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
- Cash +€30,870
up €30,870 (+64.8%), from €47,630 to €78,500
mainly Depreciation (+€17,960) and Receivables within one year (+€16,393)
- Receivables within one year -€16,393
down €16,393 (-80.2%), from €20,449 to €4,056
of which Other amounts receivable: -€11,500
- Stocks and contracts +€8,052
up €8,052 (+293%), from €2,750 to €10,802
of which Contracts in progress: +€5,000
- Tangible fixed assets -€3,194
down €3,194 (-5.0%), from €63,705 to €60,511
of which Plant, machinery and equipment: -€12,978
- Reserves +€12,000
up €12,000 (+13.0%), from €92,182 to €104,182
- Current portion of long-term debt -€6,100
down €6,100 (-44.0%), from €13,867 to €7,767
- Tax, wage and social debts +€4,934
up €4,934 (+133%), from €3,708 to €8,643
of which Taxes: +€5,500
- Other debts +€4,832
up €4,832 (+59.5%), from €8,115 to €12,947
- Debts after one year +€3,584
up €3,584 (+32.7%), from €10,947 to €14,532
of which Financial debts: +€6,084
- Staff costs -€6,506
down €6,506 (-76.0%), from €8,557 to €2,051
- Gross operating margin +€6,095
up €6,095 (+16.5%), from €36,906 to €43,001
- Taxes +€3,488
up €3,488 (+194%), from €1,800 to €5,288
- Depreciation -€2,608
down €2,608 (-12.7%), from €20,567 to €17,960
- Other operating charges -€453
down €453 (-19.8%), from €2,285 to €1,832
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 | €136,522 | €155,353 | +€18,831 | +13.8% |
| Fixed assets | 21/28 | €63,705 | €60,511 | -€3,194 | -5.0% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €63,705 | €60,511 | -€3,194 | -5.0% |
| Plant, machinery and equipment | 23 | €45,923 | €32,945 | -€12,978 | -28.3% |
| Furniture and vehicles | 24 | €10,989 | €21,624 | +€10,635 | +96.8% |
| Other tangible fixed assets | 26 | €6,793 | €5,943 | -€851 | -12.5% |
| Current assets | 29/58 | €72,817 | €94,842 | +€22,025 | +30.2% |
| Stocks and contracts in progress | 3 | €2,750 | €10,802 | +€8,052 | +293% |
| Stocks | 30/36 | €2,750 | €5,802 | +€3,052 | +111% |
| Contracts in progress | 37 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €20,449 | €4,056 | -€16,393 | -80.2% |
| Trade receivables | 40 | €7,249 | €2,356 | -€4,893 | -67.5% |
| Other amounts receivable | 41 | €13,200 | €1,700 | -€11,500 | -87.1% |
| Cash at bank and in hand | 54/58 | €47,630 | €78,500 | +€30,870 | +64.8% |
| Deferred charges and accrued income | 490/1 | €1,989 | €1,484 | -€504 | -25.4% |
| Total equity and liabilities | 10/49 | €136,522 | €155,353 | +€18,831 | +13.8% |
| Equity | 10/15 | €99,138 | €111,465 | +€12,327 | +12.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,182 | €104,182 | +€12,000 | +13.0% |
| Distributable reserves | 133 | €92,182 | €104,182 | +€12,000 | +13.0% |
| Profit (loss) carried forward | 14 | €756 | €1,083 | +€327 | +43.2% |
| Amounts payable | 17/49 | €37,384 | €43,888 | +€6,504 | +17.4% |
| Amounts payable after more than one year | 17 | €10,947 | €14,532 | +€3,584 | +32.7% |
| Financial debts | 170/4 | €947 | €7,032 | +€6,084 | +642% |
| Other amounts payable | 178/9 | €10,000 | €7,500 | -€2,500 | -25.0% |
| Amounts payable within one year | 42/48 | €26,437 | €29,357 | +€2,920 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €13,867 | €7,767 | -€6,100 | -44.0% |
| Trade debts | 44 | €746 | - | -€746 | |
| Suppliers | 440/4 | €746 | - | -€746 | |
| Taxes, remuneration and social security | 45 | €3,708 | €8,643 | +€4,934 | +133% |
| Taxes | 450/3 | €3,143 | €8,643 | +€5,500 | +175% |
| Remuneration and social security | 454/9 | €566 | - | -€566 | |
| Other amounts payable | 47/48 | €8,115 | €12,947 | +€4,832 | +59.5% |
| Remuneration, social security and pensions | 62 | €8,557 | €2,051 | -€6,506 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,567 | €17,960 | -€2,608 | -12.7% |
| Other operating charges | 640/8 | €2,285 | €1,832 | -€453 | -19.8% |
| Non-recurring operating charges | 66A | - | €424 | +€424 | |
| Gross operating margin | 9900 | €36,906 | €43,001 | +€6,095 | +16.5% |
| Operating profit (loss) | 9901 | €5,496 | €20,734 | +€15,238 | +277% |
| Financial income | 75/76B | €107 | - | -€107 | |
| Recurring financial income | 75 | €107 | - | -€107 | |
| Financial charges | 65/66B | €1,447 | €1,519 | +€72 | +5.0% |
| Recurring financial charges | 65 | €1,447 | €1,519 | +€72 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €4,156 | €19,215 | +€15,059 | +362% |
| Income taxes | 67/77 | €1,800 | €5,288 | +€3,488 | +194% |
| Profit (loss) for the period | 9904 | €2,356 | €13,927 | +€11,571 | +491% |
| Profit (loss) for the period to be appropriated | 9905 | €2,356 | €13,927 | +€11,571 | +491% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.