eFFiciency research: 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.
eFFiciency research
Largest movements
- Tangible fixed assets +€263,223
up €263,223 (+98.9%), from €266,192 to €529,415
of which Assets under construction and advance payments: +€219,933
- Receivables within one year +€79,424
up €79,424 (+1591.6%), from €4,990 to €84,415
of which Trade receivables: +€79,911
- Debts after one year +€232,326
up €232,326 (+127.8%), from €181,797 to €414,123
- Other debts +€110,085
up €110,085 (+1252.9%), from €8,786 to €118,872
- Profit (loss) carried forward -€72,863
down €72,863 (-93.4%), from €77,988 to €5,125
- Trade debts +€66,699
up €66,699 (+18515.8%), from €360 to €67,060
- Current portion of long-term debt +€9,756
up €9,756 (+54.3%), from €17,982 to €27,738
- Gross operating margin +€22,548
up €22,548 (+47.1%), from €47,893 to €70,441
- Financial charges +€6,985
up €6,985 (+302.8%), from €2,307 to €9,293
- Depreciation +€5,859
up €5,859 (+33.4%), from €17,551 to €23,411
- Taxes +€2,434
up €2,434 (+44.1%), from €5,513 to €7,947
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 | €292,933 | €645,468 | +€352,534 | +120.3% |
| Fixed assets | 21/28 | €266,192 | €529,415 | +€263,223 | +98.9% |
| Tangible fixed assets | 22/27 | €266,192 | €529,415 | +€263,223 | +98.9% |
| Plant, machinery and equipment | 23 | €17,263 | €14,733 | -€2,530 | -14.7% |
| Furniture and vehicles | 24 | €11,863 | €12,800 | +€937 | +7.9% |
| Leasing and similar rights | 25 | €237,066 | €281,950 | +€44,884 | +18.9% |
| Assets under construction and advance payments | 27 | - | €219,933 | +€219,933 | |
| Current assets | 29/58 | €26,741 | €116,053 | +€89,311 | +334.0% |
| Amounts receivable within one year | 40/41 | €4,990 | €84,415 | +€79,424 | +1591.6% |
| Trade receivables | 40 | €4,503 | €84,415 | +€79,911 | +1774.5% |
| Other amounts receivable | 41 | €487 | - | -€487 | |
| Cash at bank and in hand | 54/58 | €21,751 | €26,819 | +€5,068 | +23.3% |
| Deferred charges and accrued income | 490/1 | - | €4,819 | +€4,819 | |
| Total equity and liabilities | 10/49 | €292,933 | €645,468 | +€352,534 | +120.3% |
| Equity | 10/15 | €78,088 | €5,225 | -€72,863 | -93.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,988 | €5,125 | -€72,863 | -93.4% |
| Amounts payable | 17/49 | €214,846 | €640,243 | +€425,397 | +198.0% |
| Amounts payable after more than one year | 17 | €181,797 | €414,123 | +€232,326 | +127.8% |
| Financial debts | 170/4 | €181,797 | €414,123 | +€232,326 | +127.8% |
| Amounts payable within one year | 42/48 | €32,778 | €226,119 | +€193,341 | +589.9% |
| Current portion of amounts payable after more than one year | 42 | €17,982 | €27,738 | +€9,756 | +54.3% |
| Trade debts | 44 | €360 | €67,060 | +€66,699 | +18515.8% |
| Suppliers | 440/4 | €360 | €67,060 | +€66,699 | +18515.8% |
| Taxes, remuneration and social security | 45 | €5,649 | €12,450 | +€6,800 | +120.4% |
| Taxes | 450/3 | €5,649 | €12,450 | +€6,800 | +120.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,786 | €118,872 | +€110,085 | +1252.9% |
| Accrued charges and deferred income | 492/3 | €271 | - | -€271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,551 | €23,411 | +€5,859 | +33.4% |
| Other operating charges | 640/8 | €2,089 | €2,653 | +€564 | +27.0% |
| Gross operating margin | 9900 | €47,893 | €70,441 | +€22,548 | +47.1% |
| Operating profit (loss) | 9901 | €28,252 | €44,377 | +€16,124 | +57.1% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €2,307 | €9,293 | +€6,985 | +302.8% |
| Recurring financial charges | 65 | €2,307 | €9,293 | +€6,985 | +302.8% |
| Profit (loss) for the period before taxes | 9903 | €25,954 | €35,084 | +€9,130 | +35.2% |
| Income taxes | 67/77 | €5,513 | €7,947 | +€2,434 | +44.1% |
| Profit (loss) for the period | 9904 | €20,441 | €27,137 | +€6,696 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,441 | €27,137 | +€6,696 | +32.8% |
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 6 October 2026 via checked.be.