EXAGO: 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.
EXAGO
Largest movements
- Intangible fixed assets +€61,668
new in 2025: €61,668
- Tangible fixed assets -€59,346
down €59,346 (-30.3%), from €195,653 to €136,307
of which Leasing and similar rights: -€122,420
- Receivables within one year +€10,697
up €10,697 (+7.5%), from €143,312 to €154,009
of which Trade receivables: +€9,141
- Trade debts +€40,017
up €40,017 (+178.6%), from €22,407 to €62,424
- Debts after one year -€34,889
down €34,889 (-40.8%), from €85,566 to €50,678
- Reserves +€9,778
up €9,778 (+14.6%), from €66,988 to €76,766
of which Distributable reserves: +€6,778
- Tax, wage and social debts -€7,661
down €7,661 (-10.6%), from €72,435 to €64,773
of which Remuneration and social security: -€9,821
- Other debts +€6,843
up €6,843 (+17.1%), from €39,969 to €46,812
- Gross operating margin -€68,409
down €68,409 (-18.0%), from €379,614 to €311,205
- Staff costs -€37,851
down €37,851 (-14.2%), from €266,522 to €228,671
- Depreciation +€27,248
up €27,248 (+125.5%), from €21,704 to €48,952
- Taxes -€16,756
down €16,756 (-64.0%), from €26,176 to €9,420
- Write-downs -€7,412
new in 2025: -€7,412
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.
Cash bridge derived
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 | €386,472 | €400,847 | +€14,375 | +3.7% |
| Fixed assets | 21/28 | €195,688 | €197,975 | +€2,287 | +1.2% |
| Intangible fixed assets | 21 | - | €61,668 | +€61,668 | |
| Tangible fixed assets | 22/27 | €195,653 | €136,307 | -€59,346 | -30.3% |
| Land and buildings | 22 | €37,324 | €33,505 | -€3,819 | -10.2% |
| Plant, machinery and equipment | 23 | - | €2,787 | +€2,787 | |
| Furniture and vehicles | 24 | €35,909 | €100,014 | +€64,105 | +178.5% |
| Leasing and similar rights | 25 | €122,420 | - | -€122,420 | |
| Financial fixed assets | 28 | €35 | €0 | -€35 | -100.0% |
| Current assets | 29/58 | €190,784 | €202,873 | +€12,089 | +6.3% |
| Amounts receivable within one year | 40/41 | €143,312 | €154,009 | +€10,697 | +7.5% |
| Trade receivables | 40 | €143,312 | €152,452 | +€9,141 | +6.4% |
| Other amounts receivable | 41 | - | €1,557 | +€1,557 | |
| Cash at bank and in hand | 54/58 | €44,071 | €42,136 | -€1,935 | -4.4% |
| Deferred charges and accrued income | 490/1 | €3,401 | €6,728 | +€3,326 | +97.8% |
| Total equity and liabilities | 10/49 | €386,472 | €400,847 | +€14,375 | +3.7% |
| Equity | 10/15 | €131,629 | €138,408 | +€6,778 | +5.1% |
| Contributions | 10/11 | €33,000 | €30,000 | -€3,000 | -9.1% |
| Reserves | 13 | €66,988 | €76,766 | +€9,778 | +14.6% |
| Non-distributable reserves | 130/1 | - | €3,000 | +€3,000 | |
| Reserves not available under the articles | 1311 | - | €3,000 | +€3,000 | |
| Distributable reserves | 133 | €66,988 | €73,766 | +€6,778 | +10.1% |
| Profit (loss) carried forward | 14 | €31,641 | €31,641 | = | 0.0% |
| Amounts payable | 17/49 | €254,843 | €262,440 | +€7,597 | +3.0% |
| Amounts payable after more than one year | 17 | €85,566 | €50,678 | -€34,889 | -40.8% |
| Financial debts | 170/4 | €85,566 | €50,678 | -€34,889 | -40.8% |
| Amounts payable within one year | 42/48 | €169,276 | €208,898 | +€39,622 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €34,466 | €34,889 | +€423 | +1.2% |
| Trade debts | 44 | €22,407 | €62,424 | +€40,017 | +178.6% |
| Suppliers | 440/4 | €22,407 | €62,424 | +€40,017 | +178.6% |
| Taxes, remuneration and social security | 45 | €72,435 | €64,773 | -€7,661 | -10.6% |
| Taxes | 450/3 | €28,892 | €31,052 | +€2,160 | +7.5% |
| Remuneration and social security | 454/9 | €43,542 | €33,721 | -€9,821 | -22.6% |
| Other amounts payable | 47/48 | €39,969 | €46,812 | +€6,843 | +17.1% |
| Accrued charges and deferred income | 492/3 | - | €2,864 | +€2,864 | |
| Remuneration, social security and pensions | 62 | €266,522 | €228,671 | -€37,851 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,704 | €48,952 | +€27,248 | +125.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,412 | -€7,412 | |
| Other operating charges | 640/8 | €2,304 | €9,257 | +€6,953 | +301.8% |
| Gross operating margin | 9900 | €379,614 | €311,205 | -€68,409 | -18.0% |
| Operating profit (loss) | 9901 | €89,084 | €31,737 | -€57,347 | -64.4% |
| Financial income | 75/76B | €28 | €2,145 | +€2,117 | +7515.7% |
| Recurring financial income | 75 | €28 | €2,145 | +€2,117 | +7515.7% |
| Financial charges | 65/66B | €3,295 | €7,683 | +€4,389 | +133.2% |
| Recurring financial charges | 65 | €3,295 | €7,683 | +€4,389 | +133.2% |
| Profit (loss) for the period before taxes | 9903 | €85,817 | €26,199 | -€59,619 | -69.5% |
| Income taxes | 67/77 | €26,176 | €9,420 | -€16,756 | -64.0% |
| Profit (loss) for the period | 9904 | €59,641 | €16,778 | -€42,863 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,641 | €16,778 | -€42,863 | -71.9% |
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 10 October 2026 via checked.be.