EUROFLEX: 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.
EUROFLEX
Largest movements
- Current investments +€804,376
up €804,376 (+51.7%), from €1.6m to €2.4m
- Cash -€147,240
down €147,240 (-23.9%), from €617,107 to €469,867
mainly Current investments (-€804,376) and Receivables within one year (-€108,613)
- Receivables within one year +€108,613
up €108,613 (+45.0%), from €241,254 to €349,867
of which Trade receivables: +€108,340
- Tangible fixed assets -€86,316
down €86,316 (-9.8%), from €884,686 to €798,371
- Stocks and contracts +€62,696
up €62,696 (+14.8%), from €425,000 to €487,696
- Reserves +€617,181
up €617,181 (+20.8%), from €3.0m to €3.6m
of which Distributable reserves: +€604,181
- Trade debts +€79,129
up €79,129 (+214.9%), from €36,819 to €115,948
- Other debts +€52,908
up €52,908 (+489.0%), from €10,820 to €63,728
- Gross operating margin +€396,718
up €396,718 (+34.4%), from €1.2m to €1.5m
- Taxes +€105,155
up €105,155 (+71.8%), from €146,433 to €251,587
- Staff costs +€53,993
up €53,993 (+10.0%), from €539,414 to €593,407
- Financial income +€25,596
up €25,596 (+162.0%), from €15,798 to €41,394
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 | €3,739,592 | €4,471,275 | +€731,684 | +19.6% |
| Fixed assets | 21/28 | €884,686 | €798,371 | -€86,316 | -9.8% |
| Tangible fixed assets | 22/27 | €884,686 | €798,371 | -€86,316 | -9.8% |
| Land and buildings | 22 | €713,186 | €673,789 | -€39,397 | -5.5% |
| Plant, machinery and equipment | 23 | €77,600 | €59,137 | -€18,463 | -23.8% |
| Furniture and vehicles | 24 | €93,900 | €65,444 | -€28,456 | -30.3% |
| Current assets | 29/58 | €2,854,905 | €3,672,905 | +€817,999 | +28.7% |
| Stocks and contracts in progress | 3 | €425,000 | €487,696 | +€62,696 | +14.8% |
| Stocks | 30/36 | €425,000 | €487,696 | +€62,696 | +14.8% |
| Amounts receivable within one year | 40/41 | €241,254 | €349,867 | +€108,613 | +45.0% |
| Trade receivables | 40 | €241,254 | €349,594 | +€108,340 | +44.9% |
| Other amounts receivable | 41 | - | €274 | +€274 | |
| Current investments | 50/53 | €1,556,708 | €2,361,084 | +€804,376 | +51.7% |
| Cash at bank and in hand | 54/58 | €617,107 | €469,867 | -€147,240 | -23.9% |
| Deferred charges and accrued income | 490/1 | €14,835 | €4,390 | -€10,445 | -70.4% |
| Total equity and liabilities | 10/49 | €3,739,592 | €4,471,275 | +€731,684 | +19.6% |
| Equity | 10/15 | €3,026,956 | €3,644,137 | +€617,181 | +20.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,964,956 | €3,582,137 | +€617,181 | +20.8% |
| Tax-exempt reserves | 132 | €409,768 | €422,768 | +€13,000 | +3.2% |
| Distributable reserves | 133 | €2,555,189 | €3,159,369 | +€604,181 | +23.6% |
| Amounts payable | 17/49 | €712,635 | €827,138 | +€114,503 | +16.1% |
| Amounts payable after more than one year | 17 | €513,943 | €473,426 | -€40,518 | -7.9% |
| Financial debts | 170/4 | €513,943 | €473,426 | -€40,518 | -7.9% |
| Amounts payable within one year | 42/48 | €198,638 | €353,713 | +€155,075 | +78.1% |
| Current portion of amounts payable after more than one year | 42 | €39,782 | €40,518 | +€736 | +1.9% |
| Trade debts | 44 | €36,819 | €115,948 | +€79,129 | +214.9% |
| Suppliers | 440/4 | €36,819 | €115,948 | +€79,129 | +214.9% |
| Taxes, remuneration and social security | 45 | €111,217 | €133,519 | +€22,301 | +20.1% |
| Taxes | 450/3 | €70,151 | €65,153 | -€4,997 | -7.1% |
| Remuneration and social security | 454/9 | €41,067 | €68,365 | +€27,299 | +66.5% |
| Other amounts payable | 47/48 | €10,820 | €63,728 | +€52,908 | +489.0% |
| Accrued charges and deferred income | 492/3 | €54 | - | -€54 | |
| Remuneration, social security and pensions | 62 | €539,414 | €593,407 | +€53,993 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,127 | €95,020 | +€6,893 | +7.8% |
| Other operating charges | 640/8 | €20,157 | €18,804 | -€1,353 | -6.7% |
| Gross operating margin | 9900 | €1,151,664 | €1,548,382 | +€396,718 | +34.4% |
| Operating profit (loss) | 9901 | €503,965 | €841,151 | +€337,186 | +66.9% |
| Financial income | 75/76B | €15,798 | €41,394 | +€25,596 | +162.0% |
| Recurring financial income | 75 | €15,798 | €41,394 | +€25,596 | +162.0% |
| Financial charges | 65/66B | €12,029 | €13,778 | +€1,749 | +14.5% |
| Recurring financial charges | 65 | €12,029 | €13,778 | +€1,749 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €507,735 | €868,768 | +€361,033 | +71.1% |
| Income taxes | 67/77 | €146,433 | €251,587 | +€105,155 | +71.8% |
| Profit (loss) for the period | 9904 | €361,302 | €617,181 | +€255,878 | +70.8% |
| Transfer from tax-exempt reserves | 789 | - | €239,600 | +€239,600 | |
| Transfer to tax-exempt reserves | 689 | €147,350 | €252,600 | +€105,250 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €213,952 | €604,181 | +€390,228 | +182.4% |
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 8 October 2026 via checked.be.