Forge d'Ephaistos: what changed
What changed
Forge d'Ephaistos
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€2,789
2024 · €3,371-€583
Equity
€183,536
2024 · €181,101+€2,436
Cash
€7,393
2024 · €16,813-€9,420
Balance sheet total
€620,363
2024 · €448,813+€171,550
Largest movements
Assets
- Tangible fixed assets +€165,034
up €165,034 (+89.1%), from €185,223 to €350,256
of which Leasing and similar rights: +€151,307
- Stocks and contracts +€23,015
up €23,015 (+14.7%), from €156,319 to €179,334
- Cash -€9,420
down €9,420 (-56.0%), from €16,813 to €7,393
mainly Investment in fixed assets (net) (-€200,711) and Stocks and contracts (-€23,015)
- Receivables within one year -€6,997
down €6,997 (-33.8%), from €20,730 to €13,733
of which Trade receivables: -€6,447
Equity and liabilities
- Debts after one year +€122,247
up €122,247 (+89.4%), from €136,699 to €258,946
- Other debts +€33,601
new in 2025: €33,601
- Current portion of long-term debt +€14,915
up €14,915 (+32.5%), from €45,830 to €60,745
Income statement
- Gross operating margin +€20,147
up €20,147 (+27.0%), from €74,728 to €94,875
- Depreciation +€12,206
up €12,206 (+52.0%), from €23,472 to €35,678
- Financial charges +€6,699
up €6,699 (+71.6%), from €9,350 to €16,049
- Staff costs +€2,390
up €2,390 (+6.7%), from €35,849 to €38,240
- Taxes -€1,010
down €1,010 (-88.0%), from €1,148 to €138
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3,371
Gross operating margin
+€20,147
Staff costs
-€2,390
Depreciation
-€12,206
Write-downs
-€706
Other operating charges
+€525
Financial income
-€263
Financial charges
-€6,699
Taxes
+€1,010
Result 2025
€2,789
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€54,482
Investment
-€200,711
Financing
+€136,809
Cash 2024
€16,813
From operations (derived)
+€54,482
Net result for the year
+€2,789
Depreciation
+€35,678
Stocks and contracts
-€23,015
Receivables within one year
+€6,997
Deferred charges and accrued income
+€81
Trade debts
-€992
Tax, wage and social debts
+€2,482
Other debts
+€33,601
Accrued charges and deferred income
-€3,139
Investment (derived)
-€200,711
Investment in fixed assets (net)
-€200,711
Financing
+€136,809
Debts after one year
+€122,247
Current portion of long-term debt
+€14,915
Contributions, distributions and other
-€353
Cash 2025
€7,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €448,813 | €620,363 | +€171,550 | +38.2% |
| Fixed assets | 21/28 | €252,506 | €417,540 | +€165,034 | +65.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €185,223 | €350,256 | +€165,034 | +89.1% |
| Land and buildings | 22 | €121,998 | €131,453 | +€9,455 | +7.8% |
| Plant, machinery and equipment | 23 | €15,559 | €20,541 | +€4,983 | +32.0% |
| Furniture and vehicles | 24 | €736 | €25 | -€710 | -96.6% |
| Leasing and similar rights | 25 | €46,930 | €198,237 | +€151,307 | +322% |
| Financial fixed assets | 28 | €67,283 | €67,283 | = | 0.0% |
| Current assets | 29/58 | €196,307 | €202,823 | +€6,516 | +3.3% |
| Stocks and contracts in progress | 3 | €156,319 | €179,334 | +€23,015 | +14.7% |
| Stocks | 30/36 | €156,319 | €179,334 | +€23,015 | +14.7% |
| Amounts receivable within one year | 40/41 | €20,730 | €13,733 | -€6,997 | -33.8% |
| Trade receivables | 40 | €17,025 | €10,579 | -€6,447 | -37.9% |
| Other amounts receivable | 41 | €3,705 | €3,155 | -€550 | -14.8% |
| Cash at bank and in hand | 54/58 | €16,813 | €7,393 | -€9,420 | -56.0% |
| Deferred charges and accrued income | 490/1 | €2,443 | €2,362 | -€81 | -3.3% |
| Total equity and liabilities | 10/49 | €448,813 | €620,363 | +€171,550 | +38.2% |
| Equity | 10/15 | €181,101 | €183,536 | +€2,436 | +1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,914 | €160,702 | +€2,789 | +1.8% |
| Investment grants | 15 | €2,782 | €2,429 | -€353 | -12.7% |
| Amounts payable | 17/49 | €267,712 | €436,826 | +€169,114 | +63.2% |
| Amounts payable after more than one year | 17 | €136,699 | €258,946 | +€122,247 | +89.4% |
| Financial debts | 170/4 | €136,699 | €258,946 | +€122,247 | +89.4% |
| Amounts payable within one year | 42/48 | €127,874 | €177,880 | +€50,006 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €45,830 | €60,745 | +€14,915 | +32.5% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €27,560 | €26,567 | -€992 | -3.6% |
| Suppliers | 440/4 | €27,560 | €26,567 | -€992 | -3.6% |
| Taxes, remuneration and social security | 45 | €4,485 | €6,967 | +€2,482 | +55.4% |
| Taxes | 450/3 | €1,148 | €1,239 | +€91 | +7.9% |
| Remuneration and social security | 454/9 | €3,336 | €5,728 | +€2,392 | +71.7% |
| Other amounts payable | 47/48 | - | €33,601 | +€33,601 | |
| Accrued charges and deferred income | 492/3 | €3,139 | €0 | -€3,139 | -100% |
| Remuneration, social security and pensions | 62 | €35,849 | €38,240 | +€2,390 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,472 | €35,678 | +€12,206 | +52.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €706 | +€706 | |
| Other operating charges | 640/8 | €2,153 | €1,628 | -€525 | -24.4% |
| Gross operating margin | 9900 | €74,728 | €94,875 | +€20,147 | +27.0% |
| Operating profit (loss) | 9901 | €13,254 | €18,623 | +€5,369 | +40.5% |
| Financial income | 75/76B | €616 | €353 | -€263 | -42.7% |
| Recurring financial income | 75 | €616 | €353 | -€263 | -42.7% |
| Financial charges | 65/66B | €9,350 | €16,049 | +€6,699 | +71.6% |
| Recurring financial charges | 65 | €9,350 | €16,049 | +€6,699 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €4,519 | €2,927 | -€1,593 | -35.2% |
| Income taxes | 67/77 | €1,148 | €138 | -€1,010 | -88.0% |
| Profit (loss) for the period | 9904 | €3,371 | €2,789 | -€583 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,371 | €2,789 | -€583 | -17.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.