Excelsia: 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.
Excelsia
Largest movements
- Receivables within one year -€275,708
down €275,708 (-99.7%), from €276,604 to €896
of which Trade receivables: -€236,380
- Receivables after one year +€29,635
up €29,635 (+9.2%), from €321,004 to €350,639
- Tangible fixed assets -€17,862
down €17,862 (-37.0%), from €48,256 to €30,394
of which Other tangible fixed assets: -€16,381
- Debts after one year -€300,000
down €300,000 (-50.0%), from €600,000 to €300,000
- Reserves +€31,700
up €31,700 (+25.1%), from €126,100 to €157,800
- Gross operating margin -€121,821
down €121,821, from €103,796 to -€18,025
- Write-downs -€92,988
down €92,988, from €46,494 to -€46,494
- Staff costs -€65,257
down €65,257, from €65,028 to -€228
- Financial income +€7,458
up €7,458 (+24.2%), from €30,823 to €38,281
- Other operating charges +€3,245
up €3,245 (+286%), from €1,135 to €4,380
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 | €1,700,196 | €1,435,522 | -€264,674 | -15.6% |
| Fixed assets | 21/28 | €1,055,812 | €1,037,894 | -€17,919 | -1.7% |
| Intangible fixed assets | 21 | €57 | €0 | -€57 | -100% |
| Tangible fixed assets | 22/27 | €48,256 | €30,394 | -€17,862 | -37.0% |
| Furniture and vehicles | 24 | €31,875 | €30,394 | -€1,481 | -4.6% |
| Other tangible fixed assets | 26 | €16,381 | €0 | -€16,381 | -100% |
| Financial fixed assets | 28 | €1,007,500 | €1,007,500 | = | 0.0% |
| Current assets | 29/58 | €644,384 | €397,629 | -€246,755 | -38.3% |
| Amounts receivable after more than one year | 29 | €321,004 | €350,639 | +€29,635 | +9.2% |
| Other amounts receivable | 291 | €321,004 | €350,639 | +€29,635 | +9.2% |
| Amounts receivable within one year | 40/41 | €276,604 | €896 | -€275,708 | -99.7% |
| Trade receivables | 40 | €236,380 | €0 | -€236,380 | -100% |
| Other amounts receivable | 41 | €40,223 | €896 | -€39,328 | -97.8% |
| Cash at bank and in hand | 54/58 | €15,423 | €7,287 | -€8,136 | -52.8% |
| Deferred charges and accrued income | 490/1 | €31,354 | €38,807 | +€7,454 | +23.8% |
| Total equity and liabilities | 10/49 | €1,700,196 | €1,435,522 | -€264,674 | -15.6% |
| Equity | 10/15 | €136,788 | €168,573 | +€31,786 | +23.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €126,100 | €157,800 | +€31,700 | +25.1% |
| Distributable reserves | 133 | €126,100 | €157,800 | +€31,700 | +25.1% |
| Profit (loss) carried forward | 14 | €688 | €773 | +€86 | +12.5% |
| Amounts payable | 17/49 | €1,563,409 | €1,266,949 | -€296,460 | -19.0% |
| Amounts payable after more than one year | 17 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Financial debts | 170/4 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Amounts payable within one year | 42/48 | €963,409 | €966,949 | +€3,540 | +0.4% |
| Trade debts | 44 | €582,865 | €581,405 | -€1,460 | -0.3% |
| Suppliers | 440/4 | €582,865 | €581,405 | -€1,460 | -0.3% |
| Taxes, remuneration and social security | 45 | €6,600 | €11,600 | +€5,000 | +75.8% |
| Taxes | 450/3 | €6,600 | €11,600 | +€5,000 | +75.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €373,944 | €373,944 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €65,028 | -€228 | -€65,257 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,868 | €1,538 | -€2,330 | -60.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €46,494 | -€46,494 | -€92,988 | |
| Other operating charges | 640/8 | €1,135 | €4,380 | +€3,245 | +286% |
| Non-recurring operating charges | 66A | €242 | €16,381 | +€16,139 | +6,677% |
| Gross operating margin | 9900 | €103,796 | -€18,025 | -€121,821 | |
| Operating profit (loss) | 9901 | -€12,970 | €6,398 | +€19,369 | |
| Financial income | 75/76B | €30,823 | €38,281 | +€7,458 | +24.2% |
| Recurring financial income | 75 | €30,823 | €38,281 | +€7,458 | +24.2% |
| Financial charges | 65/66B | €955 | €1,344 | +€389 | +40.7% |
| Recurring financial charges | 65 | €955 | €1,344 | +€389 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €16,897 | €43,335 | +€26,438 | +156% |
| Income taxes | 67/77 | €13,243 | €11,550 | -€1,694 | -12.8% |
| Profit (loss) for the period | 9904 | €3,654 | €31,786 | +€28,132 | +770% |
| Profit (loss) for the period to be appropriated | 9905 | €3,654 | €31,786 | +€28,132 | +770% |
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 25 October 2026 via checked.be.