E.F.W.: what changed
E.F.W.
Largest movements
- Current investments -€300,000
down €300,000 (-46.2%), from €650,000 to €350,000
- Receivables within one year +€118,813
up €118,813 (+1,215%), from €9,781 to €128,594
of which Other amounts receivable: +€118,813
- Tangible fixed assets +€65,035
up €65,035 (+35.8%), from €181,686 to €246,722
of which Furniture and vehicles: +€72,213
- Cash -€45,263
down €45,263 (-28.5%), from €158,897 to €113,634
mainly Contributions, distributions and other (-€211,289) and Receivables within one year (-€118,813)
- Reserves -€163,983
down €163,983 (-17.0%), from €963,151 to €799,168
of which Distributable reserves: -€161,083
- Gross operating margin +€26,461
up €26,461 (+40.4%), from €65,439 to €91,900
- Depreciation +€16,793
up €16,793 (+157%), from €10,679 to €27,472
- Financial income -€4,286
down €4,286 (-23.5%), from €18,218 to €13,933
- Taxes +€1,105
up €1,105 (+4.9%), from €22,542 to €23,647
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,005,162 | €844,774 | -€160,388 | -16.0% |
| Fixed assets | 21/28 | €183,568 | €248,604 | +€65,035 | +35.4% |
| Tangible fixed assets | 22/27 | €181,686 | €246,722 | +€65,035 | +35.8% |
| Land and buildings | 22 | €181,169 | €174,509 | -€6,660 | -3.7% |
| Plant, machinery and equipment | 23 | €518 | - | -€518 | |
| Furniture and vehicles | 24 | - | €72,213 | +€72,213 | |
| Financial fixed assets | 28 | €1,882 | €1,882 | = | 0.0% |
| Current assets | 29/58 | €821,594 | €596,171 | -€225,423 | -27.4% |
| Amounts receivable within one year | 40/41 | €9,781 | €128,594 | +€118,813 | +1,215% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 41 | €7,781 | €126,594 | +€118,813 | +1,527% |
| Current investments | 50/53 | €650,000 | €350,000 | -€300,000 | -46.2% |
| Cash at bank and in hand | 54/58 | €158,897 | €113,634 | -€45,263 | -28.5% |
| Deferred charges and accrued income | 490/1 | €2,915 | €3,942 | +€1,027 | +35.2% |
| Total equity and liabilities | 10/49 | €1,005,162 | €844,774 | -€160,388 | -16.0% |
| Equity | 10/15 | €983,381 | €819,398 | -€163,983 | -16.7% |
| Contributions | 10/11 | €20,230 | €20,230 | = | 0.0% |
| Reserves | 13 | €963,151 | €799,168 | -€163,983 | -17.0% |
| Tax-exempt reserves | 132 | €23,168 | €20,268 | -€2,900 | -12.5% |
| Distributable reserves | 133 | €939,983 | €778,900 | -€161,083 | -17.1% |
| Provisions and deferred taxes | 16 | €4,397 | €2,904 | -€1,493 | -34.0% |
| Deferred taxes | 168 | €4,397 | €2,904 | -€1,493 | -34.0% |
| Amounts payable | 17/49 | €17,384 | €22,473 | +€5,089 | +29.3% |
| Amounts payable after more than one year | 17 | €12,524 | €14,674 | +€2,150 | +17.2% |
| Other amounts payable | 178/9 | €12,524 | €14,674 | +€2,150 | +17.2% |
| Amounts payable within one year | 42/48 | €4,860 | €6,759 | +€1,899 | +39.1% |
| Trade debts | 44 | €1,111 | €1,134 | +€23 | +2.1% |
| Suppliers | 440/4 | €1,111 | €1,134 | +€23 | +2.1% |
| Taxes, remuneration and social security | 45 | €3,749 | €5,625 | +€1,876 | +50.1% |
| Taxes | 450/3 | €3,749 | €5,625 | +€1,876 | +50.1% |
| Accrued charges and deferred income | 492/3 | - | €1,039 | +€1,039 | |
| Non-recurring operating income | 76A | - | €12,100 | +€12,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,679 | €27,472 | +€16,793 | +157% |
| Other operating charges | 640/8 | €9,229 | €8,584 | -€646 | -7.0% |
| Gross operating margin | 9900 | €65,439 | €91,900 | +€26,461 | +40.4% |
| Operating profit (loss) | 9901 | €45,531 | €55,845 | +€10,314 | +22.7% |
| Financial income | 75/76B | €18,218 | €13,933 | -€4,286 | -23.5% |
| Recurring financial income | 75 | €18,218 | €13,933 | -€4,286 | -23.5% |
| Financial charges | 65/66B | €309 | €318 | +€9 | +2.9% |
| Recurring financial charges | 65 | €309 | €318 | +€9 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €63,441 | €69,460 | +€6,019 | +9.5% |
| Transfer from deferred taxes | 780 | €1,493 | €1,493 | = | 0.0% |
| Income taxes | 67/77 | €22,542 | €23,647 | +€1,105 | +4.9% |
| Profit (loss) for the period | 9904 | €42,392 | €47,306 | +€4,914 | +11.6% |
| Transfer from tax-exempt reserves | 789 | €2,900 | €2,900 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,292 | €50,206 | +€4,914 | +10.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.