EFES: 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.
EFES
Largest movements
- Tangible fixed assets -€7,333
down €7,333 (-12.2%), from €60,313 to €52,980
of which Land and buildings: -€7,185
- Receivables within one year -€2,761
down €2,761 (-22.9%), from €12,031 to €9,270
of which Trade receivables: -€6,323
- Cash -€1,639
down €1,639 (-3.8%), from €42,673 to €41,035
mainly Trade debts (-€8,762) and Tax, wage and social debts (-€6,376)
- Trade debts -€8,762
down €8,762 (-64.0%), from €13,690 to €4,928
- Reserves +€7,772
up €7,772 (+12.4%), from €62,688 to €70,461
of which Distributable reserves: +€7,772
- Tax, wage and social debts -€6,376
down €6,376 (-46.0%), from €13,875 to €7,498
of which Taxes: -€10,870
- Debts after one year -€1,889
down €1,889 (-48.7%), from €3,875 to €1,986
- Current portion of long-term debt -€1,714
down €1,714 (-47.6%), from €3,603 to €1,889
- Gross operating margin -€33,791
down €33,791 (-51.3%), from €65,925 to €32,134
- Taxes -€9,939
down €9,939 (-77.0%), from €12,914 to €2,975
- Depreciation -€1,216
down €1,216 (-8.2%), from €14,753 to €13,537
- Staff costs +€895
up €895 (+144%), from €620 to €1,515
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 | €117,695 | €106,593 | -€11,102 | -9.4% |
| Fixed assets | 21/28 | €60,313 | €52,980 | -€7,333 | -12.2% |
| Tangible fixed assets | 22/27 | €60,313 | €52,980 | -€7,333 | -12.2% |
| Land and buildings | 22 | €49,680 | €42,495 | -€7,185 | -14.5% |
| Plant, machinery and equipment | 23 | €9,291 | €10,485 | +€1,194 | +12.9% |
| Furniture and vehicles | 24 | €1,342 | - | -€1,342 | |
| Current assets | 29/58 | €57,382 | €53,613 | -€3,769 | -6.6% |
| Stocks and contracts in progress | 3 | €2,008 | €2,234 | +€227 | +11.3% |
| Stocks | 30/36 | €2,008 | €2,234 | +€227 | +11.3% |
| Amounts receivable within one year | 40/41 | €12,031 | €9,270 | -€2,761 | -22.9% |
| Trade receivables | 40 | €6,323 | - | -€6,323 | |
| Other amounts receivable | 41 | €5,708 | €9,270 | +€3,562 | +62.4% |
| Cash at bank and in hand | 54/58 | €42,673 | €41,035 | -€1,639 | -3.8% |
| Deferred charges and accrued income | 490/1 | €671 | €1,075 | +€404 | +60.2% |
| Total equity and liabilities | 10/49 | €117,695 | €106,593 | -€11,102 | -9.4% |
| Equity | 10/15 | €82,520 | €90,292 | +€7,772 | +9.4% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €62,688 | €70,461 | +€7,772 | +12.4% |
| Non-distributable reserves | 130/1 | €170 | €170 | = | 0.0% |
| Reserves not available under the articles | 1311 | €170 | €170 | = | 0.0% |
| Distributable reserves | 133 | €62,518 | €70,291 | +€7,772 | +12.4% |
| Amounts payable | 17/49 | €35,175 | €16,301 | -€18,874 | -53.7% |
| Amounts payable after more than one year | 17 | €3,875 | €1,986 | -€1,889 | -48.7% |
| Financial debts | 170/4 | €3,875 | €1,986 | -€1,889 | -48.7% |
| Amounts payable within one year | 42/48 | €31,168 | €14,315 | -€16,853 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €3,603 | €1,889 | -€1,714 | -47.6% |
| Trade debts | 44 | €13,690 | €4,928 | -€8,762 | -64.0% |
| Suppliers | 440/4 | €13,690 | €4,928 | -€8,762 | -64.0% |
| Taxes, remuneration and social security | 45 | €13,875 | €7,498 | -€6,376 | -46.0% |
| Taxes | 450/3 | €13,875 | €3,005 | -€10,870 | -78.3% |
| Remuneration and social security | 454/9 | - | €4,494 | +€4,494 | |
| Accrued charges and deferred income | 492/3 | €133 | - | -€133 | |
| Remuneration, social security and pensions | 62 | €620 | €1,515 | +€895 | +144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,753 | €13,537 | -€1,216 | -8.2% |
| Other operating charges | 640/8 | €2,028 | €2,591 | +€563 | +27.8% |
| Gross operating margin | 9900 | €65,925 | €32,134 | -€33,791 | -51.3% |
| Operating profit (loss) | 9901 | €48,524 | €14,491 | -€34,033 | -70.1% |
| Financial income | 75/76B | €388 | €7 | -€381 | -98.2% |
| Recurring financial income | 75 | €388 | €7 | -€381 | -98.2% |
| Financial charges | 65/66B | €3,143 | €3,750 | +€608 | +19.3% |
| Recurring financial charges | 65 | €3,143 | €3,750 | +€608 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €45,769 | €10,747 | -€35,022 | -76.5% |
| Income taxes | 67/77 | €12,914 | €2,975 | -€9,939 | -77.0% |
| Profit (loss) for the period | 9904 | €32,855 | €7,772 | -€25,083 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,855 | €7,772 | -€25,083 | -76.3% |
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 25 October 2026 via checked.be.