EFL CONSTRUCT: 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.
EFL CONSTRUCT
Largest movements
- Tangible fixed assets +€169,697
up €169,697 (+44.5%), from €381,229 to €550,926
of which Land and buildings: +€170,429
- Cash -€36,450
down €36,450 (-28.3%), from €128,640 to €92,190
mainly Investment in fixed assets (net) (-€193,854) and Deferred charges and accrued income (-€15,420)
- Deferred charges and accrued income +€15,420
up €15,420 (+350%), from €4,401 to €19,821
- Debts after one year +€107,635
up €107,635 (+43.0%), from €250,605 to €358,240
- Profit (loss) carried forward +€48,318
up €48,318 (+28.9%), from €166,945 to €215,263
- Trade debts +€15,725
up €15,725 (+210%), from €7,504 to €23,228
- Advances received -€8,612
down €8,612 (-11.1%), from €77,782 to €69,171
- Gross operating margin -€106,557
down €106,557 (-41.2%), from €258,505 to €151,948
- Staff costs -€97,577
down €97,577 (-63.8%), from €153,010 to €55,433
- Financial charges +€7,201
up €7,201 (+58.2%), from €12,372 to €19,572
- Depreciation -€6,838
down €6,838 (-21.9%), from €31,250 to €24,412
- Taxes -€6,022
down €6,022 (-37.5%), from €16,064 to €10,042
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 | €555,606 | €713,592 | +€157,986 | +28.4% |
| Formation expenses | 20 | €333 | €78 | -€255 | -76.5% |
| Fixed assets | 21/28 | €384,943 | €554,640 | +€169,697 | +44.1% |
| Tangible fixed assets | 22/27 | €381,229 | €550,926 | +€169,697 | +44.5% |
| Land and buildings | 22 | €357,526 | €527,955 | +€170,429 | +47.7% |
| Plant, machinery and equipment | 23 | €15,490 | €17,828 | +€2,338 | +15.1% |
| Furniture and vehicles | 24 | €7,755 | €1,258 | -€6,496 | -83.8% |
| Other tangible fixed assets | 26 | €459 | €3,885 | +€3,427 | +747% |
| Financial fixed assets | 28 | €3,714 | €3,714 | = | 0.0% |
| Current assets | 29/58 | €170,330 | €158,874 | -€11,456 | -6.7% |
| Stocks and contracts in progress | 3 | €27,830 | €32,460 | +€4,630 | +16.6% |
| Stocks | 30/36 | €27,830 | €32,460 | +€4,630 | +16.6% |
| Amounts receivable within one year | 40/41 | €9,460 | €14,403 | +€4,943 | +52.3% |
| Trade receivables | 40 | €754 | €9,478 | +€8,723 | +1,156% |
| Other amounts receivable | 41 | €8,705 | €4,925 | -€3,780 | -43.4% |
| Cash at bank and in hand | 54/58 | €128,640 | €92,190 | -€36,450 | -28.3% |
| Deferred charges and accrued income | 490/1 | €4,401 | €19,821 | +€15,420 | +350% |
| Total equity and liabilities | 10/49 | €555,606 | €713,592 | +€157,986 | +28.4% |
| Equity | 10/15 | €187,697 | €235,251 | +€47,554 | +25.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,945 | €215,263 | +€48,318 | +28.9% |
| Investment grants | 15 | €13,752 | €12,988 | -€764 | -5.6% |
| Amounts payable | 17/49 | €367,909 | €478,342 | +€110,432 | +30.0% |
| Amounts payable after more than one year | 17 | €250,605 | €358,240 | +€107,635 | +43.0% |
| Financial debts | 170/4 | €250,605 | €358,240 | +€107,635 | +43.0% |
| Amounts payable within one year | 42/48 | €117,304 | €120,102 | +€2,797 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €21,853 | €23,672 | +€1,819 | +8.3% |
| Trade debts | 44 | €7,504 | €23,228 | +€15,725 | +210% |
| Suppliers | 440/4 | €7,504 | €23,228 | +€15,725 | +210% |
| Advances received on contracts in progress | 46 | €77,782 | €69,171 | -€8,612 | -11.1% |
| Taxes, remuneration and social security | 45 | €10,155 | €3,882 | -€6,273 | -61.8% |
| Taxes | 450/3 | €10,155 | €3,882 | -€6,273 | -61.8% |
| Other amounts payable | 47/48 | €11 | €149 | +€138 | +1,284% |
| Remuneration, social security and pensions | 62 | €153,010 | €55,433 | -€97,577 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,250 | €24,412 | -€6,838 | -21.9% |
| Other operating charges | 640/8 | €4,149 | €3,773 | -€376 | -9.1% |
| Gross operating margin | 9900 | €258,505 | €151,948 | -€106,557 | -41.2% |
| Operating profit (loss) | 9901 | €70,096 | €68,330 | -€1,766 | -2.5% |
| Financial income | 75/76B | €5,946 | €9,602 | +€3,656 | +61.5% |
| Recurring financial income | 75 | €5,946 | €5,008 | -€938 | -15.8% |
| Non-recurring financial income | 76B | - | €4,594 | +€4,594 | |
| Financial charges | 65/66B | €12,372 | €19,572 | +€7,201 | +58.2% |
| Recurring financial charges | 65 | €12,372 | €19,572 | +€7,201 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €63,670 | €58,360 | -€5,310 | -8.3% |
| Income taxes | 67/77 | €16,064 | €10,042 | -€6,022 | -37.5% |
| Profit (loss) for the period | 9904 | €47,606 | €48,318 | +€712 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,606 | €48,318 | +€712 | +1.5% |
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 13 October 2026 via checked.be.