EXECO: 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.
EXECO
Largest movements
- Cash +€45,667
up €45,667 (+42.1%), from €108,414 to €154,081
mainly Net result for the year (+€53,588) and Depreciation (+€16,870)
- Tangible fixed assets -€16,870
down €16,870 (-8.8%), from €192,655 to €175,784
of which Furniture and vehicles: -€10,513
- Reserves +€28,806
up €28,806 (+8.7%), from €331,811 to €360,617
of which Distributable reserves: +€28,806
- Trade debts +€7,376
up €7,376 (+3165.8%), from €233 to €7,609
- Tax, wage and social debts -€5,893
down €5,893 (-28.0%), from €21,025 to €15,132
- Gross operating margin +€8,716
up €8,716 (+10.2%), from €85,207 to €93,923
- Taxes +€1,815
up €1,815 (+8.3%), from €21,811 to €23,626
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 | €409,221 | €439,510 | +€30,289 | +7.4% |
| Fixed assets | 21/28 | €192,655 | €175,784 | -€16,870 | -8.8% |
| Tangible fixed assets | 22/27 | €192,655 | €175,784 | -€16,870 | -8.8% |
| Land and buildings | 22 | €161,692 | €155,773 | -€5,919 | -3.7% |
| Plant, machinery and equipment | 23 | €439 | - | -€439 | |
| Furniture and vehicles | 24 | €30,524 | €20,011 | -€10,513 | -34.4% |
| Current assets | 29/58 | €216,567 | €263,726 | +€47,159 | +21.8% |
| Amounts receivable within one year | 40/41 | €108,152 | €109,645 | +€1,492 | +1.4% |
| Trade receivables | 40 | €8,043 | €5,183 | -€2,860 | -35.6% |
| Other amounts receivable | 41 | €100,110 | €104,462 | +€4,352 | +4.3% |
| Cash at bank and in hand | 54/58 | €108,414 | €154,081 | +€45,667 | +42.1% |
| Total equity and liabilities | 10/49 | €409,221 | €439,510 | +€30,289 | +7.4% |
| Equity | 10/15 | €331,811 | €360,617 | +€28,806 | +8.7% |
| Reserves | 13 | €331,811 | €360,617 | +€28,806 | +8.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €329,951 | €358,757 | +€28,806 | +8.7% |
| Provisions and deferred taxes | 16 | €56,151 | €56,151 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €56,151 | €56,151 | = | 0.0% |
| Pensions and similar obligations | 160 | €56,151 | €56,151 | = | 0.0% |
| Amounts payable | 17/49 | €21,258 | €22,742 | +€1,483 | +7.0% |
| Amounts payable within one year | 42/48 | €21,258 | €22,742 | +€1,483 | +7.0% |
| Trade debts | 44 | €233 | €7,609 | +€7,376 | +3165.8% |
| Suppliers | 440/4 | €233 | €7,609 | +€7,376 | +3165.8% |
| Taxes, remuneration and social security | 45 | €21,025 | €15,132 | -€5,893 | -28.0% |
| Taxes | 450/3 | €21,025 | €15,132 | -€5,893 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,867 | €16,870 | +€4 | 0.0% |
| Gross operating margin | 9900 | €85,207 | €93,923 | +€8,716 | +10.2% |
| Operating profit (loss) | 9901 | €68,340 | €77,052 | +€8,712 | +12.7% |
| Financial income | 75/76B | €483 | €783 | +€300 | +62.1% |
| Recurring financial income | 75 | €483 | €783 | +€300 | +62.1% |
| Financial charges | 65/66B | €83 | €622 | +€538 | +646.2% |
| Recurring financial charges | 65 | €83 | €622 | +€538 | +646.2% |
| Profit (loss) for the period before taxes | 9903 | €68,740 | €77,214 | +€8,474 | +12.3% |
| Income taxes | 67/77 | €21,811 | €23,626 | +€1,815 | +8.3% |
| Profit (loss) for the period | 9904 | €46,928 | €53,588 | +€6,660 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,928 | €53,588 | +€6,660 | +14.2% |
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 28 September 2026 via checked.be.