EXCELLE: 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.
EXCELLE
Largest movements
- Receivables within one year -€55,109
down €55,109 (-14.8%), from €371,557 to €316,448
of which Trade receivables: -€51,352
- Tangible fixed assets -€51,038
down €51,038 (-17.9%), from €284,454 to €233,416
of which Furniture and vehicles: -€29,908
- Cash -€50,509
down €50,509 (-25.6%), from €197,684 to €147,175
mainly Trade debts (-€102,641) and Tax, wage and social debts (-€40,189)
- Trade debts -€102,641
down €102,641 (-22.0%), from €466,828 to €364,187
- Tax, wage and social debts -€40,189
down €40,189 (-75.7%), from €53,110 to €12,920
- Short-term financial debts +€25,000
up €25,000 (+50.0%), from €50,000 to €75,000
- Debts after one year -€23,620
down €23,620 (-15.6%), from €151,237 to €127,616
- Profit (loss) carried forward -€12,199
down €12,199 (-13.5%), from €90,645 to €78,446
- Gross operating margin -€23,410
down €23,410 (-17.0%), from €137,953 to €114,543
- Taxes -€10,300
down €10,300 (-97.9%), from €10,522 to €222
- Financial charges -€2,740
down €2,740 (-15.0%), from €18,301 to €15,561
of which Financial charges: -€11,510
- Other operating charges +€2,089
up €2,089 (+4.7%), from €44,692 to €46,780
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 | €863,207 | €709,970 | -€153,238 | -17.8% |
| Fixed assets | 21/28 | €289,094 | €238,056 | -€51,038 | -17.7% |
| Tangible fixed assets | 22/27 | €284,454 | €233,416 | -€51,038 | -17.9% |
| Land and buildings | 22 | €216,899 | €194,771 | -€22,128 | -10.2% |
| Plant, machinery and equipment | 23 | €396 | €1,394 | +€998 | +251.8% |
| Furniture and vehicles | 24 | €67,159 | €37,251 | -€29,908 | -44.5% |
| Financial fixed assets | 28 | €4,640 | €4,640 | = | 0.0% |
| Current assets | 29/58 | €574,113 | €471,914 | -€102,200 | -17.8% |
| Stocks and contracts in progress | 3 | €4,372 | €4,372 | = | 0.0% |
| Stocks | 30/36 | €4,372 | €4,372 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €371,557 | €316,448 | -€55,109 | -14.8% |
| Trade receivables | 40 | €347,800 | €296,448 | -€51,352 | -14.8% |
| Other amounts receivable | 41 | €23,758 | €20,000 | -€3,758 | -15.8% |
| Cash at bank and in hand | 54/58 | €197,684 | €147,175 | -€50,509 | -25.6% |
| Deferred charges and accrued income | 490/1 | €500 | €3,918 | +€3,418 | +683.6% |
| Total equity and liabilities | 10/49 | €863,207 | €709,970 | -€153,238 | -17.8% |
| Equity | 10/15 | €113,809 | €101,610 | -€12,199 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,565 | €4,565 | = | 0.0% |
| Distributable reserves | 133 | €4,565 | €4,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,645 | €78,446 | -€12,199 | -13.5% |
| Amounts payable | 17/49 | €749,398 | €608,359 | -€141,039 | -18.8% |
| Amounts payable after more than one year | 17 | €151,237 | €127,616 | -€23,620 | -15.6% |
| Financial debts | 170/4 | €151,237 | €127,616 | -€23,620 | -15.6% |
| Amounts payable within one year | 42/48 | €597,917 | €480,743 | -€117,174 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €22,979 | €23,620 | +€641 | +2.8% |
| Financial debts | 43 | €50,000 | €75,000 | +€25,000 | +50.0% |
| Credit institutions | 430/8 | €50,000 | €75,000 | +€25,000 | +50.0% |
| Trade debts | 44 | €466,828 | €364,187 | -€102,641 | -22.0% |
| Suppliers | 440/4 | €466,828 | €364,187 | -€102,641 | -22.0% |
| Taxes, remuneration and social security | 45 | €53,110 | €12,920 | -€40,189 | -75.7% |
| Taxes | 450/3 | €53,110 | €12,920 | -€40,189 | -75.7% |
| Other amounts payable | 47/48 | €5,000 | €5,016 | +€16 | +0.3% |
| Accrued charges and deferred income | 492/3 | €244 | €0 | -€244 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,493 | €52,690 | +€197 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €319 | - | -€319 | |
| Other operating charges | 640/8 | €44,692 | €46,780 | +€2,089 | +4.7% |
| Non-recurring operating charges | 66A | - | €11,760 | +€11,760 | |
| Gross operating margin | 9900 | €137,953 | €114,543 | -€23,410 | -17.0% |
| Operating profit (loss) | 9901 | €40,449 | €3,313 | -€37,136 | -91.8% |
| Financial income | 75/76B | €209 | €270 | +€61 | +29.4% |
| Recurring financial income | 75 | €209 | €270 | +€61 | +29.4% |
| Financial charges | 65/66B | €18,301 | €15,561 | -€2,740 | -15.0% |
| Recurring financial charges | 65 | €18,301 | €6,791 | -€11,510 | -62.9% |
| Non-recurring financial charges | 66B | - | €8,770 | +€8,770 | |
| Profit (loss) for the period before taxes | 9903 | €22,358 | -€11,977 | -€34,335 | |
| Income taxes | 67/77 | €10,522 | €222 | -€10,300 | -97.9% |
| Profit (loss) for the period | 9904 | €11,836 | -€12,199 | -€24,035 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,836 | -€12,199 | -€24,035 |
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 5 October 2026 via checked.be.