EXEL - HOF: 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 - HOF
Largest movements
- Cash -€32,828
down €32,828 (-85.5%), from €38,385 to €5,557
mainly Investment in fixed assets (net) (-€34,466) and Debts after one year (-€21,255)
- Stocks and contracts +€8,775
up €8,775 (+3.7%), from €237,500 to €246,275
- Debts after one year -€21,255
down €21,255 (-16.3%), from €130,000 to €108,745
- Trade debts -€9,658
down €9,658 (-96.2%), from €10,035 to €378
- Reserves +€8,034
up €8,034 (+2.6%), from €308,898 to €316,931
of which Distributable reserves: +€8,034
- Turnover -€171,720
no longer reported in 2025 (was €171,720)
- Purchases and services -€123,671
no longer reported in 2025 (was €123,671)
- Gross operating margin -€5,180
down €5,180 (-7.1%), from €72,789 to €67,610
- Depreciation +€4,279
up €4,279 (+16.3%), from €26,185 to €30,464
- Taxes -€3,291
down €3,291 (-44.3%), from €7,426 to €4,135
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 | €551,740 | €533,185 | -€18,555 | -3.4% |
| Fixed assets | 21/28 | €262,624 | €266,627 | +€4,003 | +1.5% |
| Tangible fixed assets | 22/27 | €262,624 | €266,627 | +€4,003 | +1.5% |
| Land and buildings | 22 | €242,072 | €233,367 | -€8,705 | -3.6% |
| Plant, machinery and equipment | 23 | €7,715 | €6,938 | -€778 | -10.1% |
| Furniture and vehicles | 24 | €12,837 | €26,322 | +€13,485 | +105% |
| Current assets | 29/58 | €289,116 | €266,558 | -€22,558 | -7.8% |
| Stocks and contracts in progress | 3 | €237,500 | €246,275 | +€8,775 | +3.7% |
| Stocks | 30/36 | €237,500 | €246,275 | +€8,775 | +3.7% |
| Amounts receivable within one year | 40/41 | €9,809 | €11,400 | +€1,591 | +16.2% |
| Trade receivables | 40 | €1,050 | €3,420 | +€2,370 | +226% |
| Other amounts receivable | 41 | €8,759 | €7,979 | -€779 | -8.9% |
| Cash at bank and in hand | 54/58 | €38,385 | €5,557 | -€32,828 | -85.5% |
| Deferred charges and accrued income | 490/1 | €3,422 | €3,326 | -€96 | -2.8% |
| Total equity and liabilities | 10/49 | €551,740 | €533,185 | -€18,555 | -3.4% |
| Equity | 10/15 | €400,898 | €408,931 | +€8,034 | +2.0% |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Capital | 10 | €92,000 | €92,000 | = | 0.0% |
| Issued capital | 100 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €308,898 | €316,931 | +€8,034 | +2.6% |
| Non-distributable reserves | 130/1 | €9,200 | €9,200 | = | 0.0% |
| Legal reserve | 130 | €9,200 | €9,200 | = | 0.0% |
| Distributable reserves | 133 | €299,698 | €307,731 | +€8,034 | +2.7% |
| Amounts payable | 17/49 | €150,842 | €124,254 | -€26,589 | -17.6% |
| Amounts payable after more than one year | 17 | €130,000 | €108,745 | -€21,255 | -16.3% |
| Financial debts | 170/4 | €130,000 | €108,745 | -€21,255 | -16.3% |
| Amounts payable within one year | 42/48 | €20,842 | €13,301 | -€7,541 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,727 | +€4,727 | |
| Trade debts | 44 | €10,035 | €378 | -€9,658 | -96.2% |
| Suppliers | 440/4 | €10,035 | €378 | -€9,658 | -96.2% |
| Taxes, remuneration and social security | 45 | €4,224 | €6,561 | +€2,338 | +55.3% |
| Taxes | 450/3 | €3,195 | €6,561 | +€3,367 | +105% |
| Remuneration and social security | 454/9 | €1,029 | - | -€1,029 | |
| Other amounts payable | 47/48 | €6,583 | €1,635 | -€4,948 | -75.2% |
| Accrued charges and deferred income | 492/3 | - | €2,207 | +€2,207 | |
| Turnover | 70 | €171,720 | - | -€171,720 | |
| Goods, raw materials, services and sundry goods | 60/61 | €123,671 | - | -€123,671 | |
| Remuneration, social security and pensions | 62 | €19,321 | €18,859 | -€462 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,185 | €30,464 | +€4,279 | +16.3% |
| Other operating charges | 640/8 | €3,308 | €5,344 | +€2,036 | +61.5% |
| Gross operating margin | 9900 | €72,789 | €67,610 | -€5,180 | -7.1% |
| Operating profit (loss) | 9901 | €23,976 | €12,943 | -€11,033 | -46.0% |
| Financial charges | 65/66B | €1,579 | €774 | -€805 | -51.0% |
| Recurring financial charges | 65 | €229 | €774 | +€545 | +237% |
| Non-recurring financial charges | 66B | €1,350 | - | -€1,350 | |
| Profit (loss) for the period before taxes | 9903 | €22,397 | €12,169 | -€10,228 | -45.7% |
| Income taxes | 67/77 | €7,426 | €4,135 | -€3,291 | -44.3% |
| Profit (loss) for the period | 9904 | €14,970 | €8,034 | -€6,937 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,970 | €8,034 | -€6,937 | -46.3% |
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 26 October 2026 via checked.be.