EXCELRA BELGIUM: what changed
EXCELRA BELGIUM
Largest movements
- Intangible fixed assets +€138,943
up €138,943 (+16.9%), from €822,457 to €961,400
- Cash -€85,893
down €85,893 (-44.3%), from €194,034 to €108,141
- Receivables within one year +€44,858
up €44,858 (+6.8%), from €656,573 to €701,431
of which Trade receivables: +€61,253
- Financial fixed assets +€34,194
up €34,194 (+534%), from €6,404 to €40,598
- Reserves +€325,587
up €325,587 (+44.6%), from €730,836 to €1.1m
of which Distributable reserves: +€325,587
- Investment grants -€243,899
down €243,899 (-49.9%), from €488,368 to €244,469
- Trade debts -€210,261
down €210,261 (-64.3%), from €326,843 to €116,582
- Debts after one year +€185,000
new in 2025: €185,000
- Tax, wage and social debts +€141,290
up €141,290 (+182%), from €77,564 to €218,854
of which Remuneration and social security: +€141,178
- Gross operating margin +€1.8m
up €1.8m (+153%), from €1.2m to €3.0m
- Staff costs +€991,146
up €991,146 (+105%), from €944,341 to €1.9m
- Depreciation +€572,716
up €572,716 (+141%), from €405,011 to €977,727
- Financial income +€268,573
up €268,573 (+126%), from €212,548 to €481,122
- Financial charges +€90,996
up €90,996 (+498%), from €18,279 to €109,276
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,707,223 | €1,837,796 | +€130,574 | +7.6% |
| Fixed assets | 21/28 | €835,853 | €1,005,307 | +€169,454 | +20.3% |
| Intangible fixed assets | 21 | €822,457 | €961,400 | +€138,943 | +16.9% |
| Tangible fixed assets | 22/27 | €6,992 | €3,309 | -€3,683 | -52.7% |
| Furniture and vehicles | 24 | €6,992 | €3,309 | -€3,683 | -52.7% |
| Financial fixed assets | 28 | €6,404 | €40,598 | +€34,194 | +534% |
| Current assets | 29/58 | €871,370 | €832,490 | -€38,880 | -4.5% |
| Amounts receivable within one year | 40/41 | €656,573 | €701,431 | +€44,858 | +6.8% |
| Trade receivables | 40 | €421,190 | €482,444 | +€61,253 | +14.5% |
| Other amounts receivable | 41 | €235,383 | €218,988 | -€16,395 | -7.0% |
| Cash at bank and in hand | 54/58 | €194,034 | €108,141 | -€85,893 | -44.3% |
| Deferred charges and accrued income | 490/1 | €20,762 | €22,917 | +€2,155 | +10.4% |
| Total equity and liabilities | 10/49 | €1,707,223 | €1,837,796 | +€130,574 | +7.6% |
| Equity | 10/15 | €1,237,803 | €1,313,392 | +€75,588 | +6.1% |
| Contributions | 10/11 | €18,600 | €12,500 | -€6,100 | -32.8% |
| Reserves | 13 | €730,836 | €1,056,423 | +€325,587 | +44.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €728,976 | €1,054,563 | +€325,587 | +44.7% |
| Investment grants | 15 | €488,368 | €244,469 | -€243,899 | -49.9% |
| Amounts payable | 17/49 | €469,419 | €524,405 | +€54,985 | +11.7% |
| Amounts payable after more than one year | 17 | - | €185,000 | +€185,000 | |
| Financial debts | 170/4 | - | €185,000 | +€185,000 | |
| Amounts payable within one year | 42/48 | €455,214 | €336,863 | -€118,351 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €50,665 | - | -€50,665 | |
| Trade debts | 44 | €326,843 | €116,582 | -€210,261 | -64.3% |
| Suppliers | 440/4 | €326,843 | €116,582 | -€210,261 | -64.3% |
| Taxes, remuneration and social security | 45 | €77,564 | €218,854 | +€141,290 | +182% |
| Taxes | 450/3 | €403 | €514 | +€112 | +27.7% |
| Remuneration and social security | 454/9 | €77,161 | €218,340 | +€141,178 | +183% |
| Other amounts payable | 47/48 | €141 | €1,427 | +€1,286 | +909% |
| Accrued charges and deferred income | 492/3 | €14,206 | €2,542 | -€11,664 | -82.1% |
| Remuneration, social security and pensions | 62 | €944,341 | €1,935,487 | +€991,146 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €405,011 | €977,727 | +€572,716 | +141% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,286 | +€13,286 | |
| Other operating charges | 640/8 | €56,142 | €45,102 | -€11,040 | -19.7% |
| Gross operating margin | 9900 | €1,172,112 | €2,963,417 | +€1.8m | +153% |
| Operating profit (loss) | 9901 | -€233,381 | -€8,184 | +€225,197 | +96.5% |
| Financial income | 75/76B | €212,548 | €481,122 | +€268,573 | +126% |
| Recurring financial income | 75 | €212,548 | €481,122 | +€268,573 | +126% |
| Financial charges | 65/66B | €18,279 | €109,276 | +€90,996 | +498% |
| Recurring financial charges | 65 | €18,279 | €109,276 | +€90,996 | +498% |
| Profit (loss) for the period before taxes | 9903 | -€39,113 | €363,662 | +€402,775 | |
| Income taxes | 67/77 | -€21,485 | -€35,211 | -€13,726 | -63.9% |
| Profit (loss) for the period | 9904 | -€17,627 | €398,873 | +€416,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,627 | €398,873 | +€416,500 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.