EFAS: 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.
EFAS
Largest movements
- Tangible fixed assets +€146,011
up €146,011 (+11.5%), from €1.3m to €1.4m
- Trade debts +€191,802
up €191,802 (+747.6%), from €25,657 to €217,459
- Debts after one year -€21,694
down €21,694 (-85.9%), from €25,268 to €3,574
- Other debts -€20,443
down €20,443 (-5.6%), from €367,653 to €347,210
- Reserves -€19,614
down €19,614 (-3.0%), from €661,869 to €642,255
of which Tax-exempt reserves: -€22,565
- Gross operating margin +€11,804
up €11,804 (+15.2%), from €77,780 to €89,584
- Financial charges -€7,672
down €7,672 (-61.6%), from €12,463 to €4,791
- Depreciation +€4,529
up €4,529 (+6.4%), from €71,279 to €75,808
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 | €1,815,770 | €1,947,865 | +€132,095 | +7.3% |
| Fixed assets | 21/28 | €1,568,621 | €1,714,633 | +€146,011 | +9.3% |
| Tangible fixed assets | 22/27 | €1,268,621 | €1,414,633 | +€146,011 | +11.5% |
| Land and buildings | 22 | €1,268,621 | €1,414,633 | +€146,011 | +11.5% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €247,148 | €233,232 | -€13,916 | -5.6% |
| Amounts receivable within one year | 40/41 | €171,036 | €152,612 | -€18,424 | -10.8% |
| Other amounts receivable | 41 | €171,036 | €152,612 | -€18,424 | -10.8% |
| Cash at bank and in hand | 54/58 | €72,446 | €76,787 | +€4,341 | +6.0% |
| Deferred charges and accrued income | 490/1 | €3,666 | €3,833 | +€167 | +4.5% |
| Total equity and liabilities | 10/49 | €1,815,770 | €1,947,865 | +€132,095 | +7.3% |
| Equity | 10/15 | €1,164,857 | €1,160,882 | -€3,976 | -0.3% |
| Contributions | 10/11 | €518,626 | €518,626 | = | 0.0% |
| Capital | 10 | €518,626 | €518,626 | = | 0.0% |
| Issued capital | 100 | €518,626 | €518,626 | = | 0.0% |
| Reserves | 13 | €661,869 | €642,255 | -€19,614 | -3.0% |
| Non-distributable reserves | 130/1 | €51,863 | €51,863 | = | 0.0% |
| Legal reserve | 130 | €51,863 | €51,863 | = | 0.0% |
| Tax-exempt reserves | 132 | €610,006 | €587,441 | -€22,565 | -3.7% |
| Distributable reserves | 133 | - | €2,951 | +€2,951 | |
| Profit (loss) carried forward | 14 | -€15,638 | €0 | +€15,638 | |
| Provisions and deferred taxes | 16 | €203,335 | €195,814 | -€7,522 | -3.7% |
| Deferred taxes | 168 | €203,335 | €195,814 | -€7,522 | -3.7% |
| Amounts payable | 17/49 | €447,577 | €591,169 | +€143,592 | +32.1% |
| Amounts payable after more than one year | 17 | €25,268 | €3,574 | -€21,694 | -85.9% |
| Financial debts | 170/4 | €25,268 | €3,574 | -€21,694 | -85.9% |
| Amounts payable within one year | 42/48 | €419,945 | €586,363 | +€166,418 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €26,635 | €21,694 | -€4,941 | -18.6% |
| Trade debts | 44 | €25,657 | €217,459 | +€191,802 | +747.6% |
| Suppliers | 440/4 | €25,657 | €217,459 | +€191,802 | +747.6% |
| Other amounts payable | 47/48 | €367,653 | €347,210 | -€20,443 | -5.6% |
| Accrued charges and deferred income | 492/3 | €2,364 | €1,233 | -€1,131 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,279 | €75,808 | +€4,529 | +6.4% |
| Other operating charges | 640/8 | €28,114 | €28,999 | +€884 | +3.1% |
| Gross operating margin | 9900 | €77,780 | €89,584 | +€11,804 | +15.2% |
| Operating profit (loss) | 9901 | -€21,613 | -€15,222 | +€6,391 | +29.6% |
| Financial income | 75/76B | €9,162 | €8,516 | -€646 | -7.1% |
| Recurring financial income | 75 | €9,162 | €8,516 | -€646 | -7.1% |
| Financial charges | 65/66B | €12,463 | €4,791 | -€7,672 | -61.6% |
| Recurring financial charges | 65 | €12,463 | €4,791 | -€7,672 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,914 | -€11,497 | +€13,417 | +53.9% |
| Transfer from deferred taxes | 780 | €6,836 | €7,522 | +€686 | +10.0% |
| Profit (loss) for the period | 9904 | -€18,078 | -€3,976 | +€14,103 | +78.0% |
| Transfer from tax-exempt reserves | 789 | €20,508 | €22,565 | +€2,057 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,430 | €18,589 | +€16,159 | +665.0% |
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.