Ziphius: 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.
Ziphius
Largest movements
- Cash -€4.7m
down €4.7m (-86.6%), from €5.5m to €733,828
mainly Net result for the year (-€11.8m) and Investment in fixed assets (net) (-€9.5m)
- Current investments -€1.4m
down €1.4m (-25.9%), from €5.6m to €4.1m
- Receivables within one year -€1.3m
down €1.3m (-75.7%), from €1.7m to €410,841
of which Other amounts receivable: -€1.1m
- Receivables after one year +€1.1m
new in 2025: €1.1m
- Tangible fixed assets -€770,759
down €770,759 (-25.6%), from €3.0m to €2.2m
of which Leasing and similar rights: -€1.5m
- Contributions -€26.1m
down €26.1m (-61.2%), from €42.6m to €16.5m
of which Capital: -€26.1m
- Profit (loss) carried forward +€19.5m
up €19.5m (+64.8%), from -€30.2m to -€10.6m
- Debts after one year -€616,729
down €616,729 (-30.8%), from €2.0m to €1.4m
- Trade debts +€269,391
up €269,391 (+28.2%), from €956,462 to €1.2m
- Current portion of long-term debt -€213,934
down €213,934 (-30.7%), from €695,794 to €481,860
- Gross operating margin -€1.4m
down €1.4m (-36.3%), from €3.8m to €2.4m
- Depreciation -€180,767
down €180,767 (-1.7%), from €10.6m to €10.4m
- Financial charges +€169,904
up €169,904 (+85.1%), from €199,617 to €369,521
of which Non-recurring financial charges: +€140,571
- Staff costs -€156,751
down €156,751 (-4.0%), from €3.9m to €3.7m
- Financial income -€143,568
down €143,568 (-52.9%), from €271,197 to €127,629
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 | €16,702,385 | €9,494,162 | -€7.2m | -43.2% |
| Fixed assets | 21/28 | €3,879,598 | €2,961,846 | -€917,752 | -23.7% |
| Intangible fixed assets | 21 | €21,801 | €12,127 | -€9,674 | -44.4% |
| Tangible fixed assets | 22/27 | €3,015,927 | €2,245,168 | -€770,759 | -25.6% |
| Plant, machinery and equipment | 23 | €110,547 | €822,603 | +€712,056 | +644.1% |
| Furniture and vehicles | 24 | €83,358 | €58,831 | -€24,527 | -29.4% |
| Leasing and similar rights | 25 | €2,822,022 | €1,363,733 | -€1.5m | -51.7% |
| Financial fixed assets | 28 | €841,870 | €704,551 | -€137,319 | -16.3% |
| Current assets | 29/58 | €12,822,787 | €6,532,316 | -€6.3m | -49.1% |
| Amounts receivable after more than one year | 29 | - | €1,148,392 | +€1.1m | |
| Other amounts receivable | 291 | - | €1,148,392 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €1,690,538 | €410,841 | -€1.3m | -75.7% |
| Trade receivables | 40 | €327,540 | €140,906 | -€186,634 | -57.0% |
| Other amounts receivable | 41 | €1,362,998 | €269,935 | -€1.1m | -80.2% |
| Current investments | 50/53 | €5,593,945 | €4,147,869 | -€1.4m | -25.9% |
| Cash at bank and in hand | 54/58 | €5,483,826 | €733,828 | -€4.7m | -86.6% |
| Deferred charges and accrued income | 490/1 | €54,479 | €91,387 | +€36,908 | +67.7% |
| Total equity and liabilities | 10/49 | €16,702,385 | €9,494,162 | -€7.2m | -43.2% |
| Equity | 10/15 | €12,458,342 | €5,900,140 | -€6.6m | -52.6% |
| Contributions | 10/11 | €42,633,730 | €16,527,536 | -€26.1m | -61.2% |
| Capital | 10 | €42,508,730 | €16,402,536 | -€26.1m | -61.4% |
| Issued capital | 100 | €42,508,730 | €16,402,536 | -€26.1m | -61.4% |
| Outside capital | 11 | €125,000 | €125,000 | = | 0.0% |
| Share premium | 1100/10 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,175,388 | -€10,627,396 | +€19.5m | +64.8% |
| Amounts payable | 17/49 | €4,244,043 | €3,594,022 | -€650,021 | -15.3% |
| Amounts payable after more than one year | 17 | €2,003,168 | €1,386,439 | -€616,729 | -30.8% |
| Financial debts | 170/4 | €2,003,168 | €1,386,439 | -€616,729 | -30.8% |
| Amounts payable within one year | 42/48 | €2,065,505 | €2,062,583 | -€2,922 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €695,794 | €481,860 | -€213,934 | -30.7% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €956,462 | €1,225,853 | +€269,391 | +28.2% |
| Suppliers | 440/4 | €956,462 | €1,225,853 | +€269,391 | +28.2% |
| Taxes, remuneration and social security | 45 | €411,167 | €352,787 | -€58,380 | -14.2% |
| Taxes | 450/3 | €0 | €1,341 | +€1,341 | |
| Remuneration and social security | 454/9 | €411,167 | €351,446 | -€59,721 | -14.5% |
| Other amounts payable | 47/48 | €2,083 | €2,083 | -€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €175,370 | €145,000 | -€30,370 | -17.3% |
| Remuneration, social security and pensions | 62 | €3,884,763 | €3,728,012 | -€156,751 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,566,788 | €10,386,021 | -€180,767 | -1.7% |
| Other operating charges | 640/8 | €32,719 | €6,585 | -€26,134 | -79.9% |
| Non-recurring operating charges | 66A | - | €145,199 | +€145,199 | |
| Gross operating margin | 9900 | €3,816,624 | €2,432,075 | -€1.4m | -36.3% |
| Operating profit (loss) | 9901 | -€10,667,646 | -€11,833,743 | -€1.2m | -10.9% |
| Financial income | 75/76B | €271,197 | €127,629 | -€143,568 | -52.9% |
| Recurring financial income | 75 | €271,197 | €127,629 | -€143,568 | -52.9% |
| Financial charges | 65/66B | €199,617 | €369,521 | +€169,904 | +85.1% |
| Recurring financial charges | 65 | €199,617 | €228,950 | +€29,333 | +14.7% |
| Non-recurring financial charges | 66B | - | €140,571 | +€140,571 | |
| Profit (loss) for the period before taxes | 9903 | -€10,596,066 | -€12,075,635 | -€1.5m | -14.0% |
| Income taxes | 67/77 | -€374,338 | -€315,663 | +€58,675 | +15.7% |
| Profit (loss) for the period | 9904 | -€10,221,728 | -€11,759,972 | -€1.5m | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,221,728 | -€11,759,972 | -€1.5m | -15.0% |
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 5 October 2026 via checked.be.