PIC EFIMO: 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.
What changed
PIC EFIMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €8.7m-€7.3m
Equity
€10.6m
2024 · €9.2m+€1.4m
Cash
€2.3m
2024 · €5.9m-€3.6m
Balance sheet total
€29.4m
2024 · €24.0m+€5.4m
Largest movements
Assets
- Stocks and contracts +€8.9m
up €8.9m (+3542.5%), from €252,295 to €9.2m
- Cash -€3.6m
down €3.6m (-61.0%), from €5.9m to €2.3m
mainly Stocks and contracts (-€8.9m) and Tax, wage and social debts (-€4.5m)
- Receivables within one year +€741,670
up €741,670 (+16.1%), from €4.6m to €5.4m
of which Other amounts receivable: +€621,820
- Tangible fixed assets -€594,404
down €594,404 (-5.8%), from €10.3m to €9.7m
of which Land and buildings: -€562,190
Equity and liabilities
- Debts after one year +€8.3m
up €8.3m (+90.1%), from €9.3m to €17.6m
of which Financial debts: +€8.3m
- Tax, wage and social debts -€4.5m
down €4.5m (-98.6%), from €4.6m to €62,907
- Reserves +€997,770
up €997,770 (+1332.4%), from €74,886 to €1.1m
of which Tax-exempt reserves: +€997,770
- Profit (loss) carried forward +€426,310
up €426,310 (+5.1%), from €8.4m to €8.8m
Income statement
- Gross operating margin -€10.1m
down €10.1m (-77.5%), from €13.0m to €2.9m
- Taxes -€2.4m
down €2.4m (-86.6%), from €2.7m to €366,718
- Financial charges -€448,759
down €448,759 (-50.9%), from €882,433 to €433,674
of which Financial charges: -€595,221
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
€8.7m
Gross operating margin
-€10.1m
Depreciation
-€48,277
Write-downs
+€4,132
Other operating charges
+€54,741
Other operating items
-€98,129
Financial income
+€100,124
Financial charges
+€448,759
Taxes
+€2.4m
Result 2025
€1.4m
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.
From operations
-€12.1m
Investment
+€156,891
Financing
+€8.3m
Cash 2024
€5.9m
From operations (derived)
-€12.1m
Net result for the year
+€1.4m
Depreciation
+€566,013
Receivables after one year
+€161,984
Stocks and contracts
-€8.9m
Receivables within one year
-€741,670
Deferred charges and accrued income
-€134,427
Trade debts
+€53,275
Tax, wage and social debts
-€4.5m
Smaller working-capital items
-€12,848
Accrued charges and deferred income
+€47,610
Investment (derived)
+€156,891
Investment in fixed assets (net)
+€156,891
Financing
+€8.3m
Debts after one year
+€8.3m
Cash 2025
€2.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,007,785 | €29,366,331 | +€5.4m | +22.3% |
| Formation expenses | 20 | €6,964 | €4,964 | -€2,000 | -28.7% |
| Fixed assets | 21/28 | €11,436,618 | €10,715,714 | -€720,904 | -6.3% |
| Tangible fixed assets | 22/27 | €10,295,299 | €9,700,895 | -€594,404 | -5.8% |
| Land and buildings | 22 | €10,027,616 | €9,465,426 | -€562,190 | -5.6% |
| Plant, machinery and equipment | 23 | €17,550 | €15,600 | -€1,950 | -11.1% |
| Leasing and similar rights | 25 | €160,105 | €125,936 | -€34,169 | -21.3% |
| Other tangible fixed assets | 26 | €76,434 | €76,434 | = | 0.0% |
| Assets under construction and advance payments | 27 | €13,595 | €17,500 | +€3,905 | +28.7% |
| Financial fixed assets | 28 | €1,141,319 | €1,014,819 | -€126,500 | -11.1% |
| Current assets | 29/58 | €12,564,202 | €18,645,652 | +€6.1m | +48.4% |
| Amounts receivable after more than one year | 29 | €1,833,835 | €1,671,850 | -€161,984 | -8.8% |
| Trade receivables | 290 | €1,833,835 | €1,671,850 | -€161,984 | -8.8% |
| Stocks and contracts in progress | 3 | €252,295 | €9,189,824 | +€8.9m | +3542.5% |
| Stocks | 30/36 | €252,295 | €9,189,824 | +€8.9m | +3542.5% |
| Amounts receivable within one year | 40/41 | €4,614,194 | €5,355,864 | +€741,670 | +16.1% |
| Trade receivables | 40 | €366,018 | €485,868 | +€119,850 | +32.7% |
| Other amounts receivable | 41 | €4,248,175 | €4,869,995 | +€621,820 | +14.6% |
| Cash at bank and in hand | 54/58 | €5,855,598 | €2,285,406 | -€3.6m | -61.0% |
| Deferred charges and accrued income | 490/1 | €8,281 | €142,708 | +€134,427 | +1623.4% |
| Total equity and liabilities | 10/49 | €24,007,785 | €29,366,331 | +€5.4m | +22.3% |
| Equity | 10/15 | €9,225,138 | €10,649,219 | +€1.4m | +15.4% |
| Contributions | 10/11 | €748,858 | €748,858 | = | 0.0% |
| Capital | 10 | €748,858 | €748,858 | = | 0.0% |
| Issued capital | 100 | €748,858 | €748,858 | = | 0.0% |
| Reserves | 13 | €74,886 | €1,072,656 | +€997,770 | +1332.4% |
| Non-distributable reserves | 130/1 | €74,886 | €74,886 | = | 0.0% |
| Legal reserve | 130 | €74,886 | €74,886 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €997,770 | +€997,770 | |
| Profit (loss) carried forward | 14 | €8,401,395 | €8,827,705 | +€426,310 | +5.1% |
| Amounts payable | 17/49 | €14,782,646 | €18,717,112 | +€3.9m | +26.6% |
| Amounts payable after more than one year | 17 | €9,251,031 | €17,584,892 | +€8.3m | +90.1% |
| Financial debts | 170/4 | €8,251,031 | €16,584,892 | +€8.3m | +101.0% |
| Other amounts payable | 178/9 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,485,900 | €1,038,894 | -€4.4m | -81.1% |
| Current portion of amounts payable after more than one year | 42 | €466,667 | €466,667 | = | 0.0% |
| Trade debts | 44 | €351,066 | €404,341 | +€53,275 | +15.2% |
| Suppliers | 440/4 | €351,066 | €404,341 | +€53,275 | +15.2% |
| Advances received on contracts in progress | 46 | €35,609 | €17,191 | -€18,418 | -51.7% |
| Taxes, remuneration and social security | 45 | €4,550,340 | €62,907 | -€4.5m | -98.6% |
| Taxes | 450/3 | €4,550,340 | €62,907 | -€4.5m | -98.6% |
| Other amounts payable | 47/48 | €82,218 | €87,788 | +€5,570 | +6.8% |
| Accrued charges and deferred income | 492/3 | €45,716 | €93,326 | +€47,610 | +104.1% |
| Non-recurring operating income | 76A | €12,283,227 | €1,300,779 | -€11.0m | -89.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517,736 | €566,013 | +€48,277 | +9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,332 | €11,200 | -€4,132 | -26.9% |
| Other operating charges | 640/8 | €215,600 | €160,859 | -€54,741 | -25.4% |
| Non-recurring operating charges | 66A | - | €98,129 | +€98,129 | |
| Gross operating margin | 9900 | €13,017,752 | €2,926,350 | -€10.1m | -77.5% |
| Operating profit (loss) | 9901 | €12,269,084 | €2,090,149 | -€10.2m | -83.0% |
| Financial income | 75/76B | €34,200 | €134,324 | +€100,124 | +292.8% |
| Recurring financial income | 75 | €34,200 | €134,324 | +€100,124 | +292.8% |
| Financial charges | 65/66B | €882,433 | €433,674 | -€448,759 | -50.9% |
| Recurring financial charges | 65 | €882,395 | €287,174 | -€595,221 | -67.5% |
| Non-recurring financial charges | 66B | €38 | €146,500 | +€146,463 | +390566.7% |
| Profit (loss) for the period before taxes | 9903 | €11,420,851 | €1,790,799 | -€9.6m | -84.3% |
| Income taxes | 67/77 | €2,732,929 | €366,718 | -€2.4m | -86.6% |
| Profit (loss) for the period | 9904 | €8,687,922 | €1,424,080 | -€7.3m | -83.6% |
| Transfer to tax-exempt reserves | 689 | - | €997,770 | +€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,687,922 | €426,310 | -€8.3m | -95.1% |
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 28 September 2026 via checked.be.