EFE-20: 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-20
Largest movements
- Receivables within one year +€219,347
up €219,347 (+197.7%), from €110,945 to €330,292
of which Other amounts receivable: +€153,927
- Receivables after one year -€54,025
no longer reported in 2025 (was €54,025)
- Tangible fixed assets -€9,395
down €9,395 (-5.4%), from €174,274 to €164,879
of which Furniture and vehicles: -€29,599
- Profit (loss) carried forward +€74,473
up €74,473 (+71.8%), from €103,741 to €178,214
- Trade debts +€46,373
up €46,373 (+78.6%), from €58,987 to €105,361
- Debts after one year +€17,399
up €17,399 (+13.7%), from €127,362 to €144,761
- Tax, wage and social debts +€7,215
up €7,215 (+11.8%), from €61,252 to €68,467
of which Remuneration and social security: +€15,666
- Current portion of long-term debt +€5,670
up €5,670 (+26.9%), from €21,074 to €26,744
- Gross operating margin +€119,285
up €119,285 (+122.2%), from €97,629 to €216,914
- Staff costs +€38,969
up €38,969 (+87.7%), from €44,417 to €83,387
- Depreciation +€37,162
up €37,162 (+475.7%), from €7,811 to €44,974
- Taxes -€10,216
down €10,216 (-74.9%), from €13,646 to €3,430
- Financial charges +€4,018
up €4,018 (+70.1%), from €5,734 to €9,752
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 | €392,876 | €549,007 | +€156,131 | +39.7% |
| Fixed assets | 21/28 | €190,364 | €180,969 | -€9,395 | -4.9% |
| Tangible fixed assets | 22/27 | €174,274 | €164,879 | -€9,395 | -5.4% |
| Plant, machinery and equipment | 23 | €5,174 | €25,478 | +€20,304 | +392.4% |
| Furniture and vehicles | 24 | €169,000 | €139,401 | -€29,599 | -17.5% |
| Leasing and similar rights | 25 | €100 | - | -€100 | |
| Financial fixed assets | 28 | €16,090 | €16,090 | = | 0.0% |
| Current assets | 29/58 | €202,512 | €368,037 | +€165,525 | +81.7% |
| Amounts receivable after more than one year | 29 | €54,025 | - | -€54,025 | |
| Other amounts receivable | 291 | €54,025 | - | -€54,025 | |
| Stocks and contracts in progress | 3 | €5,563 | €5,563 | = | 0.0% |
| Stocks | 30/36 | €5,563 | €5,563 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,945 | €330,292 | +€219,347 | +197.7% |
| Trade receivables | 40 | €970 | €66,390 | +€65,420 | +6744.3% |
| Other amounts receivable | 41 | €109,975 | €263,902 | +€153,927 | +140.0% |
| Cash at bank and in hand | 54/58 | €31,979 | €32,182 | +€203 | +0.6% |
| Total equity and liabilities | 10/49 | €392,876 | €549,007 | +€156,131 | +39.7% |
| Equity | 10/15 | €124,201 | €198,674 | +€74,473 | +60.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,741 | €178,214 | +€74,473 | +71.8% |
| Amounts payable | 17/49 | €268,675 | €350,333 | +€81,658 | +30.4% |
| Amounts payable after more than one year | 17 | €127,362 | €144,761 | +€17,399 | +13.7% |
| Financial debts | 170/4 | €127,362 | €144,761 | +€17,399 | +13.7% |
| Amounts payable within one year | 42/48 | €141,313 | €205,572 | +€64,259 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €21,074 | €26,744 | +€5,670 | +26.9% |
| Trade debts | 44 | €58,987 | €105,361 | +€46,373 | +78.6% |
| Suppliers | 440/4 | €58,987 | €105,361 | +€46,373 | +78.6% |
| Taxes, remuneration and social security | 45 | €61,252 | €68,467 | +€7,215 | +11.8% |
| Taxes | 450/3 | €52,297 | €43,846 | -€8,451 | -16.2% |
| Remuneration and social security | 454/9 | €8,956 | €24,621 | +€15,666 | +174.9% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €44,417 | €83,387 | +€38,969 | +87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,811 | €44,974 | +€37,162 | +475.7% |
| Other operating charges | 640/8 | €793 | €898 | +€105 | +13.3% |
| Gross operating margin | 9900 | €97,629 | €216,914 | +€119,285 | +122.2% |
| Operating profit (loss) | 9901 | €44,607 | €87,655 | +€43,048 | +96.5% |
| Financial charges | 65/66B | €5,734 | €9,752 | +€4,018 | +70.1% |
| Recurring financial charges | 65 | €5,734 | €9,752 | +€4,018 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €38,873 | €77,903 | +€39,030 | +100.4% |
| Income taxes | 67/77 | €13,646 | €3,430 | -€10,216 | -74.9% |
| Profit (loss) for the period | 9904 | €25,227 | €74,473 | +€49,246 | +195.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,227 | €74,473 | +€49,246 | +195.2% |
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 7 October 2026 via checked.be.