ExcusivExplore: 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.
ExcusivExplore
Largest movements
- Stocks and contracts -€7,500
down €7,500 (-27.3%), from €27,500 to €20,000
- Receivables within one year -€2,464
down €2,464 (-17.3%), from €14,217 to €11,753
of which Trade receivables: -€3,095
- Reserves +€21,382
up €21,382 (+675.9%), from €3,163 to €24,545
of which Distributable reserves: +€22,237
- Debts after one year -€15,278
down €15,278 (-14.0%), from €108,794 to €93,516
- Short-term financial debts -€11,787
down €11,787 (-71.4%), from €16,498 to €4,711
- Other debts -€10,865
down €10,865 (-47.5%), from €22,890 to €12,025
- Trade debts +€8,111
up €8,111 (+48.8%), from €16,619 to €24,729
- Gross operating margin +€44,488
up €44,488 (+171.4%), from €25,949 to €70,437
- Depreciation +€3,212
up €3,212 (+14.3%), from €22,503 to €25,715
- Staff costs +€2,725
up €2,725 (+32.1%), from €8,498 to €11,223
- Taxes +€2,138
new in 2025: €2,138
- Financial charges -€963
down €963 (-10.4%), from €9,289 to €8,326
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 | €206,918 | €195,600 | -€11,318 | -5.5% |
| Fixed assets | 21/28 | €164,244 | €163,394 | -€850 | -0.5% |
| Tangible fixed assets | 22/27 | €163,654 | €162,804 | -€850 | -0.5% |
| Plant, machinery and equipment | 23 | €3,477 | €9,246 | +€5,769 | +165.9% |
| Furniture and vehicles | 24 | €160,176 | €153,558 | -€6,619 | -4.1% |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €42,675 | €32,206 | -€10,468 | -24.5% |
| Stocks and contracts in progress | 3 | €27,500 | €20,000 | -€7,500 | -27.3% |
| Stocks | 30/36 | €27,500 | €20,000 | -€7,500 | -27.3% |
| Amounts receivable within one year | 40/41 | €14,217 | €11,753 | -€2,464 | -17.3% |
| Trade receivables | 40 | €14,058 | €10,962 | -€3,095 | -22.0% |
| Other amounts receivable | 41 | €159 | €791 | +€632 | +397.4% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €958 | €453 | -€505 | -52.7% |
| Total equity and liabilities | 10/49 | €206,918 | €195,600 | -€11,318 | -5.5% |
| Equity | 10/15 | €9,363 | €30,745 | +€21,382 | +228.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,163 | €24,545 | +€21,382 | +675.9% |
| Non-distributable reserves | 130/1 | €855 | €0 | -€855 | -100.0% |
| Reserves not available under the articles | 1311 | €855 | €0 | -€855 | -100.0% |
| Distributable reserves | 133 | €2,309 | €24,545 | +€22,237 | +963.2% |
| Amounts payable | 17/49 | €197,555 | €164,855 | -€32,700 | -16.6% |
| Amounts payable after more than one year | 17 | €108,794 | €93,516 | -€15,278 | -14.0% |
| Financial debts | 170/4 | €108,794 | €93,516 | -€15,278 | -14.0% |
| Amounts payable within one year | 42/48 | €88,761 | €71,339 | -€17,422 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €14,589 | €15,278 | +€689 | +4.7% |
| Financial debts | 43 | €16,498 | €4,711 | -€11,787 | -71.4% |
| Credit institutions | 430/8 | €16,498 | €4,711 | -€11,787 | -71.4% |
| Trade debts | 44 | €16,619 | €24,729 | +€8,111 | +48.8% |
| Suppliers | 440/4 | €16,619 | €24,729 | +€8,111 | +48.8% |
| Taxes, remuneration and social security | 45 | €18,165 | €14,596 | -€3,569 | -19.6% |
| Taxes | 450/3 | €17,734 | €13,482 | -€4,252 | -24.0% |
| Remuneration and social security | 454/9 | €431 | €1,114 | +€683 | +158.6% |
| Other amounts payable | 47/48 | €22,890 | €12,025 | -€10,865 | -47.5% |
| Remuneration, social security and pensions | 62 | €8,498 | €11,223 | +€2,725 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,503 | €25,715 | +€3,212 | +14.3% |
| Other operating charges | 640/8 | €1,243 | €1,652 | +€409 | +33.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €25,949 | €70,437 | +€44,488 | +171.4% |
| Operating profit (loss) | 9901 | -€6,295 | €31,846 | +€38,141 | |
| Financial income | 75/76B | €500 | €0 | -€500 | -100.0% |
| Recurring financial income | 75 | €500 | €0 | -€500 | -100.0% |
| Financial charges | 65/66B | €9,289 | €8,326 | -€963 | -10.4% |
| Recurring financial charges | 65 | €9,289 | €8,326 | -€963 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,084 | €23,520 | +€38,605 | |
| Income taxes | 67/77 | - | €2,138 | +€2,138 | |
| Profit (loss) for the period | 9904 | -€15,084 | €21,382 | +€36,466 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,084 | €21,382 | +€36,466 |
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.