EF: 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.
EF
Largest movements
- Tangible fixed assets +€18,713
up €18,713 (+157.6%), from €11,870 to €30,583
of which Plant, machinery and equipment: +€16,338
- Cash -€9,737
down €9,737 (-88.0%), from €11,069 to €1,332
mainly Investment in fixed assets (net) (-€27,750) and Trade debts (-€8,355)
- Stocks and contracts -€2,435
down €2,435 (-100.0%), from €2,435 to €0
- Profit (loss) carried forward +€9,638
up €9,638 (+22.2%), from €43,495 to €53,132
- Trade debts -€8,355
down €8,355 (-66.6%), from €12,547 to €4,192
- Tax, wage and social debts +€4,929
up €4,929 (+107.7%), from €4,577 to €9,505
of which Remuneration and social security: +€5,826
- Other debts +€730
new in 2025: €730
- Purchases and services -€169,805
no longer reported in 2025 (was €169,805)
- Gross operating margin +€6,691
up €6,691 (+30.7%), from €21,809 to €28,500
- Write-downs +€6,084
new in 2025: €6,084
- Depreciation +€5,158
up €5,158 (+132.9%), from €3,880 to €9,037
- Financial charges -€1,848
down €1,848 (-96.8%), from €1,910 to €62
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 | €63,618 | €70,560 | +€6,942 | +10.9% |
| Fixed assets | 21/28 | €22,276 | €40,989 | +€18,713 | +84.0% |
| Tangible fixed assets | 22/27 | €11,870 | €30,583 | +€18,713 | +157.6% |
| Plant, machinery and equipment | 23 | €6,870 | €23,208 | +€16,338 | +237.8% |
| Furniture and vehicles | 24 | €5,000 | €7,375 | +€2,375 | +47.5% |
| Financial fixed assets | 28 | €10,406 | €10,406 | = | 0.0% |
| Current assets | 29/58 | €41,342 | €29,571 | -€11,771 | -28.5% |
| Stocks and contracts in progress | 3 | €2,435 | €0 | -€2,435 | -100.0% |
| Stocks | 30/36 | €2,435 | €0 | -€2,435 | -100.0% |
| Amounts receivable within one year | 40/41 | €27,838 | €28,239 | +€402 | +1.4% |
| Trade receivables | 40 | €25,920 | €12,045 | -€13,876 | -53.5% |
| Other amounts receivable | 41 | €1,918 | €16,195 | +€14,277 | +744.4% |
| Cash at bank and in hand | 54/58 | €11,069 | €1,332 | -€9,737 | -88.0% |
| Total equity and liabilities | 10/49 | €63,618 | €70,560 | +€6,942 | +10.9% |
| Equity | 10/15 | €46,495 | €56,132 | +€9,638 | +20.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,495 | €53,132 | +€9,638 | +22.2% |
| Amounts payable | 17/49 | €17,124 | €14,428 | -€2,696 | -15.7% |
| Amounts payable within one year | 42/48 | €17,124 | €14,428 | -€2,696 | -15.7% |
| Trade debts | 44 | €12,547 | €4,192 | -€8,355 | -66.6% |
| Suppliers | 440/4 | €12,547 | €4,192 | -€8,355 | -66.6% |
| Taxes, remuneration and social security | 45 | €4,577 | €9,505 | +€4,929 | +107.7% |
| Taxes | 450/3 | €4,577 | €3,679 | -€897 | -19.6% |
| Remuneration and social security | 454/9 | - | €5,826 | +€5,826 | |
| Other amounts payable | 47/48 | - | €730 | +€730 | |
| Goods, raw materials, services and sundry goods | 60/61 | €169,805 | - | -€169,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,880 | €9,037 | +€5,158 | +132.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,084 | +€6,084 | |
| Other operating charges | 640/8 | €564 | - | -€564 | |
| Non-recurring operating charges | 66A | €248 | - | -€248 | |
| Gross operating margin | 9900 | €21,809 | €28,500 | +€6,691 | +30.7% |
| Operating profit (loss) | 9901 | €17,117 | €13,379 | -€3,738 | -21.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,910 | €62 | -€1,848 | -96.8% |
| Recurring financial charges | 65 | €1,910 | €62 | -€1,848 | -96.8% |
| Profit (loss) for the period before taxes | 9903 | €15,207 | €13,317 | -€1,890 | -12.4% |
| Income taxes | 67/77 | €4,577 | €3,679 | -€897 | -19.6% |
| Profit (loss) for the period | 9904 | €10,630 | €9,638 | -€992 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,630 | €9,638 | -€992 | -9.3% |
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.