EFO: 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.
EFO
Largest movements
- Receivables within one year -€17,007
down €17,007 (-29.9%), from €56,895 to €39,888
of which Trade receivables: -€34,395
- Cash +€6,065
up €6,065 (+31.8%), from €19,064 to €25,129
mainly Other debts (+€97,945) and Receivables within one year (+€17,007)
- Stocks and contracts +€4,200
up €4,200 (+5.5%), from €75,800 to €80,000
- Intangible fixed assets +€3,080
new in 2025: €3,080
- Tangible fixed assets +€1,613
up €1,613 (+235.7%), from €685 to €2,298
- Other debts +€97,945
new in 2025: €97,945
- Debts after one year -€95,874
down €95,874 (-74.4%), from €128,793 to €32,919
- Trade debts -€10,326
down €10,326 (-77.8%), from €13,277 to €2,950
- Profit (loss) carried forward +€5,086
up €5,086 (+66.3%), from -€7,674 to -€2,587
- Purchases and services -€825,745
no longer reported in 2025 (was €825,745)
- Turnover -€824,763
no longer reported in 2025 (was €824,763)
- Gross operating margin +€11,949
up €11,949, from -€982 to €10,968
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 | €157,257 | €155,351 | -€1,906 | -1.2% |
| Fixed assets | 21/28 | €4,245 | €8,439 | +€4,194 | +98.8% |
| Intangible fixed assets | 21 | - | €3,080 | +€3,080 | |
| Tangible fixed assets | 22/27 | €685 | €2,298 | +€1,613 | +235.7% |
| Plant, machinery and equipment | 23 | €685 | €2,298 | +€1,613 | +235.7% |
| Financial fixed assets | 28 | €3,560 | €3,060 | -€500 | -14.0% |
| Current assets | 29/58 | €153,013 | €146,912 | -€6,100 | -4.0% |
| Stocks and contracts in progress | 3 | €75,800 | €80,000 | +€4,200 | +5.5% |
| Stocks | 30/36 | €75,800 | €80,000 | +€4,200 | +5.5% |
| Amounts receivable within one year | 40/41 | €56,895 | €39,888 | -€17,007 | -29.9% |
| Trade receivables | 40 | €56,895 | €22,500 | -€34,395 | -60.5% |
| Other amounts receivable | 41 | - | €17,388 | +€17,388 | |
| Cash at bank and in hand | 54/58 | €19,064 | €25,129 | +€6,065 | +31.8% |
| Deferred charges and accrued income | 490/1 | €1,254 | €1,895 | +€641 | +51.2% |
| Total equity and liabilities | 10/49 | €157,257 | €155,351 | -€1,906 | -1.2% |
| Equity | 10/15 | -€2,674 | €2,413 | +€5,086 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,674 | -€2,587 | +€5,086 | +66.3% |
| Amounts payable | 17/49 | €159,931 | €152,938 | -€6,993 | -4.4% |
| Amounts payable after more than one year | 17 | €128,793 | €32,919 | -€95,874 | -74.4% |
| Financial debts | 170/4 | €128,793 | €32,919 | -€95,874 | -74.4% |
| Amounts payable within one year | 42/48 | €31,138 | €120,019 | +€88,881 | +285.4% |
| Current portion of amounts payable after more than one year | 42 | €15,288 | €16,027 | +€740 | +4.8% |
| Trade debts | 44 | €13,277 | €2,950 | -€10,326 | -77.8% |
| Suppliers | 440/4 | €13,277 | €2,950 | -€10,326 | -77.8% |
| Taxes, remuneration and social security | 45 | €2,574 | €3,097 | +€523 | +20.3% |
| Taxes | 450/3 | €2,574 | €3,097 | +€523 | +20.3% |
| Other amounts payable | 47/48 | - | €97,945 | +€97,945 | |
| Turnover | 70 | €824,763 | - | -€824,763 | |
| Goods, raw materials, services and sundry goods | 60/61 | €825,745 | - | -€825,745 | |
| Remuneration, social security and pensions | 62 | €86 | - | -€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,375 | €872 | -€503 | -36.6% |
| Other operating charges | 640/8 | €1,173 | €2,094 | +€921 | +78.5% |
| Gross operating margin | 9900 | -€982 | €10,968 | +€11,949 | |
| Operating profit (loss) | 9901 | -€3,615 | €8,001 | +€11,617 | |
| Financial income | 75/76B | €150 | €0 | -€150 | -100.0% |
| Recurring financial income | 75 | €150 | €0 | -€150 | -100.0% |
| Financial charges | 65/66B | €4,208 | €2,915 | -€1,293 | -30.7% |
| Recurring financial charges | 65 | €4,208 | €2,915 | -€1,293 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,674 | €5,086 | +€12,760 | |
| Profit (loss) for the period | 9904 | -€7,674 | €5,086 | +€12,760 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,674 | €5,086 | +€12,760 |
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 4 October 2026 via checked.be.