EF EXPERTISE: 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 EXPERTISE
Largest movements
- Cash +€67,704
up €67,704 (+34.4%), from €197,094 to €264,798
mainly Other debts (+€268,908) and Receivables within one year (+€34,116)
- Receivables within one year -€34,116
down €34,116 (-54.7%), from €62,423 to €28,307
of which Other amounts receivable: -€19,126
- Tangible fixed assets -€18,731
down €18,731 (-34.9%), from €53,692 to €34,961
- Other debts +€268,908
up €268,908 (+24627.1%), from €1,092 to €270,000
- Reserves -€240,000
down €240,000 (-95.6%), from €251,000 to €11,000
- Tax, wage and social debts -€20,489
down €20,489 (-50.4%), from €40,664 to €20,175
- Accrued charges and deferred income +€7,200
up €7,200 (+100.0%), from €7,200 to €14,400
- Gross operating margin -€83,104
down €83,104 (-55.8%), from €149,014 to €65,910
- Taxes -€12,146
down €12,146 (-43.7%), from €27,786 to €15,640
- Depreciation +€2,713
up €2,713 (+16.9%), from €16,018 to €18,731
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 | €314,788 | €329,075 | +€14,287 | +4.5% |
| Fixed assets | 21/28 | €53,692 | €34,961 | -€18,731 | -34.9% |
| Tangible fixed assets | 22/27 | €53,692 | €34,961 | -€18,731 | -34.9% |
| Furniture and vehicles | 24 | €53,692 | €34,961 | -€18,731 | -34.9% |
| Current assets | 29/58 | €261,095 | €294,113 | +€33,018 | +12.6% |
| Amounts receivable within one year | 40/41 | €62,423 | €28,307 | -€34,116 | -54.7% |
| Trade receivables | 40 | €31,692 | €16,702 | -€14,990 | -47.3% |
| Other amounts receivable | 41 | €30,731 | €11,605 | -€19,126 | -62.2% |
| Cash at bank and in hand | 54/58 | €197,094 | €264,798 | +€67,704 | +34.4% |
| Deferred charges and accrued income | 490/1 | €1,578 | €1,008 | -€570 | -36.1% |
| Total equity and liabilities | 10/49 | €314,788 | €329,075 | +€14,287 | +4.5% |
| Equity | 10/15 | €261,931 | €21,186 | -€240,746 | -91.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €251,000 | €11,000 | -€240,000 | -95.6% |
| Distributable reserves | 133 | €251,000 | €11,000 | -€240,000 | -95.6% |
| Profit (loss) carried forward | 14 | €931 | €186 | -€746 | -80.1% |
| Amounts payable | 17/49 | €52,856 | €307,889 | +€255,033 | +482.5% |
| Amounts payable within one year | 42/48 | €45,656 | €293,489 | +€247,833 | +542.8% |
| Trade debts | 44 | €3,901 | €3,314 | -€587 | -15.0% |
| Suppliers | 440/4 | €3,901 | €3,314 | -€587 | -15.0% |
| Taxes, remuneration and social security | 45 | €40,664 | €20,175 | -€20,489 | -50.4% |
| Taxes | 450/3 | €40,664 | €20,175 | -€20,489 | -50.4% |
| Other amounts payable | 47/48 | €1,092 | €270,000 | +€268,908 | +24627.1% |
| Accrued charges and deferred income | 492/3 | €7,200 | €14,400 | +€7,200 | +100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,018 | €18,731 | +€2,713 | +16.9% |
| Other operating charges | 640/8 | €2,089 | €2,421 | +€332 | +15.9% |
| Gross operating margin | 9900 | €149,014 | €65,910 | -€83,104 | -55.8% |
| Operating profit (loss) | 9901 | €130,907 | €44,758 | -€86,149 | -65.8% |
| Financial income | 75/76B | €168 | €245 | +€77 | +46.0% |
| Recurring financial income | 75 | €168 | €245 | +€77 | +46.0% |
| Financial charges | 65/66B | €111 | €108 | -€3 | -2.6% |
| Recurring financial charges | 65 | €111 | €108 | -€3 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €130,964 | €44,894 | -€86,069 | -65.7% |
| Income taxes | 67/77 | €27,786 | €15,640 | -€12,146 | -43.7% |
| Profit (loss) for the period | 9904 | €103,177 | €29,254 | -€73,923 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €103,177 | €29,254 | -€73,923 | -71.6% |
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 5 October 2026 via checked.be.