EXCURSIONS: 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.
EXCURSIONS
Largest movements
- Financial fixed assets +€226,050
new in 2025: €226,050
- Cash -€52,612
down €52,612 (-94.3%), from €55,800 to €3,188
mainly Investment in fixed assets (net) (-€236,699) and Contributions, distributions and other (-€144,728)
- Tangible fixed assets -€4,689
down €4,689 (-14.7%), from €31,920 to €27,231
of which Furniture and vehicles: -€2,675
- Debts after one year +€120,649
up €120,649 (+1305.8%), from €9,239 to €129,888
- Other debts +€89,476
up €89,476, from €0 to €89,476
- Profit (loss) carried forward -€65,989
down €65,989 (-100.0%), from €65,989 to €0
- Current portion of long-term debt +€29,264
up €29,264 (+240.1%), from €12,186 to €41,450
- Tax, wage and social debts -€17,450
down €17,450 (-54.5%), from €32,022 to €14,572
- Turnover -€190,043
no longer reported in 2025 (was €190,043)
- Purchases and services -€98,851
no longer reported in 2025 (was €98,851)
- Gross operating margin +€30,121
up €30,121 (+31.8%), from €94,605 to €124,727
- Taxes +€10,664
up €10,664 (+63.6%), from €16,757 to €27,421
- Financial charges +€3,000
up €3,000 (+656.4%), from €457 to €3,457
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 | €156,310 | €328,214 | +€171,904 | +110.0% |
| Fixed assets | 21/28 | €31,920 | €253,281 | +€221,361 | +693.5% |
| Tangible fixed assets | 22/27 | €31,920 | €27,231 | -€4,689 | -14.7% |
| Furniture and vehicles | 24 | €20,033 | €17,359 | -€2,675 | -13.4% |
| Other tangible fixed assets | 26 | €11,887 | €9,873 | -€2,014 | -16.9% |
| Financial fixed assets | 28 | - | €226,050 | +€226,050 | |
| Current assets | 29/58 | €124,390 | €74,933 | -€49,457 | -39.8% |
| Amounts receivable within one year | 40/41 | €39,751 | €39,579 | -€172 | -0.4% |
| Trade receivables | 40 | €39,529 | €39,275 | -€253 | -0.6% |
| Other amounts receivable | 41 | €222 | €304 | +€82 | +36.7% |
| Current investments | 50/53 | €26,379 | €29,330 | +€2,951 | +11.2% |
| Cash at bank and in hand | 54/58 | €55,800 | €3,188 | -€52,612 | -94.3% |
| Deferred charges and accrued income | 490/1 | €2,460 | €2,836 | +€376 | +15.3% |
| Total equity and liabilities | 10/49 | €156,310 | €328,214 | +€171,904 | +110.0% |
| Equity | 10/15 | €101,762 | €35,773 | -€65,989 | -64.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €35,673 | €35,673 | = | 0.0% |
| Distributable reserves | 133 | €35,673 | €35,673 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,989 | €0 | -€65,989 | -100.0% |
| Amounts payable | 17/49 | €54,548 | €292,440 | +€237,892 | +436.1% |
| Amounts payable after more than one year | 17 | €9,239 | €129,888 | +€120,649 | +1305.8% |
| Financial debts | 170/4 | €9,239 | €129,888 | +€120,649 | +1305.8% |
| Amounts payable within one year | 42/48 | €45,309 | €162,552 | +€117,244 | +258.8% |
| Current portion of amounts payable after more than one year | 42 | €12,186 | €41,450 | +€29,264 | +240.1% |
| Financial debts | 43 | €79 | €138 | +€59 | +74.5% |
| Credit institutions | 430/8 | €79 | €138 | +€59 | +74.5% |
| Trade debts | 44 | €1,022 | €16,916 | +€15,894 | +1555.9% |
| Suppliers | 440/4 | €1,022 | €16,916 | +€15,894 | +1555.9% |
| Taxes, remuneration and social security | 45 | €32,022 | €14,572 | -€17,450 | -54.5% |
| Taxes | 450/3 | €32,022 | €14,572 | -€17,450 | -54.5% |
| Other amounts payable | 47/48 | €0 | €89,476 | +€89,476 | |
| Turnover | 70 | €190,043 | - | -€190,043 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €98,851 | - | -€98,851 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,658 | €15,338 | +€1,681 | +12.3% |
| Other operating charges | 640/8 | €1,212 | €1,074 | -€138 | -11.4% |
| Non-recurring operating charges | 66A | - | €2 | +€2 | |
| Gross operating margin | 9900 | €94,605 | €124,727 | +€30,121 | +31.8% |
| Operating profit (loss) | 9901 | €79,736 | €108,313 | +€28,577 | +35.8% |
| Financial income | 75/76B | €1,385 | €1,305 | -€80 | -5.8% |
| Recurring financial income | 75 | €1,385 | €1,305 | -€80 | -5.8% |
| Financial charges | 65/66B | €457 | €3,457 | +€3,000 | +656.4% |
| Recurring financial charges | 65 | €457 | €3,457 | +€3,000 | +656.4% |
| Profit (loss) for the period before taxes | 9903 | €80,664 | €106,161 | +€25,497 | +31.6% |
| Income taxes | 67/77 | €16,757 | €27,421 | +€10,664 | +63.6% |
| Profit (loss) for the period | 9904 | €63,908 | €78,740 | +€14,832 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,908 | €78,740 | +€14,832 | +23.2% |
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.