EXCEL REAL ESTATE: what changed
What changed
EXCEL REAL ESTATE
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
-€62,252
2024 · €90,381-€152,633
Equity
€1.1m
2024 · €1.1m-€62,252
Cash
€87,964
2024 · €134,542-€46,578
Balance sheet total
€4.0m
2024 · €4.0m+€41,913
Largest movements
Assets
- Receivables within one year +€223,602
up €223,602 (+446%), from €50,124 to €273,726
of which Trade receivables: +€204,851
- Tangible fixed assets -€117,175
down €117,175 (-3.2%), from €3.7m to €3.6m
of which Other tangible fixed assets: -€2.2m
- Cash -€46,578
down €46,578 (-34.6%), from €134,542 to €87,964
mainly Receivables within one year (-€223,602) and Debts after one year (-€121,252)
Equity and liabilities
- Trade debts +€194,892
up €194,892 (+212%), from €92,000 to €286,892
- Debts after one year -€121,252
down €121,252 (-5.0%), from €2.4m to €2.3m
- Profit (loss) carried forward -€51,071
down €51,071 (-51.0%), from €100,104 to €49,032
Income statement
- Gross operating margin -€107,896
down €107,896 (-33.4%), from €323,238 to €215,342
- Financial income -€56,308
down €56,308 (-100.0%), from €56,310 to €2
- Taxes +€29,061
up €29,061 (+673%), from €4,316 to €33,377
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€90,381
Gross operating margin
-€107,896
Depreciation
-€2,821
Other operating charges
+€2,218
Other operating items
+€38,472
Financial income
-€56,308
Financial charges
+€2,714
Taxes
-€29,061
Deferred taxes and other
+€50
Result 2025
-€62,252
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€140,101
Investment
-€67,655
Financing
-€119,024
Cash 2024
€134,542
From operations (derived)
+€140,101
Net result for the year
-€62,252
Depreciation
+€198,416
Receivables within one year
-€223,602
Deferred charges and accrued income
+€4,350
Provisions
-€3,777
Trade debts
+€194,892
Tax, wage and social debts
+€5,494
Other debts
+€2,522
Accrued charges and deferred income
+€24,058
Investment (derived)
-€67,655
Investment in fixed assets (net)
-€67,655
Financing
-€119,024
Debts after one year
-€121,252
Current portion of long-term debt
+€2,228
Cash 2025
€87,964
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,989,135 | €4,031,048 | +€41,913 | +1.1% |
| Fixed assets | 21/28 | €3,788,690 | €3,657,928 | -€130,762 | -3.5% |
| Intangible fixed assets | 21 | €81,521 | €67,934 | -€13,587 | -16.7% |
| Tangible fixed assets | 22/27 | €3,707,169 | €3,589,994 | -€117,175 | -3.2% |
| Land and buildings | 22 | €2,603 | €2,044,641 | +€2.0m | +78,453% |
| Other tangible fixed assets | 26 | €3,704,566 | €1,545,353 | -€2.2m | -58.3% |
| Current assets | 29/58 | €200,445 | €373,120 | +€172,674 | +86.1% |
| Amounts receivable within one year | 40/41 | €50,124 | €273,726 | +€223,602 | +446% |
| Trade receivables | 40 | €50,124 | €254,974 | +€204,851 | +409% |
| Other amounts receivable | 41 | - | €18,751 | +€18,751 | |
| Cash at bank and in hand | 54/58 | €134,542 | €87,964 | -€46,578 | -34.6% |
| Deferred charges and accrued income | 490/1 | €15,780 | €11,430 | -€4,350 | -27.6% |
| Total equity and liabilities | 10/49 | €3,989,135 | €4,031,048 | +€41,913 | +1.1% |
| Equity | 10/15 | €1,130,041 | €1,067,788 | -€62,252 | -5.5% |
| Contributions | 10/11 | €684,258 | €684,258 | = | 0.0% |
| Capital | 10 | €684,258 | €684,258 | = | 0.0% |
| Issued capital | 100 | €684,258 | €684,258 | = | 0.0% |
| Reserves | 13 | €345,679 | €334,498 | -€11,181 | -3.2% |
| Non-distributable reserves | 130/1 | €68,426 | €68,426 | = | 0.0% |
| Legal reserve | 130 | €68,426 | €68,426 | = | 0.0% |
| Tax-exempt reserves | 132 | €217,935 | €206,754 | -€11,181 | -5.1% |
| Distributable reserves | 133 | €59,318 | €59,318 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,104 | €49,032 | -€51,071 | -51.0% |
| Provisions and deferred taxes | 16 | €72,645 | €68,868 | -€3,777 | -5.2% |
| Deferred taxes | 168 | €72,645 | €68,868 | -€3,777 | -5.2% |
| Amounts payable | 17/49 | €2,786,450 | €2,894,392 | +€107,942 | +3.9% |
| Amounts payable after more than one year | 17 | €2,440,646 | €2,319,394 | -€121,252 | -5.0% |
| Financial debts | 170/4 | €2,440,646 | €2,319,394 | -€121,252 | -5.0% |
| Amounts payable within one year | 42/48 | €245,383 | €450,518 | +€205,136 | +83.6% |
| Current portion of amounts payable after more than one year | 42 | €119,024 | €121,252 | +€2,228 | +1.9% |
| Trade debts | 44 | €92,000 | €286,892 | +€194,892 | +212% |
| Suppliers | 440/4 | €92,000 | €286,892 | +€194,892 | +212% |
| Taxes, remuneration and social security | 45 | €8,339 | €13,833 | +€5,494 | +65.9% |
| Taxes | 450/3 | €8,339 | €13,833 | +€5,494 | +65.9% |
| Other amounts payable | 47/48 | €26,020 | €28,542 | +€2,522 | +9.7% |
| Accrued charges and deferred income | 492/3 | €100,421 | €124,479 | +€24,058 | +24.0% |
| Non-recurring operating income | 76A | €2,531 | - | -€2,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,595 | €198,416 | +€2,821 | +1.4% |
| Other operating charges | 640/8 | €3,372 | €1,154 | -€2,218 | -65.8% |
| Non-recurring operating charges | 66A | €38,472 | - | -€38,472 | |
| Gross operating margin | 9900 | €323,238 | €215,342 | -€107,896 | -33.4% |
| Operating profit (loss) | 9901 | €85,799 | €15,771 | -€70,028 | -81.6% |
| Financial income | 75/76B | €56,310 | €2 | -€56,308 | -100.0% |
| Recurring financial income | 75 | €56,310 | €2 | -€56,308 | -100.0% |
| Financial charges | 65/66B | €51,140 | €48,426 | -€2,714 | -5.3% |
| Recurring financial charges | 65 | €51,140 | €48,426 | -€2,714 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €90,970 | -€32,652 | -€123,622 | |
| Transfer from deferred taxes | 780 | €3,727 | €3,777 | +€50 | +1.3% |
| Income taxes | 67/77 | €4,316 | €33,377 | +€29,061 | +673% |
| Profit (loss) for the period | 9904 | €90,381 | -€62,252 | -€152,633 | |
| Transfer from tax-exempt reserves | 789 | €11,181 | €11,181 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,562 | -€51,071 | -€152,633 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.