Zephyros: 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.
Zephyros
Largest movements
- Receivables within one year +€51,712
up €51,712 (+202%), from €25,578 to €77,290
of which Trade receivables: +€51,726
- Stocks and contracts +€41,739
new in 2025: €41,739
- Cash +€18,736
up €18,736 (+65.9%), from €28,447 to €47,182
mainly Trade debts (+€104,169) and Net result for the year (+€10,179)
- Deferred charges and accrued income -€4,616
down €4,616 (-93.9%), from €4,914 to €297
- Trade debts +€104,169
up €104,169 (+1,246%), from €8,363 to €112,532
- Profit (loss) carried forward +€10,179
up €10,179 (+16.8%), from €60,513 to €70,692
- Tax, wage and social debts -€9,532
down €9,532 (-33.2%), from €28,730 to €19,197
- Other debts +€4,550
up €4,550 (+9.6%), from €47,500 to €52,049
- Gross operating margin -€5,666
down €5,666 (-23.2%), from €24,435 to €18,769
- Taxes -€2,157
down €2,157 (-28.3%), from €7,626 to €5,469
- Depreciation -€1,280
down €1,280 (-42.1%), from €3,042 to €1,762
- Financial income -€617
down €617 (-99.2%), from €622 to €5
- Financial charges -€259
down €259 (-45.9%), from €563 to €304
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 | €163,478 | €272,426 | +€108,948 | +66.6% |
| Fixed assets | 21/28 | €104,540 | €105,918 | +€1,378 | +1.3% |
| Tangible fixed assets | 22/27 | €4,790 | €5,918 | +€1,128 | +23.5% |
| Land and buildings | 22 | €730 | €116 | -€614 | -84.1% |
| Plant, machinery and equipment | 23 | - | €1,791 | +€1,791 | |
| Furniture and vehicles | 24 | €4,060 | €4,011 | -€49 | -1.2% |
| Financial fixed assets | 28 | €99,750 | €100,000 | +€250 | +0.3% |
| Current assets | 29/58 | €58,938 | €166,508 | +€107,571 | +183% |
| Stocks and contracts in progress | 3 | - | €41,739 | +€41,739 | |
| Stocks | 30/36 | - | €41,739 | +€41,739 | |
| Amounts receivable within one year | 40/41 | €25,578 | €77,290 | +€51,712 | +202% |
| Trade receivables | 40 | €18,267 | €69,993 | +€51,726 | +283% |
| Other amounts receivable | 41 | €7,310 | €7,297 | -€14 | -0.2% |
| Cash at bank and in hand | 54/58 | €28,447 | €47,182 | +€18,736 | +65.9% |
| Deferred charges and accrued income | 490/1 | €4,914 | €297 | -€4,616 | -93.9% |
| Total equity and liabilities | 10/49 | €163,478 | €272,426 | +€108,948 | +66.6% |
| Equity | 10/15 | €74,357 | €84,536 | +€10,179 | +13.7% |
| Reserves | 13 | €13,844 | €13,844 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,984 | €11,984 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,513 | €70,692 | +€10,179 | +16.8% |
| Amounts payable | 17/49 | €89,121 | €187,891 | +€98,769 | +111% |
| Amounts payable within one year | 42/48 | €89,121 | €187,591 | +€98,469 | +110% |
| Current portion of amounts payable after more than one year | 42 | €3,813 | €3,813 | = | 0.0% |
| Financial debts | 43 | €717 | - | -€717 | |
| Credit institutions | 430/8 | €717 | - | -€717 | |
| Trade debts | 44 | €8,363 | €112,532 | +€104,169 | +1,246% |
| Suppliers | 440/4 | €8,363 | €112,532 | +€104,169 | +1,246% |
| Taxes, remuneration and social security | 45 | €28,730 | €19,197 | -€9,532 | -33.2% |
| Taxes | 450/3 | €28,730 | €19,197 | -€9,532 | -33.2% |
| Other amounts payable | 47/48 | €47,500 | €52,049 | +€4,550 | +9.6% |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,042 | €1,762 | -€1,280 | -42.1% |
| Other operating charges | 640/8 | €1,266 | €1,060 | -€207 | -16.3% |
| Gross operating margin | 9900 | €24,435 | €18,769 | -€5,666 | -23.2% |
| Operating profit (loss) | 9901 | €20,127 | €15,947 | -€4,180 | -20.8% |
| Financial income | 75/76B | €622 | €5 | -€617 | -99.2% |
| Recurring financial income | 75 | €622 | €5 | -€617 | -99.2% |
| Financial charges | 65/66B | €563 | €304 | -€259 | -45.9% |
| Recurring financial charges | 65 | €563 | €304 | -€259 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €20,186 | €15,648 | -€4,538 | -22.5% |
| Income taxes | 67/77 | €7,626 | €5,469 | -€2,157 | -28.3% |
| Profit (loss) for the period | 9904 | €12,560 | €10,179 | -€2,381 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,560 | €10,179 | -€2,381 | -19.0% |
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 26 October 2026 via checked.be.