NEW E.F.L.: 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.
What changed
NEW E.F.L.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€15,303
2024 · -€30,027+€14,725
Equity
€59,416
2024 · €74,719-€15,303
Cash
€4,067
2024 · €2,613+€1,454
Balance sheet total
€139,868
2024 · €161,003-€21,134
Largest movements
Assets
- Tangible fixed assets -€21,742
down €21,742 (-14.8%), from €146,476 to €124,734
of which Land and buildings: -€20,633
Equity and liabilities
- Profit (loss) carried forward -€15,303
down €15,303 (-98.5%), from -€15,528 to -€30,831
- Trade debts -€4,697
down €4,697 (-39.9%), from €11,761 to €7,063
Income statement
- Gross operating margin +€18,727
up €18,727 (+805%), from €2,327 to €21,053
- Depreciation +€5,628
up €5,628 (+26.5%), from €21,212 to €26,840
- Other operating charges -€1,009
down €1,009 (-11.4%), from €8,821 to €7,812
- Financial charges +€650
up €650 (+63.4%), from €1,024 to €1,674
- Financial income +€429
new in 2025: €429
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.
Result 2024
-€30,027
Gross operating margin
+€18,727
Depreciation
-€5,628
Other operating charges
+€1,009
Other operating items
+€708
Financial income
+€429
Financial charges
-€650
Taxes
+€130
Result 2025
-€15,303
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€6,769
Investment
-€5,099
Financing
-€217
Cash 2024
€2,613
From operations (derived)
+€6,769
Net result for the year
-€15,303
Depreciation
+€26,840
Receivables within one year
-€238
Deferred charges and accrued income
+€1,084
Trade debts
-€4,697
Tax, wage and social debts
-€636
Other debts
+€1,288
Accrued charges and deferred income
-€1,570
Investment (derived)
-€5,099
Investment in fixed assets (net)
-€5,099
Financing
-€217
Debts after one year
-€1,142
Current portion of long-term debt
+€926
Cash 2025
€4,067
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €161,003 | €139,868 | -€21,134 | -13.1% |
| Fixed assets | 21/28 | €146,476 | €124,734 | -€21,742 | -14.8% |
| Tangible fixed assets | 22/27 | €146,476 | €124,734 | -€21,742 | -14.8% |
| Land and buildings | 22 | €105,664 | €85,031 | -€20,633 | -19.5% |
| Plant, machinery and equipment | 23 | €40,796 | €39,704 | -€1,093 | -2.7% |
| Furniture and vehicles | 24 | €16 | - | -€16 | |
| Current assets | 29/58 | €14,527 | €15,134 | +€607 | +4.2% |
| Amounts receivable within one year | 40/41 | €10,397 | €10,635 | +€238 | +2.3% |
| Other amounts receivable | 41 | €10,397 | €10,635 | +€238 | +2.3% |
| Cash at bank and in hand | 54/58 | €2,613 | €4,067 | +€1,454 | +55.6% |
| Deferred charges and accrued income | 490/1 | €1,517 | €432 | -€1,084 | -71.5% |
| Total equity and liabilities | 10/49 | €161,003 | €139,868 | -€21,134 | -13.1% |
| Equity | 10/15 | €74,719 | €59,416 | -€15,303 | -20.5% |
| Contributions | 10/11 | €81,430 | €81,430 | = | 0.0% |
| Capital | 10 | €81,430 | €81,430 | = | 0.0% |
| Issued capital | 100 | €81,430 | €81,430 | = | 0.0% |
| Reserves | 13 | €8,817 | €8,817 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,817 | €8,817 | = | 0.0% |
| Legal reserve | 130 | €8,817 | €8,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,528 | -€30,831 | -€15,303 | -98.5% |
| Amounts payable | 17/49 | €86,284 | €80,452 | -€5,832 | -6.8% |
| Amounts payable after more than one year | 17 | €67,939 | €66,797 | -€1,142 | -1.7% |
| Financial debts | 170/4 | €21,824 | €28,797 | +€6,973 | +32.0% |
| Other amounts payable | 178/9 | €46,116 | €38,000 | -€8,116 | -17.6% |
| Amounts payable within one year | 42/48 | €16,775 | €13,655 | -€3,119 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €2,035 | €2,961 | +€926 | +45.5% |
| Trade debts | 44 | €11,761 | €7,063 | -€4,697 | -39.9% |
| Suppliers | 440/4 | €11,761 | €7,063 | -€4,697 | -39.9% |
| Taxes, remuneration and social security | 45 | €1,094 | €458 | -€636 | -58.1% |
| Taxes | 450/3 | €1,094 | €458 | -€636 | -58.1% |
| Other amounts payable | 47/48 | €1,885 | €3,173 | +€1,288 | +68.4% |
| Accrued charges and deferred income | 492/3 | €1,570 | - | -€1,570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,212 | €26,840 | +€5,628 | +26.5% |
| Other operating charges | 640/8 | €8,821 | €7,812 | -€1,009 | -11.4% |
| Non-recurring operating charges | 66A | €708 | - | -€708 | |
| Gross operating margin | 9900 | €2,327 | €21,053 | +€18,727 | +805% |
| Operating profit (loss) | 9901 | -€28,415 | -€13,599 | +€14,816 | +52.1% |
| Financial income | 75/76B | - | €429 | +€429 | |
| Recurring financial income | 75 | - | €429 | +€429 | |
| Financial charges | 65/66B | €1,024 | €1,674 | +€650 | +63.4% |
| Recurring financial charges | 65 | €1,024 | €1,674 | +€650 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | -€29,439 | -€14,844 | +€14,595 | +49.6% |
| Income taxes | 67/77 | €588 | €458 | -€130 | -22.0% |
| Profit (loss) for the period | 9904 | -€30,027 | -€15,303 | +€14,725 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,027 | -€15,303 | +€14,725 | +49.0% |
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 17 October 2026 via checked.be.