EFFERVES'CENSE: 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.
EFFERVES'CENSE
Largest movements
- Tangible fixed assets -€48,563
down €48,563 (-7.1%), from €685,996 to €637,433
of which Land and buildings: -€63,899
- Receivables within one year +€30,701
up €30,701 (+110.2%), from €27,868 to €58,569
of which Trade receivables: +€22,191
- Debts after one year -€91,743
down €91,743 (-15.3%), from €598,838 to €507,096
of which Financial debts: -€91,743
- Investment grants +€67,500
new in 2025: €67,500
- Gross operating margin +€14,857
up €14,857 (+14.5%), from €102,604 to €117,461
- Depreciation +€9,238
up €9,238 (+9.1%), from €101,458 to €110,696
- Financial charges -€5,673
down €5,673 (-41.6%), from €13,650 to €7,977
- Taxes -€3,605
down €3,605 (-97.2%), from €3,710 to €105
- Financial income +€3,184
up €3,184 (+68.3%), from €4,665 to €7,849
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 | €780,215 | €760,479 | -€19,736 | -2.5% |
| Fixed assets | 21/28 | €685,996 | €637,433 | -€48,563 | -7.1% |
| Tangible fixed assets | 22/27 | €685,996 | €637,433 | -€48,563 | -7.1% |
| Land and buildings | 22 | €656,635 | €592,736 | -€63,899 | -9.7% |
| Plant, machinery and equipment | 23 | €20,623 | €38,518 | +€17,895 | +86.8% |
| Furniture and vehicles | 24 | €8,738 | €6,179 | -€2,559 | -29.3% |
| Current assets | 29/58 | €94,220 | €123,046 | +€28,827 | +30.6% |
| Amounts receivable within one year | 40/41 | €27,868 | €58,569 | +€30,701 | +110.2% |
| Trade receivables | 40 | - | €22,191 | +€22,191 | |
| Other amounts receivable | 41 | €27,868 | €36,378 | +€8,510 | +30.5% |
| Cash at bank and in hand | 54/58 | €66,352 | €64,477 | -€1,874 | -2.8% |
| Total equity and liabilities | 10/49 | €780,215 | €760,479 | -€19,736 | -2.5% |
| Equity | 10/15 | €89,415 | €160,653 | +€71,238 | +79.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | - | -€100,000 | |
| Other | 1109/19 | €100,000 | - | -€100,000 | |
| Reserves | 13 | €20,109 | €20,109 | = | 0.0% |
| Distributable reserves | 133 | €20,109 | €20,109 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,694 | -€26,956 | +€3,738 | +12.2% |
| Investment grants | 15 | - | €67,500 | +€67,500 | |
| Amounts payable | 17/49 | €690,800 | €599,826 | -€90,974 | -13.2% |
| Amounts payable after more than one year | 17 | €598,838 | €507,096 | -€91,743 | -15.3% |
| Financial debts | 170/4 | €498,838 | €407,096 | -€91,743 | -18.4% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €91,962 | €92,730 | +€768 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €90,026 | €90,550 | +€524 | +0.6% |
| Trade debts | 44 | €1,913 | €2,158 | +€244 | +12.8% |
| Suppliers | 440/4 | €1,913 | €2,158 | +€244 | +12.8% |
| Other amounts payable | 47/48 | €22 | €22 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,458 | €110,696 | +€9,238 | +9.1% |
| Other operating charges | 640/8 | €3,450 | €2,794 | -€656 | -19.0% |
| Gross operating margin | 9900 | €102,604 | €117,461 | +€14,857 | +14.5% |
| Operating profit (loss) | 9901 | -€2,304 | €3,971 | +€6,275 | |
| Financial income | 75/76B | €4,665 | €7,849 | +€3,184 | +68.3% |
| Recurring financial income | 75 | €4,665 | €7,849 | +€3,184 | +68.3% |
| Financial charges | 65/66B | €13,650 | €7,977 | -€5,673 | -41.6% |
| Recurring financial charges | 65 | €13,650 | €7,977 | -€5,673 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,289 | €3,843 | +€15,132 | |
| Transfer from deferred taxes | 780 | €469 | - | -€469 | |
| Income taxes | 67/77 | €3,710 | €105 | -€3,605 | -97.2% |
| Profit (loss) for the period | 9904 | -€14,531 | €3,738 | +€18,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,531 | €3,738 | +€18,269 |
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 5 October 2026 via checked.be.