EFLC: 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.
EFLC
Largest movements
- Tangible fixed assets +€95,038
up €95,038 (+12.9%), from €739,415 to €834,452
of which Land and buildings: +€84,012
- Stocks and contracts +€89,606
up €89,606 (+162%), from €55,200 to €144,806
- Cash -€38,556
down €38,556 (-53.8%), from €71,724 to €33,168
mainly Investment in fixed assets (net) (-€169,950) and Stocks and contracts (-€89,606)
- Receivables within one year +€37,678
up €37,678 (+18.6%), from €202,503 to €240,181
of which Trade receivables: +€38,384
- Trade debts +€73,172
up €73,172 (+64.6%), from €113,194 to €186,366
- Short-term financial debts +€68,145
up €68,145 (+87.0%), from €78,354 to €146,499
- Other debts -€50,131
down €50,131 (-62.1%), from €80,720 to €30,589
- Debts after one year +€45,552
up €45,552 (+7.1%), from €637,324 to €682,876
- Current portion of long-term debt +€34,883
up €34,883 (+88.6%), from €39,384 to €74,267
- Gross operating margin +€67,220
up €67,220 (+14.9%), from €450,107 to €517,327
- Staff costs +€66,072
up €66,072 (+19.9%), from €332,583 to €398,656
- Depreciation +€13,351
up €13,351 (+21.7%), from €61,458 to €74,809
- Financial charges +€11,516
up €11,516 (+49.3%), from €23,354 to €34,870
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,071,510 | €1,255,185 | +€183,675 | +17.1% |
| Formation expenses | 20 | €173 | - | -€173 | |
| Fixed assets | 21/28 | €739,922 | €835,236 | +€95,314 | +12.9% |
| Intangible fixed assets | 21 | €507 | €784 | +€276 | +54.4% |
| Tangible fixed assets | 22/27 | €739,415 | €834,452 | +€95,038 | +12.9% |
| Land and buildings | 22 | €675,878 | €759,890 | +€84,012 | +12.4% |
| Plant, machinery and equipment | 23 | €11,106 | €7,227 | -€3,879 | -34.9% |
| Furniture and vehicles | 24 | €15,109 | €39,993 | +€24,884 | +165% |
| Leasing and similar rights | 25 | €37,321 | €27,343 | -€9,979 | -26.7% |
| Current assets | 29/58 | €331,415 | €419,949 | +€88,534 | +26.7% |
| Stocks and contracts in progress | 3 | €55,200 | €144,806 | +€89,606 | +162% |
| Stocks | 30/36 | €55,200 | €144,806 | +€89,606 | +162% |
| Amounts receivable within one year | 40/41 | €202,503 | €240,181 | +€37,678 | +18.6% |
| Trade receivables | 40 | €184,582 | €222,966 | +€38,384 | +20.8% |
| Other amounts receivable | 41 | €17,921 | €17,215 | -€706 | -3.9% |
| Cash at bank and in hand | 54/58 | €71,724 | €33,168 | -€38,556 | -53.8% |
| Deferred charges and accrued income | 490/1 | €1,987 | €1,793 | -€194 | -9.8% |
| Total equity and liabilities | 10/49 | €1,071,510 | €1,255,185 | +€183,675 | +17.1% |
| Equity | 10/15 | €96,696 | €100,850 | +€4,154 | +4.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,696 | €93,850 | +€4,154 | +4.6% |
| Amounts payable | 17/49 | €974,814 | €1,154,335 | +€179,521 | +18.4% |
| Amounts payable after more than one year | 17 | €637,324 | €682,876 | +€45,552 | +7.1% |
| Financial debts | 170/4 | €637,324 | €682,876 | +€45,552 | +7.1% |
| Amounts payable within one year | 42/48 | €337,490 | €471,458 | +€133,969 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €39,384 | €74,267 | +€34,883 | +88.6% |
| Financial debts | 43 | €78,354 | €146,499 | +€68,145 | +87.0% |
| Credit institutions | 430/8 | €78,354 | €146,499 | +€68,145 | +87.0% |
| Trade debts | 44 | €113,194 | €186,366 | +€73,172 | +64.6% |
| Suppliers | 440/4 | €113,194 | €186,366 | +€73,172 | +64.6% |
| Taxes, remuneration and social security | 45 | €25,838 | €33,738 | +€7,900 | +30.6% |
| Taxes | 450/3 | €254 | €3,277 | +€3,023 | +1,190% |
| Remuneration and social security | 454/9 | €25,584 | €30,460 | +€4,877 | +19.1% |
| Other amounts payable | 47/48 | €80,720 | €30,589 | -€50,131 | -62.1% |
| Non-recurring operating income | 76A | €1,601 | €1,822 | +€221 | +13.8% |
| Remuneration, social security and pensions | 62 | €332,583 | €398,656 | +€66,072 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,458 | €74,809 | +€13,351 | +21.7% |
| Other operating charges | 640/8 | €2,873 | €5,424 | +€2,551 | +88.8% |
| Gross operating margin | 9900 | €450,107 | €517,327 | +€67,220 | +14.9% |
| Operating profit (loss) | 9901 | €53,192 | €38,438 | -€14,754 | -27.7% |
| Financial income | 75/76B | €4,299 | €1,422 | -€2,877 | -66.9% |
| Recurring financial income | 75 | €4,299 | €1,422 | -€2,877 | -66.9% |
| Financial charges | 65/66B | €23,354 | €34,870 | +€11,516 | +49.3% |
| Recurring financial charges | 65 | €23,354 | €34,870 | +€11,516 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €34,137 | €4,990 | -€29,148 | -85.4% |
| Income taxes | 67/77 | €2,540 | €836 | -€1,704 | -67.1% |
| Profit (loss) for the period | 9904 | €31,598 | €4,154 | -€27,444 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,598 | €4,154 | -€27,444 | -86.9% |
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 22 October 2026 via checked.be.