EFICO: 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.
What changed
EFICO
NACE 46.370, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.9m
2024 · €5.5m+€6.4m
Equity
€30.9m
2024 · €19.0m+€11.9m
Cash
€1.3m
2024 · €684,014+€638,881
Balance sheet total
€206.0m
2024 · €138.8m+€67.2m
Largest movements
Assets
- Stocks and contracts +€58.5m
up €58.5m (+73.9%), from €79.2m to €137.7m
- Receivables within one year +€8.0m
up €8.0m (+15.3%), from €52.6m to €60.6m
of which Trade receivables: +€18.3m
Equity and liabilities
- Short-term financial debts +€36.5m
up €36.5m (+41.0%), from €88.9m to €125.4m
of which Credit institutions: +€36.5m
- Trade debts +€13.1m
up €13.1m (+61.7%), from €21.3m to €34.4m
- Profit (loss) carried forward +€11.9m
up €11.9m (+145.9%), from €8.1m to €20.0m
- Other debts +€3.1m
up €3.1m (+55.9%), from €5.5m to €8.5m
- Tax, wage and social debts +€2.3m
up €2.3m (+71.0%), from €3.2m to €5.5m
of which Taxes: +€2.2m
Income statement
- Turnover +€218.5m
up €218.5m (+75.6%), from €288.9m to €507.5m
- Goods and materials +€206.4m
up €206.4m (+77.2%), from €267.4m to €473.8m
of which Purchases: +€254.6m
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.
Result 2024
€5.5m
Turnover
+€218.5m
Other operating income
-€145,352
Goods and materials
-€206.4m
Services and other goods
-€770,941
Staff costs
-€492,667
Depreciation
+€10,349
Write-downs
+€68,630
Other operating charges
-€63,119
Financial income
+€172,769
Financial charges
-€2.2m
Taxes
-€2.3m
Result 2025
€11.9m
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.
From operations
-€35.7m
Investment
-€25,070
Financing
+€36.4m
Cash 2024
€684,014
From operations (derived)
-€35.7m
Net result for the year
+€11.9m
Depreciation
+€86,777
Receivables after one year
+€243,103
Stocks and contracts
-€58.5m
Receivables within one year
-€8.0m
Deferred charges and accrued income
-€282,395
Trade debts
+€13.1m
Tax, wage and social debts
+€2.3m
Advances received
-€6,690
Other debts
+€3.1m
Accrued charges and deferred income
+€386,480
Investment (derived)
-€25,070
Investment in fixed assets (net)
-€25,070
Financing
+€36.4m
Short-term financial debts
+€36.5m
Contributions, distributions and other
-€65,970
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €138,807,779 | €205,996,047 | +€67.2m | +48.4% |
| Fixed assets | 21/28 | €5,239,432 | €5,177,725 | -€61,707 | -1.2% |
| Intangible fixed assets | 21 | €85,116 | €36,962 | -€48,154 | -56.6% |
| Tangible fixed assets | 22/27 | €88,496 | €74,942 | -€13,554 | -15.3% |
| Furniture and vehicles | 24 | €88,496 | €74,942 | -€13,554 | -15.3% |
| Financial fixed assets | 28 | €5,065,819 | €5,065,821 | +€1 | 0.0% |
| Affiliated companies | 280/1 | €5,065,819 | €5,065,821 | +€1 | 0.0% |
| Participating interests | 280 | €5,065,819 | €5,065,821 | +€1 | 0.0% |
| Current assets | 29/58 | €133,568,346 | €200,818,323 | +€67.2m | +50.3% |
| Amounts receivable after more than one year | 29 | €243,103 | €0 | -€243,103 | -100.0% |
| Trade receivables | 290 | €243,103 | €0 | -€243,103 | -100.0% |
| Stocks and contracts in progress | 3 | €79,152,330 | €137,678,214 | +€58.5m | +73.9% |
| Stocks | 30/36 | €79,152,330 | €137,678,214 | +€58.5m | +73.9% |
| Goods purchased for resale | 34 | €77,983,570 | €137,367,644 | +€59.4m | +76.1% |
| Advance payments | 36 | €1,168,760 | €310,570 | -€858,189 | -73.4% |
| Amounts receivable within one year | 40/41 | €52,586,728 | €60,632,647 | +€8.0m | +15.3% |
| Trade receivables | 40 | €38,541,413 | €56,820,087 | +€18.3m | +47.4% |
| Other amounts receivable | 41 | €14,045,315 | €3,812,560 | -€10.2m | -72.9% |
| Cash at bank and in hand | 54/58 | €684,014 | €1,322,895 | +€638,881 | +93.4% |
| Deferred charges and accrued income | 490/1 | €902,171 | €1,184,566 | +€282,395 | +31.3% |
| Total equity and liabilities | 10/49 | €138,807,779 | €205,996,047 | +€67.2m | +48.4% |
| Equity | 10/15 | €18,977,281 | €30,856,534 | +€11.9m | +62.6% |
| Contributions | 10/11 | €5,000,099 | €5,000,099 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Outside capital | 11 | €99 | €99 | = | 0.0% |
| Share premium | 1100/10 | €99 | €99 | = | 0.0% |
| Reserves | 13 | €5,834,701 | €5,834,701 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Distributable reserves | 133 | €5,334,701 | €5,334,701 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,142,480 | €20,021,734 | +€11.9m | +145.9% |
| Amounts payable | 17/49 | €119,830,498 | €175,139,514 | +€55.3m | +46.2% |
| Amounts payable within one year | 42/48 | €118,890,074 | €173,812,610 | +€54.9m | +46.2% |
| Financial debts | 43 | €88,903,454 | €125,360,384 | +€36.5m | +41.0% |
| Credit institutions | 430/8 | €88,418,177 | €124,870,256 | +€36.5m | +41.2% |
| Other loans | 439 | €485,277 | €490,129 | +€4,852 | +1.0% |
| Trade debts | 44 | €21,250,150 | €34,354,367 | +€13.1m | +61.7% |
| Suppliers | 440/4 | €21,250,150 | €34,354,367 | +€13.1m | +61.7% |
| Advances received on contracts in progress | 46 | €6,690 | - | -€6,690 | |
| Taxes, remuneration and social security | 45 | €3,244,049 | €5,548,081 | +€2.3m | +71.0% |
| Taxes | 450/3 | €2,871,927 | €5,118,176 | +€2.2m | +78.2% |
| Remuneration and social security | 454/9 | €372,122 | €429,905 | +€57,784 | +15.5% |
| Other amounts payable | 47/48 | €5,485,730 | €8,549,778 | +€3.1m | +55.9% |
| Accrued charges and deferred income | 492/3 | €940,424 | €1,326,904 | +€386,480 | +41.1% |
| Operating income | 70/76A | €289,703,067 | €508,082,750 | +€218.4m | +75.4% |
| Turnover | 70 | €288,928,484 | €507,453,519 | +€218.5m | +75.6% |
| Other operating income | 74 | €774,583 | €629,231 | -€145,352 | -18.8% |
| Operating charges | 60/66A | €274,908,170 | €482,552,013 | +€207.6m | +75.5% |
| Goods for resale, raw materials and consumables | 60 | €267,354,374 | €473,750,469 | +€206.4m | +77.2% |
| Purchases | 600/8 | €278,484,817 | €533,134,543 | +€254.6m | +91.4% |
| Change in stocks: decrease (increase) | 609 | -€11,130,443 | -€59,384,074 | -€48.3m | -433.5% |
| Services and other goods | 61 | €4,194,239 | €4,965,181 | +€770,941 | +18.4% |
| Remuneration, social security and pensions | 62 | €3,233,514 | €3,726,181 | +€492,667 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,127 | €86,777 | -€10,349 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,976 | -€41,654 | -€68,630 | |
| Other operating charges | 640/8 | €1,940 | €65,060 | +€63,119 | +3253.1% |
| Operating profit (loss) | 9901 | €14,794,897 | €25,530,736 | +€10.7m | +72.6% |
| Financial income | 75/76B | €302,882 | €475,651 | +€172,769 | +57.0% |
| Recurring financial income | 75 | €302,882 | €475,651 | +€172,769 | +57.0% |
| Income from current assets | 751 | €291,574 | €462,193 | +€170,619 | +58.5% |
| Other financial income | 752/9 | €11,307 | €13,457 | +€2,150 | +19.0% |
| Financial charges | 65/66B | €7,451,306 | €9,618,231 | +€2.2m | +29.1% |
| Recurring financial charges | 65 | €7,451,306 | €9,618,231 | +€2.2m | +29.1% |
| Debt charges | 650 | €6,867,397 | €8,659,738 | +€1.8m | +26.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €31,403 | €92,000 | +€60,597 | +193.0% |
| Other financial charges | 652/9 | €552,506 | €866,494 | +€313,988 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €7,646,472 | €16,388,156 | +€8.7m | +114.3% |
| Income taxes | 67/77 | €2,127,653 | €4,442,932 | +€2.3m | +108.8% |
| Taxes | 670/3 | €2,127,653 | €4,442,932 | +€2.3m | +108.8% |
| Profit (loss) for the period | 9904 | €5,518,820 | €11,945,223 | +€6.4m | +116.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,518,820 | €11,945,223 | +€6.4m | +116.4% |
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 8 October 2026 via checked.be.