Effes: 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.
Effes
Largest movements
- Tangible fixed assets +€351,246
up €351,246 (+6257.5%), from €5,613 to €356,859
of which Land and buildings: +€350,436
- Cash -€67,310
down €67,310 (-43.2%), from €155,958 to €88,648
mainly Investment in fixed assets (net) (-€358,528) and Contributions, distributions and other (-€152,727)
- Receivables within one year +€31,927
up €31,927 (+247.4%), from €12,904 to €44,831
of which Trade receivables: +€35,154
- Receivables after one year -€17,484
down €17,484 (-100.0%), from €17,484 to €0
- Debts after one year +€261,466
new in 2025: €261,466
- Profit (loss) carried forward -€152,727
down €152,727 (-100.0%), from €152,727 to €0
- Other debts +€106,132
up €106,132, from €0 to €106,132
- Tax, wage and social debts +€33,005
up €33,005 (+167.7%), from €19,687 to €52,691
- Reserves +€28,462
new in 2025: €28,462
- Gross operating margin -€12,834
down €12,834 (-19.1%), from €67,119 to €54,286
- Financial charges +€6,957
up €6,957 (+822.3%), from €846 to €7,803
- Depreciation +€5,393
up €5,393 (+285.5%), from €1,889 to €7,282
- Taxes -€5,029
down €5,029 (-36.3%), from €13,873 to €8,843
- Other operating charges +€673
up €673 (+55.1%), from €1,222 to €1,896
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 | €193,003 | €492,006 | +€299,003 | +154.9% |
| Fixed assets | 21/28 | €6,192 | €357,438 | +€351,246 | +5672.4% |
| Tangible fixed assets | 22/27 | €5,613 | €356,859 | +€351,246 | +6257.5% |
| Land and buildings | 22 | - | €350,436 | +€350,436 | |
| Furniture and vehicles | 24 | €3,763 | €4,573 | +€810 | +21.5% |
| Other tangible fixed assets | 26 | €1,850 | €1,850 | = | 0.0% |
| Financial fixed assets | 28 | €579 | €579 | = | 0.0% |
| Current assets | 29/58 | €186,811 | €134,567 | -€52,243 | -28.0% |
| Amounts receivable after more than one year | 29 | €17,484 | €0 | -€17,484 | -100.0% |
| Other amounts receivable | 291 | €17,484 | €0 | -€17,484 | -100.0% |
| Amounts receivable within one year | 40/41 | €12,904 | €44,831 | +€31,927 | +247.4% |
| Trade receivables | 40 | €9,677 | €44,831 | +€35,154 | +363.3% |
| Other amounts receivable | 41 | €3,227 | €0 | -€3,227 | -100.0% |
| Cash at bank and in hand | 54/58 | €155,958 | €88,648 | -€67,310 | -43.2% |
| Deferred charges and accrued income | 490/1 | €464 | €1,089 | +€625 | +134.6% |
| Total equity and liabilities | 10/49 | €193,003 | €492,006 | +€299,003 | +154.9% |
| Equity | 10/15 | €155,727 | €31,462 | -€124,265 | -79.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €28,462 | +€28,462 | |
| Distributable reserves | 133 | - | €28,462 | +€28,462 | |
| Profit (loss) carried forward | 14 | €152,727 | €0 | -€152,727 | -100.0% |
| Amounts payable | 17/49 | €37,276 | €460,544 | +€423,268 | +1135.5% |
| Amounts payable after more than one year | 17 | - | €261,466 | +€261,466 | |
| Financial debts | 170/4 | - | €261,466 | +€261,466 | |
| Amounts payable within one year | 42/48 | €37,232 | €199,078 | +€161,846 | +434.7% |
| Current portion of amounts payable after more than one year | 42 | - | €11,835 | +€11,835 | |
| Trade debts | 44 | €17,546 | €28,420 | +€10,875 | +62.0% |
| Suppliers | 440/4 | €17,546 | €28,420 | +€10,875 | +62.0% |
| Taxes, remuneration and social security | 45 | €19,687 | €52,691 | +€33,005 | +167.7% |
| Taxes | 450/3 | €19,687 | €52,691 | +€33,005 | +167.7% |
| Other amounts payable | 47/48 | €0 | €106,132 | +€106,132 | |
| Accrued charges and deferred income | 492/3 | €44 | €0 | -€44 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,889 | €7,282 | +€5,393 | +285.5% |
| Other operating charges | 640/8 | €1,222 | €1,896 | +€673 | +55.1% |
| Gross operating margin | 9900 | €67,119 | €54,286 | -€12,834 | -19.1% |
| Operating profit (loss) | 9901 | €64,008 | €45,108 | -€18,900 | -29.5% |
| Financial income | 75/76B | €393 | €0 | -€393 | -100.0% |
| Recurring financial income | 75 | €393 | €0 | -€393 | -100.0% |
| Financial charges | 65/66B | €846 | €7,803 | +€6,957 | +822.3% |
| Recurring financial charges | 65 | €846 | €7,803 | +€6,957 | +822.3% |
| Profit (loss) for the period before taxes | 9903 | €63,555 | €37,305 | -€26,250 | -41.3% |
| Income taxes | 67/77 | €13,873 | €8,843 | -€5,029 | -36.3% |
| Profit (loss) for the period | 9904 | €49,682 | €28,462 | -€21,220 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,682 | €28,462 | -€21,220 | -42.7% |
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 9 October 2026 via checked.be.