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
- Cash +€14,923
up €14,923 (+21.1%), from €70,591 to €85,514
mainly Advances received (+€38,000) and Depreciation (+€10,044)
- Tangible fixed assets +€3,475
up €3,475 (+8.2%), from €42,387 to €45,862
of which Land and buildings: +€7,805
- Advances received +€38,000
up €38,000 (+89.1%), from €42,640 to €80,640
- Trade debts -€25,707
down €25,707 (-65.0%), from €39,574 to €13,867
- Other debts +€7,957
up €7,957 (+34.2%), from €23,232 to €31,188
- Profit (loss) carried forward -€3,568
down €3,568 (-68.8%), from -€5,189 to -€8,757
- Tax, wage and social debts +€3,359
up €3,359 (+33.0%), from €10,192 to €13,551
of which Taxes: +€2,442
- Financial charges -€62,725
down €62,725 (-99.8%), from €62,821 to €97
- Gross operating margin -€62,035
down €62,035 (-63.9%), from €97,083 to €35,048
- Staff costs +€4,007
up €4,007 (+51.5%), from €7,780 to €11,787
- Other operating charges -€2,619
down €2,619 (-23.7%), from €11,029 to €8,410
- Depreciation -€1,813
down €1,813 (-15.3%), from €11,857 to €10,044
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 | €128,939 | €148,980 | +€20,041 | +15.5% |
| Fixed assets | 21/28 | €51,387 | €54,862 | +€3,475 | +6.8% |
| Tangible fixed assets | 22/27 | €42,387 | €45,862 | +€3,475 | +8.2% |
| Land and buildings | 22 | €28,721 | €36,526 | +€7,805 | +27.2% |
| Plant, machinery and equipment | 23 | €7,924 | €6,415 | -€1,509 | -19.0% |
| Furniture and vehicles | 24 | €5,742 | €2,921 | -€2,821 | -49.1% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €77,552 | €94,118 | +€16,566 | +21.4% |
| Stocks and contracts in progress | 3 | €2,988 | €3,509 | +€521 | +17.4% |
| Stocks | 30/36 | €2,988 | €3,509 | +€521 | +17.4% |
| Amounts receivable within one year | 40/41 | €3,973 | €3,776 | -€197 | -4.9% |
| Trade receivables | 40 | €283 | €283 | = | 0.0% |
| Other amounts receivable | 41 | €3,689 | €3,493 | -€197 | -5.3% |
| Cash at bank and in hand | 54/58 | €70,591 | €85,514 | +€14,923 | +21.1% |
| Deferred charges and accrued income | 490/1 | - | €1,318 | +€1,318 | |
| Total equity and liabilities | 10/49 | €128,939 | €148,980 | +€20,041 | +15.5% |
| Equity | 10/15 | €13,301 | €9,733 | -€3,568 | -26.8% |
| Contributions | 10/11 | €16,630 | €16,630 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,189 | -€8,757 | -€3,568 | -68.8% |
| Amounts payable | 17/49 | €115,638 | €139,246 | +€23,609 | +20.4% |
| Amounts payable within one year | 42/48 | €115,638 | €139,246 | +€23,609 | +20.4% |
| Trade debts | 44 | €39,574 | €13,867 | -€25,707 | -65.0% |
| Suppliers | 440/4 | €39,574 | €13,867 | -€25,707 | -65.0% |
| Advances received on contracts in progress | 46 | €42,640 | €80,640 | +€38,000 | +89.1% |
| Taxes, remuneration and social security | 45 | €10,192 | €13,551 | +€3,359 | +33.0% |
| Taxes | 450/3 | €8,994 | €11,435 | +€2,442 | +27.1% |
| Remuneration and social security | 454/9 | €1,199 | €2,116 | +€917 | +76.5% |
| Other amounts payable | 47/48 | €23,232 | €31,188 | +€7,957 | +34.2% |
| Non-recurring operating income | 76A | €12,822 | - | -€12,822 | |
| Remuneration, social security and pensions | 62 | €7,780 | €11,787 | +€4,007 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,857 | €10,044 | -€1,813 | -15.3% |
| Other operating charges | 640/8 | €11,029 | €8,410 | -€2,619 | -23.7% |
| Non-recurring operating charges | 66A | - | €2,571 | +€2,571 | |
| Gross operating margin | 9900 | €97,083 | €35,048 | -€62,035 | -63.9% |
| Operating profit (loss) | 9901 | €66,417 | €2,236 | -€64,181 | -96.6% |
| Financial income | 75/76B | €1 | €0 | -€1 | -84.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -84.2% |
| Financial charges | 65/66B | €62,821 | €97 | -€62,725 | -99.8% |
| Recurring financial charges | 65 | €62,821 | €97 | -€62,725 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €3,597 | €2,140 | -€1,457 | -40.5% |
| Income taxes | 67/77 | €5,261 | €5,708 | +€446 | +8.5% |
| Profit (loss) for the period | 9904 | -€1,664 | -€3,568 | -€1,903 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,664 | -€3,568 | -€1,903 | -114% |
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 27 October 2026 via checked.be.