EF4TS: 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.
EF4TS
Largest movements
- Cash -€34,914
down €34,914 (-24.0%), from €145,305 to €110,391
mainly Net result for the year (-€28,474) and Stocks and contracts (-€20,000)
- Stocks and contracts +€20,000
up €20,000 (+49.4%), from €40,500 to €60,500
- Tangible fixed assets -€3,374
down €3,374 (-31.7%), from €10,632 to €7,259
- Receivables within one year -€2,754
down €2,754 (-40.7%), from €6,769 to €4,015
of which Other amounts receivable: -€2,101
- Profit (loss) carried forward -€28,474
down €28,474 (-37.1%), from -€76,652 to -€105,125
- Other debts +€4,427
up €4,427 (+51.2%), from €8,649 to €13,076
- Trade debts +€3,366
up €3,366 (+13.0%), from €25,904 to €29,269
- Staff costs -€14,886
down €14,886 (-94.3%), from €15,787 to €902
- Gross operating margin -€14,657
down €14,657 (-206.3%), from -€7,105 to -€21,762
- Depreciation -€9,998
down €9,998 (-70.7%), from €14,136 to €4,138
- Financial charges -€455
down €455 (-39.2%), from €1,162 to €707
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 | €203,925 | €182,639 | -€21,286 | -10.4% |
| Fixed assets | 21/28 | €10,907 | €7,284 | -€3,624 | -33.2% |
| Tangible fixed assets | 22/27 | €10,632 | €7,259 | -€3,374 | -31.7% |
| Furniture and vehicles | 24 | €10,632 | €7,259 | -€3,374 | -31.7% |
| Financial fixed assets | 28 | €275 | €25 | -€250 | -90.9% |
| Current assets | 29/58 | €193,018 | €175,355 | -€17,663 | -9.2% |
| Stocks and contracts in progress | 3 | €40,500 | €60,500 | +€20,000 | +49.4% |
| Stocks | 30/36 | €40,500 | €60,500 | +€20,000 | +49.4% |
| Amounts receivable within one year | 40/41 | €6,769 | €4,015 | -€2,754 | -40.7% |
| Trade receivables | 40 | €3,594 | €2,940 | -€653 | -18.2% |
| Other amounts receivable | 41 | €3,176 | €1,075 | -€2,101 | -66.2% |
| Cash at bank and in hand | 54/58 | €145,305 | €110,391 | -€34,914 | -24.0% |
| Deferred charges and accrued income | 490/1 | €444 | €449 | +€5 | +1.2% |
| Total equity and liabilities | 10/49 | €203,925 | €182,639 | -€21,286 | -10.4% |
| Equity | 10/15 | €167,941 | €139,467 | -€28,474 | -17.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €243,593 | €243,593 | = | 0.0% |
| Distributable reserves | 133 | €243,593 | €243,593 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,652 | -€105,125 | -€28,474 | -37.1% |
| Amounts payable | 17/49 | €35,984 | €43,172 | +€7,187 | +20.0% |
| Amounts payable within one year | 42/48 | €34,703 | €42,506 | +€7,802 | +22.5% |
| Trade debts | 44 | €25,904 | €29,269 | +€3,366 | +13.0% |
| Suppliers | 440/4 | €25,904 | €29,269 | +€3,366 | +13.0% |
| Taxes, remuneration and social security | 45 | €150 | €160 | +€10 | +6.7% |
| Taxes | 450/3 | €150 | €160 | +€10 | +6.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,649 | €13,076 | +€4,427 | +51.2% |
| Accrued charges and deferred income | 492/3 | €1,281 | €666 | -€615 | -48.0% |
| Remuneration, social security and pensions | 62 | €15,787 | €902 | -€14,886 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,136 | €4,138 | -€9,998 | -70.7% |
| Other operating charges | 640/8 | €780 | €804 | +€23 | +3.0% |
| Gross operating margin | 9900 | -€7,105 | -€21,762 | -€14,657 | -206.3% |
| Operating profit (loss) | 9901 | -€37,809 | -€27,605 | +€10,204 | +27.0% |
| Financial charges | 65/66B | €1,162 | €707 | -€455 | -39.2% |
| Recurring financial charges | 65 | €1,162 | €707 | -€455 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,971 | -€28,312 | +€10,659 | +27.4% |
| Income taxes | 67/77 | €149 | €162 | +€13 | +8.8% |
| Profit (loss) for the period | 9904 | -€39,120 | -€28,474 | +€10,646 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,120 | -€28,474 | +€10,646 | +27.2% |
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 3 October 2026 via checked.be.