EXECURE: 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.
EXECURE
Largest movements
- Receivables within one year -€38,003
down €38,003 (-71.7%), from €53,029 to €15,025
of which Trade receivables: -€45,390
- Current investments -€31,577
down €31,577 (-51.1%), from €61,819 to €30,242
- Cash -€18,470
down €18,470 (-53.5%), from €34,493 to €16,023
mainly Net result for the year (-€75,399) and Other debts (-€10,808)
- Tangible fixed assets +€5,975
up €5,975 (+104.0%), from €5,747 to €11,722
of which Land and buildings: +€7,729
- Profit (loss) carried forward -€117,499
new in 2025: -€117,499
- Reserves +€42,100
up €42,100 (+30.8%), from €136,593 to €178,693
of which Tax-exempt reserves: +€42,100
- Other debts -€10,808
down €10,808 (-100.0%), from €10,808 to €0
- Trade debts +€9,158
up €9,158 (+1198.0%), from €764 to €9,922
- Tax, wage and social debts -€7,500
down €7,500 (-100.0%), from €7,500 to €0
- Gross operating margin -€245,589
down €245,589, from €180,773 to -€64,817
- Taxes -€29,500
down €29,500 (-74.7%), from €39,500 to €10,000
- Financial income +€3,788
up €3,788 (+154610.6%), from €2 to €3,790
- Financial charges -€1,975
down €1,975 (-45.1%), from €4,382 to €2,406
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 | €163,738 | €81,863 | -€81,875 | -50.0% |
| Fixed assets | 21/28 | €5,747 | €11,722 | +€5,975 | +104.0% |
| Tangible fixed assets | 22/27 | €5,747 | €11,722 | +€5,975 | +104.0% |
| Land and buildings | 22 | - | €7,729 | +€7,729 | |
| Furniture and vehicles | 24 | €5,747 | €3,993 | -€1,754 | -30.5% |
| Current assets | 29/58 | €157,991 | €70,141 | -€87,849 | -55.6% |
| Amounts receivable within one year | 40/41 | €53,029 | €15,025 | -€38,003 | -71.7% |
| Trade receivables | 40 | €48,303 | €2,913 | -€45,390 | -94.0% |
| Other amounts receivable | 41 | €4,725 | €12,112 | +€7,387 | +156.3% |
| Current investments | 50/53 | €61,819 | €30,242 | -€31,577 | -51.1% |
| Cash at bank and in hand | 54/58 | €34,493 | €16,023 | -€18,470 | -53.5% |
| Deferred charges and accrued income | 490/1 | €8,650 | €8,851 | +€201 | +2.3% |
| Total equity and liabilities | 10/49 | €163,738 | €81,863 | -€81,875 | -50.0% |
| Equity | 10/15 | €139,093 | €63,693 | -€75,399 | -54.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €136,593 | €178,693 | +€42,100 | +30.8% |
| Tax-exempt reserves | 132 | €42,100 | €84,200 | +€42,100 | +100.0% |
| Distributable reserves | 133 | €94,493 | €94,493 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€117,499 | -€117,499 | |
| Amounts payable | 17/49 | €24,645 | €18,170 | -€6,475 | -26.3% |
| Amounts payable within one year | 42/48 | €24,645 | €18,170 | -€6,475 | -26.3% |
| Financial debts | 43 | €5,573 | €8,248 | +€2,675 | +48.0% |
| Credit institutions | 430/8 | €5,573 | €8,248 | +€2,675 | +48.0% |
| Trade debts | 44 | €764 | €9,922 | +€9,158 | +1198.0% |
| Suppliers | 440/4 | €764 | €9,922 | +€9,158 | +1198.0% |
| Taxes, remuneration and social security | 45 | €7,500 | €0 | -€7,500 | -100.0% |
| Taxes | 450/3 | €7,500 | €0 | -€7,500 | -100.0% |
| Other amounts payable | 47/48 | €10,808 | €0 | -€10,808 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117 | €1,816 | +€1,699 | +1450.2% |
| Other operating charges | 640/8 | €183 | €150 | -€33 | -18.2% |
| Gross operating margin | 9900 | €180,773 | -€64,817 | -€245,589 | |
| Operating profit (loss) | 9901 | €180,472 | -€66,783 | -€247,255 | |
| Financial income | 75/76B | €2 | €3,790 | +€3,788 | +154610.6% |
| Recurring financial income | 75 | €2 | €3,790 | +€3,788 | +154610.6% |
| Financial charges | 65/66B | €4,382 | €2,406 | -€1,975 | -45.1% |
| Recurring financial charges | 65 | €4,382 | €2,406 | -€1,975 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €176,093 | -€65,399 | -€241,492 | |
| Income taxes | 67/77 | €39,500 | €10,000 | -€29,500 | -74.7% |
| Profit (loss) for the period | 9904 | €136,593 | -€75,399 | -€211,992 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,493 | -€117,499 | -€211,992 |
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 9 October 2026 via checked.be.