EXCELLER PROJECTS: 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.
EXCELLER PROJECTS
Largest movements
- Tangible fixed assets +€24,070
up €24,070 (+1,147%), from €2,099 to €26,169
of which Land and buildings: +€23,940
- Cash +€15,656
up €15,656 (+16.0%), from €97,789 to €113,445
mainly Net result for the year (+€58,124) and Receivables within one year (+€5,782)
- Receivables within one year -€5,782
down €5,782 (-19.0%), from €30,432 to €24,649
- Reserves +€38,124
up €38,124 (+37.0%), from €103,002 to €141,125
- Tax, wage and social debts -€2,454
down €2,454 (-9.6%), from €25,531 to €23,078
- Gross operating margin -€7,679
down €7,679 (-8.8%), from €87,632 to €79,953
- Other operating charges +€3,446
up €3,446 (+1,723%), from €200 to €3,646
- Taxes -€2,152
down €2,152 (-11.9%), from €18,072 to €15,920
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 | €133,077 | €168,122 | +€35,045 | +26.3% |
| Fixed assets | 21/28 | €4,099 | €28,169 | +€24,070 | +587% |
| Tangible fixed assets | 22/27 | €2,099 | €26,169 | +€24,070 | +1,147% |
| Land and buildings | 22 | - | €23,940 | +€23,940 | |
| Furniture and vehicles | 24 | €2,099 | €2,229 | +€130 | +6.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €128,978 | €139,953 | +€10,975 | +8.5% |
| Amounts receivable within one year | 40/41 | €30,432 | €24,649 | -€5,782 | -19.0% |
| Trade receivables | 40 | €30,432 | €24,649 | -€5,782 | -19.0% |
| Cash at bank and in hand | 54/58 | €97,789 | €113,445 | +€15,656 | +16.0% |
| Deferred charges and accrued income | 490/1 | €758 | €1,859 | +€1,101 | +145% |
| Total equity and liabilities | 10/49 | €133,077 | €168,122 | +€35,045 | +26.3% |
| Equity | 10/15 | €105,002 | €143,125 | +€38,124 | +36.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €103,002 | €141,125 | +€38,124 | +37.0% |
| Distributable reserves | 133 | €103,002 | €141,125 | +€38,124 | +37.0% |
| Amounts payable | 17/49 | €28,075 | €24,996 | -€3,079 | -11.0% |
| Amounts payable within one year | 42/48 | €28,075 | €24,996 | -€3,079 | -11.0% |
| Trade debts | 44 | €910 | - | -€910 | |
| Suppliers | 440/4 | €910 | - | -€910 | |
| Taxes, remuneration and social security | 45 | €25,531 | €23,078 | -€2,454 | -9.6% |
| Taxes | 450/3 | €25,531 | €23,078 | -€2,454 | -9.6% |
| Other amounts payable | 47/48 | €1,634 | €1,919 | +€285 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517 | €1,115 | +€598 | +116% |
| Other operating charges | 640/8 | €200 | €3,646 | +€3,446 | +1,723% |
| Gross operating margin | 9900 | €87,632 | €79,953 | -€7,679 | -8.8% |
| Operating profit (loss) | 9901 | €86,915 | €75,192 | -€11,723 | -13.5% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €1,315 | €1,180 | -€135 | -10.3% |
| Recurring financial charges | 65 | €1,315 | €1,180 | -€135 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €85,600 | €74,043 | -€11,556 | -13.5% |
| Income taxes | 67/77 | €18,072 | €15,920 | -€2,152 | -11.9% |
| Profit (loss) for the period | 9904 | €67,528 | €58,124 | -€9,404 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,528 | €58,124 | -€9,404 | -13.9% |
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 16 October 2026 via checked.be.