EXCECON: 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.
EXCECON
Largest movements
- Receivables within one year +€11,143
up €11,143 (+55.3%), from €20,135 to €31,277
of which Other amounts receivable: +€6,817
- Tangible fixed assets -€6,413
down €6,413 (-14.7%), from €43,581 to €37,168
of which Furniture and vehicles: -€5,845
- Cash -€4,875
down €4,875 (-10.6%), from €45,981 to €41,106
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€11,143)
- Reserves -€100,000
down €100,000 (-46.2%), from €216,541 to €116,541
of which Distributable reserves: -€100,000
- Other debts +€94,518
up €94,518 (+130.0%), from €72,720 to €167,238
- Trade debts +€10,034
up €10,034 (+449.8%), from €2,231 to €12,265
- Debts after one year -€8,254
down €8,254 (-51.4%), from €16,068 to €7,814
- Profit (loss) carried forward +€4,319
up €4,319 (+5.1%), from -€85,294 to -€80,976
- Gross operating margin +€11,125
up €11,125 (+105.1%), from €10,583 to €21,708
- Depreciation +€7,924
up €7,924 (+415.4%), from €1,907 to €9,832
- Financial income -€2,350
down €2,350 (-72.1%), from €3,260 to €910
- Financial charges -€1,323
down €1,323 (-16.2%), from €8,147 to €6,824
- Other operating charges -€663
down €663 (-34.2%), from €1,939 to €1,276
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 | €318,548 | €320,536 | +€1,988 | +0.6% |
| Fixed assets | 21/28 | €51,044 | €44,631 | -€6,413 | -12.6% |
| Tangible fixed assets | 22/27 | €43,581 | €37,168 | -€6,413 | -14.7% |
| Plant, machinery and equipment | 23 | €1,060 | €492 | -€568 | -53.6% |
| Furniture and vehicles | 24 | €42,521 | €36,676 | -€5,845 | -13.7% |
| Financial fixed assets | 28 | €7,463 | €7,463 | = | 0.0% |
| Current assets | 29/58 | €267,503 | €275,905 | +€8,402 | +3.1% |
| Stocks and contracts in progress | 3 | €48,554 | €50,955 | +€2,400 | +4.9% |
| Stocks | 30/36 | €48,554 | €50,955 | +€2,400 | +4.9% |
| Amounts receivable within one year | 40/41 | €20,135 | €31,277 | +€11,143 | +55.3% |
| Trade receivables | 40 | €18,721 | €23,047 | +€4,326 | +23.1% |
| Other amounts receivable | 41 | €1,414 | €8,231 | +€6,817 | +482.2% |
| Current investments | 50/53 | €152,833 | €152,067 | -€766 | -0.5% |
| Cash at bank and in hand | 54/58 | €45,981 | €41,106 | -€4,875 | -10.6% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €318,548 | €320,536 | +€1,988 | +0.6% |
| Equity | 10/15 | €216,247 | €120,566 | -€95,681 | -44.2% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €216,541 | €116,541 | -€100,000 | -46.2% |
| Tax-exempt reserves | 132 | €648 | €648 | = | 0.0% |
| Distributable reserves | 133 | €215,893 | €115,893 | -€100,000 | -46.3% |
| Profit (loss) carried forward | 14 | -€85,294 | -€80,976 | +€4,319 | +5.1% |
| Amounts payable | 17/49 | €102,300 | €199,970 | +€97,670 | +95.5% |
| Amounts payable after more than one year | 17 | €16,068 | €7,814 | -€8,254 | -51.4% |
| Financial debts | 170/4 | €16,068 | €7,814 | -€8,254 | -51.4% |
| Amounts payable within one year | 42/48 | €86,232 | €192,156 | +€105,924 | +122.8% |
| Current portion of amounts payable after more than one year | 42 | €7,982 | €8,254 | +€273 | +3.4% |
| Trade debts | 44 | €2,231 | €12,265 | +€10,034 | +449.8% |
| Suppliers | 440/4 | €2,231 | €12,265 | +€10,034 | +449.8% |
| Taxes, remuneration and social security | 45 | €3,300 | €4,399 | +€1,099 | +33.3% |
| Taxes | 450/3 | €3,300 | €4,399 | +€1,099 | +33.3% |
| Other amounts payable | 47/48 | €72,720 | €167,238 | +€94,518 | +130.0% |
| Non-recurring operating income | 76A | - | €207 | +€207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,907 | €9,832 | +€7,924 | +415.4% |
| Other operating charges | 640/8 | €1,939 | €1,276 | -€663 | -34.2% |
| Gross operating margin | 9900 | €10,583 | €21,708 | +€11,125 | +105.1% |
| Operating profit (loss) | 9901 | €6,737 | €10,601 | +€3,864 | +57.3% |
| Financial income | 75/76B | €3,260 | €910 | -€2,350 | -72.1% |
| Recurring financial income | 75 | €3,260 | €910 | -€2,350 | -72.1% |
| Financial charges | 65/66B | €8,147 | €6,824 | -€1,323 | -16.2% |
| Recurring financial charges | 65 | €8,147 | €6,824 | -€1,323 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €1,850 | €4,687 | +€2,837 | +153.3% |
| Income taxes | 67/77 | €5 | €368 | +€363 | +7477.6% |
| Profit (loss) for the period | 9904 | €1,845 | €4,319 | +€2,473 | +134.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,845 | €4,319 | +€2,473 | +134.0% |
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 6 October 2026 via checked.be.