,496 | -€12,729 | -45.1% |
| Amounts payable within one year | 42/48 | €133,097 | €110,175 | -€22,922 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €12,240 | €12,729 | +€490 | +4.0% |
| Trade debts | 44 | €4,365 | €7,111 | +€2,746 | +62.9% |
| Suppliers | 440/4 | €4,365 | €7,111 | +€2,746 | +62.9% |
| Taxes, remuneration and social security | 45 | €43,736 | €38,204 | -€5,532 | -12.6% |
| Taxes | 450/3 | €43,736 | €37,204 | -€6,532 | -14.9% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €72,757 | €52,131 | -€20,626 | -28.3% |
| Accrued charges and deferred income | 492/3 | €216 | €372 | +€156 | +72.3% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,502 | €15,310 | +€1,808 | +13.4% |
| Other operating charges | 640/8 | €2,777 | €1,014 | -€1,764 | -63.5% |
| Non-recurring operating charges | 66A | €201 | €3,625 | +€3,424 | +1,706% |
| Gross operating margin | 9900 | €109,560 | €77,719 | -€31,840 | -29.1% |
| Operating profit (loss) | 9901 | €93,079 | €57,771 | -€35,308 | -37.9% |
| Financial income | 75/76B | €260 | €726 | +€465 | +179% |
| Recurring financial income | 75 | €260 | €726 | +€465 | +179% |
| Financial charges | 65/66B | €2,311 | €2,480 | +€169 | +7.3% |
| Recurring financial charges | 65 | €2,311 | €2,480 | +€169 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €91,029 | €56,017 | -€35,012 | -38.5% |
| Income taxes | 67/77 | €25,590 | €15,948 | -€9,643 | -37.7% |
| Profit (loss) for the period | 9904 | €65,438 | €40,069 | -€25,369 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,438 | €40,069 | -€25,369 | -38.8% |
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 17 October 2026 via checked.be.