EFFICIENCE S: 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.
EFFICIENCE S
Largest movements
- Cash +€185,914
up €185,914 (+65.9%), from €282,116 to €468,031
mainly Other debts (+€381,546) and Receivables within one year (+€173,051)
- Receivables within one year -€173,051
down €173,051 (-44.7%), from €386,855 to €213,804
of which Trade receivables: -€338,416
- Other debts +€381,546
up €381,546 (+1,154%), from €33,074 to €414,620
- Reserves -€350,319
down €350,319 (-56.6%), from €618,868 to €268,548
- Debts after one year -€14,511
down €14,511 (-7.5%), from €193,166 to €178,656
- Tax, wage and social debts -€11,869
down €11,869 (-78.5%), from €15,125 to €3,257
- Gross operating margin -€430,997
down €430,997 (-84.5%), from €510,249 to €79,252
- Taxes -€103,297
down €103,297 (-86.8%), from €119,011 to €15,714
- Depreciation -€5,163
down €5,163 (-44.0%), from €11,737 to €6,575
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 | €896,711 | €900,491 | +€3,780 | +0.4% |
| Fixed assets | 21/28 | €222,412 | €216,973 | -€5,439 | -2.4% |
| Tangible fixed assets | 22/27 | €222,412 | €216,973 | -€5,439 | -2.4% |
| Land and buildings | 22 | €220,364 | €213,818 | -€6,545 | -3.0% |
| Furniture and vehicles | 24 | €2,048 | €3,154 | +€1,106 | +54.0% |
| Current assets | 29/58 | €674,299 | €683,519 | +€9,219 | +1.4% |
| Amounts receivable within one year | 40/41 | €386,855 | €213,804 | -€173,051 | -44.7% |
| Trade receivables | 40 | €367,934 | €29,518 | -€338,416 | -92.0% |
| Other amounts receivable | 41 | €18,922 | €184,286 | +€165,364 | +874% |
| Cash at bank and in hand | 54/58 | €282,116 | €468,031 | +€185,914 | +65.9% |
| Deferred charges and accrued income | 490/1 | €5,328 | €1,684 | -€3,644 | -68.4% |
| Total equity and liabilities | 10/49 | €896,711 | €900,491 | +€3,780 | +0.4% |
| Equity | 10/15 | €637,468 | €287,148 | -€350,319 | -55.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €618,868 | €268,548 | -€350,319 | -56.6% |
| Distributable reserves | 133 | €618,868 | €268,548 | -€350,319 | -56.6% |
| Amounts payable | 17/49 | €259,244 | €613,343 | +€354,099 | +137% |
| Amounts payable after more than one year | 17 | €193,166 | €178,656 | -€14,511 | -7.5% |
| Financial debts | 170/4 | €193,166 | €178,656 | -€14,511 | -7.5% |
| Amounts payable within one year | 42/48 | €66,077 | €434,432 | +€368,355 | +557% |
| Current portion of amounts payable after more than one year | 42 | €14,143 | €14,511 | +€367 | +2.6% |
| Trade debts | 44 | €3,735 | €2,045 | -€1,689 | -45.2% |
| Suppliers | 440/4 | €3,735 | €2,045 | -€1,689 | -45.2% |
| Taxes, remuneration and social security | 45 | €15,125 | €3,257 | -€11,869 | -78.5% |
| Taxes | 450/3 | €15,125 | €3,257 | -€11,869 | -78.5% |
| Other amounts payable | 47/48 | €33,074 | €414,620 | +€381,546 | +1,154% |
| Accrued charges and deferred income | 492/3 | - | €255 | +€255 | |
| Non-recurring operating income | 76A | €6,787 | €9,109 | +€2,321 | +34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,737 | €6,575 | -€5,163 | -44.0% |
| Other operating charges | 640/8 | €380 | €392 | +€12 | +3.1% |
| Gross operating margin | 9900 | €510,249 | €79,252 | -€430,997 | -84.5% |
| Operating profit (loss) | 9901 | €498,131 | €72,285 | -€425,846 | -85.5% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €7,749 | €6,891 | -€859 | -11.1% |
| Recurring financial charges | 65 | €7,749 | €6,885 | -€864 | -11.2% |
| Non-recurring financial charges | 66B | - | €6 | +€6 | |
| Profit (loss) for the period before taxes | 9903 | €490,385 | €65,395 | -€424,990 | -86.7% |
| Income taxes | 67/77 | €119,011 | €15,714 | -€103,297 | -86.8% |
| Profit (loss) for the period | 9904 | €371,374 | €49,681 | -€321,694 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €371,374 | €49,681 | -€321,694 | -86.6% |
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 17 October 2026 via checked.be.