EBELFRI: 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.
EBELFRI
Largest movements
- Tangible fixed assets -€104,200
down €104,200 (-23.3%), from €447,770 to €343,569
of which Plant, machinery and equipment: -€54,388
- Receivables within one year +€76,530
new in 2025: €76,530
- Tax, wage and social debts +€35,617
up €35,617 (+53.7%), from €66,283 to €101,900
of which Taxes: +€27,570
- Accrued charges and deferred income -€27,619
no longer reported in 2025 (was €27,619)
- Trade debts -€12,813
down €12,813 (-9.5%), from €134,902 to €122,090
- Other debts -€12,594
down €12,594 (-8.3%), from €151,625 to €139,032
- Profit (loss) carried forward -€5,743
down €5,743 (-13.7%), from €41,999 to €36,256
- Staff costs +€148,348
up €148,348 (+51.1%), from €290,214 to €438,562
- Gross operating margin +€136,636
up €136,636 (+29.7%), from €460,051 to €596,687
- Depreciation +€6,479
up €6,479 (+4.4%), from €147,764 to €154,242
- Financial charges -€6,104
down €6,104 (-42.3%), from €14,419 to €8,315
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 | €490,629 | €467,478 | -€23,151 | -4.7% |
| Fixed assets | 21/28 | €447,770 | €343,569 | -€104,200 | -23.3% |
| Tangible fixed assets | 22/27 | €447,770 | €343,569 | -€104,200 | -23.3% |
| Plant, machinery and equipment | 23 | €162,334 | €107,947 | -€54,388 | -33.5% |
| Furniture and vehicles | 24 | €17,477 | €11,328 | -€6,149 | -35.2% |
| Other tangible fixed assets | 26 | €267,958 | €224,295 | -€43,663 | -16.3% |
| Current assets | 29/58 | €42,859 | €123,908 | +€81,049 | +189.1% |
| Stocks and contracts in progress | 3 | €23,598 | €25,271 | +€1,673 | +7.1% |
| Stocks | 30/36 | €23,598 | €25,271 | +€1,673 | +7.1% |
| Amounts receivable within one year | 40/41 | - | €76,530 | +€76,530 | |
| Trade receivables | 40 | - | €76,530 | +€76,530 | |
| Cash at bank and in hand | 54/58 | €19,262 | €22,107 | +€2,846 | +14.8% |
| Total equity and liabilities | 10/49 | €490,629 | €467,478 | -€23,151 | -4.7% |
| Equity | 10/15 | €110,199 | €104,456 | -€5,743 | -5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,999 | €36,256 | -€5,743 | -13.7% |
| Amounts payable | 17/49 | €380,430 | €363,021 | -€17,408 | -4.6% |
| Amounts payable within one year | 42/48 | €352,810 | €363,021 | +€10,211 | +2.9% |
| Trade debts | 44 | €134,902 | €122,090 | -€12,813 | -9.5% |
| Suppliers | 440/4 | €134,902 | €122,090 | -€12,813 | -9.5% |
| Taxes, remuneration and social security | 45 | €66,283 | €101,900 | +€35,617 | +53.7% |
| Taxes | 450/3 | €6,093 | €33,663 | +€27,570 | +452.5% |
| Remuneration and social security | 454/9 | €60,189 | €68,237 | +€8,048 | +13.4% |
| Other amounts payable | 47/48 | €151,625 | €139,032 | -€12,594 | -8.3% |
| Accrued charges and deferred income | 492/3 | €27,619 | - | -€27,619 | |
| Remuneration, social security and pensions | 62 | €290,214 | €438,562 | +€148,348 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,764 | €154,242 | +€6,479 | +4.4% |
| Other operating charges | 640/8 | €322 | €199 | -€122 | -38.1% |
| Gross operating margin | 9900 | €460,051 | €596,687 | +€136,636 | +29.7% |
| Operating profit (loss) | 9901 | €21,752 | €3,683 | -€18,069 | -83.1% |
| Financial charges | 65/66B | €14,419 | €8,315 | -€6,104 | -42.3% |
| Recurring financial charges | 65 | €14,419 | €8,315 | -€6,104 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | €7,333 | -€4,632 | -€11,964 | |
| Income taxes | 67/77 | €4,920 | €1,111 | -€3,809 | -77.4% |
| Profit (loss) for the period | 9904 | €2,413 | -€5,743 | -€8,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,413 | -€5,743 | -€8,155 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.