EXCELLERATOR: 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.
EXCELLERATOR
Largest movements
- Receivables within one year +€43,737
up €43,737 (+111%), from €39,573 to €83,310
of which Other amounts receivable: +€30,995
- Tangible fixed assets -€27,994
down €27,994 (-66.8%), from €41,878 to €13,884
of which Other tangible fixed assets: -€35,557
- Cash +€5,305
up €5,305 (+13.8%), from €38,550 to €43,855
mainly Net result for the year (+€102,070) and Investment in fixed assets (net) (+€25,521)
- Deferred charges and accrued income +€1,775
up €1,775 (+122%), from €1,449 to €3,224
- Reserves +€22,150
up €22,150 (+27.7%), from €79,900 to €102,050
- Other debts -€4,725
down €4,725 (-100%), from €4,725 to €0
- Trade debts +€4,023
up €4,023 (+108%), from €3,726 to €7,749
- Gross operating margin +€33,549
up €33,549 (+32.5%), from €103,205 to €136,754
- Taxes +€11,386
up €11,386 (+56.1%), from €20,298 to €31,684
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 | €121,450 | €144,273 | +€22,823 | +18.8% |
| Fixed assets | 21/28 | €41,878 | €13,884 | -€27,994 | -66.8% |
| Tangible fixed assets | 22/27 | €41,878 | €13,884 | -€27,994 | -66.8% |
| Furniture and vehicles | 24 | €6,321 | €13,884 | +€7,563 | +120% |
| Other tangible fixed assets | 26 | €35,557 | €0 | -€35,557 | -100% |
| Current assets | 29/58 | €79,572 | €130,389 | +€50,817 | +63.9% |
| Amounts receivable within one year | 40/41 | €39,573 | €83,310 | +€43,737 | +111% |
| Trade receivables | 40 | €26,468 | €39,210 | +€12,742 | +48.1% |
| Other amounts receivable | 41 | €13,104 | €44,100 | +€30,995 | +237% |
| Cash at bank and in hand | 54/58 | €38,550 | €43,855 | +€5,305 | +13.8% |
| Deferred charges and accrued income | 490/1 | €1,449 | €3,224 | +€1,775 | +122% |
| Total equity and liabilities | 10/49 | €121,450 | €144,273 | +€22,823 | +18.8% |
| Equity | 10/15 | €98,510 | €120,679 | +€22,170 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,900 | €102,050 | +€22,150 | +27.7% |
| Distributable reserves | 133 | €79,900 | €102,050 | +€22,150 | +27.7% |
| Profit (loss) carried forward | 14 | €10 | €29 | +€20 | +205% |
| Amounts payable | 17/49 | €22,940 | €23,594 | +€654 | +2.8% |
| Amounts payable within one year | 42/48 | €22,940 | €23,594 | +€654 | +2.8% |
| Trade debts | 44 | €3,726 | €7,749 | +€4,023 | +108% |
| Suppliers | 440/4 | €3,726 | €7,749 | +€4,023 | +108% |
| Taxes, remuneration and social security | 45 | €14,488 | €15,844 | +€1,356 | +9.4% |
| Taxes | 450/3 | €14,488 | €15,844 | +€1,356 | +9.4% |
| Other amounts payable | 47/48 | €4,725 | €0 | -€4,725 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,318 | €2,473 | -€845 | -25.5% |
| Other operating charges | 640/8 | €888 | €868 | -€20 | -2.2% |
| Gross operating margin | 9900 | €103,205 | €136,754 | +€33,549 | +32.5% |
| Operating profit (loss) | 9901 | €99,000 | €133,413 | +€34,414 | +34.8% |
| Financial income | 75/76B | €1,156 | €512 | -€644 | -55.7% |
| Recurring financial income | 75 | €1,156 | €512 | -€644 | -55.7% |
| Financial charges | 65/66B | €56 | €172 | +€116 | +205% |
| Recurring financial charges | 65 | €56 | €172 | +€116 | +205% |
| Profit (loss) for the period before taxes | 9903 | €100,099 | €133,753 | +€33,654 | +33.6% |
| Income taxes | 67/77 | €20,298 | €31,684 | +€11,386 | +56.1% |
| Profit (loss) for the period | 9904 | €79,801 | €102,070 | +€22,268 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,801 | €102,070 | +€22,268 | +27.9% |
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 21 October 2026 via checked.be.