ZEPHYRWAY: 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.
ZEPHYRWAY
Largest movements
- Cash -€60,708
down €60,708 (-84.7%), from €71,672 to €10,964
mainly Net result for the year (-€34,821) and Receivables within one year (-€18,833)
- Receivables within one year +€18,833
up €18,833 (+138%), from €13,613 to €32,445
of which Trade receivables: +€15,428
- Tangible fixed assets -€8,266
down €8,266 (-34.0%), from €24,302 to €16,036
- Profit (loss) carried forward -€34,821
down €34,821 (-60.9%), from €57,176 to €22,355
- Tax, wage and social debts -€8,322
down €8,322 (-30.8%), from €26,997 to €18,675
of which Taxes: -€10,922
- Debts after one year -€6,506
down €6,506 (-46.7%), from €13,920 to €7,414
- Other debts -€3,386
no longer reported in 2025 (was €3,386)
- Trade debts +€1,641
up €1,641 (+492%), from €333 to €1,974
- Gross operating margin -€64,452
down €64,452, from €39,401 to -€25,051
- Taxes -€9,033
down €9,033, from €8,642 to -€391
- Financial charges -€1,522
down €1,522 (-62.1%), from €2,449 to €928
- Depreciation -€529
down €529 (-6.0%), from €8,796 to €8,266
- Other operating charges +€418
up €418 (+75.7%), from €552 to €970
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 | €111,009 | €59,924 | -€51,086 | -46.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €24,380 | €16,114 | -€8,266 | -33.9% |
| Tangible fixed assets | 22/27 | €24,302 | €16,036 | -€8,266 | -34.0% |
| Furniture and vehicles | 24 | €24,302 | €16,036 | -€8,266 | -34.0% |
| Financial fixed assets | 28 | €78 | €78 | = | 0.0% |
| Current assets | 29/58 | €86,629 | €43,809 | -€42,819 | -49.4% |
| Amounts receivable within one year | 40/41 | €13,613 | €32,445 | +€18,833 | +138% |
| Trade receivables | 40 | €13,613 | €29,040 | +€15,428 | +113% |
| Other amounts receivable | 41 | - | €3,405 | +€3,405 | |
| Cash at bank and in hand | 54/58 | €71,672 | €10,964 | -€60,708 | -84.7% |
| Deferred charges and accrued income | 490/1 | €1,344 | €400 | -€944 | -70.2% |
| Total equity and liabilities | 10/49 | €111,009 | €59,924 | -€51,086 | -46.0% |
| Equity | 10/15 | €60,176 | €25,355 | -€34,821 | -57.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,176 | €22,355 | -€34,821 | -60.9% |
| Amounts payable | 17/49 | €50,833 | €34,569 | -€16,265 | -32.0% |
| Amounts payable after more than one year | 17 | €13,920 | €7,414 | -€6,506 | -46.7% |
| Financial debts | 170/4 | €13,920 | €7,414 | -€6,506 | -46.7% |
| Amounts payable within one year | 42/48 | €36,913 | €27,154 | -€9,759 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €6,196 | €6,506 | +€309 | +5.0% |
| Trade debts | 44 | €333 | €1,974 | +€1,641 | +492% |
| Suppliers | 440/4 | €333 | €1,974 | +€1,641 | +492% |
| Taxes, remuneration and social security | 45 | €26,997 | €18,675 | -€8,322 | -30.8% |
| Taxes | 450/3 | €26,997 | €16,075 | -€10,922 | -40.5% |
| Remuneration and social security | 454/9 | - | €2,600 | +€2,600 | |
| Other amounts payable | 47/48 | €3,386 | - | -€3,386 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,796 | €8,266 | -€529 | -6.0% |
| Other operating charges | 640/8 | €552 | €970 | +€418 | +75.7% |
| Gross operating margin | 9900 | €39,401 | -€25,051 | -€64,452 | |
| Operating profit (loss) | 9901 | €30,053 | -€34,287 | -€64,340 | |
| Financial income | 75/76B | €52 | €2 | -€49 | -95.5% |
| Recurring financial income | 75 | €52 | €2 | -€49 | -95.5% |
| Financial charges | 65/66B | €2,449 | €928 | -€1,522 | -62.1% |
| Recurring financial charges | 65 | €2,449 | €928 | -€1,522 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €27,656 | -€35,213 | -€62,868 | |
| Income taxes | 67/77 | €8,642 | -€391 | -€9,033 | |
| Profit (loss) for the period | 9904 | €19,014 | -€34,821 | -€53,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,014 | -€34,821 | -€53,835 |
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 19 October 2026 via checked.be.