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
- Cash +€199,430
up €199,430 (+115%), from €173,884 to €373,314
mainly Net result for the year (+€414,624) and Current investments (+€130,000)
- Current investments -€130,000
down €130,000 (-86.7%), from €150,000 to €20,000
- Receivables after one year -€122,962
down €122,962 (-53.1%), from €231,753 to €108,791
- Receivables within one year +€70,063
up €70,063 (+24.8%), from €282,543 to €352,606
of which Other amounts receivable: +€80,570
- Reserves +€68,000
up €68,000 (+5.4%), from €1.3m to €1.3m
of which Distributable reserves: +€68,000
- Other debts -€54,006
down €54,006 (-53.0%), from €101,845 to €47,839
- Debts after one year -€24,750
down €24,750 (-62.8%), from €39,407 to €14,657
- Tax, wage and social debts +€18,502
up €18,502 (+106%), from €17,513 to €36,015
- Financial income +€95,697
up €95,697 (+39.7%), from €241,004 to €336,701
- Gross operating margin +€83,730
up €83,730 (+82.7%), from €101,293 to €185,023
- Taxes +€35,368
up €35,368 (+80.7%), from €43,811 to €79,179
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 | €1,460,192 | €1,469,316 | +€9,124 | +0.6% |
| Fixed assets | 21/28 | €621,031 | €612,747 | -€8,283 | -1.3% |
| Tangible fixed assets | 22/27 | €301,771 | €293,488 | -€8,283 | -2.7% |
| Land and buildings | 22 | €291,481 | €285,165 | -€6,316 | -2.2% |
| Plant, machinery and equipment | 23 | €8,462 | €6,208 | -€2,254 | -26.6% |
| Furniture and vehicles | 24 | €628 | €915 | +€287 | +45.6% |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Financial fixed assets | 28 | €319,260 | €319,260 | = | 0.0% |
| Current assets | 29/58 | €839,161 | €856,568 | +€17,407 | +2.1% |
| Amounts receivable after more than one year | 29 | €231,753 | €108,791 | -€122,962 | -53.1% |
| Other amounts receivable | 291 | €231,753 | €108,791 | -€122,962 | -53.1% |
| Amounts receivable within one year | 40/41 | €282,543 | €352,606 | +€70,063 | +24.8% |
| Trade receivables | 40 | €28,647 | €18,140 | -€10,507 | -36.7% |
| Other amounts receivable | 41 | €253,896 | €334,466 | +€80,570 | +31.7% |
| Current investments | 50/53 | €150,000 | €20,000 | -€130,000 | -86.7% |
| Cash at bank and in hand | 54/58 | €173,884 | €373,314 | +€199,430 | +115% |
| Deferred charges and accrued income | 490/1 | €982 | €1,857 | +€876 | +89.2% |
| Total equity and liabilities | 10/49 | €1,460,192 | €1,469,316 | +€9,124 | +0.6% |
| Equity | 10/15 | €1,276,290 | €1,344,913 | +€68,624 | +5.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,262,660 | €1,330,660 | +€68,000 | +5.4% |
| 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 | €1,260,800 | €1,328,800 | +€68,000 | +5.4% |
| Profit (loss) carried forward | 14 | €1,230 | €1,853 | +€624 | +50.7% |
| Amounts payable | 17/49 | €183,902 | €124,402 | -€59,500 | -32.4% |
| Amounts payable after more than one year | 17 | €39,407 | €14,657 | -€24,750 | -62.8% |
| Financial debts | 170/4 | €39,407 | €14,657 | -€24,750 | -62.8% |
| Amounts payable within one year | 42/48 | €144,495 | €109,745 | -€34,750 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €24,282 | €24,750 | +€468 | +1.9% |
| Trade debts | 44 | €855 | €1,141 | +€286 | +33.5% |
| Suppliers | 440/4 | €855 | €1,141 | +€286 | +33.5% |
| Taxes, remuneration and social security | 45 | €17,513 | €36,015 | +€18,502 | +106% |
| Taxes | 450/3 | €17,513 | €36,015 | +€18,502 | +106% |
| Other amounts payable | 47/48 | €101,845 | €47,839 | -€54,006 | -53.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,803 | €21,859 | +€56 | +0.3% |
| Other operating charges | 640/8 | €2,630 | €2,208 | -€423 | -16.1% |
| Non-recurring operating charges | 66A | €1,666 | - | -€1,666 | |
| Gross operating margin | 9900 | €101,293 | €185,023 | +€83,730 | +82.7% |
| Operating profit (loss) | 9901 | €75,194 | €160,957 | +€85,763 | +114% |
| Financial income | 75/76B | €241,004 | €336,701 | +€95,697 | +39.7% |
| Recurring financial income | 75 | €241,004 | €336,701 | +€95,697 | +39.7% |
| Financial charges | 65/66B | €3,274 | €3,855 | +€582 | +17.8% |
| Recurring financial charges | 65 | €3,274 | €3,855 | +€582 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €312,924 | €493,802 | +€180,879 | +57.8% |
| Income taxes | 67/77 | €43,811 | €79,179 | +€35,368 | +80.7% |
| Profit (loss) for the period | 9904 | €269,113 | €414,624 | +€145,511 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €269,113 | €414,624 | +€145,511 | +54.1% |
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 24 October 2026 via checked.be.