E.F.E.B.: 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.E.B.
Largest movements
- Receivables within one year -€239,593
down €239,593 (-8.8%), from €2.7m to €2.5m
of which Trade receivables: -€208,405
- Cash +€70,647
up €70,647 (+59.9%), from €117,885 to €188,531
- Other debts -€345,683
down €345,683 (-20.1%), from €1.7m to €1.4m
- Profit (loss) carried forward +€192,802
up €192,802 (+32.5%), from €593,060 to €785,862
- Trade debts +€57,899
up €57,899 (+25.4%), from €227,870 to €285,769
- Tax, wage and social debts -€47,886
down €47,886 (-19.9%), from €240,490 to €192,604
of which Remuneration and social security: -€30,763
- Gross operating margin +€751,313
up €751,313 (+46.4%), from €1.6m to €2.4m
- Staff costs +€729,882
up €729,882 (+55.7%), from €1.3m to €2.0m
- Depreciation +€36,622
up €36,622 (+184.0%), from €19,907 to €56,530
- Financial charges +€34,180
up €34,180 (+47.2%), from €72,377 to €106,557
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,941,190 | €2,768,082 | -€173,108 | -5.9% |
| Fixed assets | 21/28 | €81,585 | €67,289 | -€14,297 | -17.5% |
| Intangible fixed assets | 21 | €544 | - | -€544 | |
| Tangible fixed assets | 22/27 | €81,042 | €67,289 | -€13,753 | -17.0% |
| Furniture and vehicles | 24 | €60,471 | €63,855 | +€3,385 | +5.6% |
| Other tangible fixed assets | 26 | €20,571 | €3,434 | -€17,138 | -83.3% |
| Current assets | 29/58 | €2,859,605 | €2,700,793 | -€158,812 | -5.6% |
| Amounts receivable within one year | 40/41 | €2,736,526 | €2,496,933 | -€239,593 | -8.8% |
| Trade receivables | 40 | €379,295 | €170,890 | -€208,405 | -54.9% |
| Other amounts receivable | 41 | €2,357,231 | €2,326,043 | -€31,188 | -1.3% |
| Cash at bank and in hand | 54/58 | €117,885 | €188,531 | +€70,647 | +59.9% |
| Deferred charges and accrued income | 490/1 | €5,194 | €15,329 | +€10,135 | +195.1% |
| Total equity and liabilities | 10/49 | €2,941,190 | €2,768,082 | -€173,108 | -5.9% |
| Equity | 10/15 | €662,989 | €855,790 | +€192,802 | +29.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €8,428 | €8,428 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,428 | €8,428 | = | 0.0% |
| Legal reserve | 130 | €8,428 | €8,428 | = | 0.0% |
| Profit (loss) carried forward | 14 | €593,060 | €785,862 | +€192,802 | +32.5% |
| Provisions and deferred taxes | 16 | €23,750 | €23,750 | = | 0.0% |
| Deferred taxes | 168 | €23,750 | €23,750 | = | 0.0% |
| Amounts payable | 17/49 | €2,254,452 | €1,888,542 | -€365,910 | -16.2% |
| Amounts payable after more than one year | 17 | €42,527 | €21,932 | -€20,595 | -48.4% |
| Financial debts | 170/4 | €42,527 | €21,932 | -€20,595 | -48.4% |
| Amounts payable within one year | 42/48 | €2,201,963 | €1,861,351 | -€340,612 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €15,116 | €10,174 | -€4,941 | -32.7% |
| Trade debts | 44 | €227,870 | €285,769 | +€57,899 | +25.4% |
| Suppliers | 440/4 | €227,870 | €285,769 | +€57,899 | +25.4% |
| Taxes, remuneration and social security | 45 | €240,490 | €192,604 | -€47,886 | -19.9% |
| Taxes | 450/3 | €62,874 | €45,750 | -€17,124 | -27.2% |
| Remuneration and social security | 454/9 | €177,617 | €146,854 | -€30,763 | -17.3% |
| Other amounts payable | 47/48 | €1,718,487 | €1,372,804 | -€345,683 | -20.1% |
| Accrued charges and deferred income | 492/3 | €9,962 | €5,258 | -€4,703 | -47.2% |
| Remuneration, social security and pensions | 62 | €1,311,323 | €2,041,205 | +€729,882 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,907 | €56,530 | +€36,622 | +184.0% |
| Other operating charges | 640/8 | €24,611 | €44,132 | +€19,521 | +79.3% |
| Gross operating margin | 9900 | €1,618,836 | €2,370,149 | +€751,313 | +46.4% |
| Operating profit (loss) | 9901 | €262,995 | €228,283 | -€34,712 | -13.2% |
| Financial income | 75/76B | €150,137 | €166,993 | +€16,857 | +11.2% |
| Recurring financial income | 75 | €150,137 | €166,993 | +€16,857 | +11.2% |
| Financial charges | 65/66B | €72,377 | €106,557 | +€34,180 | +47.2% |
| Recurring financial charges | 65 | €72,377 | €106,557 | +€34,180 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €340,754 | €288,719 | -€52,035 | -15.3% |
| Income taxes | 67/77 | €102,559 | €95,917 | -€6,642 | -6.5% |
| Profit (loss) for the period | 9904 | €238,195 | €192,802 | -€45,393 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €238,195 | €192,802 | -€45,393 | -19.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.