EXHALE: 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.
EXHALE
Largest movements
- Cash +€61,645
up €61,645 (+80.2%), from €76,905 to €138,550
mainly Trade debts (+€86,347) and Net result for the year (+€41,660)
- Receivables within one year +€47,399
up €47,399 (+833%), from €5,691 to €53,091
of which Trade receivables: +€48,901
- Trade debts +€86,347
up €86,347 (+1,888%), from €4,573 to €90,920
- Profit (loss) carried forward +€41,660
up €41,660 (+12.1%), from -€343,783 to -€302,123
- Other debts -€33,090
down €33,090 (-8.3%), from €400,771 to €367,681
- Tax, wage and social debts +€29,279
up €29,279 (+814%), from €3,596 to €32,875
- Advances received -€17,141
no longer reported in 2025 (was €17,141)
- Gross operating margin +€193,735
up €193,735, from -€172,558 to €21,177
- Financial income +€22,058
up €22,058 (+1,650%), from €1,336 to €23,395
of which Non-recurring financial income: +€23,090
- Financial charges -€2,571
down €2,571 (-64.9%), from €3,964 to €1,393
- Other operating charges -€1,941
down €1,941 (-78.9%), from €2,461 to €520
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 | €90,698 | €198,742 | +€108,044 | +119% |
| Fixed assets | 21/28 | €8,101 | €7,101 | -€1,000 | -12.3% |
| Tangible fixed assets | 22/27 | €8,101 | €7,101 | -€1,000 | -12.3% |
| Plant, machinery and equipment | 23 | €8,101 | €7,101 | -€1,000 | -12.3% |
| Current assets | 29/58 | €82,597 | €191,641 | +€109,044 | +132% |
| Amounts receivable within one year | 40/41 | €5,691 | €53,091 | +€47,399 | +833% |
| Trade receivables | 40 | - | €48,901 | +€48,901 | |
| Other amounts receivable | 41 | €5,691 | €4,190 | -€1,501 | -26.4% |
| Cash at bank and in hand | 54/58 | €76,905 | €138,550 | +€61,645 | +80.2% |
| Total equity and liabilities | 10/49 | €90,698 | €198,742 | +€108,044 | +119% |
| Equity | 10/15 | -€335,383 | -€293,723 | +€41,660 | +12.4% |
| Contributions | 10/11 | €8,400 | €8,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€343,783 | -€302,123 | +€41,660 | +12.1% |
| Amounts payable | 17/49 | €426,081 | €492,465 | +€66,384 | +15.6% |
| Amounts payable within one year | 42/48 | €426,081 | €491,476 | +€65,396 | +15.3% |
| Trade debts | 44 | €4,573 | €90,920 | +€86,347 | +1,888% |
| Suppliers | 440/4 | €4,573 | €90,920 | +€86,347 | +1,888% |
| Advances received on contracts in progress | 46 | €17,141 | - | -€17,141 | |
| Taxes, remuneration and social security | 45 | €3,596 | €32,875 | +€29,279 | +814% |
| Taxes | 450/3 | €3,596 | €32,875 | +€29,279 | +814% |
| Other amounts payable | 47/48 | €400,771 | €367,681 | -€33,090 | -8.3% |
| Accrued charges and deferred income | 492/3 | - | €988 | +€988 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,166 | €1,000 | -€1,166 | -53.8% |
| Other operating charges | 640/8 | €2,461 | €520 | -€1,941 | -78.9% |
| Gross operating margin | 9900 | -€172,558 | €21,177 | +€193,735 | |
| Operating profit (loss) | 9901 | -€177,184 | €19,658 | +€196,842 | |
| Financial income | 75/76B | €1,336 | €23,395 | +€22,058 | +1,650% |
| Recurring financial income | 75 | €1,336 | €305 | -€1,031 | -77.2% |
| Non-recurring financial income | 76B | - | €23,090 | +€23,090 | |
| Financial charges | 65/66B | €3,964 | €1,393 | -€2,571 | -64.9% |
| Recurring financial charges | 65 | €3,964 | €1,393 | -€2,571 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | -€179,812 | €41,660 | +€221,472 | |
| Profit (loss) for the period | 9904 | -€179,812 | €41,660 | +€221,472 | |
| Profit (loss) for the period to be appropriated | 9905 | -€179,812 | €41,660 | +€221,472 |
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 14 October 2026 via checked.be.