EXECO: 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.
EXECO
Largest movements
- Stocks and contracts -€302,500
down €302,500 (-24.8%), from €1.2m to €918,500
- Cash +€224,479
up €224,479 (+83.6%), from €268,402 to €492,881
mainly Stocks and contracts (+€302,500) and Receivables within one year (+€120,569)
- Receivables within one year -€120,569
down €120,569 (-28.2%), from €426,814 to €306,246
of which Trade receivables: -€116,003
- Tangible fixed assets -€64,827
down €64,827 (-39.6%), from €163,900 to €99,073
- Financial fixed assets -€48,852
down €48,852 (-18.7%), from €261,390 to €212,538
- Trade debts -€350,073
down €350,073 (-36.2%), from €967,581 to €617,508
- Profit (loss) carried forward +€81,063
up €81,063 (+78.5%), from €103,251 to €184,314
- Current portion of long-term debt -€47,647
down €47,647 (-96.5%), from €49,374 to €1,727
- Gross operating margin +€55,420
up €55,420 (+13.4%), from €414,311 to €469,732
- Write-downs +€29,600
new in 2025: €29,600
- Taxes +€11,914
up €11,914 (+66.2%), from €18,005 to €29,919
- Financial charges -€7,555
down €7,555 (-20.4%), from €36,981 to €29,426
of which Financial charges: -€6,867
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 | €2,345,364 | €2,037,756 | -€307,608 | -13.1% |
| Fixed assets | 21/28 | €425,289 | €311,611 | -€113,678 | -26.7% |
| Tangible fixed assets | 22/27 | €163,900 | €99,073 | -€64,827 | -39.6% |
| Land and buildings | 22 | €48,533 | €43,140 | -€5,393 | -11.1% |
| Plant, machinery and equipment | 23 | €6,339 | €5,196 | -€1,143 | -18.0% |
| Furniture and vehicles | 24 | €78,586 | €49,052 | -€29,535 | -37.6% |
| Leasing and similar rights | 25 | €30,442 | €1,685 | -€28,757 | -94.5% |
| Financial fixed assets | 28 | €261,390 | €212,538 | -€48,852 | -18.7% |
| Current assets | 29/58 | €1,920,075 | €1,726,145 | -€193,930 | -10.1% |
| Stocks and contracts in progress | 3 | €1,221,000 | €918,500 | -€302,500 | -24.8% |
| Stocks | 30/36 | €1,221,000 | €918,500 | -€302,500 | -24.8% |
| Amounts receivable within one year | 40/41 | €426,814 | €306,246 | -€120,569 | -28.2% |
| Trade receivables | 40 | €336,153 | €220,150 | -€116,003 | -34.5% |
| Other amounts receivable | 41 | €90,661 | €86,096 | -€4,566 | -5.0% |
| Cash at bank and in hand | 54/58 | €268,402 | €492,881 | +€224,479 | +83.6% |
| Deferred charges and accrued income | 490/1 | €3,858 | €8,517 | +€4,660 | +121% |
| Total equity and liabilities | 10/49 | €2,345,364 | €2,037,756 | -€307,608 | -13.1% |
| Equity | 10/15 | €1,297,755 | €1,378,117 | +€80,363 | +6.2% |
| Contributions | 10/11 | €362,000 | €362,000 | = | 0.0% |
| Capital | 10 | €362,000 | €362,000 | = | 0.0% |
| Issued capital | 100 | €362,000 | €362,000 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €736,200 | €736,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,200 | €36,200 | = | 0.0% |
| Legal reserve | 130 | €36,200 | €36,200 | = | 0.0% |
| Distributable reserves | 133 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,251 | €184,314 | +€81,063 | +78.5% |
| Investment grants | 15 | €6,304 | €5,604 | -€700 | -11.1% |
| Amounts payable | 17/49 | €1,047,609 | €659,638 | -€387,971 | -37.0% |
| Amounts payable after more than one year | 17 | €1,727 | - | -€1,727 | |
| Financial debts | 170/4 | €1,727 | - | -€1,727 | |
| Amounts payable within one year | 42/48 | €1,045,882 | €659,638 | -€386,244 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €49,374 | €1,727 | -€47,647 | -96.5% |
| Trade debts | 44 | €967,581 | €617,508 | -€350,073 | -36.2% |
| Suppliers | 440/4 | €967,581 | €617,508 | -€350,073 | -36.2% |
| Taxes, remuneration and social security | 45 | €28,928 | €40,403 | +€11,476 | +39.7% |
| Taxes | 450/3 | €848 | €10,848 | +€10,000 | +1,179% |
| Remuneration and social security | 454/9 | €28,079 | €29,555 | +€1,476 | +5.3% |
| Non-recurring operating income | 76A | €6,165 | - | -€6,165 | |
| Remuneration, social security and pensions | 62 | €226,014 | €228,035 | +€2,021 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,866 | €67,125 | -€3,741 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,600 | +€29,600 | |
| Other operating charges | 640/8 | €5,145 | €3,660 | -€1,486 | -28.9% |
| Non-recurring operating charges | 66A | €364 | €2,900 | +€2,536 | +697% |
| Gross operating margin | 9900 | €414,311 | €469,732 | +€55,420 | +13.4% |
| Operating profit (loss) | 9901 | €111,922 | €138,412 | +€26,490 | +23.7% |
| Financial income | 75/76B | €2,755 | €1,995 | -€759 | -27.6% |
| Recurring financial income | 75 | €2,323 | €1,995 | -€328 | -14.1% |
| Non-recurring financial income | 76B | €431 | - | -€431 | |
| Financial charges | 65/66B | €36,981 | €29,426 | -€7,555 | -20.4% |
| Recurring financial charges | 65 | €36,228 | €29,362 | -€6,867 | -19.0% |
| Non-recurring financial charges | 66B | €753 | €64 | -€689 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | €77,696 | €110,982 | +€33,286 | +42.8% |
| Income taxes | 67/77 | €18,005 | €29,919 | +€11,914 | +66.2% |
| Profit (loss) for the period | 9904 | €59,691 | €81,063 | +€21,372 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,691 | €81,063 | +€21,372 | +35.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.