EFE: 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.
EFE
Largest movements
- Receivables within one year +€23,275
up €23,275 (+159.5%), from €14,589 to €37,864
of which Trade receivables: +€21,856
- Cash -€20,200
down €20,200 (-17.4%), from €116,214 to €96,014
mainly Trade debts (-€46,564) and Receivables within one year (-€23,275)
- Stocks and contracts -€3,417
down €3,417 (-42.6%), from €8,022 to €4,605
- Tangible fixed assets -€2,544
down €2,544 (-22.0%), from €11,555 to €9,011
of which Plant, machinery and equipment: -€1,653
- Trade debts -€46,564
down €46,564 (-61.9%), from €75,271 to €28,707
- Reserves +€33,631
up €33,631 (+112.8%), from €29,825 to €63,456
of which Distributable reserves: +€33,631
- Tax, wage and social debts +€20,215
up €20,215 (+181.5%), from €11,141 to €31,356
- Debts after one year -€6,196
down €6,196 (-54.0%), from €11,475 to €5,279
- Advances received -€4,121
no longer reported in 2025 (was €4,121)
- Gross operating margin +€6,399
up €6,399 (+10.4%), from €61,632 to €68,031
- Staff costs -€2,938
down €2,938 (-27.7%), from €10,616 to €7,678
- Taxes +€2,769
up €2,769 (+28.5%), from €9,701 to €12,470
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 | €150,380 | €147,494 | -€2,886 | -1.9% |
| Fixed assets | 21/28 | €11,555 | €9,011 | -€2,544 | -22.0% |
| Tangible fixed assets | 22/27 | €11,555 | €9,011 | -€2,544 | -22.0% |
| Land and buildings | 22 | €4,603 | €3,711 | -€892 | -19.4% |
| Plant, machinery and equipment | 23 | €6,953 | €5,300 | -€1,653 | -23.8% |
| Current assets | 29/58 | €138,825 | €138,483 | -€342 | -0.2% |
| Stocks and contracts in progress | 3 | €8,022 | €4,605 | -€3,417 | -42.6% |
| Stocks | 30/36 | €8,022 | €4,605 | -€3,417 | -42.6% |
| Amounts receivable within one year | 40/41 | €14,589 | €37,864 | +€23,275 | +159.5% |
| Trade receivables | 40 | €3,636 | €25,492 | +€21,856 | +601.1% |
| Other amounts receivable | 41 | €10,953 | €12,372 | +€1,419 | +13.0% |
| Cash at bank and in hand | 54/58 | €116,214 | €96,014 | -€20,200 | -17.4% |
| Total equity and liabilities | 10/49 | €150,380 | €147,494 | -€2,886 | -1.9% |
| Equity | 10/15 | €42,325 | €75,956 | +€33,631 | +79.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €29,825 | €63,456 | +€33,631 | +112.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | -€0 | 0.0% |
| Distributable reserves | 133 | €27,966 | €61,597 | +€33,631 | +120.3% |
| Amounts payable | 17/49 | €108,056 | €71,538 | -€36,518 | -33.8% |
| Amounts payable after more than one year | 17 | €11,475 | €5,279 | -€6,196 | -54.0% |
| Financial debts | 170/4 | €11,475 | €5,279 | -€6,196 | -54.0% |
| Amounts payable within one year | 42/48 | €96,580 | €66,259 | -€30,321 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €6,048 | €6,196 | +€148 | +2.5% |
| Trade debts | 44 | €75,271 | €28,707 | -€46,564 | -61.9% |
| Suppliers | 440/4 | €75,271 | €28,707 | -€46,564 | -61.9% |
| Advances received on contracts in progress | 46 | €4,121 | - | -€4,121 | |
| Taxes, remuneration and social security | 45 | €11,141 | €31,356 | +€20,215 | +181.5% |
| Taxes | 450/3 | €11,141 | €31,356 | +€20,215 | +181.5% |
| Remuneration, social security and pensions | 62 | €10,616 | €7,678 | -€2,938 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,073 | €3,581 | +€508 | +16.5% |
| Other operating charges | 640/8 | €2,393 | €2,033 | -€360 | -15.0% |
| Gross operating margin | 9900 | €61,632 | €68,031 | +€6,399 | +10.4% |
| Operating profit (loss) | 9901 | €45,551 | €54,739 | +€9,189 | +20.2% |
| Financial income | 75/76B | €0 | €19 | +€19 | +4122.2% |
| Recurring financial income | 75 | €0 | €19 | +€19 | +4122.2% |
| Financial charges | 65/66B | €3,424 | €4,021 | +€597 | +17.4% |
| Recurring financial charges | 65 | €3,424 | €4,021 | +€597 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €42,127 | €50,737 | +€8,610 | +20.4% |
| Income taxes | 67/77 | €9,701 | €12,470 | +€2,769 | +28.5% |
| Profit (loss) for the period | 9904 | €32,426 | €38,267 | +€5,841 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,426 | €38,267 | +€5,841 | +18.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.