EUROFAR: 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.
EUROFAR
Largest movements
- Receivables within one year +€12.8m
up €12.8m (+115.4%), from €11.1m to €23.9m
of which Other amounts receivable: +€12.9m
- Financial fixed assets -€2.9m
down €2.9m (-23.8%), from €12.2m to €9.3m
- Reserves +€9.0m
up €9.0m (+69.9%), from €12.9m to €21.9m
- Other debts +€1.0m
up €1.0m (+30.2%), from €3.3m to €4.3m
- Financial income +€6.8m
up €6.8m (+287.8%), from €2.4m to €9.2m
of which Non-recurring financial income: +€8.9m
- Taxes +€20,730
up €20,730 (+135.7%), from €15,276 to €36,006
- Gross operating margin -€14,054
down €14,054, from €11,549 to -€2,505
- Staff costs -€11,364
no longer reported in 2025 (was €11,364)
- Financial charges +€9,182
up €9,182 (+5.6%), from €163,095 to €172,277
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 | €23,985,960 | €34,000,046 | +€10.0m | +41.7% |
| Fixed assets | 21/28 | €12,220,000 | €9,310,000 | -€2.9m | -23.8% |
| Financial fixed assets | 28 | €12,220,000 | €9,310,000 | -€2.9m | -23.8% |
| Current assets | 29/58 | €11,765,960 | €24,690,046 | +€12.9m | +109.8% |
| Amounts receivable after more than one year | 29 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 291 | €450,000 | €450,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,118,108 | €23,946,002 | +€12.8m | +115.4% |
| Trade receivables | 40 | €29,746 | €2,114 | -€27,632 | -92.9% |
| Other amounts receivable | 41 | €11,088,362 | €23,943,888 | +€12.9m | +115.9% |
| Cash at bank and in hand | 54/58 | €22,544 | €9,818 | -€12,727 | -56.5% |
| Deferred charges and accrued income | 490/1 | €175,309 | €284,226 | +€108,918 | +62.1% |
| Total equity and liabilities | 10/49 | €23,985,960 | €34,000,046 | +€10.0m | +41.7% |
| Equity | 10/15 | €20,631,131 | €29,624,171 | +€9.0m | +43.6% |
| Contributions | 10/11 | €7,768,600 | €7,768,600 | = | 0.0% |
| Reserves | 13 | €12,862,531 | €21,855,571 | +€9.0m | +69.9% |
| Distributable reserves | 133 | €12,862,531 | €21,855,571 | +€9.0m | +69.9% |
| Amounts payable | 17/49 | €3,354,829 | €4,375,875 | +€1.0m | +30.4% |
| Amounts payable within one year | 42/48 | €3,338,788 | €4,375,875 | +€1.0m | +31.1% |
| Trade debts | 44 | €233 | €1,161 | +€928 | +398.4% |
| Suppliers | 440/4 | €233 | €1,161 | +€928 | +398.4% |
| Taxes, remuneration and social security | 45 | €15,276 | €47,782 | +€32,506 | +212.8% |
| Taxes | 450/3 | €15,276 | €47,782 | +€32,506 | +212.8% |
| Other amounts payable | 47/48 | €3,323,279 | €4,326,932 | +€1.0m | +30.2% |
| Accrued charges and deferred income | 492/3 | €16,041 | - | -€16,041 | |
| Remuneration, social security and pensions | 62 | €11,364 | - | -€11,364 | |
| Other operating charges | 640/8 | €1,217 | €1,208 | -€8 | -0.7% |
| Gross operating margin | 9900 | €11,549 | -€2,505 | -€14,054 | |
| Operating profit (loss) | 9901 | -€1,032 | -€3,713 | -€2,681 | -259.8% |
| Financial income | 75/76B | €2,373,851 | €9,205,037 | +€6.8m | +287.8% |
| Recurring financial income | 75 | €2,373,851 | €310,998 | -€2.1m | -86.9% |
| Non-recurring financial income | 76B | - | €8,894,039 | +€8.9m | |
| Financial charges | 65/66B | €163,095 | €172,277 | +€9,182 | +5.6% |
| Recurring financial charges | 65 | €163,095 | €172,277 | +€9,182 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €2,209,724 | €9,029,047 | +€6.8m | +308.6% |
| Income taxes | 67/77 | €15,276 | €36,006 | +€20,730 | +135.7% |
| Profit (loss) for the period | 9904 | €2,194,448 | €8,993,040 | +€6.8m | +309.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,194,448 | €8,993,040 | +€6.8m | +309.8% |
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 12 October 2026 via checked.be.