EXCELLENT: 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.
EXCELLENT
Largest movements
- Receivables within one year +€110,363
up €110,363 (+116.3%), from €94,902 to €205,265
of which Other amounts receivable: +€111,348
- Tangible fixed assets -€13,678
down €13,678 (-7.0%), from €195,495 to €181,818
- Cash +€7,628
up €7,628 (+30.2%), from €25,287 to €32,914
mainly Trade debts (+€78,003) and Net result for the year (+€22,955)
- Trade debts +€78,003
up €78,003 (+193.4%), from €40,341 to €118,344
- Reserves +€22,955
up €22,955 (+14.4%), from €158,953 to €181,908
of which Distributable reserves: +€22,955
- Tax, wage and social debts +€8,356
up €8,356 (+78.0%), from €10,718 to €19,074
- Other debts -€5,000
down €5,000 (-11.2%), from €44,509 to €39,509
- Other operating charges +€76,983
up €76,983 (+1491.7%), from €5,161 to €82,144
- Gross operating margin +€69,004
up €69,004 (+117.9%), from €58,536 to €127,540
- Taxes -€2,362
down €2,362 (-22.0%), from €10,718 to €8,356
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 | €316,522 | €420,835 | +€104,313 | +33.0% |
| Fixed assets | 21/28 | €196,333 | €182,656 | -€13,678 | -7.0% |
| Tangible fixed assets | 22/27 | €195,495 | €181,818 | -€13,678 | -7.0% |
| Land and buildings | 22 | €195,495 | €181,818 | -€13,678 | -7.0% |
| Financial fixed assets | 28 | €838 | €838 | = | 0.0% |
| Current assets | 29/58 | €120,189 | €238,180 | +€117,991 | +98.2% |
| Amounts receivable within one year | 40/41 | €94,902 | €205,265 | +€110,363 | +116.3% |
| Trade receivables | 40 | €20,394 | €19,409 | -€985 | -4.8% |
| Other amounts receivable | 41 | €74,508 | €185,857 | +€111,348 | +149.4% |
| Cash at bank and in hand | 54/58 | €25,287 | €32,914 | +€7,628 | +30.2% |
| Total equity and liabilities | 10/49 | €316,522 | €420,835 | +€104,313 | +33.0% |
| Equity | 10/15 | €220,953 | €243,908 | +€22,955 | +10.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €158,953 | €181,908 | +€22,955 | +14.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €152,753 | €175,708 | +€22,955 | +15.0% |
| Amounts payable | 17/49 | €95,569 | €176,927 | +€81,359 | +85.1% |
| Amounts payable within one year | 42/48 | €95,569 | €176,927 | +€81,359 | +85.1% |
| Trade debts | 44 | €40,341 | €118,344 | +€78,003 | +193.4% |
| Suppliers | 440/4 | €40,341 | €118,344 | +€78,003 | +193.4% |
| Taxes, remuneration and social security | 45 | €10,718 | €19,074 | +€8,356 | +78.0% |
| Taxes | 450/3 | €10,718 | €19,074 | +€8,356 | +78.0% |
| Other amounts payable | 47/48 | €44,509 | €39,509 | -€5,000 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,678 | €13,678 | = | 0.0% |
| Other operating charges | 640/8 | €5,161 | €82,144 | +€76,983 | +1491.7% |
| Gross operating margin | 9900 | €58,536 | €127,540 | +€69,004 | +117.9% |
| Operating profit (loss) | 9901 | €39,698 | €31,719 | -€7,979 | -20.1% |
| Financial income | 75/76B | €24 | €0 | -€24 | -100.0% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -100.0% |
| Financial charges | 65/66B | €388 | €408 | +€20 | +5.2% |
| Recurring financial charges | 65 | €388 | €408 | +€20 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €39,334 | €31,311 | -€8,023 | -20.4% |
| Income taxes | 67/77 | €10,718 | €8,356 | -€2,362 | -22.0% |
| Profit (loss) for the period | 9904 | €28,615 | €22,955 | -€5,661 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,615 | €22,955 | -€5,661 | -19.8% |
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 11 October 2026 via checked.be.