EF-X: 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-X
Largest movements
- Receivables within one year -€39,495
down €39,495 (-60.9%), from €64,863 to €25,367
of which Trade receivables: -€40,735
- Tangible fixed assets -€19,874
down €19,874 (-11.5%), from €172,422 to €152,548
of which Other tangible fixed assets: -€22,373
- Deferred charges and accrued income +€7,886
up €7,886 (+278%), from €2,833 to €10,719
- Cash -€4,125
down €4,125 (-9.3%), from €44,443 to €40,318
mainly Net result for the year (-€21,597) and Tax, wage and social debts (-€18,383)
- Reserves -€21,597
down €21,597 (-10.4%), from €207,851 to €186,254
- Tax, wage and social debts -€18,383
down €18,383 (-59.4%), from €30,956 to €12,573
- Debts after one year -€16,729
down €16,729 (-70.2%), from €23,841 to €7,113
- Gross operating margin -€60,591
down €60,591 (-84.8%), from €71,435 to €10,844
- Taxes -€7,866
down €7,866 (-93.5%), from €8,412 to €546
- Depreciation +€1,206
up €1,206 (+5.4%), from €22,168 to €23,374
- Other operating charges +€1,107
up €1,107 (+64.5%), from €1,715 to €2,822
- Financial charges +€1,076
up €1,076 (+23.2%), from €4,632 to €5,708
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 | €314,561 | €258,952 | -€55,609 | -17.7% |
| Fixed assets | 21/28 | €172,422 | €152,548 | -€19,874 | -11.5% |
| Tangible fixed assets | 22/27 | €172,422 | €152,548 | -€19,874 | -11.5% |
| Land and buildings | 22 | €8,067 | €8,067 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €3,060 | +€3,060 | |
| Furniture and vehicles | 24 | €2,012 | €1,451 | -€561 | -27.9% |
| Other tangible fixed assets | 26 | €162,343 | €139,970 | -€22,373 | -13.8% |
| Current assets | 29/58 | €142,139 | €106,404 | -€35,735 | -25.1% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €64,863 | €25,367 | -€39,495 | -60.9% |
| Trade receivables | 40 | €49,810 | €9,075 | -€40,735 | -81.8% |
| Other amounts receivable | 41 | €15,053 | €16,292 | +€1,240 | +8.2% |
| Cash at bank and in hand | 54/58 | €44,443 | €40,318 | -€4,125 | -9.3% |
| Deferred charges and accrued income | 490/1 | €2,833 | €10,719 | +€7,886 | +278% |
| Total equity and liabilities | 10/49 | €314,561 | €258,952 | -€55,609 | -17.7% |
| Equity | 10/15 | €226,451 | €204,854 | -€21,597 | -9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,851 | €186,254 | -€21,597 | -10.4% |
| Distributable reserves | 133 | €207,851 | €186,254 | -€21,597 | -10.4% |
| Amounts payable | 17/49 | €88,110 | €54,098 | -€34,012 | -38.6% |
| Amounts payable after more than one year | 17 | €23,841 | €7,113 | -€16,729 | -70.2% |
| Financial debts | 170/4 | €23,841 | €7,113 | -€16,729 | -70.2% |
| Amounts payable within one year | 42/48 | €64,269 | €46,985 | -€17,284 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €16,258 | €16,729 | +€471 | +2.9% |
| Trade debts | 44 | €15,540 | €16,745 | +€1,205 | +7.8% |
| Suppliers | 440/4 | €15,540 | €16,745 | +€1,205 | +7.8% |
| Taxes, remuneration and social security | 45 | €30,956 | €12,573 | -€18,383 | -59.4% |
| Taxes | 450/3 | €30,956 | €12,573 | -€18,383 | -59.4% |
| Other amounts payable | 47/48 | €1,515 | €938 | -€577 | -38.1% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,168 | €23,374 | +€1,206 | +5.4% |
| Other operating charges | 640/8 | €1,715 | €2,822 | +€1,107 | +64.5% |
| Gross operating margin | 9900 | €71,435 | €10,844 | -€60,591 | -84.8% |
| Operating profit (loss) | 9901 | €47,551 | -€15,352 | -€62,904 | |
| Financial income | 75/76B | €420 | €10 | -€410 | -97.6% |
| Recurring financial income | 75 | €420 | €10 | -€410 | -97.6% |
| Financial charges | 65/66B | €4,632 | €5,708 | +€1,076 | +23.2% |
| Recurring financial charges | 65 | €4,632 | €5,708 | +€1,076 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €43,340 | -€21,050 | -€64,390 | |
| Income taxes | 67/77 | €8,412 | €546 | -€7,866 | -93.5% |
| Profit (loss) for the period | 9904 | €34,928 | -€21,597 | -€56,524 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,928 | -€21,597 | -€56,524 |
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.