EFRA - Financial Reporting Advisory: what changed
EFRA - Financial Reporting Advisory
Largest movements
- Cash -€197,095
down €197,095 (-72.5%), from €271,932 to €74,837
mainly Other debts (-€131,572) and Investment in fixed assets (net) (-€57,108)
- Financial fixed assets +€57,108
new in 2026: €57,108
- Receivables within one year +€11,829
up €11,829 (+100%), from €11,796 to €23,625
of which Trade receivables: +€12,026
- Tangible fixed assets -€7,068
down €7,068 (-25.3%), from €27,939 to €20,871
of which Leasing and similar rights: -€6,718
- Other debts -€131,572
no longer reported in 2026 (was €131,572)
- Reserves +€17,876
up €17,876 (+5.8%), from €309,157 to €327,033
- Tax, wage and social debts -€12,490
down €12,490 (-77.0%), from €16,210 to €3,721
- Debts after one year -€8,327
down €8,327 (-44.0%), from €18,915 to €10,589
- Gross operating margin -€1,961
down €1,961 (-5.0%), from €38,838 to €36,877
- Taxes -€1,540
down €1,540 (-14.9%), from €10,368 to €8,828
- Financial charges +€657
up €657 (+34.5%), from €1,904 to €2,561
- Depreciation +€632
up €632 (+9.8%), from €6,436 to €7,068
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €497,961 | €362,735 | -€135,226 | -27.2% |
| Fixed assets | 21/28 | €27,939 | €77,979 | +€50,040 | +179% |
| Tangible fixed assets | 22/27 | €27,939 | €20,871 | -€7,068 | -25.3% |
| Plant, machinery and equipment | 23 | €350 | - | -€350 | |
| Leasing and similar rights | 25 | €27,589 | €20,871 | -€6,718 | -24.3% |
| Financial fixed assets | 28 | - | €57,108 | +€57,108 | |
| Current assets | 29/58 | €470,022 | €284,755 | -€185,266 | -39.4% |
| Amounts receivable within one year | 40/41 | €11,796 | €23,625 | +€11,829 | +100% |
| Trade receivables | 40 | €7,226 | €19,252 | +€12,026 | +166% |
| Other amounts receivable | 41 | €4,570 | €4,372 | -€197 | -4.3% |
| Current investments | 50/53 | €186,293 | €186,293 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €271,932 | €74,837 | -€197,095 | -72.5% |
| Total equity and liabilities | 10/49 | €497,961 | €362,735 | -€135,226 | -27.2% |
| Equity | 10/15 | €321,557 | €339,433 | +€17,876 | +5.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €309,157 | €327,033 | +€17,876 | +5.8% |
| Distributable reserves | 133 | €309,157 | €327,033 | +€17,876 | +5.8% |
| Amounts payable | 17/49 | €176,404 | €23,301 | -€153,102 | -86.8% |
| Amounts payable after more than one year | 17 | €18,915 | €10,589 | -€8,327 | -44.0% |
| Financial debts | 170/4 | €18,915 | €10,589 | -€8,327 | -44.0% |
| Amounts payable within one year | 42/48 | €157,489 | €12,713 | -€144,776 | -91.9% |
| Current portion of amounts payable after more than one year | 42 | €7,859 | €8,327 | +€468 | +6.0% |
| Trade debts | 44 | €1,848 | €666 | -€1,182 | -64.0% |
| Suppliers | 440/4 | €1,848 | €666 | -€1,182 | -64.0% |
| Taxes, remuneration and social security | 45 | €16,210 | €3,721 | -€12,490 | -77.0% |
| Taxes | 450/3 | €16,210 | €3,721 | -€12,490 | -77.0% |
| Other amounts payable | 47/48 | €131,572 | - | -€131,572 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,436 | €7,068 | +€632 | +9.8% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €38,838 | €36,877 | -€1,961 | -5.0% |
| Operating profit (loss) | 9901 | €31,874 | €29,265 | -€2,609 | -8.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,904 | €2,561 | +€657 | +34.5% |
| Recurring financial charges | 65 | €1,904 | €2,561 | +€657 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €29,970 | €26,704 | -€3,266 | -10.9% |
| Income taxes | 67/77 | €10,368 | €8,828 | -€1,540 | -14.9% |
| Profit (loss) for the period | 9904 | €19,603 | €17,876 | -€1,727 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,603 | €17,876 | -€1,727 | -8.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.