EFFICAX: 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.
EFFICAX
Largest movements
- Current investments -€581,410
down €581,410 (-100%), from €581,410 to €0
- Cash +€156,419
up €156,419 (+359%), from €43,621 to €200,040
mainly Current investments (+€581,410) and Net result for the year (+€119,690)
- Tangible fixed assets -€53,968
down €53,968 (-4.7%), from €1.2m to €1.1m
of which Furniture and vehicles: -€29,992
- Profit (loss) carried forward -€500,000
down €500,000 (-53.7%), from €930,777 to €430,777
- Reserves +€119,690
up €119,690 (+61.5%), from €194,690 to €314,381
of which Distributable reserves: +€119,690
- Other debts -€106,778
down €106,778 (-16.9%), from €630,374 to €523,596
- Gross operating margin +€112,375
up €112,375 (+71.0%), from €158,276 to €270,651
- Taxes +€62,219
up €62,219 (+479%), from €12,989 to €75,208
- Financial income +€31,572
up €31,572 (+1,074%), from €2,939 to €34,511
- Financial charges -€8,955
down €8,955 (-18.2%), from €49,093 to €40,138
- Other operating charges +€3,402
up €3,402 (+89.1%), from €3,818 to €7,220
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,874,778 | €1,404,611 | -€470,168 | -25.1% |
| Fixed assets | 21/28 | €1,152,835 | €1,098,866 | -€53,968 | -4.7% |
| Tangible fixed assets | 22/27 | €1,152,835 | €1,098,866 | -€53,968 | -4.7% |
| Land and buildings | 22 | €1,050,944 | €1,029,004 | -€21,940 | -2.1% |
| Plant, machinery and equipment | 23 | €12,845 | €10,808 | -€2,036 | -15.9% |
| Furniture and vehicles | 24 | €89,046 | €59,054 | -€29,992 | -33.7% |
| Current assets | 29/58 | €721,944 | €305,744 | -€416,199 | -57.6% |
| Amounts receivable within one year | 40/41 | €94,087 | €103,097 | +€9,010 | +9.6% |
| Trade receivables | 40 | €65,554 | €101,438 | +€35,884 | +54.7% |
| Other amounts receivable | 41 | €28,533 | €1,659 | -€26,874 | -94.2% |
| Current investments | 50/53 | €581,410 | €0 | -€581,410 | -100% |
| Cash at bank and in hand | 54/58 | €43,621 | €200,040 | +€156,419 | +359% |
| Deferred charges and accrued income | 490/1 | €2,826 | €2,607 | -€219 | -7.8% |
| Total equity and liabilities | 10/49 | €1,874,778 | €1,404,611 | -€470,168 | -25.1% |
| Equity | 10/15 | €1,225,468 | €845,158 | -€380,310 | -31.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €194,690 | €314,381 | +€119,690 | +61.5% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €184,690 | €304,381 | +€119,690 | +64.8% |
| Profit (loss) carried forward | 14 | €930,777 | €430,777 | -€500,000 | -53.7% |
| Amounts payable | 17/49 | €649,311 | €559,453 | -€89,858 | -13.8% |
| Amounts payable within one year | 42/48 | €649,311 | €559,453 | -€89,858 | -13.8% |
| Trade debts | 44 | €1,015 | €6,651 | +€5,636 | +555% |
| Suppliers | 440/4 | €1,015 | €6,651 | +€5,636 | +555% |
| Taxes, remuneration and social security | 45 | €17,921 | €29,205 | +€11,284 | +63.0% |
| Taxes | 450/3 | €17,921 | €29,205 | +€11,284 | +63.0% |
| Other amounts payable | 47/48 | €630,374 | €523,596 | -€106,778 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,332 | €62,905 | -€427 | -0.7% |
| Other operating charges | 640/8 | €3,818 | €7,220 | +€3,402 | +89.1% |
| Gross operating margin | 9900 | €158,276 | €270,651 | +€112,375 | +71.0% |
| Operating profit (loss) | 9901 | €91,126 | €200,526 | +€109,400 | +120% |
| Financial income | 75/76B | €2,939 | €34,511 | +€31,572 | +1,074% |
| Recurring financial income | 75 | €2,939 | €34,511 | +€31,572 | +1,074% |
| Financial charges | 65/66B | €49,093 | €40,138 | -€8,955 | -18.2% |
| Recurring financial charges | 65 | €49,093 | €40,138 | -€8,955 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €44,972 | €194,899 | +€149,927 | +333% |
| Income taxes | 67/77 | €12,989 | €75,208 | +€62,219 | +479% |
| Profit (loss) for the period | 9904 | €31,982 | €119,690 | +€87,708 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €31,982 | €119,690 | +€87,708 | +274% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.