ZEPHYRUS: 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.
ZEPHYRUS
Largest movements
- Cash -€79,549
down €79,549 (-52.7%), from €151,060 to €71,511
mainly Trade debts (-€65,902) and Tax, wage and social debts (-€46,911)
- Receivables within one year -€37,041
down €37,041 (-87.2%), from €42,473 to €5,432
of which Trade receivables: -€42,473
- Trade debts -€65,902
down €65,902 (-73.1%), from €90,102 to €24,199
- Tax, wage and social debts -€46,911
down €46,911 (-92.9%), from €50,513 to €3,602
of which Taxes: -€46,399
- Gross operating margin -€74,885
down €74,885 (-94.7%), from €79,075 to €4,189
- Taxes -€18,500
down €18,500 (-80.4%), from €23,000 to €4,500
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 | €195,633 | €80,768 | -€114,866 | -58.7% |
| Fixed assets | 21/28 | €2,100 | €3,825 | +€1,725 | +82.1% |
| Financial fixed assets | 28 | €2,100 | €3,825 | +€1,725 | +82.1% |
| Current assets | 29/58 | €193,533 | €76,943 | -€116,591 | -60.2% |
| Amounts receivable within one year | 40/41 | €42,473 | €5,432 | -€37,041 | -87.2% |
| Trade receivables | 40 | €42,473 | - | -€42,473 | |
| Other amounts receivable | 41 | - | €5,432 | +€5,432 | |
| Cash at bank and in hand | 54/58 | €151,060 | €71,511 | -€79,549 | -52.7% |
| Total equity and liabilities | 10/49 | €195,633 | €80,768 | -€114,866 | -58.7% |
| Equity | 10/15 | €54,726 | €52,966 | -€1,760 | -3.2% |
| Profit (loss) carried forward | 14 | €54,726 | €52,966 | -€1,760 | -3.2% |
| Amounts payable | 17/49 | €140,907 | €27,801 | -€113,106 | -80.3% |
| Amounts payable within one year | 42/48 | €140,907 | €27,801 | -€113,106 | -80.3% |
| Trade debts | 44 | €90,102 | €24,199 | -€65,902 | -73.1% |
| Suppliers | 440/4 | €90,102 | €24,199 | -€65,902 | -73.1% |
| Taxes, remuneration and social security | 45 | €50,513 | €3,602 | -€46,911 | -92.9% |
| Taxes | 450/3 | €50,001 | €3,602 | -€46,399 | -92.8% |
| Remuneration and social security | 454/9 | €512 | - | -€512 | |
| Other amounts payable | 47/48 | €292 | - | -€292 | |
| Other operating charges | 640/8 | €672 | €1,210 | +€537 | +79.9% |
| Gross operating margin | 9900 | €79,075 | €4,189 | -€74,885 | -94.7% |
| Operating profit (loss) | 9901 | €78,402 | €2,980 | -€75,423 | -96.2% |
| Financial income | 75/76B | - | €66 | +€66 | |
| Recurring financial income | 75 | - | €66 | +€66 | |
| Financial charges | 65/66B | €676 | €305 | -€371 | -54.8% |
| Recurring financial charges | 65 | €676 | €305 | -€371 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | €77,726 | €2,740 | -€74,987 | -96.5% |
| Income taxes | 67/77 | €23,000 | €4,500 | -€18,500 | -80.4% |
| Profit (loss) for the period | 9904 | €54,726 | -€1,760 | -€56,487 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,726 | -€1,760 | -€56,487 |
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 12 October 2026 via checked.be.