EXEL: 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.
EXEL
Largest movements
- Receivables within one year -€14,568
down €14,568 (-13.8%), from €105,354 to €90,785
of which Trade receivables: -€15,000
- Cash -€2,751
down €2,751 (-31.6%), from €8,698 to €5,947
mainly Net result for the year (-€20,533)
- Tangible fixed assets -€1,581
down €1,581 (-30.5%), from €5,178 to €3,597
- Profit (loss) carried forward -€20,533
down €20,533 (-225%), from -€9,106 to -€29,639
- Trade debts +€1,633
up €1,633 (+2.9%), from €55,756 to €57,388
- Gross operating margin -€13,201
down €13,201 (-256%), from -€5,156 to -€18,357
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 | €119,439 | €100,539 | -€18,900 | -15.8% |
| Fixed assets | 21/28 | €5,228 | €3,647 | -€1,581 | -30.2% |
| Tangible fixed assets | 22/27 | €5,178 | €3,597 | -€1,581 | -30.5% |
| Furniture and vehicles | 24 | €5,178 | €3,597 | -€1,581 | -30.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €114,211 | €96,892 | -€17,320 | -15.2% |
| Stocks and contracts in progress | 3 | €160 | €160 | = | 0.0% |
| Stocks | 30/36 | €160 | €160 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,354 | €90,785 | -€14,568 | -13.8% |
| Trade receivables | 40 | €91,626 | €76,626 | -€15,000 | -16.4% |
| Other amounts receivable | 41 | €13,728 | €14,159 | +€432 | +3.1% |
| Cash at bank and in hand | 54/58 | €8,698 | €5,947 | -€2,751 | -31.6% |
| Total equity and liabilities | 10/49 | €119,439 | €100,539 | -€18,900 | -15.8% |
| Equity | 10/15 | €62,578 | €42,045 | -€20,533 | -32.8% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €34,500 | €34,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €30,782 | €30,782 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,106 | -€29,639 | -€20,533 | -225% |
| Amounts payable | 17/49 | €56,861 | €58,494 | +€1,633 | +2.9% |
| Amounts payable within one year | 42/48 | €56,861 | €58,494 | +€1,633 | +2.9% |
| Trade debts | 44 | €55,756 | €57,388 | +€1,633 | +2.9% |
| Suppliers | 440/4 | €55,756 | €57,388 | +€1,633 | +2.9% |
| Advances received on contracts in progress | 46 | €419 | €419 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €687 | €687 | = | 0.0% |
| Taxes | 450/3 | €687 | €687 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,581 | €1,581 | = | 0.0% |
| Other operating charges | 640/8 | €532 | €704 | +€172 | +32.3% |
| Gross operating margin | 9900 | -€5,156 | -€18,357 | -€13,201 | -256% |
| Operating profit (loss) | 9901 | -€7,269 | -€20,642 | -€13,373 | -184% |
| Financial income | 75/76B | €382 | €406 | +€24 | +6.2% |
| Recurring financial income | 75 | €382 | €406 | +€24 | +6.2% |
| Financial charges | 65/66B | €238 | €297 | +€59 | +25.0% |
| Recurring financial charges | 65 | €238 | €297 | +€59 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,125 | -€20,533 | -€13,409 | -188% |
| Profit (loss) for the period | 9904 | -€7,125 | -€20,533 | -€13,409 | -188% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,125 | -€20,533 | -€13,409 | -188% |
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 19 October 2026 via checked.be.