EXCELLENCE: 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.
EXCELLENCE
Largest movements
- Cash +€26,326
up €26,326 (+71.0%), from €37,061 to €63,386
mainly Net result for the year (+€35,372) and Depreciation (+€2,743)
- Receivables within one year +€3,353
up €3,353 (+30.3%), from €11,078 to €14,431
of which Other amounts receivable: +€3,209
- Tangible fixed assets -€2,743
down €2,743 (-5.4%), from €50,925 to €48,183
of which Plant, machinery and equipment: -€2,743
- Profit (loss) carried forward +€35,372
up €35,372 (+62.3%), from €56,770 to €92,142
- Accrued charges and deferred income -€9,288
down €9,288 (-100.0%), from €9,288 to €0
- Gross operating margin +€20,794
up €20,794 (+57.0%), from €36,476 to €57,269
- Taxes +€5,104
up €5,104 (+76.3%), from €6,686 to €11,791
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 | €99,064 | €126,000 | +€26,936 | +27.2% |
| Fixed assets | 21/28 | €50,925 | €48,183 | -€2,743 | -5.4% |
| Tangible fixed assets | 22/27 | €50,925 | €48,183 | -€2,743 | -5.4% |
| Land and buildings | 22 | €35,000 | €35,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €15,925 | €13,183 | -€2,743 | -17.2% |
| Current assets | 29/58 | €48,138 | €77,817 | +€29,679 | +61.7% |
| Amounts receivable within one year | 40/41 | €11,078 | €14,431 | +€3,353 | +30.3% |
| Trade receivables | 40 | €7,764 | €7,908 | +€144 | +1.9% |
| Other amounts receivable | 41 | €3,314 | €6,523 | +€3,209 | +96.9% |
| Cash at bank and in hand | 54/58 | €37,061 | €63,386 | +€26,326 | +71.0% |
| Total equity and liabilities | 10/49 | €99,064 | €126,000 | +€26,936 | +27.2% |
| Equity | 10/15 | €81,520 | €116,892 | +€35,372 | +43.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €4,345 | €4,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,770 | €92,142 | +€35,372 | +62.3% |
| Amounts payable | 17/49 | €17,543 | €9,108 | -€8,435 | -48.1% |
| Amounts payable within one year | 42/48 | €8,256 | €9,108 | +€852 | +10.3% |
| Trade debts | 44 | €8,139 | €8,991 | +€852 | +10.5% |
| Suppliers | 440/4 | €8,139 | €8,991 | +€852 | +10.5% |
| Other amounts payable | 47/48 | €117 | €117 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,288 | €0 | -€9,288 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,743 | €2,743 | = | 0.0% |
| Other operating charges | 640/8 | €6,517 | €6,894 | +€377 | +5.8% |
| Gross operating margin | 9900 | €36,476 | €57,269 | +€20,794 | +57.0% |
| Operating profit (loss) | 9901 | €27,216 | €47,633 | +€20,417 | +75.0% |
| Financial income | 75/76B | €0 | €6 | +€6 | +2303.8% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +2303.8% |
| Financial charges | 65/66B | €478 | €477 | -€1 | -0.2% |
| Recurring financial charges | 65 | €478 | €477 | -€1 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €26,739 | €47,162 | +€20,424 | +76.4% |
| Income taxes | 67/77 | €6,686 | €11,791 | +€5,104 | +76.3% |
| Profit (loss) for the period | 9904 | €20,052 | €35,372 | +€15,319 | +76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,052 | €35,372 | +€15,319 | +76.4% |
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 3 October 2026 via checked.be.