4 Efficiency Invest: 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.
4 Efficiency Invest
Largest movements
- Receivables after one year +€110,182
up €110,182 (+147%), from €75,130 to €185,312
- Financial fixed assets +€48,002
up €48,002 (+210%), from €22,854 to €70,856
- Cash +€44,217
up €44,217 (+26.5%), from €166,678 to €210,895
mainly Net result for the year (+€244,034) and Depreciation (+€21,396)
- Tangible fixed assets +€24,711
up €24,711 (+8.3%), from €296,997 to €321,708
of which Furniture and vehicles: +€28,617
- Reserves +€243,194
up €243,194 (+65.2%), from €373,064 to €616,257
- Debts after one year -€14,278
down €14,278 (-8.8%), from €162,141 to €147,863
- Financial income +€197,971
up €197,971 (+6,028%), from €3,284 to €201,256
- Taxes +€36,416
up €36,416 (+142%), from €25,565 to €61,981
- Depreciation +€13,962
up €13,962 (+188%), from €7,434 to €21,396
- Gross operating margin +€12,580
up €12,580 (+10.2%), from €123,020 to €135,600
- Financial charges +€5,533
up €5,533 (+3,578%), from €155 to €5,688
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 | €587,634 | €811,201 | +€223,567 | +38.0% |
| Fixed assets | 21/28 | €319,851 | €392,564 | +€72,712 | +22.7% |
| Tangible fixed assets | 22/27 | €296,997 | €321,708 | +€24,711 | +8.3% |
| Land and buildings | 22 | €281,168 | €275,228 | -€5,940 | -2.1% |
| Plant, machinery and equipment | 23 | €13,338 | €15,371 | +€2,034 | +15.2% |
| Furniture and vehicles | 24 | €2,492 | €31,110 | +€28,617 | +1,148% |
| Financial fixed assets | 28 | €22,854 | €70,856 | +€48,002 | +210% |
| Current assets | 29/58 | €267,783 | €418,637 | +€150,854 | +56.3% |
| Amounts receivable after more than one year | 29 | €75,130 | €185,312 | +€110,182 | +147% |
| Other amounts receivable | 291 | €75,130 | €185,312 | +€110,182 | +147% |
| Amounts receivable within one year | 40/41 | €22,435 | €18,420 | -€4,015 | -17.9% |
| Trade receivables | 40 | €15,589 | €17,101 | +€1,513 | +9.7% |
| Other amounts receivable | 41 | €6,847 | €1,319 | -€5,528 | -80.7% |
| Cash at bank and in hand | 54/58 | €166,678 | €210,895 | +€44,217 | +26.5% |
| Deferred charges and accrued income | 490/1 | €3,539 | €4,009 | +€470 | +13.3% |
| Total equity and liabilities | 10/49 | €587,634 | €811,201 | +€223,567 | +38.0% |
| Equity | 10/15 | €391,664 | €634,857 | +€243,194 | +62.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,064 | €616,257 | +€243,194 | +65.2% |
| Distributable reserves | 133 | €373,064 | €616,257 | +€243,194 | +65.2% |
| Amounts payable | 17/49 | €195,970 | €176,343 | -€19,627 | -10.0% |
| Amounts payable after more than one year | 17 | €162,141 | €147,863 | -€14,278 | -8.8% |
| Financial debts | 170/4 | €162,141 | €147,863 | -€14,278 | -8.8% |
| Amounts payable within one year | 42/48 | €33,829 | €28,480 | -€5,349 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €13,859 | €15,555 | +€1,696 | +12.2% |
| Trade debts | 44 | €138 | €332 | +€194 | +141% |
| Suppliers | 440/4 | €138 | €332 | +€194 | +141% |
| Taxes, remuneration and social security | 45 | €13,953 | €8,530 | -€5,424 | -38.9% |
| Taxes | 450/3 | €10,832 | €8,530 | -€2,302 | -21.3% |
| Remuneration and social security | 454/9 | €3,122 | - | -€3,122 | |
| Other amounts payable | 47/48 | €5,879 | €4,063 | -€1,816 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,434 | €21,396 | +€13,962 | +188% |
| Other operating charges | 640/8 | €924 | €3,758 | +€2,834 | +307% |
| Gross operating margin | 9900 | €123,020 | €135,600 | +€12,580 | +10.2% |
| Operating profit (loss) | 9901 | €114,662 | €110,446 | -€4,216 | -3.7% |
| Financial income | 75/76B | €3,284 | €201,256 | +€197,971 | +6,028% |
| Recurring financial income | 75 | €3,284 | €201,256 | +€197,971 | +6,028% |
| Financial charges | 65/66B | €155 | €5,688 | +€5,533 | +3,578% |
| Recurring financial charges | 65 | €155 | €5,688 | +€5,533 | +3,578% |
| Profit (loss) for the period before taxes | 9903 | €117,792 | €306,014 | +€188,223 | +160% |
| Income taxes | 67/77 | €25,565 | €61,981 | +€36,416 | +142% |
| Profit (loss) for the period | 9904 | €92,227 | €244,034 | +€151,807 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €92,227 | €244,034 | +€151,807 | +165% |
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 24 October 2026 via checked.be.