EXMAR: what changed
Two fiscal 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.
What changed
EXMAR
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€293.0m
2023 · €2.6m+€290.4m
Equity
€599.6m
2023 · €306.6m+€293.0m
Cash
€60.9m
2023 · €64.4m-€3.5m
Balance sheet total
€805.2m
2023 · €457.8m+€347.4m
Largest movements
Assets
- Financial fixed assets +€164.0m
up €164.0m (+51.2%), from €320.3m to €484.3m
of which Affiliated companies: +€163.7m
- Current investments +€116.7m
up €116.7m (+642.9%), from €18.1m to €134.8m
of which Other investments: +€109.8m
- Receivables within one year +€69.7m
up €69.7m (+129.8%), from €53.7m to €123.4m
of which Other amounts receivable: +€70.5m
Equity and liabilities
- Profit (loss) carried forward +€286.2m
up €286.2m (+4797.7%), from €6.0m to €292.1m
- Debts after one year +€79.9m
new in 2024: €79.9m
- Other debts -€18.7m
down €18.7m (-13.7%), from €135.8m to €117.2m
- Provisions -€10.4m
down €10.4m (-78.6%), from €13.3m to €2.9m
Income statement
- Financial income +€265.7m
up €265.7m (+731.2%), from €36.3m to €302.0m
of which Financial income: +€169.0m
- Provisions -€22.9m
down €22.9m, from €12.5m to -€10.4m
- Financial charges -€7.1m
down €7.1m (-61.4%), from €11.6m to €4.5m
- Services and other goods +€3.2m
up €3.2m (+30.8%), from €10.5m to €13.7m
- Taxes +€1.2m
up €1.2m, from -€191,653 to €999,312
of which Taxes: +€992,329
From the 2023 result to the 2024 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.
Result 2023
€2.6m
Turnover
-€405,328
Other operating income
+€19,980
Services and other goods
-€3.2m
Staff costs
-€377,822
Depreciation
-€62,527
Provisions
+€22.9m
Other operating charges
-€96,865
Financial income
+€265.7m
Financial charges
+€7.1m
Taxes
-€1.2m
Result 2024
€293.0m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€197.6m
Investment
-€281.0m
Financing
+€79.9m
Cash 2023
€64.4m
From operations (derived)
+€197.6m
Net result for the year
+€293.0m
Depreciation
+€118,077
Receivables within one year
-€69.7m
Smaller working-capital items
-€318,259
Provisions
-€10.4m
Trade debts
+€3.6m
Other debts
-€18.7m
Investment (derived)
-€281.0m
Investment in fixed assets (net)
-€164.3m
Current investments
-€116.7m
Financing
+€79.9m
Debts after one year
+€79.9m
Contributions, distributions and other
-€1
Cash 2024
€60.9m
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €457,780,885 | €805,158,003 | +€347.4m | +75.9% |
| Fixed assets | 21/28 | €320,511,840 | €484,688,538 | +€164.2m | +51.2% |
| Tangible fixed assets | 22/27 | €191,708 | €373,175 | +€181,467 | +94.7% |
| Plant, machinery and equipment | 23 | €175,106 | €202,030 | +€26,924 | +15.4% |
| Furniture and vehicles | 24 | €16,602 | €171,145 | +€154,543 | +930.9% |
| Financial fixed assets | 28 | €320,320,132 | €484,315,363 | +€164.0m | +51.2% |
| Affiliated companies | 280/1 | €320,079,169 | €483,813,170 | +€163.7m | +51.2% |
| Participating interests | 280 | €118,385,300 | €51,967,775 | -€66.4m | -56.1% |
| Amounts receivable | 281 | €201,693,869 | €431,845,395 | +€230.2m | +114.1% |
| Companies linked by participating interests | 282/3 | €240,551 | €240,551 | = | 0.0% |
| Participating interests | 282 | €240,551 | €240,551 | = | 0.0% |
| Other financial fixed assets | 284/8 | €412 | €261,642 | +€261,230 | +63405.3% |
| Shares | 284 | €80 | €1,605 | +€1,525 | +1906.3% |
| Amounts receivable and cash guarantees | 285/8 | €332 | €260,037 | +€259,705 | +78224.4% |
| Current assets | 29/58 | €137,269,045 | €320,469,465 | +€183.2m | +133.5% |
| Amounts receivable within one year | 40/41 | €53,722,619 | €123,445,153 | +€69.7m | +129.8% |
| Trade receivables | 40 | €6,401,125 | €5,664,264 | -€736,861 | -11.5% |
| Other amounts receivable | 41 | €47,321,494 | €117,780,889 | +€70.5m | +148.9% |
| Current investments | 50/53 | €18,147,143 | €134,810,773 | +€116.7m | +642.9% |
| Own shares | 50 | €16,426,597 | €23,287,888 | +€6.9m | +41.8% |
| Other investments | 51/53 | €1,720,546 | €111,522,885 | +€109.8m | +6381.8% |
| Cash at bank and in hand | 54/58 | €64,426,699 | €60,913,499 | -€3.5m | -5.5% |
| Deferred charges and accrued income | 490/1 | €972,584 | €1,300,040 | +€327,456 | +33.7% |
| Total equity and liabilities | 10/49 | €457,780,885 | €805,158,003 | +€347.4m | +75.9% |
| Equity | 10/15 | €306,609,474 | €599,624,625 | +€293.0m | +95.6% |
| Contributions | 10/11 | €213,445,516 | €213,445,516 | = | 0.0% |
| Capital | 10 | €88,811,667 | €88,811,667 | = | 0.0% |
| Issued capital | 100 | €88,811,667 | €88,811,667 | = | 0.0% |
| Outside capital | 11 | €124,633,849 | €124,633,849 | = | 0.0% |
| Share premium | 1100/10 | €124,633,849 | €124,633,849 | = | 0.0% |
| Reserves | 13 | €87,199,604 | €94,060,894 | +€6.9m | +7.9% |
| Non-distributable reserves | 130/1 | €25,678,595 | €32,539,886 | +€6.9m | +26.7% |
| Legal reserve | 130 | €8,881,167 | €8,881,167 | = | 0.0% |
| Reserves not available under the articles | 1311 | €370,831 | €370,831 | = | 0.0% |
| Own shares acquired | 1312 | €16,426,597 | €23,287,888 | +€6.9m | +41.8% |
| Tax-exempt reserves | 132 | €61,521,009 | €61,521,008 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | €5,964,354 | €292,118,215 | +€286.2m | +4797.7% |
| Provisions and deferred taxes | 16 | €13,296,232 | €2,850,000 | -€10.4m | -78.6% |
| Provisions for liabilities and charges | 160/5 | €13,296,232 | €2,850,000 | -€10.4m | -78.6% |
| Other liabilities and charges | 164/5 | €13,296,232 | €2,850,000 | -€10.4m | -78.6% |
| Amounts payable | 17/49 | €137,875,179 | €202,683,378 | +€64.8m | +47.0% |
| Amounts payable after more than one year | 17 | - | €79,855,021 | +€79.9m | |
| Financial debts | 170/4 | - | €79,855,021 | +€79.9m | |
| Other loans | 174 | - | €79,855,021 | +€79.9m | |
| Amounts payable within one year | 42/48 | €137,864,350 | €122,828,357 | -€15.0m | -10.9% |
| Trade debts | 44 | €782,910 | €4,395,332 | +€3.6m | +461.4% |
| Suppliers | 440/4 | €782,910 | €4,395,332 | +€3.6m | +461.4% |
| Taxes, remuneration and social security | 45 | €1,238,793 | €1,258,819 | +€20,026 | +1.6% |
| Taxes | 450/3 | €541,291 | €394,897 | -€146,394 | -27.0% |
| Remuneration and social security | 454/9 | €697,502 | €863,922 | +€166,420 | +23.9% |
| Other amounts payable | 47/48 | €135,842,647 | €117,174,206 | -€18.7m | -13.7% |
| Accrued charges and deferred income | 492/3 | €10,829 | - | -€10,829 | |
| Operating income | 70/76A | €6,121,403 | €5,736,055 | -€385,348 | -6.3% |
| Turnover | 70 | €5,737,615 | €5,332,287 | -€405,328 | -7.1% |
| Other operating income | 74 | €383,788 | €403,768 | +€19,980 | +5.2% |
| Operating charges | 60/66A | €28,414,709 | €9,235,923 | -€19.2m | -67.5% |
| Services and other goods | 61 | €10,480,341 | €13,706,805 | +€3.2m | +30.8% |
| Remuneration, social security and pensions | 62 | €4,974,557 | €5,352,379 | +€377,822 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,550 | €118,077 | +€62,527 | +112.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,496,232 | -€10,446,232 | -€22.9m | |
| Other operating charges | 640/8 | €408,029 | €504,894 | +€96,865 | +23.7% |
| Operating profit (loss) | 9901 | -€22,293,306 | -€3,499,868 | +€18.8m | +84.3% |
| Financial income | 75/76B | €36,333,566 | €301,994,481 | +€265.7m | +731.2% |
| Recurring financial income | 75 | €32,972,566 | €201,958,095 | +€169.0m | +512.5% |
| Income from financial fixed assets | 750 | €14,883,300 | €196,021,117 | +€181.1m | +1217.1% |
| Income from current assets | 751 | €18,046,897 | €5,806,287 | -€12.2m | -67.8% |
| Other financial income | 752/9 | €42,369 | €130,691 | +€88,322 | +208.5% |
| Non-recurring financial income | 76B | €3,361,000 | €100,036,386 | +€96.7m | +2876.4% |
| Financial charges | 65/66B | €11,597,589 | €4,480,149 | -€7.1m | -61.4% |
| Recurring financial charges | 65 | €11,597,589 | €4,480,149 | -€7.1m | -61.4% |
| Debt charges | 650 | €4,352,077 | €9,009,430 | +€4.7m | +107.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€1,598,293 | -€6,875,036 | -€5.3m | -330.1% |
| Other financial charges | 652/9 | €8,843,805 | €2,345,755 | -€6.5m | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €2,442,671 | €294,014,464 | +€291.6m | +11936.6% |
| Income taxes | 67/77 | -€191,653 | €999,312 | +€1.2m | |
| Taxes | 670/3 | €6,983 | €999,312 | +€992,329 | +14210.6% |
| Tax adjustments and reversals of tax provisions | 77 | €198,636 | - | -€198,636 | |
| Profit (loss) for the period | 9904 | €2,634,324 | €293,015,152 | +€290.4m | +11023.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,634,324 | €293,015,152 | +€290.4m | +11023.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.