EXHILARATE: 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.
EXHILARATE
Largest movements
- Receivables within one year +€5,070
up €5,070 (+1,327%), from €382 to €5,452
of which Trade receivables: +€5,033
- Tangible fixed assets +€4,954
new in 2025: €4,954
- Intangible fixed assets -€4,539
down €4,539 (-15.3%), from €29,586 to €25,048
- Cash +€4,453
up €4,453 (+61.1%), from €7,287 to €11,740
mainly Net result for the year (+€30,265) and Depreciation (+€8,084)
- Profit (loss) carried forward +€30,265
up €30,265 (+73.0%), from -€41,487 to -€11,222
- Other debts -€12,956
down €12,956 (-41.4%), from €31,276 to €18,320
- Trade debts +€7,964
up €7,964 (+150%), from €5,306 to €13,270
- Debts after one year -€7,263
no longer reported in 2025 (was €7,263)
- Current portion of long-term debt -€5,023
down €5,023 (-40.9%), from €12,286 to €7,263
- Gross operating margin +€33,970
up €33,970 (+297%), from €11,427 to €45,397
- Depreciation +€3,546
up €3,546 (+78.1%), from €4,539 to €8,084
- Taxes +€3,522
up €3,522 (+996%), from €354 to €3,876
- Other operating charges +€634
up €634 (+37.2%), from €1,703 to €2,337
- Financial income +€571
up €571 (+1,217%), from €47 to €618
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 | €39,023 | €48,650 | +€9,627 | +24.7% |
| Fixed assets | 21/28 | €29,586 | €30,002 | +€416 | +1.4% |
| Intangible fixed assets | 21 | €29,586 | €25,048 | -€4,539 | -15.3% |
| Tangible fixed assets | 22/27 | - | €4,954 | +€4,954 | |
| Furniture and vehicles | 24 | - | €4,954 | +€4,954 | |
| Current assets | 29/58 | €9,436 | €18,647 | +€9,211 | +97.6% |
| Amounts receivable within one year | 40/41 | €382 | €5,452 | +€5,070 | +1,327% |
| Trade receivables | 40 | €382 | €5,415 | +€5,033 | +1,318% |
| Other amounts receivable | 41 | - | €37 | +€37 | |
| Cash at bank and in hand | 54/58 | €7,287 | €11,740 | +€4,453 | +61.1% |
| Deferred charges and accrued income | 490/1 | €1,767 | €1,456 | -€311 | -17.6% |
| Total equity and liabilities | 10/49 | €39,023 | €48,650 | +€9,627 | +24.7% |
| Equity | 10/15 | -€28,887 | €1,378 | +€30,265 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,487 | -€11,222 | +€30,265 | +73.0% |
| Amounts payable | 17/49 | €67,910 | €47,272 | -€20,638 | -30.4% |
| Amounts payable after more than one year | 17 | €7,263 | - | -€7,263 | |
| Financial debts | 170/4 | €7,263 | - | -€7,263 | |
| Amounts payable within one year | 42/48 | €60,647 | €47,272 | -€13,376 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €12,286 | €7,263 | -€5,023 | -40.9% |
| Trade debts | 44 | €5,306 | €13,270 | +€7,964 | +150% |
| Suppliers | 440/4 | €5,306 | €13,270 | +€7,964 | +150% |
| Taxes, remuneration and social security | 45 | €11,780 | €8,419 | -€3,360 | -28.5% |
| Taxes | 450/3 | €7,454 | €8,419 | +€965 | +12.9% |
| Remuneration and social security | 454/9 | €4,325 | - | -€4,325 | |
| Other amounts payable | 47/48 | €31,276 | €18,320 | -€12,956 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,539 | €8,084 | +€3,546 | +78.1% |
| Other operating charges | 640/8 | €1,703 | €2,337 | +€634 | +37.2% |
| Gross operating margin | 9900 | €11,427 | €45,397 | +€33,970 | +297% |
| Operating profit (loss) | 9901 | €5,185 | €34,976 | +€29,791 | +575% |
| Financial income | 75/76B | €47 | €618 | +€571 | +1,217% |
| Recurring financial income | 75 | €47 | €618 | +€571 | +1,217% |
| Financial charges | 65/66B | €1,021 | €1,453 | +€432 | +42.3% |
| Recurring financial charges | 65 | €1,021 | €1,453 | +€432 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | €4,211 | €34,141 | +€29,931 | +711% |
| Income taxes | 67/77 | €354 | €3,876 | +€3,522 | +996% |
| Profit (loss) for the period | 9904 | €3,857 | €30,265 | +€26,408 | +685% |
| Profit (loss) for the period to be appropriated | 9905 | €3,857 | €30,265 | +€26,408 | +685% |
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 29 October 2026 via checked.be.