Excelsior: 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.
Excelsior
Largest movements
- Cash +€31,817
up €31,817 (+22.5%), from €141,382 to €173,199
mainly Net result for the year (+€86,308) and Depreciation (+€10,944)
- Reserves +€36,308
up €36,308 (+10.7%), from €338,248 to €374,555
of which Distributable reserves: +€36,308
- Financial income +€2,362
up €2,362 (+59.3%), from €3,984 to €6,346
- Depreciation -€2,293
down €2,293 (-17.3%), from €13,237 to €10,944
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 | €1,204,428 | €1,230,736 | +€26,308 | +2.2% |
| Fixed assets | 21/28 | €857,615 | €850,304 | -€7,311 | -0.9% |
| Tangible fixed assets | 22/27 | €857,615 | €850,304 | -€7,311 | -0.9% |
| Land and buildings | 22 | €856,993 | €849,902 | -€7,091 | -0.8% |
| Plant, machinery and equipment | 23 | €623 | €403 | -€220 | -35.3% |
| Current assets | 29/58 | €346,813 | €380,432 | +€33,619 | +9.7% |
| Amounts receivable within one year | 40/41 | €5,432 | €7,233 | +€1,801 | +33.2% |
| Other amounts receivable | 41 | €5,432 | €7,233 | +€1,801 | +33.2% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €141,382 | €173,199 | +€31,817 | +22.5% |
| Total equity and liabilities | 10/49 | €1,204,428 | €1,230,736 | +€26,308 | +2.2% |
| Equity | 10/15 | €1,144,428 | €1,180,736 | +€36,308 | +3.2% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Revaluation surpluses | 12 | €743,681 | €743,681 | = | 0.0% |
| Reserves | 13 | €338,248 | €374,555 | +€36,308 | +10.7% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €331,998 | €368,305 | +€36,308 | +10.9% |
| Amounts payable | 17/49 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Amounts payable within one year | 42/48 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Taxes, remuneration and social security | 45 | €3,000 | €2,500 | -€500 | -16.7% |
| Taxes | 450/3 | €3,000 | €2,500 | -€500 | -16.7% |
| Other amounts payable | 47/48 | €57,000 | €47,500 | -€9,500 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,237 | €10,944 | -€2,293 | -17.3% |
| Other operating charges | 640/8 | €14,559 | €15,046 | +€486 | +3.3% |
| Gross operating margin | 9900 | €146,124 | €146,092 | -€32 | 0.0% |
| Operating profit (loss) | 9901 | €118,327 | €120,103 | +€1,775 | +1.5% |
| Financial income | 75/76B | €3,984 | €6,346 | +€2,362 | +59.3% |
| Recurring financial income | 75 | €3,984 | €6,346 | +€2,362 | +59.3% |
| Financial charges | 65/66B | €38 | €39 | +€2 | +4.0% |
| Recurring financial charges | 65 | €38 | €39 | +€2 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €122,274 | €126,410 | +€4,136 | +3.4% |
| Income taxes | 67/77 | €39,764 | €40,103 | +€339 | +0.9% |
| Profit (loss) for the period | 9904 | €82,510 | €86,308 | +€3,797 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,510 | €86,308 | +€3,797 | +4.6% |
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 5 October 2026 via checked.be.