EXCEL-CASH: 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.
EXCEL-CASH
Largest movements
- Cash +€223,059
up €223,059 (+37.4%), from €595,847 to €818,906
mainly Other debts (+€1.1m) and Net result for the year (+€593,179)
- Stocks and contracts +€203,190
up €203,190 (+17.6%), from €1.2m to €1.4m
- Tangible fixed assets -€65,068
down €65,068 (-18.2%), from €358,345 to €293,278
of which Other tangible fixed assets: -€44,983
- Receivables within one year -€38,372
down €38,372 (-65.8%), from €58,321 to €19,949
of which Other amounts receivable: -€27,335
- Other debts +€1.1m
up €1.1m (+800%), from €142,321 to €1.3m
- Reserves -€706,821
down €706,821 (-47.3%), from €1.5m to €787,212
of which Distributable reserves: -€517,371
- Debts after one year -€61,189
down €61,189 (-33.3%), from €184,016 to €122,827
- Trade debts -€45,613
down €45,613 (-53.7%), from €84,975 to €39,362
- Staff costs +€219,491
up €219,491 (+26.6%), from €825,600 to €1.0m
- Gross operating margin +€182,213
up €182,213 (+10.2%), from €1.8m to €2.0m
- Depreciation -€23,974
down €23,974 (-24.4%), from €98,068 to €74,094
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 | €2,223,566 | €2,540,326 | +€316,760 | +14.2% |
| Fixed assets | 21/28 | €397,843 | €323,749 | -€74,094 | -18.6% |
| Intangible fixed assets | 21 | €39,498 | €30,471 | -€9,026 | -22.9% |
| Tangible fixed assets | 22/27 | €358,345 | €293,278 | -€65,068 | -18.2% |
| Furniture and vehicles | 24 | €41,596 | €21,511 | -€20,085 | -48.3% |
| Other tangible fixed assets | 26 | €316,749 | €271,767 | -€44,983 | -14.2% |
| Current assets | 29/58 | €1,825,723 | €2,216,577 | +€390,854 | +21.4% |
| Stocks and contracts in progress | 3 | €1,157,399 | €1,360,589 | +€203,190 | +17.6% |
| Stocks | 30/36 | €1,157,399 | €1,360,589 | +€203,190 | +17.6% |
| Amounts receivable within one year | 40/41 | €58,321 | €19,949 | -€38,372 | -65.8% |
| Trade receivables | 40 | €11,037 | €0 | -€11,037 | -100% |
| Other amounts receivable | 41 | €47,284 | €19,949 | -€27,335 | -57.8% |
| Cash at bank and in hand | 54/58 | €595,847 | €818,906 | +€223,059 | +37.4% |
| Deferred charges and accrued income | 490/1 | €14,156 | €17,133 | +€2,977 | +21.0% |
| Total equity and liabilities | 10/49 | €2,223,566 | €2,540,326 | +€316,760 | +14.2% |
| Equity | 10/15 | €1,556,032 | €849,212 | -€706,821 | -45.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,494,032 | €787,212 | -€706,821 | -47.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €611,222 | €421,772 | -€189,450 | -31.0% |
| Distributable reserves | 133 | €876,610 | €359,239 | -€517,371 | -59.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €667,533 | €1,691,115 | +€1.0m | +153% |
| Amounts payable after more than one year | 17 | €184,016 | €122,827 | -€61,189 | -33.3% |
| Financial debts | 170/4 | €184,016 | €122,827 | -€61,189 | -33.3% |
| Amounts payable within one year | 42/48 | €483,458 | €1,567,166 | +€1.1m | +224% |
| Current portion of amounts payable after more than one year | 42 | €113,794 | €107,676 | -€6,118 | -5.4% |
| Trade debts | 44 | €84,975 | €39,362 | -€45,613 | -53.7% |
| Suppliers | 440/4 | €84,975 | €39,362 | -€45,613 | -53.7% |
| Taxes, remuneration and social security | 45 | €142,368 | €139,127 | -€3,240 | -2.3% |
| Taxes | 450/3 | €44,108 | €46,133 | +€2,025 | +4.6% |
| Remuneration and social security | 454/9 | €98,260 | €92,995 | -€5,265 | -5.4% |
| Other amounts payable | 47/48 | €142,321 | €1,281,001 | +€1.1m | +800% |
| Accrued charges and deferred income | 492/3 | €60 | €1,122 | +€1,062 | +1,775% |
| Remuneration, social security and pensions | 62 | €825,600 | €1,045,090 | +€219,491 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,068 | €74,094 | -€23,974 | -24.4% |
| Other operating charges | 640/8 | €8,158 | €13,224 | +€5,066 | +62.1% |
| Gross operating margin | 9900 | €1,778,395 | €1,960,608 | +€182,213 | +10.2% |
| Operating profit (loss) | 9901 | €846,569 | €828,199 | -€18,369 | -2.2% |
| Financial income | 75/76B | €6,529 | €2,393 | -€4,135 | -63.3% |
| Recurring financial income | 75 | €6,529 | €2,393 | -€4,135 | -63.3% |
| Financial charges | 65/66B | €30,658 | €33,428 | +€2,770 | +9.0% |
| Recurring financial charges | 65 | €30,658 | €33,428 | +€2,770 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €822,439 | €797,165 | -€25,275 | -3.1% |
| Income taxes | 67/77 | €205,451 | €203,986 | -€1,466 | -0.7% |
| Profit (loss) for the period | 9904 | €616,988 | €593,179 | -€23,809 | -3.9% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €189,450 | +€63,150 | +50.0% |
| Transfer to tax-exempt reserves | 689 | €294,700 | €0 | -€294,700 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €448,588 | €782,629 | +€334,041 | +74.5% |
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 18 October 2026 via checked.be.