Ex Aequo Management: 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.
Ex Aequo Management
Largest movements
- Receivables within one year +€33,282
up €33,282 (+69.7%), from €47,761 to €81,044
of which Trade receivables: +€33,000
- Current investments +€25,371
up €25,371 (+69.9%), from €36,275 to €61,646
- Tangible fixed assets -€19,620
down €19,620 (-23.7%), from €82,760 to €63,140
of which Furniture and vehicles: -€19,191
- Deferred charges and accrued income +€4,391
up €4,391 (+200%), from €2,192 to €6,583
- Cash -€2,963
down €2,963 (-14.9%), from €19,940 to €16,976
mainly Contributions, distributions and other (-€80,000) and Receivables within one year (-€33,282)
- Reserves +€33,452
up €33,452 (+62.0%), from €53,943 to €87,395
- Other debts +€11,249
up €11,249 (+16.2%), from €69,548 to €80,797
- Debts after one year -€11,219
down €11,219 (-38.7%), from €28,984 to €17,765
- Tax, wage and social debts +€5,974
up €5,974 (+34.1%), from €17,506 to €23,480
- Gross operating margin +€14,349
up €14,349 (+9.0%), from €158,583 to €172,931
- Taxes +€5,074
up €5,074 (+16.8%), from €30,220 to €35,294
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 | €188,927 | €229,388 | +€40,461 | +21.4% |
| Fixed assets | 21/28 | €82,760 | €63,140 | -€19,620 | -23.7% |
| Tangible fixed assets | 22/27 | €82,760 | €63,140 | -€19,620 | -23.7% |
| Furniture and vehicles | 24 | €75,642 | €56,451 | -€19,191 | -25.4% |
| Other tangible fixed assets | 26 | €7,118 | €6,688 | -€429 | -6.0% |
| Current assets | 29/58 | €106,167 | €166,249 | +€60,081 | +56.6% |
| Amounts receivable within one year | 40/41 | €47,761 | €81,044 | +€33,282 | +69.7% |
| Trade receivables | 40 | €45,000 | €78,000 | +€33,000 | +73.3% |
| Other amounts receivable | 41 | €2,761 | €3,044 | +€282 | +10.2% |
| Current investments | 50/53 | €36,275 | €61,646 | +€25,371 | +69.9% |
| Cash at bank and in hand | 54/58 | €19,940 | €16,976 | -€2,963 | -14.9% |
| Deferred charges and accrued income | 490/1 | €2,192 | €6,583 | +€4,391 | +200% |
| Total equity and liabilities | 10/49 | €188,927 | €229,388 | +€40,461 | +21.4% |
| Equity | 10/15 | €58,943 | €92,395 | +€33,452 | +56.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €53,943 | €87,395 | +€33,452 | +62.0% |
| Distributable reserves | 133 | €53,943 | €87,395 | +€33,452 | +62.0% |
| Amounts payable | 17/49 | €129,984 | €136,993 | +€7,009 | +5.4% |
| Amounts payable after more than one year | 17 | €28,984 | €17,765 | -€11,219 | -38.7% |
| Financial debts | 170/4 | €28,984 | €17,765 | -€11,219 | -38.7% |
| Amounts payable within one year | 42/48 | €101,000 | €119,229 | +€18,228 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €10,745 | €11,219 | +€475 | +4.4% |
| Financial debts | 43 | €1,679 | €1,576 | -€103 | -6.1% |
| Credit institutions | 430/8 | €1,679 | €1,576 | -€103 | -6.1% |
| Trade debts | 44 | €1,523 | €2,156 | +€633 | +41.6% |
| Suppliers | 440/4 | €1,523 | €2,156 | +€633 | +41.6% |
| Taxes, remuneration and social security | 45 | €17,506 | €23,480 | +€5,974 | +34.1% |
| Taxes | 450/3 | €17,506 | €23,480 | +€5,974 | +34.1% |
| Other amounts payable | 47/48 | €69,548 | €80,797 | +€11,249 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,634 | €22,330 | -€304 | -1.3% |
| Other operating charges | 640/8 | €676 | €567 | -€109 | -16.1% |
| Gross operating margin | 9900 | €158,583 | €172,931 | +€14,349 | +9.0% |
| Operating profit (loss) | 9901 | €135,273 | €150,034 | +€14,762 | +10.9% |
| Financial income | 75/76B | €326 | €502 | +€176 | +54.2% |
| Recurring financial income | 75 | €326 | €502 | +€176 | +54.2% |
| Financial charges | 65/66B | €2,762 | €1,791 | -€971 | -35.2% |
| Recurring financial charges | 65 | €2,762 | €1,791 | -€971 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €132,837 | €148,746 | +€15,909 | +12.0% |
| Income taxes | 67/77 | €30,220 | €35,294 | +€5,074 | +16.8% |
| Profit (loss) for the period | 9904 | €102,617 | €113,452 | +€10,835 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €102,617 | €113,452 | +€10,835 | +10.6% |
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 28 October 2026 via checked.be.