EFICAZ: 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.
EFICAZ
Largest movements
- Receivables after one year +€365,000
up €365,000 (+1106.1%), from €33,000 to €398,000
- Receivables within one year +€150,812
up €150,812 (+1182.7%), from €12,752 to €163,564
of which Trade receivables: +€149,979
- Cash -€57,967
down €57,967 (-10.4%), from €555,775 to €497,808
mainly Receivables after one year (-€365,000) and Receivables within one year (-€150,812)
- Tangible fixed assets -€21,700
down €21,700 (-7.8%), from €277,040 to €255,340
of which Land and buildings: -€24,235
- Reserves +€355,882
up €355,882 (+68.3%), from €520,915 to €876,798
- Tax, wage and social debts +€98,004
up €98,004 (+7861.3%), from €1,247 to €99,251
- Debts after one year -€26,620
down €26,620 (-5.1%), from €526,348 to €499,728
- Gross operating margin +€303,264
up €303,264 (+1645.1%), from €18,434 to €321,698
- Financial income +€145,271
up €145,271 (+474.4%), from €30,619 to €175,890
- Taxes +€88,997
up €88,997 (+43489.6%), from €205 to €89,202
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 | €1,278,347 | €1,713,538 | +€435,191 | +34.0% |
| Fixed assets | 21/28 | €672,552 | €650,207 | -€22,345 | -3.3% |
| Intangible fixed assets | 21 | €646 | €0 | -€646 | -100.0% |
| Tangible fixed assets | 22/27 | €277,040 | €255,340 | -€21,700 | -7.8% |
| Land and buildings | 22 | €273,621 | €249,385 | -€24,235 | -8.9% |
| Furniture and vehicles | 24 | €370 | €2,905 | +€2,536 | +686.1% |
| Other tangible fixed assets | 26 | €3,050 | €3,050 | = | 0.0% |
| Financial fixed assets | 28 | €394,867 | €394,867 | = | 0.0% |
| Current assets | 29/58 | €605,795 | €1,063,331 | +€457,537 | +75.5% |
| Amounts receivable after more than one year | 29 | €33,000 | €398,000 | +€365,000 | +1106.1% |
| Other amounts receivable | 291 | €33,000 | €398,000 | +€365,000 | +1106.1% |
| Amounts receivable within one year | 40/41 | €12,752 | €163,564 | +€150,812 | +1182.7% |
| Trade receivables | 40 | €7,132 | €157,111 | +€149,979 | +2102.9% |
| Other amounts receivable | 41 | €5,620 | €6,453 | +€833 | +14.8% |
| Cash at bank and in hand | 54/58 | €555,775 | €497,808 | -€57,967 | -10.4% |
| Deferred charges and accrued income | 490/1 | €4,268 | €3,959 | -€308 | -7.2% |
| Total equity and liabilities | 10/49 | €1,278,347 | €1,713,538 | +€435,191 | +34.0% |
| Equity | 10/15 | €533,315 | €889,198 | +€355,882 | +66.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €520,915 | €876,798 | +€355,882 | +68.3% |
| Distributable reserves | 133 | €520,915 | €876,798 | +€355,882 | +68.3% |
| Amounts payable | 17/49 | €745,031 | €824,340 | +€79,309 | +10.6% |
| Amounts payable after more than one year | 17 | €526,348 | €499,728 | -€26,620 | -5.1% |
| Financial debts | 170/4 | €526,348 | €499,728 | -€26,620 | -5.1% |
| Amounts payable within one year | 42/48 | €218,684 | €324,613 | +€105,929 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €26,110 | €26,620 | +€510 | +2.0% |
| Trade debts | 44 | €2,455 | €2,798 | +€343 | +14.0% |
| Suppliers | 440/4 | €2,455 | €2,798 | +€343 | +14.0% |
| Taxes, remuneration and social security | 45 | €1,247 | €99,251 | +€98,004 | +7861.3% |
| Taxes | 450/3 | €1,247 | €99,251 | +€98,004 | +7861.3% |
| Other amounts payable | 47/48 | €188,872 | €195,944 | +€7,072 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,369 | €25,605 | +€237 | +0.9% |
| Other operating charges | 640/8 | €2,096 | €2,326 | +€230 | +10.9% |
| Gross operating margin | 9900 | €18,434 | €321,698 | +€303,264 | +1645.1% |
| Operating profit (loss) | 9901 | -€9,031 | €293,767 | +€302,798 | |
| Financial income | 75/76B | €30,619 | €175,890 | +€145,271 | +474.4% |
| Recurring financial income | 75 | €30,619 | €175,890 | +€145,271 | +474.4% |
| Financial charges | 65/66B | €24,769 | €24,573 | -€196 | -0.8% |
| Recurring financial charges | 65 | €24,769 | €24,573 | -€196 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,181 | €445,084 | +€448,265 | |
| Income taxes | 67/77 | €205 | €89,202 | +€88,997 | +43489.6% |
| Profit (loss) for the period | 9904 | -€3,385 | €355,882 | +€359,268 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,385 | €355,882 | +€359,268 |
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 2 October 2026 via checked.be.