EXCELEVATE: 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.
EXCELEVATE
Largest movements
- Receivables within one year +€10,752
up €10,752 (+40.2%), from €26,723 to €37,475
of which Trade receivables: +€11,249
- Cash -€8,492
down €8,492 (-10.7%), from €79,289 to €70,797
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€10,752)
- Tangible fixed assets -€1,408
down €1,408 (-15.8%), from €8,920 to €7,513
- Reserves -€87,461
down €87,461 (-99.7%), from €87,735 to €273
- Other debts +€85,088
up €85,088 (+565%), from €15,070 to €100,158
- Tax, wage and social debts +€2,792
up €2,792 (+38.2%), from €7,312 to €10,105
- Gross operating margin -€13,942
down €13,942 (-41.3%), from €33,750 to €19,807
- Taxes -€3,459
down €3,459 (-49.7%), from €6,956 to €3,498
- Depreciation +€2,645
up €2,645 (+457%), from €579 to €3,224
- Financial charges -€356
down €356 (-78.8%), from €452 to €96
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 | €116,100 | €116,892 | +€793 | +0.7% |
| Fixed assets | 21/28 | €9,285 | €7,878 | -€1,408 | -15.2% |
| Tangible fixed assets | 22/27 | €8,920 | €7,513 | -€1,408 | -15.8% |
| Furniture and vehicles | 24 | €8,920 | €7,513 | -€1,408 | -15.8% |
| Financial fixed assets | 28 | €365 | €365 | = | 0.0% |
| Current assets | 29/58 | €106,815 | €109,015 | +€2,200 | +2.1% |
| Amounts receivable within one year | 40/41 | €26,723 | €37,475 | +€10,752 | +40.2% |
| Trade receivables | 40 | €21,680 | €32,929 | +€11,249 | +51.9% |
| Other amounts receivable | 41 | €5,044 | €4,546 | -€498 | -9.9% |
| Cash at bank and in hand | 54/58 | €79,289 | €70,797 | -€8,492 | -10.7% |
| Deferred charges and accrued income | 490/1 | €802 | €743 | -€59 | -7.4% |
| Total equity and liabilities | 10/49 | €116,100 | €116,892 | +€793 | +0.7% |
| Equity | 10/15 | €92,735 | €5,273 | -€87,461 | -94.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €87,735 | €273 | -€87,461 | -99.7% |
| Distributable reserves | 133 | €87,735 | €273 | -€87,461 | -99.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,365 | €111,619 | +€88,254 | +378% |
| Amounts payable within one year | 42/48 | €23,365 | €111,619 | +€88,254 | +378% |
| Financial debts | 43 | €228 | €18 | -€211 | -92.3% |
| Credit institutions | 430/8 | €228 | €18 | -€211 | -92.3% |
| Trade debts | 44 | €755 | €1,338 | +€583 | +77.3% |
| Suppliers | 440/4 | €755 | €1,338 | +€583 | +77.3% |
| Taxes, remuneration and social security | 45 | €7,312 | €10,105 | +€2,792 | +38.2% |
| Taxes | 450/3 | €7,312 | €10,105 | +€2,792 | +38.2% |
| Other amounts payable | 47/48 | €15,070 | €100,158 | +€85,088 | +565% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €3,224 | +€2,645 | +457% |
| Other operating charges | 640/8 | €469 | €462 | -€8 | -1.6% |
| Gross operating margin | 9900 | €33,750 | €19,807 | -€13,942 | -41.3% |
| Operating profit (loss) | 9901 | €32,701 | €16,121 | -€16,580 | -50.7% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €452 | €96 | -€356 | -78.8% |
| Recurring financial charges | 65 | €452 | €96 | -€356 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | €32,249 | €16,036 | -€16,212 | -50.3% |
| Income taxes | 67/77 | €6,956 | €3,498 | -€3,459 | -49.7% |
| Profit (loss) for the period | 9904 | €25,292 | €12,539 | -€12,754 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,292 | €12,539 | -€12,754 | -50.4% |
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 27 October 2026 via checked.be.