EXCESS RETURN: 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.
EXCESS RETURN
Largest movements
- Cash -€170,622
down €170,622 (-23.7%), from €720,964 to €550,342
mainly Trade debts (-€169,512) and Contributions, distributions and other (-€33,000)
- Trade debts -€169,512
down €169,512 (-35.0%), from €484,294 to €314,782
- Reserves -€22,220
down €22,220 (-22.7%), from €97,890 to €75,670
- Other debts +€19,205
up €19,205 (+162%), from €11,875 to €31,080
- Gross operating margin -€34,531
down €34,531 (-65.0%), from €53,127 to €18,596
- Taxes -€5,139
down €5,139 (-35.2%), from €14,608 to €9,469
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 | €749,151 | €584,622 | -€164,529 | -22.0% |
| Fixed assets | 21/28 | €4,108 | €3,975 | -€133 | -3.2% |
| Tangible fixed assets | 22/27 | €929 | €795 | -€133 | -14.3% |
| Furniture and vehicles | 24 | €929 | €795 | -€133 | -14.3% |
| Financial fixed assets | 28 | €3,180 | €3,180 | = | 0.0% |
| Current assets | 29/58 | €745,043 | €580,647 | -€164,396 | -22.1% |
| Amounts receivable within one year | 40/41 | €24,079 | €30,306 | +€6,227 | +25.9% |
| Trade receivables | 40 | €4,369 | €22,542 | +€18,173 | +416% |
| Other amounts receivable | 41 | €19,710 | €7,764 | -€11,947 | -60.6% |
| Cash at bank and in hand | 54/58 | €720,964 | €550,342 | -€170,622 | -23.7% |
| Total equity and liabilities | 10/49 | €749,151 | €584,622 | -€164,529 | -22.0% |
| Equity | 10/15 | €240,793 | €218,574 | -€22,220 | -9.2% |
| Contributions | 10/11 | €86,300 | €86,300 | = | 0.0% |
| Reserves | 13 | €97,890 | €75,670 | -€22,220 | -22.7% |
| Distributable reserves | 133 | €97,890 | €75,670 | -€22,220 | -22.7% |
| Profit (loss) carried forward | 14 | €56,603 | €56,603 | = | 0.0% |
| Amounts payable | 17/49 | €508,358 | €366,049 | -€142,309 | -28.0% |
| Amounts payable after more than one year | 17 | €1,235 | €7,938 | +€6,703 | +543% |
| Other amounts payable | 178/9 | €1,235 | €7,938 | +€6,703 | +543% |
| Amounts payable within one year | 42/48 | €507,123 | €358,111 | -€149,012 | -29.4% |
| Trade debts | 44 | €484,294 | €314,782 | -€169,512 | -35.0% |
| Suppliers | 440/4 | €484,294 | €314,782 | -€169,512 | -35.0% |
| Taxes, remuneration and social security | 45 | €10,954 | €12,249 | +€1,295 | +11.8% |
| Taxes | 450/3 | €10,954 | €12,249 | +€1,295 | +11.8% |
| Other amounts payable | 47/48 | €11,875 | €31,080 | +€19,205 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133 | €133 | +€0 | 0.0% |
| Other operating charges | 640/8 | €458 | €473 | +€15 | +3.3% |
| Gross operating margin | 9900 | €53,127 | €18,596 | -€34,531 | -65.0% |
| Operating profit (loss) | 9901 | €52,536 | €17,990 | -€34,547 | -65.8% |
| Financial income | 75/76B | €2,704 | €2,881 | +€177 | +6.5% |
| Recurring financial income | 75 | €2,704 | €2,881 | +€177 | +6.5% |
| Financial charges | 65/66B | €672 | €622 | -€50 | -7.4% |
| Recurring financial charges | 65 | €672 | €622 | -€50 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €54,569 | €20,249 | -€34,320 | -62.9% |
| Income taxes | 67/77 | €14,608 | €9,469 | -€5,139 | -35.2% |
| Profit (loss) for the period | 9904 | €39,961 | €10,780 | -€29,181 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,961 | €10,780 | -€29,181 | -73.0% |
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.