7 EFFICACE: 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.
7 EFFICACE
Largest movements
- Receivables within one year -€20,432
down €20,432 (-66.6%), from €30,656 to €10,224
of which Trade receivables: -€22,015
- Tangible fixed assets -€11,198
down €11,198 (-5.4%), from €207,830 to €196,632
of which Land and buildings: -€11,027
- Other debts +€75,015
up €75,015 (+72.7%), from €103,156 to €178,171
- Debts after one year -€70,778
down €70,778 (-26.3%), from €269,598 to €198,820
- Reserves -€19,186
down €19,186 (-11.9%), from €161,327 to €142,141
of which Distributable reserves: -€19,186
- Accrued charges and deferred income -€17,721
down €17,721 (-59.6%), from €29,744 to €12,023
- Tax, wage and social debts -€9,969
down €9,969 (-22.0%), from €45,324 to €35,355
of which Remuneration and social security: -€22,387
- Financial income -€20,008
down €20,008 (-100.0%), from €20,011 to €3
- Gross operating margin -€10,596
down €10,596 (-17.2%), from €61,701 to €51,105
- Taxes -€5,675
down €5,675 (-42.5%), from €13,348 to €7,673
- Other operating charges -€947
down €947 (-36.3%), from €2,606 to €1,659
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €729,042 | €694,494 | -€34,548 | -4.7% |
| Fixed assets | 21/28 | €692,830 | €681,632 | -€11,198 | -1.6% |
| Tangible fixed assets | 22/27 | €207,830 | €196,632 | -€11,198 | -5.4% |
| Land and buildings | 22 | €203,011 | €191,985 | -€11,027 | -5.4% |
| Furniture and vehicles | 24 | - | €824 | +€824 | |
| Other tangible fixed assets | 26 | €4,818 | €3,824 | -€995 | -20.6% |
| Financial fixed assets | 28 | €485,000 | €485,000 | = | 0.0% |
| Current assets | 29/58 | €36,212 | €12,862 | -€23,351 | -64.5% |
| Amounts receivable within one year | 40/41 | €30,656 | €10,224 | -€20,432 | -66.6% |
| Trade receivables | 40 | €30,276 | €8,261 | -€22,015 | -72.7% |
| Other amounts receivable | 41 | €380 | €1,963 | +€1,583 | +417% |
| Cash at bank and in hand | 54/58 | €829 | €1,446 | +€618 | +74.6% |
| Deferred charges and accrued income | 490/1 | €4,728 | €1,191 | -€3,537 | -74.8% |
| Total equity and liabilities | 10/49 | €729,042 | €694,494 | -€34,548 | -4.7% |
| Equity | 10/15 | €200,636 | €180,618 | -€20,019 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,327 | €142,141 | -€19,186 | -11.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,467 | €140,281 | -€19,186 | -12.0% |
| Profit (loss) carried forward | 14 | €20,709 | €19,876 | -€833 | -4.0% |
| Amounts payable | 17/49 | €528,406 | €513,876 | -€14,530 | -2.7% |
| Amounts payable after more than one year | 17 | €269,598 | €198,820 | -€70,778 | -26.3% |
| Financial debts | 170/4 | €269,598 | €198,820 | -€70,778 | -26.3% |
| Amounts payable within one year | 42/48 | €229,063 | €303,033 | +€73,970 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €75,635 | €77,864 | +€2,229 | +2.9% |
| Financial debts | 43 | - | €5,851 | +€5,851 | |
| Credit institutions | 430/8 | - | €5,851 | +€5,851 | |
| Trade debts | 44 | €4,949 | €5,792 | +€843 | +17.0% |
| Suppliers | 440/4 | €4,949 | €5,792 | +€843 | +17.0% |
| Taxes, remuneration and social security | 45 | €45,324 | €35,355 | -€9,969 | -22.0% |
| Taxes | 450/3 | €13,065 | €25,484 | +€12,419 | +95.1% |
| Remuneration and social security | 454/9 | €32,259 | €9,871 | -€22,387 | -69.4% |
| Other amounts payable | 47/48 | €103,156 | €178,171 | +€75,015 | +72.7% |
| Accrued charges and deferred income | 492/3 | €29,744 | €12,023 | -€17,721 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,165 | €12,038 | -€127 | -1.0% |
| Other operating charges | 640/8 | €2,606 | €1,659 | -€947 | -36.3% |
| Gross operating margin | 9900 | €61,701 | €51,105 | -€10,596 | -17.2% |
| Operating profit (loss) | 9901 | €46,930 | €37,408 | -€9,523 | -20.3% |
| Financial income | 75/76B | €20,011 | €3 | -€20,008 | -100.0% |
| Recurring financial income | 75 | €20,011 | €3 | -€20,008 | -100.0% |
| Financial charges | 65/66B | €13,025 | €12,424 | -€601 | -4.6% |
| Recurring financial charges | 65 | €13,025 | €12,424 | -€601 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €53,917 | €24,987 | -€28,930 | -53.7% |
| Income taxes | 67/77 | €13,348 | €7,673 | -€5,675 | -42.5% |
| Profit (loss) for the period | 9904 | €40,569 | €17,315 | -€23,255 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,569 | €17,315 | -€23,255 | -57.3% |
Source: filed annual accounts (NBB), financial years ended 1 January 2025 and 1 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.