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
- Tangible fixed assets +€55,537
up €55,537 (+26.2%), from €211,593 to €267,130
of which Land and buildings: +€56,797
- Receivables within one year -€53,722
down €53,722 (-74.8%), from €71,778 to €18,056
of which Trade receivables: -€28,677
- Cash -€36,115
down €36,115 (-90.4%), from €39,966 to €3,851
mainly Investment in fixed assets (net) (-€73,692) and Provisions (-€21,102)
- Provisions -€21,102
no longer reported in 2025 (was €21,102)
- Tax, wage and social debts -€9,258
down €9,258 (-98.1%), from €9,434 to €176
- Reserves +€7,820
up €7,820 (+3.2%), from €242,432 to €250,252
- Trade debts -€6,305
down €6,305 (-93.6%), from €6,738 to €433
- Debts after one year -€6,000
down €6,000 (-4.0%), from €149,663 to €143,663
- Gross operating margin -€28,875
down €28,875 (-51.1%), from €56,482 to €27,607
- Other operating charges -€22,630
down €22,630 (-94.3%), from €24,004 to €1,374
- Depreciation +€7,908
up €7,908 (+77.2%), from €10,247 to €18,155
- Taxes -€4,308
down €4,308 (-96.1%), from €4,483 to €176
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 | €467,834 | €432,918 | -€34,916 | -7.5% |
| Fixed assets | 21/28 | €230,193 | €285,730 | +€55,537 | +24.1% |
| Tangible fixed assets | 22/27 | €211,593 | €267,130 | +€55,537 | +26.2% |
| Land and buildings | 22 | €199,489 | €256,286 | +€56,797 | +28.5% |
| Plant, machinery and equipment | 23 | €12,104 | €10,844 | -€1,260 | -10.4% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €237,641 | €147,188 | -€90,452 | -38.1% |
| Amounts receivable after more than one year | 29 | €125,600 | €125,000 | -€600 | -0.5% |
| Other amounts receivable | 291 | €125,600 | €125,000 | -€600 | -0.5% |
| Amounts receivable within one year | 40/41 | €71,778 | €18,056 | -€53,722 | -74.8% |
| Trade receivables | 40 | €29,403 | €726 | -€28,677 | -97.5% |
| Other amounts receivable | 41 | €42,375 | €17,330 | -€25,045 | -59.1% |
| Cash at bank and in hand | 54/58 | €39,966 | €3,851 | -€36,115 | -90.4% |
| Deferred charges and accrued income | 490/1 | €297 | €282 | -€15 | -5.1% |
| Total equity and liabilities | 10/49 | €467,834 | €432,918 | -€34,916 | -7.5% |
| Equity | 10/15 | €254,827 | €262,646 | +€7,820 | +3.1% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €242,432 | €250,252 | +€7,820 | +3.2% |
| Distributable reserves | 133 | €242,432 | €250,252 | +€7,820 | +3.2% |
| Provisions and deferred taxes | 16 | €21,102 | - | -€21,102 | |
| Provisions for liabilities and charges | 160/5 | €21,102 | - | -€21,102 | |
| Other liabilities and charges | 164/5 | €21,102 | - | -€21,102 | |
| Amounts payable | 17/49 | €191,905 | €170,272 | -€21,633 | -11.3% |
| Amounts payable after more than one year | 17 | €149,663 | €143,663 | -€6,000 | -4.0% |
| Financial debts | 170/4 | €149,663 | €143,663 | -€6,000 | -4.0% |
| Amounts payable within one year | 42/48 | €42,172 | €26,609 | -€15,563 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,000 | +€6,000 | |
| Financial debts | 43 | €6,000 | - | -€6,000 | |
| Other loans | 439 | €6,000 | - | -€6,000 | |
| Trade debts | 44 | €6,738 | €433 | -€6,305 | -93.6% |
| Suppliers | 440/4 | €6,738 | €433 | -€6,305 | -93.6% |
| Taxes, remuneration and social security | 45 | €9,434 | €176 | -€9,258 | -98.1% |
| Taxes | 450/3 | €9,434 | €176 | -€9,258 | -98.1% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €70 | - | -€70 | |
| Non-recurring operating income | 76A | - | €21,102 | +€21,102 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,247 | €18,155 | +€7,908 | +77.2% |
| Other operating charges | 640/8 | €24,004 | €1,374 | -€22,630 | -94.3% |
| Gross operating margin | 9900 | €56,482 | €27,607 | -€28,875 | -51.1% |
| Operating profit (loss) | 9901 | €22,232 | €8,079 | -€14,153 | -63.7% |
| Financial income | 75/76B | €66 | - | -€66 | |
| Recurring financial income | 75 | €66 | - | -€66 | |
| Financial charges | 65/66B | €81 | €83 | +€2 | +2.0% |
| Recurring financial charges | 65 | €81 | €83 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €22,216 | €7,996 | -€14,221 | -64.0% |
| Income taxes | 67/77 | €4,483 | €176 | -€4,308 | -96.1% |
| Profit (loss) for the period | 9904 | €17,733 | €7,820 | -€9,913 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,733 | €7,820 | -€9,913 | -55.9% |
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 3 October 2026 via checked.be.