EFSEE: 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.
EFSEE
Largest movements
- Cash +€19,658
up €19,658 (+44.6%), from €44,087 to €63,744
mainly Net result for the year (+€26,881) and Depreciation (+€12,111)
- Tangible fixed assets -€6,696
down €6,696 (-25.2%), from €26,567 to €19,870
of which Furniture and vehicles: -€7,113
- Reserves +€26,719
up €26,719 (+49.1%), from €54,400 to €81,118
- Debts after one year -€9,249
no longer reported in 2026 (was €9,249)
- Tax, wage and social debts -€2,902
down €2,902 (-43.9%), from €6,609 to €3,707
- Current portion of long-term debt -€1,323
down €1,323 (-12.5%), from €10,572 to €9,249
- Gross operating margin +€36,126
up €36,126 (+238%), from €15,171 to €51,297
- Taxes +€9,433
up €9,433 (+1,056%), from €893 to €10,326
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €84,773 | €99,049 | +€14,277 | +16.8% |
| Fixed assets | 21/28 | €26,567 | €19,870 | -€6,696 | -25.2% |
| Tangible fixed assets | 22/27 | €26,567 | €19,870 | -€6,696 | -25.2% |
| Plant, machinery and equipment | 23 | - | €416 | +€416 | |
| Furniture and vehicles | 24 | €26,567 | €19,454 | -€7,113 | -26.8% |
| Current assets | 29/58 | €58,206 | €79,179 | +€20,973 | +36.0% |
| Amounts receivable within one year | 40/41 | €13,646 | €14,516 | +€870 | +6.4% |
| Trade receivables | 40 | €13,022 | €10,901 | -€2,121 | -16.3% |
| Other amounts receivable | 41 | €624 | €3,615 | +€2,992 | +480% |
| Cash at bank and in hand | 54/58 | €44,087 | €63,744 | +€19,658 | +44.6% |
| Deferred charges and accrued income | 490/1 | €474 | €919 | +€445 | +94.0% |
| Total equity and liabilities | 10/49 | €84,773 | €99,049 | +€14,277 | +16.8% |
| Equity | 10/15 | €57,570 | €83,618 | +€26,048 | +45.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €54,400 | €81,118 | +€26,719 | +49.1% |
| Distributable reserves | 133 | €54,400 | €81,118 | +€26,719 | +49.1% |
| Profit (loss) carried forward | 14 | €670 | - | -€670 | |
| Amounts payable | 17/49 | €27,202 | €15,431 | -€11,771 | -43.3% |
| Amounts payable after more than one year | 17 | €9,249 | - | -€9,249 | |
| Financial debts | 170/4 | €9,249 | - | -€9,249 | |
| Amounts payable within one year | 42/48 | €17,953 | €14,581 | -€3,373 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €10,572 | €9,249 | -€1,323 | -12.5% |
| Trade debts | 44 | €772 | €1,042 | +€270 | +34.9% |
| Suppliers | 440/4 | €772 | €1,042 | +€270 | +34.9% |
| Taxes, remuneration and social security | 45 | €6,609 | €3,707 | -€2,902 | -43.9% |
| Taxes | 450/3 | €6,609 | €3,707 | -€2,902 | -43.9% |
| Other amounts payable | 47/48 | - | €583 | +€583 | |
| Accrued charges and deferred income | 492/3 | - | €850 | +€850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,747 | €12,111 | +€364 | +3.1% |
| Other operating charges | 640/8 | €672 | €1,124 | +€453 | +67.4% |
| Gross operating margin | 9900 | €15,171 | €51,297 | +€36,126 | +238% |
| Operating profit (loss) | 9901 | €2,752 | €38,062 | +€35,310 | +1,283% |
| Financial income | 75/76B | €306 | €244 | -€62 | -20.2% |
| Recurring financial income | 75 | €306 | €244 | -€62 | -20.2% |
| Financial charges | 65/66B | €1,495 | €1,099 | -€396 | -26.5% |
| Recurring financial charges | 65 | €1,495 | €1,099 | -€396 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €1,563 | €37,207 | +€35,644 | +2,280% |
| Income taxes | 67/77 | €893 | €10,326 | +€9,433 | +1,056% |
| Profit (loss) for the period | 9904 | €670 | €26,881 | +€26,211 | +3,910% |
| Profit (loss) for the period to be appropriated | 9905 | €670 | €26,881 | +€26,211 | +3,910% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.