EXCEL EQUITY: 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.
EXCEL EQUITY
Largest movements
- Cash -€133,487
down €133,487 (-73.5%), from €181,568 to €48,081
mainly Debts after one year (-€350,000) and Accrued charges and deferred income (-€74,681)
- Debts after one year -€350,000
down €350,000 (-9.9%), from €3.6m to €3.2m
- Reserves +€298,160
up €298,160 (+26.7%), from €1.1m to €1.4m
- Accrued charges and deferred income -€74,681
down €74,681 (-70.7%), from €105,634 to €30,953
- Gross operating margin -€224,576
down €224,576 (-80.2%), from €279,945 to €55,369
- Taxes -€27,210
down €27,210 (-47.7%), from €57,026 to €29,816
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 | €5,194,693 | €5,070,800 | -€123,893 | -2.4% |
| Fixed assets | 21/28 | €5,000,105 | €5,000,105 | = | 0.0% |
| Financial fixed assets | 28 | €5,000,105 | €5,000,105 | = | 0.0% |
| Current assets | 29/58 | €194,588 | €70,695 | -€123,893 | -63.7% |
| Amounts receivable within one year | 40/41 | €12,105 | €22,284 | +€10,179 | +84.1% |
| Trade receivables | 40 | €12,100 | €12,100 | = | 0.0% |
| Other amounts receivable | 41 | €5 | €10,184 | +€10,179 | +201564.4% |
| Cash at bank and in hand | 54/58 | €181,568 | €48,081 | -€133,487 | -73.5% |
| Deferred charges and accrued income | 490/1 | €914 | €329 | -€585 | -64.0% |
| Total equity and liabilities | 10/49 | €5,194,693 | €5,070,800 | -€123,893 | -2.4% |
| Equity | 10/15 | €1,126,937 | €1,425,097 | +€298,160 | +26.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,116,937 | €1,415,097 | +€298,160 | +26.7% |
| Distributable reserves | 133 | €1,116,937 | €1,415,097 | +€298,160 | +26.7% |
| Amounts payable | 17/49 | €4,067,756 | €3,645,703 | -€422,053 | -10.4% |
| Amounts payable after more than one year | 17 | €3,550,000 | €3,200,000 | -€350,000 | -9.9% |
| Financial debts | 170/4 | €3,550,000 | €3,200,000 | -€350,000 | -9.9% |
| Amounts payable within one year | 42/48 | €412,121 | €414,750 | +€2,629 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €1,392 | €1,606 | +€214 | +15.4% |
| Suppliers | 440/4 | €1,392 | €1,606 | +€214 | +15.4% |
| Taxes, remuneration and social security | 45 | €5,911 | €6,014 | +€102 | +1.7% |
| Taxes | 450/3 | €2,139 | €2,223 | +€84 | +3.9% |
| Remuneration and social security | 454/9 | €3,773 | €3,791 | +€18 | +0.5% |
| Other amounts payable | 47/48 | €54,818 | €57,131 | +€2,313 | +4.2% |
| Accrued charges and deferred income | 492/3 | €105,634 | €30,953 | -€74,681 | -70.7% |
| Other operating charges | 640/8 | €670 | €1,260 | +€589 | +88.0% |
| Gross operating margin | 9900 | €279,945 | €55,369 | -€224,576 | -80.2% |
| Operating profit (loss) | 9901 | €279,275 | €54,109 | -€225,165 | -80.6% |
| Financial income | 75/76B | €400,000 | €400,000 | = | 0.0% |
| Recurring financial income | 75 | €400,000 | €400,000 | = | 0.0% |
| Financial charges | 65/66B | €128,629 | €126,134 | -€2,495 | -1.9% |
| Recurring financial charges | 65 | €128,629 | €126,134 | -€2,495 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €550,646 | €327,975 | -€222,670 | -40.4% |
| Income taxes | 67/77 | €57,026 | €29,816 | -€27,210 | -47.7% |
| Profit (loss) for the period | 9904 | €493,619 | €298,160 | -€195,460 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €493,619 | €298,160 | -€195,460 | -39.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.