E F B E: 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.
E F B E
Largest movements
- Tangible fixed assets +€142,267
up €142,267 (+198.3%), from €71,745 to €214,012
- Cash -€46,477
down €46,477 (-79.8%), from €58,253 to €11,777
mainly Investment in fixed assets (net) (-€146,897) and Current investments (-€25,000)
- Current investments +€25,000
up €25,000 (+2.8%), from €905,179 to €930,179
- Profit (loss) carried forward +€89,591
up €89,591 (+14.1%), from €637,654 to €727,245
- Trade debts +€22,101
new in 2025: €22,101
- Gross operating margin +€21,687
up €21,687 (+21.7%), from €100,012 to €121,699
- Taxes +€5,519
up €5,519 (+22.7%), from €24,344 to €29,864
- Financial income +€4,240
up €4,240 (+22.0%), from €19,251 to €23,491
- Depreciation +€3,227
up €3,227 (+229.9%), from €1,403 to €4,630
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 | €1,039,127 | €1,157,625 | +€118,497 | +11.4% |
| Fixed assets | 21/28 | €71,745 | €214,012 | +€142,267 | +198.3% |
| Tangible fixed assets | 22/27 | €71,745 | €214,012 | +€142,267 | +198.3% |
| Land and buildings | 22 | €71,745 | €214,012 | +€142,267 | +198.3% |
| Current assets | 29/58 | €967,383 | €943,613 | -€23,769 | -2.5% |
| Amounts receivable within one year | 40/41 | €2,431 | - | -€2,431 | |
| Other amounts receivable | 41 | €2,431 | - | -€2,431 | |
| Current investments | 50/53 | €905,179 | €930,179 | +€25,000 | +2.8% |
| Cash at bank and in hand | 54/58 | €58,253 | €11,777 | -€46,477 | -79.8% |
| Deferred charges and accrued income | 490/1 | €1,519 | €1,658 | +€139 | +9.1% |
| Total equity and liabilities | 10/49 | €1,039,127 | €1,157,625 | +€118,497 | +11.4% |
| Equity | 10/15 | €996,704 | €1,086,295 | +€89,591 | +9.0% |
| Contributions | 10/11 | €235,500 | €235,500 | = | 0.0% |
| Reserves | 13 | €123,550 | €123,550 | = | 0.0% |
| Distributable reserves | 133 | €123,550 | €123,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €637,654 | €727,245 | +€89,591 | +14.1% |
| Amounts payable | 17/49 | €42,423 | €71,330 | +€28,907 | +68.1% |
| Amounts payable within one year | 42/48 | €32,800 | €61,268 | +€28,467 | +86.8% |
| Trade debts | 44 | - | €22,101 | +€22,101 | |
| Suppliers | 440/4 | - | €22,101 | +€22,101 | |
| Taxes, remuneration and social security | 45 | - | €1,816 | +€1,816 | |
| Taxes | 450/3 | - | €1,816 | +€1,816 | |
| Other amounts payable | 47/48 | €32,800 | €37,350 | +€4,550 | +13.9% |
| Accrued charges and deferred income | 492/3 | €9,623 | €10,063 | +€439 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,403 | €4,630 | +€3,227 | +229.9% |
| Other operating charges | 640/8 | €20,317 | €20,952 | +€635 | +3.1% |
| Gross operating margin | 9900 | €100,012 | €121,699 | +€21,687 | +21.7% |
| Operating profit (loss) | 9901 | €78,291 | €96,117 | +€17,826 | +22.8% |
| Financial income | 75/76B | €19,251 | €23,491 | +€4,240 | +22.0% |
| Recurring financial income | 75 | €19,251 | €23,491 | +€4,240 | +22.0% |
| Financial charges | 65/66B | €166 | €153 | -€13 | -7.7% |
| Recurring financial charges | 65 | €166 | €153 | -€13 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €97,376 | €119,454 | +€22,078 | +22.7% |
| Income taxes | 67/77 | €24,344 | €29,864 | +€5,519 | +22.7% |
| Profit (loss) for the period | 9904 | €73,032 | €89,591 | +€16,558 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,032 | €89,591 | +€16,558 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.