EF WATERLOO: what changed
Two financial 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 WATERLOO
Largest movements
- Tangible fixed assets -€17,228
down €17,228 (-32.7%), from €52,610 to €35,381
of which Plant, machinery and equipment: -€12,140
- Receivables within one year -€7,502
down €7,502 (-70.6%), from €10,624 to €3,122
of which Trade receivables: -€7,129
- Deferred charges and accrued income +€4,376
up €4,376 (+298%), from €1,469 to €5,845
- Debts after one year -€74,048
no longer reported in 2025 (was €74,048)
of which Trade debts: -€58,239
- Profit (loss) carried forward +€56,003
up €56,003 (+60.6%), from -€92,391 to -€36,388
- Trade debts -€31,875
down €31,875 (-58.6%), from €54,423 to €22,548
- Other debts +€17,200
up €17,200 (+573%), from €3,001 to €20,202
- Accrued charges and deferred income +€6,466
new in 2025: €6,466
- Gross operating margin +€37,951
up €37,951 (+60.8%), from €62,437 to €100,388
- Staff costs +€21,051
new in 2025: €21,051
- Depreciation -€5,027
down €5,027 (-22.6%), from €22,255 to €17,228
- Financial charges -€1,849
down €1,849 (-63.7%), from €2,901 to €1,052
- Other operating charges -€1,329
down €1,329 (-20.8%), from €6,394 to €5,064
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.
Derived cash bridge
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 | €65,097 | €45,115 | -€19,982 | -30.7% |
| Fixed assets | 21/28 | €52,810 | €35,581 | -€17,228 | -32.6% |
| Tangible fixed assets | 22/27 | €52,610 | €35,381 | -€17,228 | -32.7% |
| Plant, machinery and equipment | 23 | €29,962 | €17,822 | -€12,140 | -40.5% |
| Other tangible fixed assets | 26 | €22,647 | €17,559 | -€5,088 | -22.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €12,287 | €9,534 | -€2,754 | -22.4% |
| Amounts receivable within one year | 40/41 | €10,624 | €3,122 | -€7,502 | -70.6% |
| Trade receivables | 40 | €8,108 | €980 | -€7,129 | -87.9% |
| Other amounts receivable | 41 | €2,516 | €2,143 | -€373 | -14.8% |
| Cash at bank and in hand | 54/58 | €195 | €567 | +€372 | +191% |
| Deferred charges and accrued income | 490/1 | €1,469 | €5,845 | +€4,376 | +298% |
| Total equity and liabilities | 10/49 | €65,097 | €45,115 | -€19,982 | -30.7% |
| Equity | 10/15 | -€66,391 | -€10,388 | +€56,003 | +84.4% |
| Contributions | 10/11 | €26,000 | €26,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,391 | -€36,388 | +€56,003 | +60.6% |
| Amounts payable | 17/49 | €131,488 | €55,504 | -€75,985 | -57.8% |
| Amounts payable after more than one year | 17 | €74,048 | - | -€74,048 | |
| Trade debts | 175 | €58,239 | - | -€58,239 | |
| Other amounts payable | 178/9 | €15,809 | - | -€15,809 | |
| Amounts payable within one year | 42/48 | €57,440 | €49,037 | -€8,402 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €16 | - | -€16 | |
| Trade debts | 44 | €54,423 | €22,548 | -€31,875 | -58.6% |
| Suppliers | 440/4 | €54,423 | €22,548 | -€31,875 | -58.6% |
| Advances received on contracts in progress | 46 | - | €984 | +€984 | |
| Taxes, remuneration and social security | 45 | - | €5,304 | +€5,304 | |
| Remuneration and social security | 454/9 | - | €5,304 | +€5,304 | |
| Other amounts payable | 47/48 | €3,001 | €20,202 | +€17,200 | +573% |
| Accrued charges and deferred income | 492/3 | - | €6,466 | +€6,466 | |
| Remuneration, social security and pensions | 62 | - | €21,051 | +€21,051 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,255 | €17,228 | -€5,027 | -22.6% |
| Other operating charges | 640/8 | €6,394 | €5,064 | -€1,329 | -20.8% |
| Gross operating margin | 9900 | €62,437 | €100,388 | +€37,951 | +60.8% |
| Operating profit (loss) | 9901 | €33,788 | €57,044 | +€23,257 | +68.8% |
| Financial income | 75/76B | €11 | €11 | -€1 | -4.7% |
| Recurring financial income | 75 | €11 | €11 | -€1 | -4.7% |
| Financial charges | 65/66B | €2,901 | €1,052 | -€1,849 | -63.7% |
| Recurring financial charges | 65 | €2,901 | €1,052 | -€1,849 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €30,898 | €56,003 | +€25,105 | +81.3% |
| Profit (loss) for the period | 9904 | €30,898 | €56,003 | +€25,105 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,898 | €56,003 | +€25,105 | +81.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.