EXCELCO: 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.
EXCELCO
Largest movements
- Receivables within one year -€99,387
down €99,387 (-76.1%), from €130,579 to €31,193
of which Other amounts receivable: -€81,501
- Cash +€95,609
up €95,609 (+119%), from €80,163 to €175,772
mainly Receivables within one year (+€99,387) and Investment in fixed assets (net) (+€53,769)
- Current investments +€60,351
up €60,351 (+17.4%), from €345,902 to €406,254
- Financial fixed assets -€55,000
down €55,000 (-4.2%), from €1.3m to €1.3m
- Tangible fixed assets -€30,892
down €30,892 (-9.7%), from €318,262 to €287,369
of which Land and buildings: -€24,602
- Other debts -€45,421
down €45,421 (-5.8%), from €789,239 to €743,818
- Reserves +€30,074
up €30,074 (+8.9%), from €336,452 to €366,526
- Gross operating margin -€38,816
down €38,816 (-28.1%), from €138,081 to €99,265
- Financial charges -€16,188
down €16,188 (-29.0%), from €55,738 to €39,550
- Other operating charges +€15,419
up €15,419 (+257%), from €6,004 to €21,422
- Taxes -€13,058
down €13,058 (-45.3%), from €28,837 to €15,779
- Financial income -€12,071
down €12,071 (-23.3%), from €51,754 to €39,683
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 | €2,203,186 | €2,173,895 | -€29,291 | -1.3% |
| Fixed assets | 21/28 | €1,643,262 | €1,557,369 | -€85,892 | -5.2% |
| Tangible fixed assets | 22/27 | €318,262 | €287,369 | -€30,892 | -9.7% |
| Land and buildings | 22 | €300,576 | €275,974 | -€24,602 | -8.2% |
| Plant, machinery and equipment | 23 | €1,458 | €2,288 | +€831 | +57.0% |
| Furniture and vehicles | 24 | €16,229 | €9,107 | -€7,121 | -43.9% |
| Financial fixed assets | 28 | €1,325,000 | €1,270,000 | -€55,000 | -4.2% |
| Current assets | 29/58 | €559,924 | €616,526 | +€56,602 | +10.1% |
| Amounts receivable within one year | 40/41 | €130,579 | €31,193 | -€99,387 | -76.1% |
| Trade receivables | 40 | €17,886 | - | -€17,886 | |
| Other amounts receivable | 41 | €112,693 | €31,193 | -€81,501 | -72.3% |
| Current investments | 50/53 | €345,902 | €406,254 | +€60,351 | +17.4% |
| Cash at bank and in hand | 54/58 | €80,163 | €175,772 | +€95,609 | +119% |
| Deferred charges and accrued income | 490/1 | €3,280 | €3,308 | +€28 | +0.9% |
| Total equity and liabilities | 10/49 | €2,203,186 | €2,173,895 | -€29,291 | -1.3% |
| Equity | 10/15 | €475,002 | €505,076 | +€30,074 | +6.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €336,452 | €366,526 | +€30,074 | +8.9% |
| Distributable reserves | 133 | €336,452 | €366,526 | +€30,074 | +8.9% |
| Amounts payable | 17/49 | €1,728,184 | €1,668,819 | -€59,365 | -3.4% |
| Amounts payable after more than one year | 17 | €897,655 | €897,655 | = | 0.0% |
| Financial debts | 170/4 | €897,655 | €897,655 | = | 0.0% |
| Amounts payable within one year | 42/48 | €830,529 | €771,164 | -€59,365 | -7.1% |
| Trade debts | 44 | €7,541 | €2,727 | -€4,814 | -63.8% |
| Suppliers | 440/4 | €7,541 | €2,727 | -€4,814 | -63.8% |
| Taxes, remuneration and social security | 45 | €33,748 | €24,619 | -€9,130 | -27.1% |
| Taxes | 450/3 | €30,748 | €21,235 | -€9,514 | -30.9% |
| Remuneration and social security | 454/9 | €3,000 | €3,384 | +€384 | +12.8% |
| Other amounts payable | 47/48 | €789,239 | €743,818 | -€45,421 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,771 | €32,123 | +€352 | +1.1% |
| Other operating charges | 640/8 | €6,004 | €21,422 | +€15,419 | +257% |
| Gross operating margin | 9900 | €138,081 | €99,265 | -€38,816 | -28.1% |
| Operating profit (loss) | 9901 | €100,307 | €45,720 | -€54,587 | -54.4% |
| Financial income | 75/76B | €51,754 | €39,683 | -€12,071 | -23.3% |
| Recurring financial income | 75 | €51,754 | €39,683 | -€12,071 | -23.3% |
| Financial charges | 65/66B | €55,738 | €39,550 | -€16,188 | -29.0% |
| Recurring financial charges | 65 | €55,738 | €39,550 | -€16,188 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €96,323 | €45,853 | -€50,470 | -52.4% |
| Income taxes | 67/77 | €28,837 | €15,779 | -€13,058 | -45.3% |
| Profit (loss) for the period | 9904 | €67,486 | €30,074 | -€37,412 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,486 | €30,074 | -€37,412 | -55.4% |
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 21 October 2026 via checked.be.