ZEPHYRUS: what changed
Two fiscal 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.
ZEPHYRUS
Largest movements
- Current investments -€130,303
down €130,303 (-23.3%), from €558,831 to €428,528
- Tangible fixed assets -€21,526
down €21,526 (-3.3%), from €642,769 to €621,243
of which Other tangible fixed assets: -€22,427
- Receivables within one year +€19,133
up €19,133 (+70.8%), from €27,005 to €46,138
- Profit (loss) carried forward -€140,339
down €140,339 (-26.4%), from €531,986 to €391,647
- Debts after one year -€34,813
down €34,813 (-22.1%), from €157,691 to €122,878
- Financial income +€78,725
up €78,725 (+584.0%), from €13,479 to €92,204
- Financial charges -€13,367
down €13,367 (-89.4%), from €14,952 to €1,585
- Gross operating margin +€9,284
up €9,284 (+7.1%), from €130,753 to €140,037
- Taxes +€6,841
up €6,841 (+21.6%), from €31,651 to €38,492
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.
Cash bridge derived
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 | €1,591,944 | €1,449,931 | -€142,013 | -8.9% |
| Fixed assets | 21/28 | €642,919 | €621,393 | -€21,526 | -3.3% |
| Tangible fixed assets | 22/27 | €642,769 | €621,243 | -€21,526 | -3.3% |
| Land and buildings | 22 | €110,757 | €107,486 | -€3,271 | -3.0% |
| Plant, machinery and equipment | 23 | - | €4,602 | +€4,602 | |
| Furniture and vehicles | 24 | €853 | €423 | -€431 | -50.5% |
| Other tangible fixed assets | 26 | €531,159 | €508,732 | -€22,427 | -4.2% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €949,026 | €828,538 | -€120,487 | -12.7% |
| Amounts receivable after more than one year | 29 | €279,958 | €277,175 | -€2,783 | -1.0% |
| Other amounts receivable | 291 | €279,958 | €277,175 | -€2,783 | -1.0% |
| Amounts receivable within one year | 40/41 | €27,005 | €46,138 | +€19,133 | +70.8% |
| Trade receivables | 40 | €27,005 | €46,138 | +€19,133 | +70.8% |
| Current investments | 50/53 | €558,831 | €428,528 | -€130,303 | -23.3% |
| Cash at bank and in hand | 54/58 | €53,448 | €41,774 | -€11,674 | -21.8% |
| Deferred charges and accrued income | 490/1 | €29,783 | €34,923 | +€5,140 | +17.3% |
| Total equity and liabilities | 10/49 | €1,591,944 | €1,449,931 | -€142,013 | -8.9% |
| Equity | 10/15 | €1,089,140 | €948,801 | -€140,339 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €538,554 | €538,554 | = | 0.0% |
| Distributable reserves | 133 | €538,554 | €538,554 | = | 0.0% |
| Profit (loss) carried forward | 14 | €531,986 | €391,647 | -€140,339 | -26.4% |
| Amounts payable | 17/49 | €502,804 | €501,130 | -€1,674 | -0.3% |
| Amounts payable after more than one year | 17 | €157,691 | €122,878 | -€34,813 | -22.1% |
| Financial debts | 170/4 | €157,691 | €122,878 | -€34,813 | -22.1% |
| Amounts payable within one year | 42/48 | €312,846 | €345,542 | +€32,696 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €33,822 | €34,813 | +€990 | +2.9% |
| Trade debts | 44 | €990 | €6,061 | +€5,072 | +512.5% |
| Suppliers | 440/4 | €990 | €6,061 | +€5,072 | +512.5% |
| Taxes, remuneration and social security | 45 | €27,583 | €39,224 | +€11,640 | +42.2% |
| Taxes | 450/3 | €27,583 | €39,224 | +€11,640 | +42.2% |
| Other amounts payable | 47/48 | €250,450 | €265,444 | +€14,994 | +6.0% |
| Accrued charges and deferred income | 492/3 | €32,268 | €32,710 | +€443 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,154 | €26,446 | +€292 | +1.1% |
| Other operating charges | 640/8 | €3,016 | €3,458 | +€441 | +14.6% |
| Gross operating margin | 9900 | €130,753 | €140,037 | +€9,284 | +7.1% |
| Operating profit (loss) | 9901 | €101,582 | €110,133 | +€8,551 | +8.4% |
| Financial income | 75/76B | €13,479 | €92,204 | +€78,725 | +584.0% |
| Recurring financial income | 75 | €13,479 | €92,204 | +€78,725 | +584.0% |
| Financial charges | 65/66B | €14,952 | €1,585 | -€13,367 | -89.4% |
| Recurring financial charges | 65 | €14,952 | €1,585 | -€13,367 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | €100,109 | €200,752 | +€100,643 | +100.5% |
| Income taxes | 67/77 | €31,651 | €38,492 | +€6,841 | +21.6% |
| Profit (loss) for the period | 9904 | €68,459 | €162,261 | +€93,802 | +137.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,459 | €162,261 | +€93,802 | +137.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.