EXOR CAPITAL: 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.
EXOR CAPITAL
Largest movements
- Tangible fixed assets +€784,066
up €784,066 (+33.8%), from €2.3m to €3.1m
of which Land and buildings: +€785,708
- Cash +€83,973
up €83,973 (+87.3%), from €96,212 to €180,185
mainly Debts after one year (+€1.0m) and Depreciation (+€261,099)
- Receivables within one year +€58,437
up €58,437 (+27.1%), from €215,516 to €273,953
of which Other amounts receivable: +€91,782
- Debts after one year +€1.0m
up €1.0m (+53.0%), from €2.0m to €3.0m
of which Financial debts: +€694,241
- Profit (loss) carried forward -€45,849
down €45,849 (-95.8%), from €47,839 to €1,990
- Trade debts -€36,862
down €36,862 (-93.9%), from €39,236 to €2,374
- Gross operating margin +€114,484
up €114,484 (+64.5%), from €177,471 to €291,955
- Depreciation +€96,180
up €96,180 (+58.3%), from €164,919 to €261,099
- Financial charges +€12,299
up €12,299 (+18.7%), from €65,744 to €78,044
- Other operating charges -€9,273
down €9,273 (-83.7%), from €11,078 to €1,806
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 | €2,640,207 | €3,570,573 | +€930,366 | +35.2% |
| Fixed assets | 21/28 | €2,326,099 | €3,109,164 | +€783,066 | +33.7% |
| Tangible fixed assets | 22/27 | €2,323,099 | €3,107,164 | +€784,066 | +33.8% |
| Land and buildings | 22 | €2,309,566 | €3,095,274 | +€785,708 | +34.0% |
| Plant, machinery and equipment | 23 | €7,590 | €6,680 | -€910 | -12.0% |
| Furniture and vehicles | 24 | €1,652 | €1,459 | -€193 | -11.7% |
| Other tangible fixed assets | 26 | €4,290 | €3,751 | -€539 | -12.6% |
| Financial fixed assets | 28 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Current assets | 29/58 | €314,109 | €461,409 | +€147,300 | +46.9% |
| Amounts receivable within one year | 40/41 | €215,516 | €273,953 | +€58,437 | +27.1% |
| Trade receivables | 40 | €55,916 | €22,571 | -€33,345 | -59.6% |
| Other amounts receivable | 41 | €159,600 | €251,382 | +€91,782 | +57.5% |
| Cash at bank and in hand | 54/58 | €96,212 | €180,185 | +€83,973 | +87.3% |
| Deferred charges and accrued income | 490/1 | €2,380 | €7,271 | +€4,891 | +205% |
| Total equity and liabilities | 10/49 | €2,640,207 | €3,570,573 | +€930,366 | +35.2% |
| Equity | 10/15 | €105,666 | €57,302 | -€48,364 | -45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,839 | €1,990 | -€45,849 | -95.8% |
| Investment grants | 15 | €37,368 | €34,852 | -€2,515 | -6.7% |
| Provisions and deferred taxes | 16 | €9,342 | €8,713 | -€629 | -6.7% |
| Deferred taxes | 168 | €9,342 | €8,713 | -€629 | -6.7% |
| Amounts payable | 17/49 | €2,525,199 | €3,504,558 | +€979,359 | +38.8% |
| Amounts payable after more than one year | 17 | €1,950,956 | €2,984,666 | +€1.0m | +53.0% |
| Financial debts | 170/4 | €1,950,956 | €2,645,197 | +€694,241 | +35.6% |
| Other amounts payable | 178/9 | - | €339,469 | +€339,469 | |
| Amounts payable within one year | 42/48 | €526,082 | €482,727 | -€43,356 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €112,538 | €110,396 | -€2,141 | -1.9% |
| Trade debts | 44 | €39,236 | €2,374 | -€36,862 | -93.9% |
| Suppliers | 440/4 | €39,236 | €2,374 | -€36,862 | -93.9% |
| Taxes, remuneration and social security | 45 | €11,275 | €9,106 | -€2,169 | -19.2% |
| Taxes | 450/3 | €11,275 | €9,106 | -€2,169 | -19.2% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €363,034 | €360,851 | -€2,183 | -0.6% |
| Accrued charges and deferred income | 492/3 | €48,161 | €37,166 | -€10,995 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,919 | €261,099 | +€96,180 | +58.3% |
| Other operating charges | 640/8 | €11,078 | €1,806 | -€9,273 | -83.7% |
| Gross operating margin | 9900 | €177,471 | €291,955 | +€114,484 | +64.5% |
| Operating profit (loss) | 9901 | €1,473 | €29,050 | +€27,577 | +1,872% |
| Financial income | 75/76B | €2,519 | €2,515 | -€3 | -0.1% |
| Recurring financial income | 75 | €2,519 | €2,515 | -€3 | -0.1% |
| Financial charges | 65/66B | €65,744 | €78,044 | +€12,299 | +18.7% |
| Recurring financial charges | 65 | €65,744 | €78,044 | +€12,299 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | -€61,752 | -€46,478 | +€15,275 | +24.7% |
| Transfer from deferred taxes | 780 | €629 | €629 | = | 0.0% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€61,123 | -€45,849 | +€15,275 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,123 | -€45,849 | +€15,275 | +25.0% |
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 24 October 2026 via checked.be.