ARRAY OF EXCELLENCE: 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.
ARRAY OF EXCELLENCE
Largest movements
- Tangible fixed assets -€26,407
down €26,407 (-4.8%), from €550,880 to €524,472
of which Other tangible fixed assets: -€25,460
- Intangible fixed assets -€12,545
down €12,545 (-45.5%), from €27,545 to €15,000
- Receivables within one year +€8,006
up €8,006 (+14.0%), from €57,383 to €65,389
of which Trade receivables: +€23,613
- Other debts -€44,505
down €44,505 (-55.8%), from €79,806 to €35,301
- Debts after one year +€23,823
up €23,823 (+6.2%), from €383,706 to €407,529
of which Other amounts payable: +€51,172
- Tax, wage and social debts -€7,458
down €7,458 (-32.2%), from €23,160 to €15,702
- Purchases and services -€14,018
down €14,018 (-23.4%), from €60,014 to €45,996
- Turnover +€8,374
up €8,374 (+9.1%), from €92,098 to €100,472
- Gross operating margin +€6,898
up €6,898 (+15.5%), from €44,641 to €51,539
- Depreciation +€6,746
up €6,746 (+20.9%), from €32,206 to €38,952
- Financial charges +€2,553
up €2,553 (+29.6%), from €8,629 to €11,182
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 | €647,080 | €615,417 | -€31,663 | -4.9% |
| Fixed assets | 21/28 | €578,425 | €539,472 | -€38,952 | -6.7% |
| Intangible fixed assets | 21 | €27,545 | €15,000 | -€12,545 | -45.5% |
| Tangible fixed assets | 22/27 | €550,880 | €524,472 | -€26,407 | -4.8% |
| Plant, machinery and equipment | 23 | €947 | - | -€947 | |
| Other tangible fixed assets | 26 | €549,933 | €524,472 | -€25,460 | -4.6% |
| Current assets | 29/58 | €68,656 | €75,944 | +€7,289 | +10.6% |
| Stocks and contracts in progress | 3 | €11,273 | €5,000 | -€6,273 | -55.6% |
| Stocks | 30/36 | €273 | - | -€273 | |
| Contracts in progress | 37 | €11,000 | €5,000 | -€6,000 | -54.5% |
| Amounts receivable within one year | 40/41 | €57,383 | €65,389 | +€8,006 | +14.0% |
| Trade receivables | 40 | €41,776 | €65,389 | +€23,613 | +56.5% |
| Other amounts receivable | 41 | €15,606 | - | -€15,606 | |
| Cash at bank and in hand | 54/58 | - | €4,947 | +€4,947 | |
| Deferred charges and accrued income | 490/1 | - | €608 | +€608 | |
| Total equity and liabilities | 10/49 | €647,080 | €615,417 | -€31,663 | -4.9% |
| Equity | 10/15 | €90,411 | €91,171 | +€760 | +0.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €486,259 | €486,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,041 | €10,041 | = | 0.0% |
| Legal reserve | 130 | €10,041 | €10,041 | = | 0.0% |
| Tax-exempt reserves | 132 | €177,100 | €177,100 | = | 0.0% |
| Distributable reserves | 133 | €299,117 | €299,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€495,847 | -€495,088 | +€760 | +0.2% |
| Amounts payable | 17/49 | €556,669 | €524,246 | -€32,423 | -5.8% |
| Amounts payable after more than one year | 17 | €383,706 | €407,529 | +€23,823 | +6.2% |
| Financial debts | 170/4 | €261,047 | €233,698 | -€27,349 | -10.5% |
| Other amounts payable | 178/9 | €122,659 | €173,831 | +€51,172 | +41.7% |
| Amounts payable within one year | 42/48 | €170,097 | €116,717 | -€53,380 | -31.4% |
| Financial debts | 43 | €53,200 | €52,349 | -€851 | -1.6% |
| Credit institutions | 430/8 | €51,684 | €52,349 | +€665 | +1.3% |
| Other loans | 439 | €1,516 | - | -€1,516 | |
| Trade debts | 44 | €8,151 | €9,321 | +€1,170 | +14.3% |
| Suppliers | 440/4 | €8,151 | €9,321 | +€1,170 | +14.3% |
| Advances received on contracts in progress | 46 | €5,779 | €4,044 | -€1,735 | -30.0% |
| Taxes, remuneration and social security | 45 | €23,160 | €15,702 | -€7,458 | -32.2% |
| Taxes | 450/3 | €23,160 | €15,702 | -€7,458 | -32.2% |
| Other amounts payable | 47/48 | €79,806 | €35,301 | -€44,505 | -55.8% |
| Accrued charges and deferred income | 492/3 | €2,866 | - | -€2,866 | |
| Turnover | 70 | €92,098 | €100,472 | +€8,374 | +9.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €60,014 | €45,996 | -€14,018 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,206 | €38,952 | +€6,746 | +20.9% |
| Other operating charges | 640/8 | €2,981 | €441 | -€2,539 | -85.2% |
| Non-recurring operating charges | 66A | €125 | €250 | +€125 | +100% |
| Gross operating margin | 9900 | €44,641 | €51,539 | +€6,898 | +15.5% |
| Operating profit (loss) | 9901 | €9,330 | €11,895 | +€2,565 | +27.5% |
| Financial income | 75/76B | €2,121 | €46 | -€2,075 | -97.8% |
| Recurring financial income | 75 | €0 | €46 | +€46 | +65,943% |
| Non-recurring financial income | 76B | €2,121 | €46 | -€2,075 | -97.8% |
| Financial charges | 65/66B | €8,629 | €11,182 | +€2,553 | +29.6% |
| Recurring financial charges | 65 | €8,629 | €11,182 | +€2,553 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €2,822 | €760 | -€2,062 | -73.1% |
| Profit (loss) for the period | 9904 | €2,822 | €760 | -€2,062 | -73.1% |
| Transfer to tax-exempt reserves | 689 | €2,121 | - | -€2,121 | |
| Profit (loss) for the period to be appropriated | 9905 | €701 | €760 | +€58 | +8.3% |
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 19 October 2026 via checked.be.