EFDS: 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.
EFDS
Largest movements
- Cash -€45,325
down €45,325 (-40.6%), from €111,666 to €66,341
mainly Trade debts (-€29,505) and Investment in fixed assets (net) (-€16,000)
- Receivables within one year +€12,035
up €12,035 (+74.1%), from €16,248 to €28,283
of which Trade receivables: +€14,148
- Stocks and contracts -€8,189
down €8,189 (-20.5%), from €40,015 to €31,826
of which Stocks: -€12,515
- Tangible fixed assets -€6,763
down €6,763 (-8.1%), from €83,071 to €76,308
of which Furniture and vehicles: -€12,199
- Trade debts -€29,505
no longer reported in 2025 (was €29,505)
- Reserves -€8,368
down €8,368 (-4.4%), from €188,255 to €179,887
of which Distributable reserves: -€8,368
- Tax, wage and social debts -€5,396
no longer reported in 2025 (was €5,396)
- Other debts -€4,471
down €4,471 (-20.7%), from €21,638 to €17,167
- Gross operating margin -€63,621
down €63,621 (-80.8%), from €78,711 to €15,090
- Taxes -€16,267
no longer reported in 2025 (was €16,267)
- Depreciation +€2,912
up €2,912 (+14.7%), from €19,851 to €22,763
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 | €250,999 | €202,757 | -€48,242 | -19.2% |
| Fixed assets | 21/28 | €83,071 | €76,308 | -€6,763 | -8.1% |
| Tangible fixed assets | 22/27 | €83,071 | €76,308 | -€6,763 | -8.1% |
| Land and buildings | 22 | €2,313 | €2,048 | -€265 | -11.5% |
| Plant, machinery and equipment | 23 | €10,651 | €16,353 | +€5,701 | +53.5% |
| Furniture and vehicles | 24 | €70,106 | €57,907 | -€12,199 | -17.4% |
| Current assets | 29/58 | €167,929 | €126,450 | -€41,479 | -24.7% |
| Stocks and contracts in progress | 3 | €40,015 | €31,826 | -€8,189 | -20.5% |
| Stocks | 30/36 | €25,015 | €12,500 | -€12,515 | -50.0% |
| Contracts in progress | 37 | €15,000 | €19,326 | +€4,326 | +28.8% |
| Amounts receivable within one year | 40/41 | €16,248 | €28,283 | +€12,035 | +74.1% |
| Trade receivables | 40 | €2,350 | €16,498 | +€14,148 | +602% |
| Other amounts receivable | 41 | €13,898 | €11,785 | -€2,113 | -15.2% |
| Cash at bank and in hand | 54/58 | €111,666 | €66,341 | -€45,325 | -40.6% |
| Total equity and liabilities | 10/49 | €250,999 | €202,757 | -€48,242 | -19.2% |
| Equity | 10/15 | €194,460 | €185,590 | -€8,870 | -4.6% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €188,255 | €179,887 | -€8,368 | -4.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €186,396 | €178,028 | -€8,368 | -4.5% |
| Profit (loss) carried forward | 14 | - | -€503 | -€503 | |
| Amounts payable | 17/49 | €56,539 | €17,167 | -€39,372 | -69.6% |
| Amounts payable within one year | 42/48 | €56,539 | €17,167 | -€39,372 | -69.6% |
| Trade debts | 44 | €29,505 | - | -€29,505 | |
| Suppliers | 440/4 | €29,505 | - | -€29,505 | |
| Taxes, remuneration and social security | 45 | €5,396 | - | -€5,396 | |
| Taxes | 450/3 | €5,396 | - | -€5,396 | |
| Other amounts payable | 47/48 | €21,638 | €17,167 | -€4,471 | -20.7% |
| Non-recurring operating income | 76A | €13,926 | - | -€13,926 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,851 | €22,763 | +€2,912 | +14.7% |
| Other operating charges | 640/8 | €380 | €408 | +€27 | +7.2% |
| Gross operating margin | 9900 | €78,711 | €15,090 | -€63,621 | -80.8% |
| Operating profit (loss) | 9901 | €58,480 | -€8,081 | -€66,561 | |
| Financial income | 75/76B | €503 | - | -€503 | |
| Recurring financial income | 75 | €503 | - | -€503 | |
| Financial charges | 65/66B | €145 | €789 | +€644 | +444% |
| Recurring financial charges | 65 | €145 | €789 | +€644 | +444% |
| Profit (loss) for the period before taxes | 9903 | €58,838 | -€8,870 | -€67,708 | |
| Income taxes | 67/77 | €16,267 | - | -€16,267 | |
| Profit (loss) for the period | 9904 | €42,571 | -€8,870 | -€51,441 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,571 | -€8,870 | -€51,441 |
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 21 October 2026 via checked.be.