EXCODE: 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.
EXCODE
Largest movements
- Tangible fixed assets +€26,131
up €26,131 (+386.4%), from €6,762 to €32,893
of which Leasing and similar rights: +€27,901
- Receivables within one year +€21,744
up €21,744 (+56.3%), from €38,620 to €60,364
of which Trade receivables: +€12,354
- Deferred charges and accrued income +€6,508
new in 2025: €6,508
- Intangible fixed assets -€2,017
down €2,017 (-100.0%), from €2,017 to €0
- Cash +€1,406
up €1,406 (+6.2%), from €22,658 to €24,064
mainly Net result for the year (+€21,030) and Tax, wage and social debts (+€18,117)
- Profit (loss) carried forward +€19,483
up €19,483 (+71.7%), from €27,168 to €46,652
- Tax, wage and social debts +€18,117
up €18,117 (+90.9%), from €19,922 to €38,039
of which Taxes: +€11,561
- Debts after one year +€17,800
new in 2025: €17,800
- Trade debts +€9,425
up €9,425 (+2283.0%), from €413 to €9,838
- Other debts -€9,278
down €9,278 (-85.7%), from €10,824 to €1,546
- Staff costs +€27,585
up €27,585 (+184.9%), from €14,915 to €42,500
- Gross operating margin +€19,755
up €19,755 (+28.4%), from €69,602 to €89,356
- Other operating charges +€3,534
up €3,534 (+155.2%), from €2,277 to €5,811
- Depreciation -€3,376
down €3,376 (-23.3%), from €14,513 to €11,137
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 | €70,056 | €123,829 | +€53,773 | +76.8% |
| Fixed assets | 21/28 | €8,779 | €32,893 | +€24,114 | +274.7% |
| Intangible fixed assets | 21 | €2,017 | €0 | -€2,017 | -100.0% |
| Tangible fixed assets | 22/27 | €6,762 | €32,893 | +€26,131 | +386.4% |
| Furniture and vehicles | 24 | €125 | €3,026 | +€2,901 | +2321.8% |
| Leasing and similar rights | 25 | - | €27,901 | +€27,901 | |
| Other tangible fixed assets | 26 | €6,637 | €1,966 | -€4,671 | -70.4% |
| Current assets | 29/58 | €61,277 | €90,936 | +€29,659 | +48.4% |
| Amounts receivable within one year | 40/41 | €38,620 | €60,364 | +€21,744 | +56.3% |
| Trade receivables | 40 | €38,620 | €50,974 | +€12,354 | +32.0% |
| Other amounts receivable | 41 | - | €9,390 | +€9,390 | |
| Cash at bank and in hand | 54/58 | €22,658 | €24,064 | +€1,406 | +6.2% |
| Deferred charges and accrued income | 490/1 | - | €6,508 | +€6,508 | |
| Total equity and liabilities | 10/49 | €70,056 | €123,829 | +€53,773 | +76.8% |
| Equity | 10/15 | €32,168 | €51,652 | +€19,483 | +60.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,168 | €46,652 | +€19,483 | +71.7% |
| Amounts payable | 17/49 | €37,888 | €72,177 | +€34,289 | +90.5% |
| Amounts payable after more than one year | 17 | - | €17,800 | +€17,800 | |
| Financial debts | 170/4 | - | €17,800 | +€17,800 | |
| Amounts payable within one year | 42/48 | €36,341 | €54,377 | +€18,036 | +49.6% |
| Current portion of amounts payable after more than one year | 42 | €5,182 | €4,953 | -€229 | -4.4% |
| Trade debts | 44 | €413 | €9,838 | +€9,425 | +2283.0% |
| Suppliers | 440/4 | €413 | €9,838 | +€9,425 | +2283.0% |
| Taxes, remuneration and social security | 45 | €19,922 | €38,039 | +€18,117 | +90.9% |
| Taxes | 450/3 | €16,704 | €28,265 | +€11,561 | +69.2% |
| Remuneration and social security | 454/9 | €3,218 | €9,774 | +€6,557 | +203.8% |
| Other amounts payable | 47/48 | €10,824 | €1,546 | -€9,278 | -85.7% |
| Accrued charges and deferred income | 492/3 | €1,547 | €0 | -€1,547 | -100.0% |
| Remuneration, social security and pensions | 62 | €14,915 | €42,500 | +€27,585 | +184.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,513 | €11,137 | -€3,376 | -23.3% |
| Other operating charges | 640/8 | €2,277 | €5,811 | +€3,534 | +155.2% |
| Gross operating margin | 9900 | €69,602 | €89,356 | +€19,755 | +28.4% |
| Operating profit (loss) | 9901 | €37,897 | €29,908 | -€7,989 | -21.1% |
| Financial income | 75/76B | €15 | €54 | +€39 | +264.7% |
| Recurring financial income | 75 | €15 | €54 | +€39 | +264.7% |
| Financial charges | 65/66B | €852 | €946 | +€94 | +11.1% |
| Recurring financial charges | 65 | €852 | €946 | +€94 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €37,060 | €29,016 | -€8,044 | -21.7% |
| Income taxes | 67/77 | €8,655 | €7,987 | -€668 | -7.7% |
| Profit (loss) for the period | 9904 | €28,405 | €21,030 | -€7,376 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,405 | €21,030 | -€7,376 | -26.0% |
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 11 October 2026 via checked.be.