EXCAD: 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.
EXCAD
Largest movements
- Financial fixed assets +€100,000
new in 2025: €100,000
- Receivables within one year +€69,752
new in 2025: €69,752
of which Trade receivables: +€45,435
- Cash +€14,187
up €14,187 (+47.6%), from €29,783 to €43,970
mainly Debts after one year (+€71,439) and Net result for the year (+€63,647)
- Debts after one year +€71,439
new in 2025: €71,439
- Reserves +€63,647
up €63,647 (+315%), from €20,222 to €83,869
- Tax, wage and social debts +€28,793
up €28,793 (+216%), from €13,310 to €42,103
- Current portion of long-term debt +€20,746
new in 2025: €20,746
- Gross operating margin +€60,890
up €60,890 (+218%), from €27,991 to €88,881
- Taxes +€16,414
up €16,414 (+309%), from €5,308 to €21,722
- Financial charges +€2,130
up €2,130 (+170%), from €1,254 to €3,383
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 | €36,082 | €220,259 | +€184,176 | +510% |
| Fixed assets | 21/28 | €368 | €101,479 | +€101,111 | +27,476% |
| Tangible fixed assets | 22/27 | €368 | €1,479 | +€1,111 | +302% |
| Furniture and vehicles | 24 | €368 | €1,479 | +€1,111 | +302% |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €35,714 | €118,780 | +€83,065 | +233% |
| Amounts receivable within one year | 40/41 | - | €69,752 | +€69,752 | |
| Trade receivables | 40 | - | €45,435 | +€45,435 | |
| Other amounts receivable | 41 | - | €24,317 | +€24,317 | |
| Cash at bank and in hand | 54/58 | €29,783 | €43,970 | +€14,187 | +47.6% |
| Deferred charges and accrued income | 490/1 | €5,931 | €5,057 | -€874 | -14.7% |
| Total equity and liabilities | 10/49 | €36,082 | €220,259 | +€184,176 | +510% |
| Equity | 10/15 | €21,222 | €84,869 | +€63,647 | +300% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €20,222 | €83,869 | +€63,647 | +315% |
| Distributable reserves | 133 | €20,222 | €83,869 | +€63,647 | +315% |
| Amounts payable | 17/49 | €14,860 | €135,389 | +€120,529 | +811% |
| Amounts payable after more than one year | 17 | - | €71,439 | +€71,439 | |
| Financial debts | 170/4 | - | €71,439 | +€71,439 | |
| Amounts payable within one year | 42/48 | €14,860 | €63,738 | +€48,878 | +329% |
| Current portion of amounts payable after more than one year | 42 | - | €20,746 | +€20,746 | |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €99 | €887 | +€788 | +797% |
| Suppliers | 440/4 | €99 | €887 | +€788 | +797% |
| Taxes, remuneration and social security | 45 | €13,310 | €42,103 | +€28,793 | +216% |
| Taxes | 450/3 | €13,310 | €42,103 | +€28,793 | +216% |
| Other amounts payable | 47/48 | €1,451 | €0 | -€1,451 | -100% |
| Accrued charges and deferred income | 492/3 | - | €213 | +€213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285 | €501 | +€216 | +75.9% |
| Other operating charges | 640/8 | €922 | €66 | -€856 | -92.9% |
| Gross operating margin | 9900 | €27,991 | €88,881 | +€60,890 | +218% |
| Operating profit (loss) | 9901 | €26,784 | €88,314 | +€61,530 | +230% |
| Financial income | 75/76B | - | €438 | +€438 | |
| Recurring financial income | 75 | - | €438 | +€438 | |
| Financial charges | 65/66B | €1,254 | €3,383 | +€2,130 | +170% |
| Recurring financial charges | 65 | €1,254 | €3,383 | +€2,130 | +170% |
| Profit (loss) for the period before taxes | 9903 | €25,531 | €85,369 | +€59,839 | +234% |
| Income taxes | 67/77 | €5,308 | €21,722 | +€16,414 | +309% |
| Profit (loss) for the period | 9904 | €20,222 | €63,647 | +€43,425 | +215% |
| Profit (loss) for the period to be appropriated | 9905 | €20,222 | €63,647 | +€43,425 | +215% |
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 15 October 2026 via checked.be.