EXCELERATE TECHNICAL MANAGEMENT: 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.
What changed
EXCELERATE TECHNICAL MANAGEMENT
NACE 50.200, Water transport
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€236,369
2024 · €815,486-€579,117
Equity
€1.8m
2024 · €1.6m+€236,369
Cash
€2.0m
2024 · €3.8m-€1.8m
Balance sheet total
€11.8m
2024 · €12.2m-€368,897
Largest movements
Assets
- Cash -€1.8m
down €1.8m (-47.9%), from €3.8m to €2.0m
mainly Receivables within one year (-€1.4m) and Current portion of long-term debt (-€853,970)
- Receivables within one year +€1.4m
up €1.4m (+17.4%), from €8.2m to €9.6m
of which Other amounts receivable: +€893,596
Equity and liabilities
- Current portion of long-term debt -€853,970
down €853,970 (-20.1%), from €4.3m to €3.4m
- Tax, wage and social debts +€443,257
up €443,257 (+20.0%), from €2.2m to €2.7m
of which Remuneration and social security: +€541,426
- Trade debts -€237,751
down €237,751 (-10.0%), from €2.4m to €2.1m
- Profit (loss) carried forward +€236,369
up €236,369 (+24.3%), from €974,218 to €1.2m
Income statement
- Services and other goods -€7.6m
down €7.6m (-50.0%), from €15.2m to €7.6m
- Turnover -€4.5m
down €4.5m (-9.7%), from €46.6m to €42.1m
- Staff costs +€1.9m
up €1.9m (+4.2%), from €45.0m to €46.9m
- Financial income -€1.0m
down €1.0m (-79.7%), from €1.3m to €264,805
- Other operating income -€684,362
down €684,362 (-4.8%), from €14.2m to €13.6m
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.
Result 2024
€815,486
Turnover
-€4.5m
Other operating income
-€684,362
Services and other goods
+€7.6m
Staff costs
-€1.9m
Depreciation
-€33,882
Other operating charges
-€132,136
Other operating items
-€137,811
Financial income
-€1.0m
Financial charges
-€89,741
Taxes
+€343,707
Result 2025
€236,369
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.
From operations
-€940,474
Investment
-€9,408
Financing
-€853,970
Cash 2024
€3.8m
From operations (derived)
-€940,474
Net result for the year
+€236,369
Depreciation
+€75,307
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€72,063
Trade debts
-€237,751
Tax, wage and social debts
+€443,257
Accrued charges and deferred income
+€43,199
Investment (derived)
-€9,408
Investment in fixed assets (net)
-€9,408
Financing
-€853,970
Current portion of long-term debt
-€853,970
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,211,147 | €11,842,250 | -€368,897 | -3.0% |
| Fixed assets | 21/28 | €205,559 | €139,659 | -€65,900 | -32.1% |
| Tangible fixed assets | 22/27 | €200,987 | €135,088 | -€65,900 | -32.8% |
| Plant, machinery and equipment | 23 | €11,820 | €200 | -€11,620 | -98.3% |
| Furniture and vehicles | 24 | €4,909 | €1,142 | -€3,767 | -76.7% |
| Other tangible fixed assets | 26 | €90,141 | €30,221 | -€59,920 | -66.5% |
| Assets under construction and advance payments | 27 | €94,117 | €103,525 | +€9,408 | +10.0% |
| Financial fixed assets | 28 | €4,571 | €4,571 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,571 | €4,571 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,571 | €4,571 | = | 0.0% |
| Current assets | 29/58 | €12,005,589 | €11,702,591 | -€302,997 | -2.5% |
| Amounts receivable after more than one year | 29 | €6,652 | €6,652 | = | 0.0% |
| Other amounts receivable | 291 | €6,652 | €6,652 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,209,891 | €9,638,683 | +€1.4m | +17.4% |
| Trade receivables | 40 | €742,196 | €1,277,392 | +€535,196 | +72.1% |
| Other amounts receivable | 41 | €7,467,695 | €8,361,291 | +€893,596 | +12.0% |
| Cash at bank and in hand | 54/58 | €3,762,128 | €1,958,275 | -€1.8m | -47.9% |
| Deferred charges and accrued income | 490/1 | €26,918 | €98,981 | +€72,063 | +267.7% |
| Total equity and liabilities | 10/49 | €12,211,147 | €11,842,250 | -€368,897 | -3.0% |
| Equity | 10/15 | €1,570,101 | €1,806,470 | +€236,369 | +15.1% |
| Contributions | 10/11 | €541,712 | €541,712 | = | 0.0% |
| Reserves | 13 | €54,171 | €54,171 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54,171 | €54,171 | = | 0.0% |
| Reserves not available under the articles | 1311 | €54,171 | €54,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €974,218 | €1,210,587 | +€236,369 | +24.3% |
| Amounts payable | 17/49 | €10,641,046 | €10,035,781 | -€605,266 | -5.7% |
| Amounts payable within one year | 42/48 | €8,839,511 | €8,191,046 | -€648,464 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €4,251,740 | €3,397,770 | -€853,970 | -20.1% |
| Trade debts | 44 | €2,371,570 | €2,133,819 | -€237,751 | -10.0% |
| Suppliers | 440/4 | €2,371,570 | €2,133,819 | -€237,751 | -10.0% |
| Taxes, remuneration and social security | 45 | €2,216,200 | €2,659,457 | +€443,257 | +20.0% |
| Taxes | 450/3 | €372,606 | €274,436 | -€98,169 | -26.3% |
| Remuneration and social security | 454/9 | €1,843,594 | €2,385,020 | +€541,426 | +29.4% |
| Accrued charges and deferred income | 492/3 | €1,801,536 | €1,844,734 | +€43,199 | +2.4% |
| Operating income | 70/76A | €60,846,200 | €55,636,416 | -€5.2m | -8.6% |
| Turnover | 70 | €46,600,864 | €42,075,442 | -€4.5m | -9.7% |
| Other operating income | 74 | €14,245,336 | €13,560,974 | -€684,362 | -4.8% |
| Operating charges | 60/66A | €60,099,097 | €54,685,014 | -€5.4m | -9.0% |
| Services and other goods | 61 | €15,231,707 | €7,615,963 | -€7.6m | -50.0% |
| Remuneration, social security and pensions | 62 | €44,963,776 | €46,861,607 | +€1.9m | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,425 | €75,307 | +€33,882 | +81.8% |
| Other operating charges | 640/8 | - | €132,136 | +€132,136 | |
| Operating charges capitalised as restructuring costs | 649 | -€137,811 | - | +€137,811 | |
| Operating profit (loss) | 9901 | €747,103 | €951,402 | +€204,299 | +27.3% |
| Financial income | 75/76B | €1,302,186 | €264,805 | -€1.0m | -79.7% |
| Recurring financial income | 75 | €1,302,186 | €264,805 | -€1.0m | -79.7% |
| Other financial income | 752/9 | €1,302,186 | €264,805 | -€1.0m | -79.7% |
| Financial charges | 65/66B | €943,052 | €1,032,793 | +€89,741 | +9.5% |
| Recurring financial charges | 65 | €943,052 | €1,032,793 | +€89,741 | +9.5% |
| Other financial charges | 652/9 | €943,052 | €1,032,793 | +€89,741 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €1,106,238 | €183,414 | -€922,824 | -83.4% |
| Income taxes | 67/77 | €290,752 | -€52,955 | -€343,707 | |
| Taxes | 670/3 | €290,752 | €8,126 | -€282,626 | -97.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €61,081 | +€61,081 | |
| Profit (loss) for the period | 9904 | €815,486 | €236,369 | -€579,117 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €815,486 | €236,369 | -€579,117 | -71.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.