EFFORT: what changed
EFFORT
Largest movements
- Receivables within one year +€128,918
up €128,918 (+139%), from €92,800 to €221,719
of which Trade receivables: +€125,483
- Receivables after one year -€128,571
down €128,571 (-14.3%), from €900,000 to €771,429
- Cash -€91,192
down €91,192 (-72.1%), from €126,537 to €35,345
mainly Debts after one year (-€132,218) and Receivables within one year (-€128,918)
- Tangible fixed assets -€18,538
down €18,538 (-10.3%), from €180,575 to €162,036
of which Furniture and vehicles: -€13,178
- Reserves +€178,476
up €178,476 (+54.9%), from €325,131 to €503,606
- Debts after one year -€132,218
down €132,218 (-57.6%), from €229,404 to €97,186
- Current portion of long-term debt -€72,173
down €72,173 (-78.6%), from €91,828 to €19,654
- Short-term financial debts -€66,154
down €66,154 (-100%), from €66,154 to €0
- Financial income -€375,542
down €375,542 (-91.8%), from €408,978 to €33,436
of which Non-recurring financial income: -€408,000
- Gross operating margin -€62,065
down €62,065 (-18.5%), from €334,661 to €272,596
- Financial charges +€24,218
up €24,218 (+321%), from €7,534 to €31,751
- Taxes -€15,156
down €15,156 (-21.7%), from €69,842 to €54,686
- Depreciation +€8,832
up €8,832 (+28.4%), from €31,101 to €39,933
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,301,155 | €1,191,849 | -€109,306 | -8.4% |
| Fixed assets | 21/28 | €180,575 | €162,036 | -€18,538 | -10.3% |
| Tangible fixed assets | 22/27 | €180,575 | €162,036 | -€18,538 | -10.3% |
| Furniture and vehicles | 24 | €51,505 | €38,327 | -€13,178 | -25.6% |
| Other tangible fixed assets | 26 | €129,070 | €123,710 | -€5,360 | -4.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,120,581 | €1,029,813 | -€90,768 | -8.1% |
| Amounts receivable after more than one year | 29 | €900,000 | €771,429 | -€128,571 | -14.3% |
| Other amounts receivable | 291 | €900,000 | €771,429 | -€128,571 | -14.3% |
| Amounts receivable within one year | 40/41 | €92,800 | €221,719 | +€128,918 | +139% |
| Trade receivables | 40 | €62,408 | €187,890 | +€125,483 | +201% |
| Other amounts receivable | 41 | €30,393 | €33,828 | +€3,436 | +11.3% |
| Cash at bank and in hand | 54/58 | €126,537 | €35,345 | -€91,192 | -72.1% |
| Deferred charges and accrued income | 490/1 | €1,243 | €1,321 | +€77 | +6.2% |
| Total equity and liabilities | 10/49 | €1,301,155 | €1,191,849 | -€109,306 | -8.4% |
| Equity | 10/15 | €335,131 | €513,606 | +€178,476 | +53.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €325,131 | €503,606 | +€178,476 | +54.9% |
| Distributable reserves | 133 | €325,131 | €503,606 | +€178,476 | +54.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €966,024 | €678,243 | -€287,781 | -29.8% |
| Amounts payable after more than one year | 17 | €229,404 | €97,186 | -€132,218 | -57.6% |
| Financial debts | 170/4 | €229,404 | €97,186 | -€132,218 | -57.6% |
| Amounts payable within one year | 42/48 | €735,989 | €581,057 | -€154,932 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €91,828 | €19,654 | -€72,173 | -78.6% |
| Financial debts | 43 | €66,154 | €0 | -€66,154 | -100% |
| Credit institutions | 430/8 | €66,154 | €0 | -€66,154 | -100% |
| Trade debts | 44 | €197 | €200 | +€2 | +1.2% |
| Suppliers | 440/4 | €197 | €200 | +€2 | +1.2% |
| Taxes, remuneration and social security | 45 | €67,640 | €60,650 | -€6,990 | -10.3% |
| Taxes | 450/3 | €67,640 | €60,650 | -€6,990 | -10.3% |
| Other amounts payable | 47/48 | €510,170 | €500,553 | -€9,618 | -1.9% |
| Accrued charges and deferred income | 492/3 | €631 | €0 | -€631 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,101 | €39,933 | +€8,832 | +28.4% |
| Other operating charges | 640/8 | €1,318 | €1,186 | -€131 | -10.0% |
| Gross operating margin | 9900 | €334,661 | €272,596 | -€62,065 | -18.5% |
| Operating profit (loss) | 9901 | €302,242 | €231,477 | -€70,766 | -23.4% |
| Financial income | 75/76B | €408,978 | €33,436 | -€375,542 | -91.8% |
| Recurring financial income | 75 | €978 | €33,436 | +€32,458 | +3,319% |
| Non-recurring financial income | 76B | €408,000 | €0 | -€408,000 | -100% |
| Financial charges | 65/66B | €7,534 | €31,751 | +€24,218 | +321% |
| Recurring financial charges | 65 | €7,534 | €31,751 | +€24,218 | +321% |
| Profit (loss) for the period before taxes | 9903 | €703,687 | €233,161 | -€470,525 | -66.9% |
| Income taxes | 67/77 | €69,842 | €54,686 | -€15,156 | -21.7% |
| Profit (loss) for the period | 9904 | €633,845 | €178,476 | -€455,369 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €633,845 | €178,476 | -€455,369 | -71.8% |
Next steps
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.