EFE EMIR: 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.
EFE EMIR
Largest movements
- Tangible fixed assets +€14,599
new in 2025: €14,599
- Cash +€11,595
up €11,595 (+74.4%), from €15,579 to €27,174
mainly Trade debts (+€17,432) and Current portion of long-term debt (+€9,463)
- Stocks and contracts +€3,470
up €3,470 (+6.3%), from €55,350 to €58,820
- Receivables within one year -€1,464
down €1,464 (-9.6%), from €15,228 to €13,764
of which Other amounts receivable: -€6,464
- Trade debts +€17,432
up €17,432 (+957%), from €1,822 to €19,254
- Current portion of long-term debt +€9,463
up €9,463 (+58.3%), from €16,246 to €25,709
- Debts after one year +€8,950
up €8,950 (+16.1%), from €55,735 to €64,685
- Profit (loss) carried forward -€8,708
down €8,708 (-47.1%), from -€18,477 to -€27,185
- Gross operating margin +€18,369
up €18,369, from -€11,658 to €6,712
- Staff costs +€4,618
up €4,618 (+3,953%), from €117 to €4,735
- Depreciation +€3,650
new in 2025: €3,650
- Other operating charges -€1,652
down €1,652 (-63.1%), from €2,619 to €967
- Financial charges +€1,497
up €1,497 (+32.8%), from €4,562 to €6,059
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 | €86,157 | €114,546 | +€28,389 | +33.0% |
| Fixed assets | 21/28 | - | €14,599 | +€14,599 | |
| Tangible fixed assets | 22/27 | - | €14,599 | +€14,599 | |
| Furniture and vehicles | 24 | - | €14,599 | +€14,599 | |
| Current assets | 29/58 | €86,157 | €99,947 | +€13,790 | +16.0% |
| Stocks and contracts in progress | 3 | €55,350 | €58,820 | +€3,470 | +6.3% |
| Stocks | 30/36 | €55,350 | €58,820 | +€3,470 | +6.3% |
| Amounts receivable within one year | 40/41 | €15,228 | €13,764 | -€1,464 | -9.6% |
| Trade receivables | 40 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €15,228 | €8,764 | -€6,464 | -42.4% |
| Cash at bank and in hand | 54/58 | €15,579 | €27,174 | +€11,595 | +74.4% |
| Deferred charges and accrued income | 490/1 | - | €189 | +€189 | |
| Total equity and liabilities | 10/49 | €86,157 | €114,546 | +€28,389 | +33.0% |
| Equity | 10/15 | €1,983 | -€6,725 | -€8,708 | |
| Contributions | 10/11 | €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 | -€18,477 | -€27,185 | -€8,708 | -47.1% |
| Amounts payable | 17/49 | €84,174 | €121,271 | +€37,097 | +44.1% |
| Amounts payable after more than one year | 17 | €55,735 | €64,685 | +€8,950 | +16.1% |
| Financial debts | 170/4 | €55,735 | €64,685 | +€8,950 | +16.1% |
| Amounts payable within one year | 42/48 | €28,439 | €56,586 | +€28,148 | +99.0% |
| Current portion of amounts payable after more than one year | 42 | €16,246 | €25,709 | +€9,463 | +58.3% |
| Financial debts | 43 | €10,367 | €11,343 | +€977 | +9.4% |
| Credit institutions | 430/8 | €10,367 | €11,343 | +€977 | +9.4% |
| Trade debts | 44 | €1,822 | €19,254 | +€17,432 | +957% |
| Suppliers | 440/4 | €1,822 | €19,254 | +€17,432 | +957% |
| Taxes, remuneration and social security | 45 | €4 | €280 | +€276 | +6,392% |
| Remuneration and social security | 454/9 | €4 | €280 | +€276 | +6,392% |
| Remuneration, social security and pensions | 62 | €117 | €4,735 | +€4,618 | +3,953% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,650 | +€3,650 | |
| Other operating charges | 640/8 | €2,619 | €967 | -€1,652 | -63.1% |
| Gross operating margin | 9900 | -€11,658 | €6,712 | +€18,369 | |
| Operating profit (loss) | 9901 | -€14,393 | -€2,640 | +€11,753 | +81.7% |
| Financial charges | 65/66B | €4,562 | €6,059 | +€1,497 | +32.8% |
| Recurring financial charges | 65 | €4,562 | €6,059 | +€1,497 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,955 | -€8,699 | +€10,256 | +54.1% |
| Income taxes | 67/77 | €1,186 | €10 | -€1,176 | -99.2% |
| Profit (loss) for the period | 9904 | -€20,141 | -€8,708 | +€11,432 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,141 | -€8,708 | +€11,432 | +56.8% |
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 18 October 2026 via checked.be.