EFCEE: 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.
EFCEE
Largest movements
- Current investments +€340,000
up €340,000 (+46.2%), from €736,480 to €1.1m
- Cash -€213,202
down €213,202 (-54.9%), from €388,346 to €175,144
mainly Current investments (-€340,000) and Other debts (-€88,093)
- Tangible fixed assets -€25,541
down €25,541 (-5.4%), from €477,331 to €451,790
of which Leasing and similar rights: -€14,728
- Reserves +€179,427
up €179,427 (+12.1%), from €1.5m to €1.7m
of which Distributable reserves: +€179,427
- Other debts -€88,093
down €88,093 (-91.5%), from €96,297 to €8,204
- Depreciation -€37,911
down €37,911 (-59.7%), from €63,452 to €25,541
- Gross operating margin -€20,060
down €20,060 (-7.1%), from €281,107 to €261,047
- Taxes +€13,526
up €13,526 (+21.1%), from €63,976 to €77,501
- Financial income +€5,338
up €5,338 (+29.3%), from €18,245 to €23,583
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 | €1,648,979 | €1,732,761 | +€83,782 | +5.1% |
| Fixed assets | 21/28 | €477,331 | €451,790 | -€25,541 | -5.4% |
| Tangible fixed assets | 22/27 | €477,331 | €451,790 | -€25,541 | -5.4% |
| Land and buildings | 22 | €306,442 | €297,860 | -€8,582 | -2.8% |
| Furniture and vehicles | 24 | €2,511 | €1,420 | -€1,090 | -43.4% |
| Leasing and similar rights | 25 | €162,005 | €147,278 | -€14,728 | -9.1% |
| Other tangible fixed assets | 26 | €6,373 | €5,232 | -€1,142 | -17.9% |
| Current assets | 29/58 | €1,171,648 | €1,280,972 | +€109,324 | +9.3% |
| Amounts receivable within one year | 40/41 | €40,661 | €24,899 | -€15,762 | -38.8% |
| Trade receivables | 40 | €37,106 | €24,899 | -€12,207 | -32.9% |
| Other amounts receivable | 41 | €3,555 | - | -€3,555 | |
| Current investments | 50/53 | €736,480 | €1,076,480 | +€340,000 | +46.2% |
| Cash at bank and in hand | 54/58 | €388,346 | €175,144 | -€213,202 | -54.9% |
| Deferred charges and accrued income | 490/1 | €6,161 | €4,449 | -€1,712 | -27.8% |
| Total equity and liabilities | 10/49 | €1,648,979 | €1,732,761 | +€83,782 | +5.1% |
| Equity | 10/15 | €1,500,220 | €1,679,647 | +€179,427 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,481,620 | €1,661,047 | +€179,427 | +12.1% |
| Tax-exempt reserves | 132 | €3,103 | €3,103 | = | 0.0% |
| Distributable reserves | 133 | €1,478,516 | €1,657,944 | +€179,427 | +12.1% |
| Amounts payable | 17/49 | €148,759 | €53,114 | -€95,645 | -64.3% |
| Amounts payable within one year | 42/48 | €145,832 | €51,084 | -€94,749 | -65.0% |
| Trade debts | 44 | €1,868 | €4,137 | +€2,269 | +121.5% |
| Suppliers | 440/4 | €1,868 | €4,137 | +€2,269 | +121.5% |
| Taxes, remuneration and social security | 45 | €47,668 | €38,743 | -€8,925 | -18.7% |
| Taxes | 450/3 | €44,968 | €38,743 | -€6,225 | -13.8% |
| Remuneration and social security | 454/9 | €2,700 | - | -€2,700 | |
| Other amounts payable | 47/48 | €96,297 | €8,204 | -€88,093 | -91.5% |
| Accrued charges and deferred income | 492/3 | €2,927 | €2,031 | -€896 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,452 | €25,541 | -€37,911 | -59.7% |
| Other operating charges | 640/8 | €2,116 | €2,108 | -€9 | -0.4% |
| Gross operating margin | 9900 | €281,107 | €261,047 | -€20,060 | -7.1% |
| Operating profit (loss) | 9901 | €215,539 | €233,397 | +€17,859 | +8.3% |
| Financial income | 75/76B | €18,245 | €23,583 | +€5,338 | +29.3% |
| Recurring financial income | 75 | €18,245 | €23,583 | +€5,338 | +29.3% |
| Financial charges | 65/66B | €288 | €52 | -€236 | -82.1% |
| Recurring financial charges | 65 | €288 | €52 | -€236 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | €233,496 | €256,929 | +€23,433 | +10.0% |
| Income taxes | 67/77 | €63,976 | €77,501 | +€13,526 | +21.1% |
| Profit (loss) for the period | 9904 | €169,520 | €179,427 | +€9,907 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €169,520 | €179,427 | +€9,907 | +5.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.