EXCELLENCIO: 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.
EXCELLENCIO
Largest movements
- Cash +€19,977
up €19,977 (+24.1%), from €83,021 to €102,998
mainly Net result for the year (+€49,141) and Receivables within one year (+€13,684)
- Receivables within one year -€13,684
down €13,684 (-22.0%), from €62,159 to €48,475
of which Trade receivables: -€13,603
- Tangible fixed assets +€12,288
up €12,288 (+223%), from €5,520 to €17,808
of which Furniture and vehicles: +€14,551
- Reserves +€16,955
up €16,955 (+11.6%), from €145,667 to €162,622
- Trade debts -€3,926
down €3,926 (-97.1%), from €4,043 to €117
- Tax, wage and social debts +€3,664
up €3,664 (+31.4%), from €11,660 to €15,324
- Gross operating margin -€15,195
down €15,195 (-17.0%), from €89,187 to €73,992
- Taxes +€1,248
up €1,248 (+6.6%), from €18,767 to €20,014
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 | €168,794 | €185,698 | +€16,904 | +10.0% |
| Fixed assets | 21/28 | €5,520 | €17,808 | +€12,288 | +223% |
| Tangible fixed assets | 22/27 | €5,520 | €17,808 | +€12,288 | +223% |
| Plant, machinery and equipment | 23 | €2,582 | €1,271 | -€1,312 | -50.8% |
| Furniture and vehicles | 24 | - | €14,551 | +€14,551 | |
| Other tangible fixed assets | 26 | €2,937 | €1,986 | -€951 | -32.4% |
| Current assets | 29/58 | €163,274 | €167,891 | +€4,616 | +2.8% |
| Amounts receivable within one year | 40/41 | €62,159 | €48,475 | -€13,684 | -22.0% |
| Trade receivables | 40 | €62,077 | €48,475 | -€13,603 | -21.9% |
| Other amounts receivable | 41 | €81 | €0 | -€81 | -100% |
| Cash at bank and in hand | 54/58 | €83,021 | €102,998 | +€19,977 | +24.1% |
| Deferred charges and accrued income | 490/1 | €18,095 | €16,418 | -€1,677 | -9.3% |
| Total equity and liabilities | 10/49 | €168,794 | €185,698 | +€16,904 | +10.0% |
| Equity | 10/15 | €151,867 | €168,822 | +€16,955 | +11.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €145,667 | €162,622 | +€16,955 | +11.6% |
| Distributable reserves | 133 | €145,667 | €162,622 | +€16,955 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,927 | €16,876 | -€51 | -0.3% |
| Amounts payable within one year | 42/48 | €16,927 | €16,876 | -€51 | -0.3% |
| Financial debts | 43 | €247 | €610 | +€362 | +146% |
| Credit institutions | 430/8 | €247 | €610 | +€362 | +146% |
| Trade debts | 44 | €4,043 | €117 | -€3,926 | -97.1% |
| Suppliers | 440/4 | €4,043 | €117 | -€3,926 | -97.1% |
| Taxes, remuneration and social security | 45 | €11,660 | €15,324 | +€3,664 | +31.4% |
| Taxes | 450/3 | €11,660 | €15,324 | +€3,664 | +31.4% |
| Other amounts payable | 47/48 | €977 | €825 | -€152 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,660 | €2,908 | +€248 | +9.3% |
| Other operating charges | 640/8 | €1,156 | €1,179 | +€23 | +2.0% |
| Gross operating margin | 9900 | €89,187 | €73,992 | -€15,195 | -17.0% |
| Operating profit (loss) | 9901 | €85,371 | €69,905 | -€15,466 | -18.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,280 | €750 | -€531 | -41.5% |
| Recurring financial charges | 65 | €1,280 | €750 | -€531 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €84,091 | €69,156 | -€14,935 | -17.8% |
| Income taxes | 67/77 | €18,767 | €20,014 | +€1,248 | +6.6% |
| Profit (loss) for the period | 9904 | €65,324 | €49,141 | -€16,183 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,324 | €49,141 | -€16,183 | -24.8% |
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 28 October 2026 via checked.be.