EXCELLENCE: 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.
EXCELLENCE
Largest movements
- Receivables within one year +€7,335
up €7,335 (+26.1%), from €28,104 to €35,439
of which Trade receivables: +€4,281
- Tangible fixed assets +€7,184
up €7,184 (+2,810%), from €256 to €7,440
- Cash -€1,072
down €1,072 (-11.3%), from €9,493 to €8,421
mainly Investment in fixed assets (net) (-€7,846) and Receivables within one year (-€7,335)
- Trade debts +€9,701
up €9,701 (+576%), from €1,684 to €11,385
- Profit (loss) carried forward +€5,789
up €5,789 (+50.0%), from -€11,576 to -€5,787
- Tax, wage and social debts -€1,823
down €1,823 (-14.8%), from €12,319 to €10,496
of which Remuneration and social security: -€2,565
- Other debts -€1,672
down €1,672 (-100%), from €1,672 to €0
- Accrued charges and deferred income +€870
up €870 (+6.7%), from €12,929 to €13,799
- Gross operating margin -€6,714
down €6,714 (-13.8%), from €48,612 to €41,899
- Staff costs +€2,628
up €2,628 (+9.1%), from €28,970 to €31,597
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 | €40,576 | €53,532 | +€12,956 | +31.9% |
| Fixed assets | 21/28 | €1,231 | €8,415 | +€7,184 | +584% |
| Tangible fixed assets | 22/27 | €256 | €7,440 | +€7,184 | +2,810% |
| Furniture and vehicles | 24 | €256 | €7,440 | +€7,184 | +2,810% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €39,346 | €45,117 | +€5,772 | +14.7% |
| Amounts receivable within one year | 40/41 | €28,104 | €35,439 | +€7,335 | +26.1% |
| Trade receivables | 40 | €27,682 | €31,963 | +€4,281 | +15.5% |
| Other amounts receivable | 41 | €422 | €3,476 | +€3,054 | +723% |
| Cash at bank and in hand | 54/58 | €9,493 | €8,421 | -€1,072 | -11.3% |
| Deferred charges and accrued income | 490/1 | €1,748 | €1,257 | -€492 | -28.1% |
| Total equity and liabilities | 10/49 | €40,576 | €53,532 | +€12,956 | +31.9% |
| Equity | 10/15 | €8,875 | €14,664 | +€5,789 | +65.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,576 | -€5,787 | +€5,789 | +50.0% |
| Amounts payable | 17/49 | €31,701 | €38,868 | +€7,167 | +22.6% |
| Amounts payable within one year | 42/48 | €18,772 | €25,069 | +€6,297 | +33.5% |
| Financial debts | 43 | €1,153 | €1,244 | +€91 | +7.9% |
| Credit institutions | 430/8 | €1,153 | €1,244 | +€91 | +7.9% |
| Trade debts | 44 | €1,684 | €11,385 | +€9,701 | +576% |
| Suppliers | 440/4 | €1,684 | €11,385 | +€9,701 | +576% |
| Advances received on contracts in progress | 46 | €1,944 | €1,944 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,319 | €10,496 | -€1,823 | -14.8% |
| Taxes | 450/3 | €4,334 | €5,077 | +€742 | +17.1% |
| Remuneration and social security | 454/9 | €7,984 | €5,419 | -€2,565 | -32.1% |
| Other amounts payable | 47/48 | €1,672 | €0 | -€1,672 | -100% |
| Accrued charges and deferred income | 492/3 | €12,929 | €13,799 | +€870 | +6.7% |
| Remuneration, social security and pensions | 62 | €28,970 | €31,597 | +€2,628 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187 | €662 | +€475 | +255% |
| Other operating charges | 640/8 | €1,487 | €1,194 | -€294 | -19.7% |
| Gross operating margin | 9900 | €48,612 | €41,899 | -€6,714 | -13.8% |
| Operating profit (loss) | 9901 | €17,969 | €8,446 | -€9,523 | -53.0% |
| Financial income | 75/76B | €16 | €52 | +€36 | +227% |
| Recurring financial income | 75 | €16 | €52 | +€36 | +227% |
| Financial charges | 65/66B | €2,861 | €2,539 | -€322 | -11.3% |
| Recurring financial charges | 65 | €2,861 | €2,539 | -€322 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €15,124 | €5,960 | -€9,164 | -60.6% |
| Income taxes | 67/77 | €179 | €171 | -€9 | -4.8% |
| Profit (loss) for the period | 9904 | €14,944 | €5,789 | -€9,156 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,944 | €5,789 | -€9,156 | -61.3% |
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 15 October 2026 via checked.be.