EXPAL - NEWCO: what changed
EXPAL - NEWCO
Largest movements
- Stocks and contracts -€12,077
down €12,077 (-23.9%), from €50,492 to €38,415
- Receivables within one year +€9,099
up €9,099 (+310%), from €2,931 to €12,030
of which Trade receivables: +€4,959
- Cash +€2,476
up €2,476 (+37.2%), from €6,648 to €9,124
mainly Stocks and contracts (+€12,077) and Net result for the year (+€4,856)
- Tangible fixed assets +€752
new in 2025: €752
- Reserves +€4,856
up €4,856 (+11.7%), from €41,437 to €46,293
of which Distributable reserves: +€4,856
- Other debts -€2,950
no longer reported in 2025 (was €2,950)
- Trade debts -€2,109
no longer reported in 2025 (was €2,109)
- Gross operating margin +€11,374
up €11,374, from -€4,548 to €6,826
- Provisions +€5,057
no longer reported in 2025 (was -€5,057)
- Other operating charges -€4,936
down €4,936 (-81.7%), from €6,045 to €1,109
- Staff costs -€1,517
down €1,517 (-88.1%), from €1,722 to €205
- Taxes +€542
up €542 (+310%), from €175 to €717
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,391 | €65,724 | +€333 | +0.5% |
| Fixed assets | 21/28 | - | €752 | +€752 | |
| Tangible fixed assets | 22/27 | - | €752 | +€752 | |
| Plant, machinery and equipment | 23 | - | €752 | +€752 | |
| Current assets | 29/58 | €65,391 | €64,972 | -€419 | -0.6% |
| Stocks and contracts in progress | 3 | €50,492 | €38,415 | -€12,077 | -23.9% |
| Stocks | 30/36 | €50,492 | €38,415 | -€12,077 | -23.9% |
| Amounts receivable within one year | 40/41 | €2,931 | €12,030 | +€9,099 | +310% |
| Trade receivables | 40 | €1,710 | €6,669 | +€4,959 | +290% |
| Other amounts receivable | 41 | €1,221 | €5,361 | +€4,140 | +339% |
| Current investments | 50/53 | €1,403 | €1,403 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,648 | €9,124 | +€2,476 | +37.2% |
| Deferred charges and accrued income | 490/1 | €3,918 | €4,001 | +€84 | +2.1% |
| Total equity and liabilities | 10/49 | €65,391 | €65,724 | +€333 | +0.5% |
| Equity | 10/15 | €60,029 | €64,885 | +€4,856 | +8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €41,437 | €46,293 | +€4,856 | +11.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €624 | €624 | = | 0.0% |
| Distributable reserves | 133 | €38,954 | €43,810 | +€4,856 | +12.5% |
| Amounts payable | 17/49 | €5,362 | €839 | -€4,523 | -84.4% |
| Amounts payable within one year | 42/48 | €5,362 | €839 | -€4,523 | -84.4% |
| Trade debts | 44 | €2,109 | - | -€2,109 | |
| Suppliers | 440/4 | €2,109 | - | -€2,109 | |
| Taxes, remuneration and social security | 45 | €303 | €839 | +€536 | +177% |
| Taxes | 450/3 | €303 | €839 | +€536 | +177% |
| Other amounts payable | 47/48 | €2,950 | - | -€2,950 | |
| Remuneration, social security and pensions | 62 | €1,722 | €205 | -€1,517 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427 | €267 | -€160 | -37.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,057 | - | +€5,057 | |
| Other operating charges | 640/8 | €6,045 | €1,109 | -€4,936 | -81.7% |
| Gross operating margin | 9900 | -€4,548 | €6,826 | +€11,374 | |
| Operating profit (loss) | 9901 | -€7,685 | €5,245 | +€12,930 | |
| Financial income | 75/76B | - | €386 | +€386 | |
| Recurring financial income | 75 | - | €386 | +€386 | |
| Financial charges | 65/66B | €73 | €58 | -€15 | -20.2% |
| Recurring financial charges | 65 | €73 | €58 | -€15 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,758 | €5,573 | +€13,331 | |
| Income taxes | 67/77 | €175 | €717 | +€542 | +310% |
| Profit (loss) for the period | 9904 | -€7,932 | €4,856 | +€12,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,932 | €4,856 | +€12,789 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.