EX & CO: 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 & CO
Largest movements
- Tangible fixed assets +€774,210
up €774,210 (+81.4%), from €951,331 to €1.7m
of which Land and buildings: +€783,155
- Cash -€30,741
down €30,741 (-35.8%), from €85,907 to €55,166
mainly Investment in fixed assets (net) (-€844,247) and Tax, wage and social debts (-€27,294)
- Debts after one year +€782,300
up €782,300 (+431%), from €181,497 to €963,797
- Tax, wage and social debts -€27,294
down €27,294 (-53.4%), from €51,096 to €23,802
- Financial income -€49,615
down €49,615 (-100.0%), from €49,618 to €3
- Gross operating margin +€8,259
up €8,259 (+8.3%), from €100,060 to €108,318
- Financial charges +€7,334
up €7,334 (+634%), from €1,156 to €8,490
- Depreciation +€7,273
up €7,273 (+11.6%), from €62,763 to €70,037
- Purchases and services -€5,030
down €5,030 (-4.8%), from €103,726 to €98,696
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 | €1,859,963 | €2,619,387 | +€759,424 | +40.8% |
| Fixed assets | 21/28 | €1,709,356 | €2,483,567 | +€774,210 | +45.3% |
| Tangible fixed assets | 22/27 | €951,331 | €1,725,542 | +€774,210 | +81.4% |
| Land and buildings | 22 | €913,406 | €1,696,561 | +€783,155 | +85.7% |
| Plant, machinery and equipment | 23 | €6,660 | €4,645 | -€2,015 | -30.3% |
| Furniture and vehicles | 24 | €31,265 | €24,336 | -€6,929 | -22.2% |
| Financial fixed assets | 28 | €758,025 | €758,025 | = | 0.0% |
| Current assets | 29/58 | €150,607 | €135,821 | -€14,787 | -9.8% |
| Amounts receivable within one year | 40/41 | €53,826 | €73,464 | +€19,638 | +36.5% |
| Trade receivables | 40 | €1,307 | €18,973 | +€17,666 | +1,352% |
| Other amounts receivable | 41 | €52,519 | €54,491 | +€1,972 | +3.8% |
| Cash at bank and in hand | 54/58 | €85,907 | €55,166 | -€30,741 | -35.8% |
| Deferred charges and accrued income | 490/1 | €10,875 | €7,191 | -€3,683 | -33.9% |
| Total equity and liabilities | 10/49 | €1,859,963 | €2,619,387 | +€759,424 | +40.8% |
| Equity | 10/15 | €1,427,889 | €1,449,997 | +€22,109 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,409,241 | €1,431,265 | +€22,024 | +1.6% |
| Tax-exempt reserves | 132 | €432,950 | €428,974 | -€3,976 | -0.9% |
| Distributable reserves | 133 | €976,291 | €1,002,291 | +€26,000 | +2.7% |
| Profit (loss) carried forward | 14 | €48 | €132 | +€85 | +177% |
| Provisions and deferred taxes | 16 | €144,317 | €142,329 | -€1,988 | -1.4% |
| Deferred taxes | 168 | €144,317 | €142,329 | -€1,988 | -1.4% |
| Amounts payable | 17/49 | €287,758 | €1,027,061 | +€739,303 | +257% |
| Amounts payable after more than one year | 17 | €181,497 | €963,797 | +€782,300 | +431% |
| Financial debts | 170/4 | €181,497 | €963,797 | +€782,300 | +431% |
| Amounts payable within one year | 42/48 | €106,260 | €61,595 | -€44,666 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €23,662 | €23,662 | = | 0.0% |
| Trade debts | 44 | €4,486 | €6,083 | +€1,597 | +35.6% |
| Suppliers | 440/4 | €4,486 | €6,083 | +€1,597 | +35.6% |
| Taxes, remuneration and social security | 45 | €51,096 | €23,802 | -€27,294 | -53.4% |
| Taxes | 450/3 | €51,096 | €23,802 | -€27,294 | -53.4% |
| Other amounts payable | 47/48 | €27,017 | €8,048 | -€18,968 | -70.2% |
| Accrued charges and deferred income | 492/3 | - | €1,668 | +€1,668 | |
| Turnover | 70 | €203,785 | €207,014 | +€3,229 | +1.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €103,726 | €98,696 | -€5,030 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,763 | €70,037 | +€7,273 | +11.6% |
| Other operating charges | 640/8 | €6,333 | €6,877 | +€544 | +8.6% |
| Gross operating margin | 9900 | €100,060 | €108,318 | +€8,259 | +8.3% |
| Operating profit (loss) | 9901 | €30,964 | €31,405 | +€441 | +1.4% |
| Financial income | 75/76B | €49,618 | €3 | -€49,615 | -100.0% |
| Recurring financial income | 75 | €49,618 | €3 | -€49,615 | -100.0% |
| Financial charges | 65/66B | €1,156 | €8,490 | +€7,334 | +634% |
| Recurring financial charges | 65 | €1,156 | €8,490 | +€7,334 | +634% |
| Profit (loss) for the period before taxes | 9903 | €79,425 | €22,918 | -€56,507 | -71.1% |
| Transfer from deferred taxes | 780 | - | €5,964 | +€5,964 | |
| Income taxes | 67/77 | €188 | €197 | +€9 | +4.9% |
| Profit (loss) for the period | 9904 | €79,237 | €28,685 | -€50,553 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,237 | €28,685 | -€50,553 | -63.8% |
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 14 October 2026 via checked.be.