EFES-VOYAGES: 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-VOYAGES
Largest movements
- Cash +€38,450
up €38,450 (+239%), from €16,059 to €54,509
mainly Depreciation (+€18,856) and Trade debts (+€15,901)
- Tangible fixed assets -€18,856
down €18,856 (-25.0%), from €75,424 to €56,568
- Receivables within one year +€3,972
up €3,972 (+178%), from €2,236 to €6,209
of which Trade receivables: +€5,460
- Trade debts +€15,901
up €15,901 (+53.8%), from €29,549 to €45,449
- Profit (loss) carried forward +€11,681
up €11,681 (+72.8%), from €16,047 to €27,728
- Debts after one year -€4,500
no longer reported in 2025 (was €4,500)
- Turnover +€792,989
new in 2025: €792,989
- Purchases and services +€715,143
new in 2025: €715,143
- Gross operating margin -€27,453
down €27,453 (-26.1%), from €105,300 to €77,846
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 | €104,921 | €128,487 | +€23,566 | +22.5% |
| Fixed assets | 21/28 | €86,626 | €67,770 | -€18,856 | -21.8% |
| Tangible fixed assets | 22/27 | €75,424 | €56,568 | -€18,856 | -25.0% |
| Furniture and vehicles | 24 | €75,424 | €56,568 | -€18,856 | -25.0% |
| Financial fixed assets | 28 | €11,201 | €11,201 | = | 0.0% |
| Current assets | 29/58 | €18,295 | €60,717 | +€42,422 | +232% |
| Amounts receivable within one year | 40/41 | €2,236 | €6,209 | +€3,972 | +178% |
| Trade receivables | 40 | €170 | €5,630 | +€5,460 | +3,212% |
| Other amounts receivable | 41 | €2,066 | €579 | -€1,488 | -72.0% |
| Cash at bank and in hand | 54/58 | €16,059 | €54,509 | +€38,450 | +239% |
| Total equity and liabilities | 10/49 | €104,921 | €128,487 | +€23,566 | +22.5% |
| Equity | 10/15 | €70,584 | €82,265 | +€11,681 | +16.5% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Contributions outside capital | 11 | €49,579 | €49,579 | = | 0.0% |
| Share premium | 1100/10 | €49,579 | - | -€49,579 | |
| Other | 1109/19 | - | €49,579 | +€49,579 | |
| Reserves | 13 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,047 | €27,728 | +€11,681 | +72.8% |
| Amounts payable | 17/49 | €34,337 | €46,222 | +€11,885 | +34.6% |
| Amounts payable after more than one year | 17 | €4,500 | - | -€4,500 | |
| Other amounts payable | 178/9 | €4,500 | - | -€4,500 | |
| Amounts payable within one year | 42/48 | €29,837 | €46,222 | +€16,385 | +54.9% |
| Trade debts | 44 | €29,549 | €45,449 | +€15,901 | +53.8% |
| Suppliers | 440/4 | €29,549 | €45,449 | +€15,901 | +53.8% |
| Taxes, remuneration and social security | 45 | €289 | €773 | +€484 | +168% |
| Taxes | 450/3 | €289 | - | -€289 | |
| Remuneration and social security | 454/9 | - | €773 | +€773 | |
| Turnover | 70 | - | €792,989 | +€792,989 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €715,143 | +€715,143 | |
| Remuneration, social security and pensions | 62 | €41,738 | €42,729 | +€991 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,334 | €18,856 | -€6,477 | -25.6% |
| Other operating charges | 640/8 | €5,988 | €528 | -€5,460 | -91.2% |
| Gross operating margin | 9900 | €105,300 | €77,846 | -€27,453 | -26.1% |
| Operating profit (loss) | 9901 | €32,240 | €15,733 | -€16,507 | -51.2% |
| Financial charges | 65/66B | €2,669 | €3,206 | +€537 | +20.1% |
| Recurring financial charges | 65 | €2,669 | €3,206 | +€537 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €29,571 | €12,527 | -€17,044 | -57.6% |
| Income taxes | 67/77 | €240 | €846 | +€605 | +252% |
| Profit (loss) for the period | 9904 | €29,331 | €11,681 | -€17,649 | -60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,331 | €11,681 | -€17,649 | -60.2% |
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.