EXCELLISSIMO: what changed
Two fiscal 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.
EXCELLISSIMO
Largest movements
- Receivables after one year -€349,456
no longer reported in 2025 (was €349,456)
- Cash +€147,337
up €147,337 (+57.9%), from €254,413 to €401,751
mainly Receivables after one year (+€349,456) and Other debts (+€169,683)
- Receivables within one year +€51,823
up €51,823 (+24.2%), from €214,245 to €266,068
of which Trade receivables: +€40,101
- Reserves -€295,624
down €295,624 (-33.5%), from €883,284 to €587,660
- Other debts +€169,683
up €169,683 (+219.2%), from €77,424 to €247,107
- Debts after one year -€30,981
down €30,981 (-39.6%), from €78,234 to €47,254
- Tax, wage and social debts -€24,590
down €24,590 (-54.0%), from €45,497 to €20,907
- Trade debts +€24,234
up €24,234 (+5023.9%), from €482 to €24,716
- Financial income -€12,454
down €12,454 (-35.8%), from €34,755 to €22,300
- Gross operating margin +€10,950
up €10,950 (+15.2%), from €72,188 to €83,138
- Financial charges +€4,511
up €4,511 (+63.0%), from €7,162 to €11,673
- Taxes -€1,762
down €1,762 (-7.0%), from €25,063 to €23,301
- Depreciation +€1,603
up €1,603 (+10.5%), from €15,265 to €16,867
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 | €1,141,478 | €984,983 | -€156,495 | -13.7% |
| Fixed assets | 21/28 | €71,291 | €65,734 | -€5,557 | -7.8% |
| Tangible fixed assets | 22/27 | €70,791 | €65,234 | -€5,557 | -7.8% |
| Land and buildings | 22 | €61,903 | €59,982 | -€1,921 | -3.1% |
| Furniture and vehicles | 24 | €5,514 | €3,273 | -€2,241 | -40.6% |
| Other tangible fixed assets | 26 | €3,374 | €1,979 | -€1,395 | -41.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,070,187 | €919,249 | -€150,938 | -14.1% |
| Amounts receivable after more than one year | 29 | €349,456 | - | -€349,456 | |
| Other amounts receivable | 291 | €349,456 | - | -€349,456 | |
| Amounts receivable within one year | 40/41 | €214,245 | €266,068 | +€51,823 | +24.2% |
| Trade receivables | 40 | €22,799 | €62,900 | +€40,101 | +175.9% |
| Other amounts receivable | 41 | €191,445 | €203,168 | +€11,722 | +6.1% |
| Current investments | 50/53 | €249,775 | €249,775 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €254,413 | €401,751 | +€147,337 | +57.9% |
| Deferred charges and accrued income | 490/1 | €2,298 | €1,656 | -€642 | -27.9% |
| Total equity and liabilities | 10/49 | €1,141,478 | €984,983 | -€156,495 | -13.7% |
| Equity | 10/15 | €901,834 | €606,210 | -€295,624 | -32.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €883,284 | €587,660 | -€295,624 | -33.5% |
| Distributable reserves | 133 | €883,284 | €587,660 | -€295,624 | -33.5% |
| Amounts payable | 17/49 | €239,644 | €378,773 | +€139,129 | +58.1% |
| Amounts payable after more than one year | 17 | €78,234 | €47,254 | -€30,981 | -39.6% |
| Financial debts | 170/4 | €78,234 | €47,254 | -€30,981 | -39.6% |
| Amounts payable within one year | 42/48 | €159,657 | €327,505 | +€167,848 | +105.1% |
| Current portion of amounts payable after more than one year | 42 | €32,445 | €30,981 | -€1,464 | -4.5% |
| Financial debts | 43 | €3,808 | €3,793 | -€15 | -0.4% |
| Credit institutions | 430/8 | €3,808 | €3,793 | -€15 | -0.4% |
| Trade debts | 44 | €482 | €24,716 | +€24,234 | +5023.9% |
| Suppliers | 440/4 | €482 | €24,716 | +€24,234 | +5023.9% |
| Taxes, remuneration and social security | 45 | €45,497 | €20,907 | -€24,590 | -54.0% |
| Taxes | 450/3 | €45,497 | €20,907 | -€24,590 | -54.0% |
| Other amounts payable | 47/48 | €77,424 | €247,107 | +€169,683 | +219.2% |
| Accrued charges and deferred income | 492/3 | €1,753 | €4,015 | +€2,262 | +129.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,265 | €16,867 | +€1,603 | +10.5% |
| Other operating charges | 640/8 | €2,725 | €2,631 | -€94 | -3.4% |
| Gross operating margin | 9900 | €72,188 | €83,138 | +€10,950 | +15.2% |
| Operating profit (loss) | 9901 | €54,199 | €63,640 | +€9,442 | +17.4% |
| Financial income | 75/76B | €34,755 | €22,300 | -€12,454 | -35.8% |
| Recurring financial income | 75 | €34,755 | €22,300 | -€12,454 | -35.8% |
| Financial charges | 65/66B | €7,162 | €11,673 | +€4,511 | +63.0% |
| Recurring financial charges | 65 | €7,162 | €11,673 | +€4,511 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €81,791 | €74,268 | -€7,523 | -9.2% |
| Income taxes | 67/77 | €25,063 | €23,301 | -€1,762 | -7.0% |
| Profit (loss) for the period | 9904 | €56,728 | €50,967 | -€5,761 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,728 | €50,967 | -€5,761 | -10.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.