ExCo: 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.
ExCo
Largest movements
- Receivables within one year +€107,038
up €107,038 (+616.7%), from €17,356 to €124,394
- Cash +€57,349
up €57,349 (+39.5%), from €145,252 to €202,601
mainly Net result for the year (+€121,775) and Tax, wage and social debts (+€38,955)
- Tangible fixed assets -€5,209
down €5,209 (-29.4%), from €17,733 to €12,524
of which Furniture and vehicles: -€5,209
- Reserves +€121,775
up €121,775 (+91.9%), from €132,531 to €254,306
- Tax, wage and social debts +€38,955
up €38,955 (+89.8%), from €43,392 to €82,347
of which Taxes: +€27,833
- Gross operating margin +€74,436
up €74,436 (+81.1%), from €91,836 to €166,272
- Taxes +€19,752
up €19,752 (+108.1%), from €18,273 to €38,025
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 | €181,620 | €342,296 | +€160,676 | +88.5% |
| Fixed assets | 21/28 | €18,233 | €13,024 | -€5,209 | -28.6% |
| Tangible fixed assets | 22/27 | €17,733 | €12,524 | -€5,209 | -29.4% |
| Furniture and vehicles | 24 | €12,283 | €7,074 | -€5,209 | -42.4% |
| Other tangible fixed assets | 26 | €5,450 | €5,450 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €163,388 | €329,272 | +€165,885 | +101.5% |
| Amounts receivable within one year | 40/41 | €17,356 | €124,394 | +€107,038 | +616.7% |
| Trade receivables | 40 | €17,356 | €124,394 | +€107,038 | +616.7% |
| Cash at bank and in hand | 54/58 | €145,252 | €202,601 | +€57,349 | +39.5% |
| Deferred charges and accrued income | 490/1 | €780 | €2,277 | +€1,497 | +191.9% |
| Total equity and liabilities | 10/49 | €181,620 | €342,296 | +€160,676 | +88.5% |
| Equity | 10/15 | €137,631 | €259,406 | +€121,775 | +88.5% |
| Contributions | 10/11 | €5,100 | €5,100 | = | 0.0% |
| Reserves | 13 | €132,531 | €254,306 | +€121,775 | +91.9% |
| Distributable reserves | 133 | €132,531 | €254,306 | +€121,775 | +91.9% |
| Amounts payable | 17/49 | €43,989 | €82,890 | +€38,901 | +88.4% |
| Amounts payable within one year | 42/48 | €43,989 | €82,890 | +€38,901 | +88.4% |
| Trade debts | 44 | €277 | €290 | +€13 | +4.7% |
| Suppliers | 440/4 | €277 | €290 | +€13 | +4.7% |
| Taxes, remuneration and social security | 45 | €43,392 | €82,347 | +€38,955 | +89.8% |
| Taxes | 450/3 | €43,392 | €71,225 | +€27,833 | +64.1% |
| Remuneration and social security | 454/9 | - | €11,122 | +€11,122 | |
| Other amounts payable | 47/48 | €320 | €253 | -€67 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,093 | €6,430 | +€337 | +5.5% |
| Other operating charges | 640/8 | €142 | €18 | -€125 | -87.5% |
| Gross operating margin | 9900 | €91,836 | €166,272 | +€74,436 | +81.1% |
| Operating profit (loss) | 9901 | €85,601 | €159,824 | +€74,223 | +86.7% |
| Financial income | 75/76B | €2 | €42 | +€40 | +2676.7% |
| Recurring financial income | 75 | €2 | €42 | +€40 | +2676.7% |
| Financial charges | 65/66B | €91 | €66 | -€24 | -26.7% |
| Recurring financial charges | 65 | €91 | €66 | -€24 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €85,512 | €159,800 | +€74,288 | +86.9% |
| Income taxes | 67/77 | €18,273 | €38,025 | +€19,752 | +108.1% |
| Profit (loss) for the period | 9904 | €67,239 | €121,775 | +€54,536 | +81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,239 | €121,775 | +€54,536 | +81.1% |
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 1 October 2026 via checked.be.