EFIN: 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.
What changed
EFIN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18.9m
2024 · €18.1m+€795,042
Equity
€308.4m
2024 · €299.7m+€8.7m
Cash
€65,721
2024 · €150,892-€85,171
Balance sheet total
€310.9m
2024 · €302.1m+€8.8m
Largest movements
Assets
- Current investments +€10.6m
up €10.6m (+31.5%), from €33.5m to €44.1m
Equity and liabilities
- Reserves +€8.7m
up €8.7m (+15.1%), from €57.4m to €66.1m
of which Distributable reserves: +€8.7m
Income statement
- Financial income +€635,379
up €635,379 (+3.2%), from €19.9m to €20.5m
of which Financial income: +€2.2m
- Services and other goods +€351,870
up €351,870 (+28.5%), from €1.2m to €1.6m
- Financial charges -€300,393
down €300,393 (-88.8%), from €338,165 to €37,772
of which Non-recurring financial charges: -€300,000
- Taxes -€189,819
down €189,819 (-99.9%), from €190,052 to €233
- Other operating charges -€99,639
down €99,639 (-98.9%), from €100,765 to €1,126
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
€18.1m
Turnover
-€14,343
Other operating income
-€27,643
Goods and materials
-€21,622
Services and other goods
-€351,870
Staff costs
-€15,057
Depreciation
+€347
Other operating charges
+€99,639
Financial income
+€635,379
Financial charges
+€300,393
Taxes
+€189,819
Result 2025
€18.9m
raises the resultlowers the result
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.
From operations
+€20.9m
Investment
-€10.7m
Financing
-€10.3m
Cash 2024
€150,892
From operations (derived)
+€20.9m
Net result for the year
+€18.9m
Depreciation
+€2,023
Receivables after one year
+€1.9m
Receivables within one year
-€147,833
Smaller working-capital items
+€37,366
Trade debts
-€74,142
Tax, wage and social debts
-€68,074
Other debts
+€267,032
Investment (derived)
-€10.7m
Investment in fixed assets (net)
-€152,926
Current investments
-€10.6m
Financing
-€10.3m
Contributions, distributions and other
-€10.3m
Cash 2025
€65,721
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €302,081,428 | €310,893,785 | +€8.8m | +2.9% |
| Fixed assets | 21/28 | €262,795,533 | €262,946,435 | +€150,902 | +0.1% |
| Tangible fixed assets | 22/27 | €2,776 | €1,803 | -€973 | -35.0% |
| Furniture and vehicles | 24 | €2,776 | €1,803 | -€973 | -35.0% |
| Financial fixed assets | 28 | €262,792,756 | €262,944,631 | +€151,875 | +0.1% |
| Companies linked by participating interests | 282/3 | €261,826,030 | €261,826,030 | = | 0.0% |
| Participating interests | 282 | €261,826,030 | €261,826,030 | = | 0.0% |
| Other financial fixed assets | 284/8 | €966,726 | €1,118,601 | +€151,875 | +15.7% |
| Shares | 284 | €966,726 | €1,118,601 | +€151,875 | +15.7% |
| Current assets | 29/58 | €39,285,895 | €47,947,350 | +€8.7m | +22.0% |
| Amounts receivable after more than one year | 29 | €3,221,908 | €1,308,472 | -€1.9m | -59.4% |
| Other amounts receivable | 291 | €3,221,908 | €1,308,472 | -€1.9m | -59.4% |
| Amounts receivable within one year | 40/41 | €2,081,028 | €2,228,861 | +€147,833 | +7.1% |
| Trade receivables | 40 | €279,019 | €225,031 | -€53,988 | -19.3% |
| Other amounts receivable | 41 | €1,802,009 | €2,003,830 | +€201,820 | +11.2% |
| Current investments | 50/53 | €33,541,233 | €44,094,375 | +€10.6m | +31.5% |
| Other investments | 51/53 | €33,541,233 | €44,094,375 | +€10.6m | +31.5% |
| Cash at bank and in hand | 54/58 | €150,892 | €65,721 | -€85,171 | -56.4% |
| Deferred charges and accrued income | 490/1 | €290,834 | €249,921 | -€40,913 | -14.1% |
| Total equity and liabilities | 10/49 | €302,081,428 | €310,893,785 | +€8.8m | +2.9% |
| Equity | 10/15 | €299,689,452 | €308,380,539 | +€8.7m | +2.9% |
| Contributions | 10/11 | €242,294,753 | €242,294,753 | = | 0.0% |
| Reserves | 13 | €57,394,699 | €66,085,786 | +€8.7m | +15.1% |
| Non-distributable reserves | 130/1 | €14,882,942 | €14,882,942 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,882,942 | €14,882,942 | = | 0.0% |
| Distributable reserves | 133 | €42,511,757 | €51,202,844 | +€8.7m | +20.4% |
| Amounts payable | 17/49 | €2,391,976 | €2,513,245 | +€121,270 | +5.1% |
| Amounts payable within one year | 42/48 | €2,314,865 | €2,439,681 | +€124,817 | +5.4% |
| Trade debts | 44 | €118,477 | €44,335 | -€74,142 | -62.6% |
| Suppliers | 440/4 | €118,477 | €44,335 | -€74,142 | -62.6% |
| Taxes, remuneration and social security | 45 | €105,710 | €37,637 | -€68,074 | -64.4% |
| Taxes | 450/3 | €69,895 | - | -€69,895 | |
| Remuneration and social security | 454/9 | €35,815 | €37,637 | +€1,821 | +5.1% |
| Other amounts payable | 47/48 | €2,090,678 | €2,357,710 | +€267,032 | +12.8% |
| Accrued charges and deferred income | 492/3 | €77,111 | €73,564 | -€3,547 | -4.6% |
| Operating income | 70/76A | €692,612 | €650,626 | -€41,986 | -6.1% |
| Turnover | 70 | €659,844 | €645,502 | -€14,343 | -2.2% |
| Other operating income | 74 | €32,768 | €5,125 | -€27,643 | -84.4% |
| Operating charges | 60/66A | €1,923,559 | €2,212,122 | +€288,563 | +15.0% |
| Goods for resale, raw materials and consumables | 60 | €265,316 | €286,938 | +€21,622 | +8.1% |
| Purchases | 600/8 | €265,316 | €286,938 | +€21,622 | +8.1% |
| Services and other goods | 61 | €1,235,734 | €1,587,603 | +€351,870 | +28.5% |
| Remuneration, social security and pensions | 62 | €319,374 | €334,431 | +€15,057 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,370 | €2,023 | -€347 | -14.6% |
| Other operating charges | 640/8 | €100,765 | €1,126 | -€99,639 | -98.9% |
| Operating profit (loss) | 9901 | -€1,230,947 | -€1,561,495 | -€330,549 | -26.9% |
| Financial income | 75/76B | €19,905,209 | €20,540,588 | +€635,379 | +3.2% |
| Recurring financial income | 75 | €18,314,142 | €20,540,588 | +€2.2m | +12.2% |
| Income from financial fixed assets | 750 | €16,294,563 | €19,200,559 | +€2.9m | +17.8% |
| Income from current assets | 751 | €2,019,579 | €1,340,028 | -€679,551 | -33.6% |
| Non-recurring financial income | 76B | €1,591,067 | - | -€1.6m | |
| Financial charges | 65/66B | €338,165 | €37,772 | -€300,393 | -88.8% |
| Recurring financial charges | 65 | €38,165 | €37,772 | -€393 | -1.0% |
| Debt charges | 650 | €3 | - | -€3 | |
| Other financial charges | 652/9 | €38,162 | €37,772 | -€390 | -1.0% |
| Non-recurring financial charges | 66B | €300,000 | - | -€300,000 | |
| Profit (loss) for the period before taxes | 9903 | €18,336,097 | €18,941,320 | +€605,223 | +3.3% |
| Income taxes | 67/77 | €190,052 | €233 | -€189,819 | -99.9% |
| Taxes | 670/3 | €190,052 | €233 | -€189,819 | -99.9% |
| Profit (loss) for the period | 9904 | €18,146,045 | €18,941,087 | +€795,042 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,146,045 | €18,941,087 | +€795,042 | +4.4% |
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 20 October 2026 via checked.be.