EXCALIBUR: 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.
What changed
EXCALIBUR
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€327,407
2024 · -€140,110-€187,297
Equity
€2.1m
2024 · €2.5m-€327,407
Cash
€442
2024 · €510-€68
Balance sheet total
€3.2m
2024 · €3.8m-€530,634
Largest movements
Assets
- Receivables within one year -€514,235
down €514,235 (-14.7%), from €3.5m to €3.0m
of which Trade receivables: -€505,484
Equity and liabilities
- Profit (loss) carried forward -€327,407
down €327,407 (-24.8%), from €1.3m to €995,157
- Trade debts -€147,037
down €147,037 (-30.2%), from €486,890 to €339,853
- Debts after one year -€48,256
down €48,256 (-32.9%), from €146,669 to €98,413
Income statement
- Gross operating margin -€124,257
down €124,257 (-7.7%), from €1.6m to €1.5m
- Staff costs +€27,317
up €27,317 (+1.6%), from €1.7m to €1.7m
- Other operating charges +€19,406
up €19,406 (+66.5%), from €29,165 to €48,571
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.
Result 2024
-€140,110
Gross operating margin
-€124,257
Staff costs
-€27,317
Depreciation
-€13,822
Other operating charges
-€19,406
Other operating items
+€1,817
Financial income
+€3,111
Financial charges
-€7,429
Taxes
+€6
Result 2025
-€327,407
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€84,199
Investment
-€33,000
Financing
-€51,266
Cash 2024
€510
From operations (derived)
+€84,199
Net result for the year
-€327,407
Depreciation
+€50,353
Receivables within one year
+€514,235
Deferred charges and accrued income
-€1,021
Trade debts
-€147,037
Tax, wage and social debts
-€1,722
Other debts
-€3,202
Investment (derived)
-€33,000
Investment in fixed assets (net)
-€33,000
Financing
-€51,266
Debts after one year
-€48,256
Current portion of long-term debt
+€14,157
Short-term financial debts
-€17,167
Cash 2025
€442
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,779,062 | €3,248,428 | -€530,634 | -14.0% |
| Fixed assets | 21/28 | €243,110 | €225,758 | -€17,353 | -7.1% |
| Tangible fixed assets | 22/27 | €240,708 | €223,356 | -€17,353 | -7.2% |
| Plant, machinery and equipment | 23 | €3,050 | €1,850 | -€1,200 | -39.3% |
| Furniture and vehicles | 24 | €68,479 | €74,360 | +€5,880 | +8.6% |
| Other tangible fixed assets | 26 | €169,179 | €147,146 | -€22,034 | -13.0% |
| Financial fixed assets | 28 | €2,402 | €2,402 | = | 0.0% |
| Current assets | 29/58 | €3,535,952 | €3,022,670 | -€513,281 | -14.5% |
| Amounts receivable within one year | 40/41 | €3,509,577 | €2,995,342 | -€514,235 | -14.7% |
| Trade receivables | 40 | €3,418,406 | €2,912,922 | -€505,484 | -14.8% |
| Other amounts receivable | 41 | €91,171 | €82,420 | -€8,751 | -9.6% |
| Cash at bank and in hand | 54/58 | €510 | €442 | -€68 | -13.3% |
| Deferred charges and accrued income | 490/1 | €25,865 | €26,886 | +€1,021 | +3.9% |
| Total equity and liabilities | 10/49 | €3,779,062 | €3,248,428 | -€530,634 | -14.0% |
| Equity | 10/15 | €2,469,414 | €2,142,007 | -€327,407 | -13.3% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €1,036,850 | €1,036,850 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,450 | €105,250 | -€84,200 | -44.4% |
| Distributable reserves | 133 | €836,400 | €920,600 | +€84,200 | +10.1% |
| Profit (loss) carried forward | 14 | €1,322,564 | €995,157 | -€327,407 | -24.8% |
| Amounts payable | 17/49 | €1,309,648 | €1,106,421 | -€203,227 | -15.5% |
| Amounts payable after more than one year | 17 | €146,669 | €98,413 | -€48,256 | -32.9% |
| Financial debts | 170/4 | €146,669 | €98,413 | -€48,256 | -32.9% |
| Amounts payable within one year | 42/48 | €1,162,979 | €1,008,008 | -€154,970 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €63,027 | €77,184 | +€14,157 | +22.5% |
| Financial debts | 43 | €200,752 | €183,585 | -€17,167 | -8.6% |
| Credit institutions | 430/8 | €200,752 | €183,585 | -€17,167 | -8.6% |
| Trade debts | 44 | €486,890 | €339,853 | -€147,037 | -30.2% |
| Suppliers | 440/4 | €486,890 | €339,853 | -€147,037 | -30.2% |
| Taxes, remuneration and social security | 45 | €311,804 | €310,082 | -€1,722 | -0.6% |
| Taxes | 450/3 | €52,340 | €56,108 | +€3,767 | +7.2% |
| Remuneration and social security | 454/9 | €259,464 | €253,974 | -€5,489 | -2.1% |
| Other amounts payable | 47/48 | €100,506 | €97,304 | -€3,202 | -3.2% |
| Non-recurring operating income | 76A | €2,048 | €1,100 | -€948 | -46.3% |
| Remuneration, social security and pensions | 62 | €1,663,742 | €1,691,060 | +€27,317 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,530 | €50,353 | +€13,822 | +37.8% |
| Other operating charges | 640/8 | €29,165 | €48,571 | +€19,406 | +66.5% |
| Non-recurring operating charges | 66A | €2,049 | €232 | -€1,817 | -88.7% |
| Gross operating margin | 9900 | €1,614,503 | €1,490,246 | -€124,257 | -7.7% |
| Operating profit (loss) | 9901 | -€116,984 | -€299,970 | -€182,985 | -156% |
| Financial income | 75/76B | €0 | €3,111 | +€3,111 | +15,555,250% |
| Recurring financial income | 75 | €0 | €3,111 | +€3,111 | +15,555,250% |
| Financial charges | 65/66B | €22,979 | €30,408 | +€7,429 | +32.3% |
| Recurring financial charges | 65 | €22,979 | €30,408 | +€7,429 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | -€139,963 | -€327,267 | -€187,303 | -134% |
| Income taxes | 67/77 | €147 | €141 | -€6 | -4.1% |
| Profit (loss) for the period | 9904 | -€140,110 | -€327,407 | -€187,297 | -134% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140,110 | -€243,207 | -€103,097 | -73.6% |
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 17 October 2026 via checked.be.