excap: what changed
Two fiscal 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.
excap
Largest movements
- Receivables within one year +€130,001
up €130,001 (+29.3%), from €444,096 to €574,097
of which Trade receivables: +€130,631
- Cash +€41,964
up €41,964 (+713.7%), from €5,880 to €47,844
mainly Trade debts (+€105,424) and Tax, wage and social debts (+€34,611)
- Deferred charges and accrued income -€10,736
down €10,736 (-59.2%), from €18,144 to €7,408
- Trade debts +€105,424
up €105,424 (+35.0%), from €301,535 to €406,959
- Tax, wage and social debts +€34,611
up €34,611 (+46.3%), from €74,777 to €109,388
of which Taxes: +€24,115
- Profit (loss) carried forward +€22,658
up €22,658 (+62.3%), from €36,362 to €59,020
- Other debts -€18,587
down €18,587 (-31.3%), from €59,332 to €40,745
- Accrued charges and deferred income +€11,770
up €11,770 (+472.8%), from €2,489 to €14,260
- Gross operating margin +€101,106
up €101,106 (+17.0%), from €595,838 to €696,944
- Staff costs +€87,915
up €87,915 (+16.0%), from €548,027 to €635,942
- Taxes +€10,828
up €10,828 (+251.1%), from €4,313 to €15,140
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 | €493,685 | €649,561 | +€155,876 | +31.6% |
| Fixed assets | 21/28 | €25,565 | €20,212 | -€5,353 | -20.9% |
| Intangible fixed assets | 21 | €5,882 | €3,710 | -€2,171 | -36.9% |
| Tangible fixed assets | 22/27 | €17,683 | €14,501 | -€3,182 | -18.0% |
| Plant, machinery and equipment | 23 | €8,391 | €9,020 | +€629 | +7.5% |
| Furniture and vehicles | 24 | €4,603 | €2,544 | -€2,058 | -44.7% |
| Other tangible fixed assets | 26 | €4,689 | €2,937 | -€1,752 | -37.4% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €468,120 | €629,349 | +€161,229 | +34.4% |
| Amounts receivable within one year | 40/41 | €444,096 | €574,097 | +€130,001 | +29.3% |
| Trade receivables | 40 | €438,159 | €568,790 | +€130,631 | +29.8% |
| Other amounts receivable | 41 | €5,937 | €5,307 | -€630 | -10.6% |
| Cash at bank and in hand | 54/58 | €5,880 | €47,844 | +€41,964 | +713.7% |
| Deferred charges and accrued income | 490/1 | €18,144 | €7,408 | -€10,736 | -59.2% |
| Total equity and liabilities | 10/49 | €493,685 | €649,561 | +€155,876 | +31.6% |
| Equity | 10/15 | €55,552 | €78,210 | +€22,658 | +40.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €640 | €640 | = | 0.0% |
| Distributable reserves | 133 | €640 | €640 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,362 | €59,020 | +€22,658 | +62.3% |
| Amounts payable | 17/49 | €438,133 | €571,351 | +€133,218 | +30.4% |
| Amounts payable within one year | 42/48 | €435,643 | €557,091 | +€121,448 | +27.9% |
| Trade debts | 44 | €301,535 | €406,959 | +€105,424 | +35.0% |
| Suppliers | 440/4 | €301,535 | €406,959 | +€105,424 | +35.0% |
| Taxes, remuneration and social security | 45 | €74,777 | €109,388 | +€34,611 | +46.3% |
| Taxes | 450/3 | €15,137 | €39,252 | +€24,115 | +159.3% |
| Remuneration and social security | 454/9 | €59,640 | €70,136 | +€10,496 | +17.6% |
| Other amounts payable | 47/48 | €59,332 | €40,745 | -€18,587 | -31.3% |
| Accrued charges and deferred income | 492/3 | €2,489 | €14,260 | +€11,770 | +472.8% |
| Remuneration, social security and pensions | 62 | €548,027 | €635,942 | +€87,915 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,354 | €11,271 | +€1,917 | +20.5% |
| Other operating charges | 640/8 | €7,439 | €8,609 | +€1,170 | +15.7% |
| Gross operating margin | 9900 | €595,838 | €696,944 | +€101,106 | +17.0% |
| Operating profit (loss) | 9901 | €31,018 | €41,122 | +€10,104 | +32.6% |
| Financial income | 75/76B | €4 | €19 | +€15 | +401.6% |
| Recurring financial income | 75 | €4 | €19 | +€15 | +401.6% |
| Financial charges | 65/66B | €3,082 | €3,343 | +€261 | +8.5% |
| Recurring financial charges | 65 | €3,082 | €3,343 | +€261 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €27,940 | €37,798 | +€9,858 | +35.3% |
| Income taxes | 67/77 | €4,313 | €15,140 | +€10,828 | +251.1% |
| Profit (loss) for the period | 9904 | €23,627 | €22,658 | -€969 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,627 | €22,658 | -€969 | -4.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.