EXKO: 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.
EXKO
Largest movements
- Cash -€107,093
down €107,093 (-28.4%), from €376,981 to €269,888
mainly Accrued charges and deferred income (-€77,766) and Trade debts (-€71,668)
- Receivables within one year +€9,268
up €9,268 (+11.9%), from €77,569 to €86,836
of which Trade receivables: +€10,893
- Accrued charges and deferred income -€77,766
down €77,766 (-94.2%), from €82,532 to €4,766
- Trade debts -€71,668
down €71,668 (-35.7%), from €200,702 to €129,034
- Other debts +€56,658
up €56,658 (+317%), from €17,864 to €74,523
- Tax, wage and social debts -€21,195
down €21,195 (-27.6%), from €76,844 to €55,649
of which Remuneration and social security: -€26,652
- Reserves +€15,318
up €15,318 (+22.3%), from €68,727 to €84,045
- Gross operating margin -€667,609
down €667,609 (-57.2%), from €1.2m to €499,845
- Staff costs -€550,723
down €550,723 (-54.2%), from €1.0m to €465,576
- Taxes -€16,144
down €16,144 (-74.7%), from €21,601 to €5,457
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 | €480,890 | €382,224 | -€98,666 | -20.5% |
| Fixed assets | 21/28 | €3,001 | €2,141 | -€860 | -28.7% |
| Tangible fixed assets | 22/27 | €3,001 | €2,141 | -€860 | -28.7% |
| Land and buildings | 22 | €1,101 | €241 | -€860 | -78.1% |
| Other tangible fixed assets | 26 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €477,889 | €380,083 | -€97,806 | -20.5% |
| Stocks and contracts in progress | 3 | €14,393 | €11,398 | -€2,995 | -20.8% |
| Stocks | 30/36 | €14,393 | €11,398 | -€2,995 | -20.8% |
| Amounts receivable within one year | 40/41 | €77,569 | €86,836 | +€9,268 | +11.9% |
| Trade receivables | 40 | €8,598 | €19,491 | +€10,893 | +127% |
| Other amounts receivable | 41 | €68,971 | €67,345 | -€1,626 | -2.4% |
| Cash at bank and in hand | 54/58 | €376,981 | €269,888 | -€107,093 | -28.4% |
| Deferred charges and accrued income | 490/1 | €8,947 | €11,961 | +€3,014 | +33.7% |
| Total equity and liabilities | 10/49 | €480,890 | €382,224 | -€98,666 | -20.5% |
| Equity | 10/15 | €99,727 | €115,045 | +€15,318 | +15.4% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €68,727 | €84,045 | +€15,318 | +22.3% |
| Distributable reserves | 133 | €68,727 | €84,045 | +€15,318 | +22.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €381,163 | €267,179 | -€113,984 | -29.9% |
| Amounts payable within one year | 42/48 | €298,631 | €262,413 | -€36,218 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €3,221 | €3,208 | -€13 | -0.4% |
| Trade debts | 44 | €200,702 | €129,034 | -€71,668 | -35.7% |
| Suppliers | 440/4 | €200,702 | €129,034 | -€71,668 | -35.7% |
| Taxes, remuneration and social security | 45 | €76,844 | €55,649 | -€21,195 | -27.6% |
| Taxes | 450/3 | €0 | €5,457 | +€5,457 | |
| Remuneration and social security | 454/9 | €76,844 | €50,192 | -€26,652 | -34.7% |
| Other amounts payable | 47/48 | €17,864 | €74,523 | +€56,658 | +317% |
| Accrued charges and deferred income | 492/3 | €82,532 | €4,766 | -€77,766 | -94.2% |
| Non-recurring operating income | 76A | - | €13,372 | +€13,372 | |
| Remuneration, social security and pensions | 62 | €1,016,300 | €465,576 | -€550,723 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,049 | €860 | -€189 | -18.0% |
| Other operating charges | 640/8 | €2,074 | €1,374 | -€701 | -33.8% |
| Gross operating margin | 9900 | €1,167,454 | €499,845 | -€667,609 | -57.2% |
| Operating profit (loss) | 9901 | €148,032 | €32,035 | -€115,996 | -78.4% |
| Financial income | 75/76B | €1,012 | €1,442 | +€430 | +42.5% |
| Recurring financial income | 75 | €1,012 | €1,442 | +€430 | +42.5% |
| Financial charges | 65/66B | €23,625 | €12,703 | -€10,923 | -46.2% |
| Recurring financial charges | 65 | €23,625 | €12,703 | -€10,923 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €125,418 | €20,775 | -€104,643 | -83.4% |
| Income taxes | 67/77 | €21,601 | €5,457 | -€16,144 | -74.7% |
| Profit (loss) for the period | 9904 | €103,818 | €15,318 | -€88,499 | -85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,818 | €15,318 | -€88,499 | -85.2% |
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 16 October 2026 via checked.be.