EXPAN: 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.
EXPAN
Largest movements
- Stocks and contracts +€142,412
up €142,412 (+24.0%), from €594,473 to €736,884
- Cash +€16,759
up €16,759 (+49.7%), from €33,745 to €50,505
mainly Short-term financial debts (+€111,343) and Trade debts (+€62,894)
- Receivables within one year +€15,504
up €15,504 (+20.7%), from €74,903 to €90,407
of which Trade receivables: +€18,794
- Short-term financial debts +€111,343
up €111,343, from €0 to €111,343
- Trade debts +€62,894
up €62,894 (+1,487%), from €4,231 to €67,125
- Other debts +€34,576
up €34,576 (+6.9%), from €500,213 to €534,788
- Debts after one year -€29,524
down €29,524 (-5.7%), from €515,281 to €485,756
- Profit (loss) carried forward -€15,359
down €15,359 (-11.0%), from €139,355 to €123,996
- Gross operating margin +€22,789
up €22,789 (+237%), from €9,607 to €32,396
- Depreciation -€10,579
down €10,579 (-43.3%), from €24,404 to €13,826
- Financial charges +€4,228
up €4,228 (+14.3%), from €29,620 to €33,849
- Other operating charges -€3,849
down €3,849 (-93.0%), from €4,137 to €288
- Financial income -€852
down €852 (-80.4%), from €1,060 to €208
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 | €1,314,208 | €1,483,144 | +€168,936 | +12.9% |
| Fixed assets | 21/28 | €609,996 | €604,882 | -€5,114 | -0.8% |
| Tangible fixed assets | 22/27 | €587,996 | €582,882 | -€5,114 | -0.9% |
| Land and buildings | 22 | €587,240 | €582,782 | -€4,458 | -0.8% |
| Furniture and vehicles | 24 | €756 | €101 | -€655 | -86.7% |
| Financial fixed assets | 28 | €22,000 | €22,000 | = | 0.0% |
| Current assets | 29/58 | €704,212 | €878,262 | +€174,049 | +24.7% |
| Stocks and contracts in progress | 3 | €594,473 | €736,884 | +€142,412 | +24.0% |
| Stocks | 30/36 | €594,473 | €736,884 | +€142,412 | +24.0% |
| Amounts receivable within one year | 40/41 | €74,903 | €90,407 | +€15,504 | +20.7% |
| Trade receivables | 40 | €70,228 | €89,022 | +€18,794 | +26.8% |
| Other amounts receivable | 41 | €4,675 | €1,385 | -€3,290 | -70.4% |
| Cash at bank and in hand | 54/58 | €33,745 | €50,505 | +€16,759 | +49.7% |
| Deferred charges and accrued income | 490/1 | €1,091 | €465 | -€625 | -57.3% |
| Total equity and liabilities | 10/49 | €1,314,208 | €1,483,144 | +€168,936 | +12.9% |
| Equity | 10/15 | €266,105 | €250,746 | -€15,359 | -5.8% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €8,150 | €8,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €8,150 | €8,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,355 | €123,996 | -€15,359 | -11.0% |
| Amounts payable | 17/49 | €1,048,104 | €1,232,398 | +€184,295 | +17.6% |
| Amounts payable after more than one year | 17 | €515,281 | €485,756 | -€29,524 | -5.7% |
| Financial debts | 170/4 | €515,281 | €485,756 | -€29,524 | -5.7% |
| Amounts payable within one year | 42/48 | €532,823 | €746,642 | +€213,819 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €28,380 | €29,524 | +€1,145 | +4.0% |
| Financial debts | 43 | €0 | €111,343 | +€111,343 | |
| Credit institutions | 430/8 | €0 | €111,343 | +€111,343 | |
| Trade debts | 44 | €4,231 | €67,125 | +€62,894 | +1,487% |
| Suppliers | 440/4 | €4,231 | €67,125 | +€62,894 | +1,487% |
| Taxes, remuneration and social security | 45 | - | €3,861 | +€3,861 | |
| Taxes | 450/3 | - | €3,861 | +€3,861 | |
| Other amounts payable | 47/48 | €500,213 | €534,788 | +€34,576 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,404 | €13,826 | -€10,579 | -43.3% |
| Other operating charges | 640/8 | €4,137 | €288 | -€3,849 | -93.0% |
| Gross operating margin | 9900 | €9,607 | €32,396 | +€22,789 | +237% |
| Operating profit (loss) | 9901 | -€18,935 | €18,282 | +€37,216 | |
| Financial income | 75/76B | €1,060 | €208 | -€852 | -80.4% |
| Recurring financial income | 75 | €1,060 | €208 | -€852 | -80.4% |
| Financial charges | 65/66B | €29,620 | €33,849 | +€4,228 | +14.3% |
| Recurring financial charges | 65 | €29,620 | €33,849 | +€4,228 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | -€47,495 | -€15,359 | +€32,136 | +67.7% |
| Profit (loss) for the period | 9904 | -€47,495 | -€15,359 | +€32,136 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,495 | -€15,359 | +€32,136 | +67.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.