EXCELATED: 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.
EXCELATED
Largest movements
- Receivables within one year +€17,508
up €17,508 (+198.5%), from €8,820 to €26,328
of which Trade receivables: +€15,340
- Cash -€3,363
down €3,363 (-82.8%), from €4,060 to €698
mainly Receivables within one year (-€17,508) and Tax, wage and social debts (-€9,567)
- Tangible fixed assets -€1,429
down €1,429 (-28.1%), from €5,086 to €3,657
of which Furniture and vehicles: -€1,085
- Accrued charges and deferred income +€13,600
up €13,600 (+2719.9%), from €500 to €14,100
- Tax, wage and social debts -€9,567
down €9,567 (-67.4%), from €14,198 to €4,631
- Profit (loss) carried forward +€5,883
up €5,883 (+10.9%), from -€53,911 to -€48,028
- Other debts +€2,986
up €2,986 (+7.4%), from €40,225 to €43,211
- Financial charges -€225,063
down €225,063 (-100.0%), from €225,114 to €50
of which Non-recurring financial charges: -€225,060
- Gross operating margin -€44,690
down €44,690 (-56.7%), from €78,814 to €34,124
- Write-downs -€19,240
down €19,240 (-45.8%), from €42,000 to €22,760
- Taxes -€7,248
down €7,248 (-70.6%), from €10,268 to €3,020
- Financial income -€3,174
no longer reported in 2025 (was €3,174)
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 | €18,165 | €30,887 | +€12,722 | +70.0% |
| Fixed assets | 21/28 | €5,086 | €3,657 | -€1,429 | -28.1% |
| Tangible fixed assets | 22/27 | €5,086 | €3,657 | -€1,429 | -28.1% |
| Plant, machinery and equipment | 23 | €1,575 | €1,231 | -€344 | -21.9% |
| Furniture and vehicles | 24 | €3,511 | €2,426 | -€1,085 | -30.9% |
| Current assets | 29/58 | €13,080 | €27,230 | +€14,150 | +108.2% |
| Amounts receivable within one year | 40/41 | €8,820 | €26,328 | +€17,508 | +198.5% |
| Trade receivables | 40 | €8,820 | €24,160 | +€15,340 | +173.9% |
| Other amounts receivable | 41 | - | €2,168 | +€2,168 | |
| Cash at bank and in hand | 54/58 | €4,060 | €698 | -€3,363 | -82.8% |
| Deferred charges and accrued income | 490/1 | €200 | €205 | +€5 | +2.7% |
| Total equity and liabilities | 10/49 | €18,165 | €30,887 | +€12,722 | +70.0% |
| Equity | 10/15 | -€36,975 | -€31,092 | +€5,883 | +15.9% |
| Reserves | 13 | €16,936 | €16,936 | = | 0.0% |
| Distributable reserves | 133 | €16,936 | €16,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,911 | -€48,028 | +€5,883 | +10.9% |
| Amounts payable | 17/49 | €55,140 | €61,978 | +€6,838 | +12.4% |
| Amounts payable within one year | 42/48 | €54,640 | €47,879 | -€6,761 | -12.4% |
| Trade debts | 44 | €218 | €37 | -€181 | -82.9% |
| Suppliers | 440/4 | €218 | €37 | -€181 | -82.9% |
| Taxes, remuneration and social security | 45 | €14,198 | €4,631 | -€9,567 | -67.4% |
| Taxes | 450/3 | €14,198 | €4,631 | -€9,567 | -67.4% |
| Other amounts payable | 47/48 | €40,225 | €43,211 | +€2,986 | +7.4% |
| Accrued charges and deferred income | 492/3 | €500 | €14,100 | +€13,600 | +2719.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,006 | €1,429 | -€578 | -28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,000 | €22,760 | -€19,240 | -45.8% |
| Other operating charges | 640/8 | €951 | €982 | +€31 | +3.3% |
| Gross operating margin | 9900 | €78,814 | €34,124 | -€44,690 | -56.7% |
| Operating profit (loss) | 9901 | €33,857 | €8,953 | -€24,904 | -73.6% |
| Financial income | 75/76B | €3,174 | - | -€3,174 | |
| Recurring financial income | 75 | €3,174 | - | -€3,174 | |
| Financial charges | 65/66B | €225,114 | €50 | -€225,063 | -100.0% |
| Recurring financial charges | 65 | €54 | €50 | -€3 | -6.2% |
| Non-recurring financial charges | 66B | €225,060 | - | -€225,060 | |
| Profit (loss) for the period before taxes | 9903 | -€188,083 | €8,903 | +€196,985 | |
| Income taxes | 67/77 | €10,268 | €3,020 | -€7,248 | -70.6% |
| Profit (loss) for the period | 9904 | -€198,350 | €5,883 | +€204,233 | |
| Profit (loss) for the period to be appropriated | 9905 | -€198,350 | €5,883 | +€204,233 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.