Excel Transport & Logistics: 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 Transport & Logistics
Largest movements
- Receivables within one year -€145,598
down €145,598 (-77.2%), from €188,491 to €42,893
of which Trade receivables: -€144,577
- Tangible fixed assets -€8,501
down €8,501 (-16.7%), from €51,012 to €42,511
of which Furniture and vehicles: -€4,766
- Financial fixed assets -€5,286
down €5,286 (-50.8%), from €10,400 to €5,114
- Cash +€5,007
up €5,007 (+187%), from €2,680 to €7,687
mainly Receivables within one year (+€145,598) and Depreciation (+€15,781)
- Profit (loss) carried forward -€152,295
down €152,295, from €33,349 to -€118,945
- Tax, wage and social debts -€10,791
down €10,791 (-5.7%), from €189,341 to €178,550
- Current portion of long-term debt +€4,468
up €4,468 (+262%), from €1,703 to €6,171
- Gross operating margin -€1.4m
down €1.4m, from €1.3m to -€18,713
- Staff costs -€1.2m
down €1.2m (-95.1%), from €1.3m to €63,961
- Other operating charges +€29,208
up €29,208 (+220%), from €13,258 to €42,466
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 | €256,368 | €100,062 | -€156,306 | -61.0% |
| Fixed assets | 21/28 | €61,412 | €47,626 | -€13,787 | -22.4% |
| Tangible fixed assets | 22/27 | €51,012 | €42,511 | -€8,501 | -16.7% |
| Plant, machinery and equipment | 23 | €2,885 | €1,118 | -€1,767 | -61.2% |
| Furniture and vehicles | 24 | €22,221 | €17,454 | -€4,766 | -21.4% |
| Other tangible fixed assets | 26 | €25,907 | €23,939 | -€1,968 | -7.6% |
| Financial fixed assets | 28 | €10,400 | €5,114 | -€5,286 | -50.8% |
| Current assets | 29/58 | €194,956 | €52,436 | -€142,520 | -73.1% |
| Amounts receivable within one year | 40/41 | €188,491 | €42,893 | -€145,598 | -77.2% |
| Trade receivables | 40 | €148,521 | €3,943 | -€144,577 | -97.3% |
| Other amounts receivable | 41 | €39,970 | €38,950 | -€1,021 | -2.6% |
| Cash at bank and in hand | 54/58 | €2,680 | €7,687 | +€5,007 | +187% |
| Deferred charges and accrued income | 490/1 | €3,785 | €1,856 | -€1,929 | -51.0% |
| Total equity and liabilities | 10/49 | €256,368 | €100,062 | -€156,306 | -61.0% |
| Equity | 10/15 | €47,609 | -€104,685 | -€152,295 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,349 | -€118,945 | -€152,295 | |
| Amounts payable | 17/49 | €208,759 | €204,747 | -€4,012 | -1.9% |
| Amounts payable within one year | 42/48 | €208,759 | €204,747 | -€4,012 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €1,703 | €6,171 | +€4,468 | +262% |
| Trade debts | 44 | €17,715 | €20,026 | +€2,311 | +13.0% |
| Suppliers | 440/4 | €17,715 | €20,026 | +€2,311 | +13.0% |
| Taxes, remuneration and social security | 45 | €189,341 | €178,550 | -€10,791 | -5.7% |
| Taxes | 450/3 | €189,341 | €178,550 | -€10,791 | -5.7% |
| Remuneration, social security and pensions | 62 | €1,292,947 | €63,961 | -€1.2m | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,260 | €15,781 | +€521 | +3.4% |
| Other operating charges | 640/8 | €13,258 | €42,466 | +€29,208 | +220% |
| Gross operating margin | 9900 | €1,331,363 | -€18,713 | -€1.4m | |
| Operating profit (loss) | 9901 | €9,898 | -€140,921 | -€150,819 | |
| Financial income | 75/76B | €0 | €6 | +€6 | +2,038% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +2,038% |
| Financial charges | 65/66B | €1,172 | €4,519 | +€3,347 | +286% |
| Recurring financial charges | 65 | €1,172 | €4,519 | +€3,347 | +286% |
| Profit (loss) for the period before taxes | 9903 | €8,727 | -€145,434 | -€154,161 | |
| Income taxes | 67/77 | €8,721 | €6,861 | -€1,860 | -21.3% |
| Profit (loss) for the period | 9904 | €6 | -€152,295 | -€152,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €6 | -€152,295 | -€152,300 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.