EXCELSIOR IC: 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 IC
Largest movements
- Financial fixed assets +€2.2m
up €2.2m (+69.6%), from €3.2m to €5.4m
- Tangible fixed assets +€681,431
up €681,431 (+975.0%), from €69,893 to €751,323
of which Other tangible fixed assets: +€611,712
- Receivables within one year -€601,753
down €601,753 (-54.5%), from €1.1m to €502,447
- Deferred charges and accrued income -€69,730
down €69,730 (-100.0%), from €69,730 to €0
- Debts after one year +€1.7m
up €1.7m (+67.9%), from €2.6m to €4.3m
- Accrued charges and deferred income +€605,000
up €605,000 (+41.9%), from €1.4m to €2.1m
- Trade debts -€99,550
down €99,550 (-99.8%), from €99,750 to €200
- Financial charges +€141,826
up €141,826 (+358.8%), from €39,532 to €181,358
- Gross operating margin +€61,838
up €61,838 (+64.9%), from €95,302 to €157,140
- Financial income +€15,445
up €15,445 (+247.9%), from €6,229 to €21,674
- Taxes -€12,753
down €12,753 (-100.0%), from €12,753 to €0
- Depreciation +€3,927
up €3,927 (+493.7%), from €795 to €4,722
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 | €4,441,686 | €6,673,005 | +€2.2m | +50.2% |
| Fixed assets | 21/28 | €3,264,338 | €6,170,333 | +€2.9m | +89.0% |
| Tangible fixed assets | 22/27 | €69,893 | €751,323 | +€681,431 | +975.0% |
| Land and buildings | 22 | €69,893 | €139,611 | +€69,719 | +99.8% |
| Other tangible fixed assets | 26 | - | €611,712 | +€611,712 | |
| Financial fixed assets | 28 | €3,194,445 | €5,419,010 | +€2.2m | +69.6% |
| Current assets | 29/58 | €1,177,348 | €502,673 | -€674,675 | -57.3% |
| Amounts receivable within one year | 40/41 | €1,104,200 | €502,447 | -€601,753 | -54.5% |
| Other amounts receivable | 41 | €1,104,200 | €502,447 | -€601,753 | -54.5% |
| Cash at bank and in hand | 54/58 | €3,418 | €225 | -€3,192 | -93.4% |
| Deferred charges and accrued income | 490/1 | €69,730 | €0 | -€69,730 | -100.0% |
| Total equity and liabilities | 10/49 | €4,441,686 | €6,673,005 | +€2.2m | +50.2% |
| Equity | 10/15 | €335,262 | €326,997 | -€8,265 | -2.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,763 | €1,763 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,763 | €1,763 | = | 0.0% |
| Legal reserve | 130 | €1,763 | €1,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,499 | €25,234 | -€8,265 | -24.7% |
| Amounts payable | 17/49 | €4,106,424 | €6,346,008 | +€2.2m | +54.5% |
| Amounts payable after more than one year | 17 | €2,558,920 | €4,295,808 | +€1.7m | +67.9% |
| Other amounts payable | 178/9 | €2,558,920 | €4,295,808 | +€1.7m | +67.9% |
| Amounts payable within one year | 42/48 | €102,503 | €200 | -€102,303 | -99.8% |
| Trade debts | 44 | €99,750 | €200 | -€99,550 | -99.8% |
| Suppliers | 440/4 | €99,750 | €200 | -€99,550 | -99.8% |
| Taxes, remuneration and social security | 45 | €2,753 | €0 | -€2,753 | -100.0% |
| Taxes | 450/3 | €2,753 | €0 | -€2,753 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,445,000 | €2,050,000 | +€605,000 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €795 | €4,722 | +€3,927 | +493.7% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €95,302 | €157,140 | +€61,838 | +64.9% |
| Operating profit (loss) | 9901 | €93,539 | €151,420 | +€57,880 | +61.9% |
| Financial income | 75/76B | €6,229 | €21,674 | +€15,445 | +247.9% |
| Recurring financial income | 75 | €6,229 | €21,674 | +€15,445 | +247.9% |
| Financial charges | 65/66B | €39,532 | €181,358 | +€141,826 | +358.8% |
| Recurring financial charges | 65 | €39,532 | €181,358 | +€141,826 | +358.8% |
| Profit (loss) for the period before taxes | 9903 | €60,237 | -€8,265 | -€68,501 | |
| Income taxes | 67/77 | €12,753 | €0 | -€12,753 | -100.0% |
| Profit (loss) for the period | 9904 | €47,484 | -€8,265 | -€55,748 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,484 | -€8,265 | -€55,748 |
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 4 October 2026 via checked.be.