EXPANDUS: 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.
EXPANDUS
Largest movements
- Receivables within one year -€775,199
down €775,199 (-39.8%), from €1.9m to €1.2m
of which Other amounts receivable: -€799,199
- Stocks and contracts -€266,787
down €266,787 (-48.1%), from €554,847 to €288,060
- Cash -€185,228
down €185,228 (-97.9%), from €189,257 to €4,028
mainly Net result for the year (-€1.2m) and Trade debts (-€115,355)
- Tangible fixed assets -€103,044
down €103,044 (-12.9%), from €800,310 to €697,266
of which Land and buildings: -€81,584
- Reserves -€1.2m
down €1.2m (-76.8%), from €1.6m to €363,389
of which Distributable reserves: -€1.2m
- Trade debts -€115,355
down €115,355 (-29.5%), from €391,677 to €276,322
- Debts after one year -€59,332
down €59,332 (-10.3%), from €578,507 to €519,175
- Financial charges +€1.0m
up €1.0m (+1061.8%), from €95,516 to €1.1m
- Gross operating margin -€890,664
down €890,664 (-97.7%), from €911,694 to €21,030
- Taxes -€53,152
no longer reported in 2025 (was €53,152)
- Other operating charges +€13,165
up €13,165 (+1275.7%), from €1,032 to €14,197
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.
Cash bridge derived
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 | €4,214,742 | €2,860,651 | -€1.4m | -32.1% |
| Fixed assets | 21/28 | €1,498,311 | €1,395,267 | -€103,044 | -6.9% |
| Tangible fixed assets | 22/27 | €800,310 | €697,266 | -€103,044 | -12.9% |
| Land and buildings | 22 | €714,470 | €632,886 | -€81,584 | -11.4% |
| Furniture and vehicles | 24 | €85,839 | €64,379 | -€21,460 | -25.0% |
| Financial fixed assets | 28 | €698,001 | €698,001 | = | 0.0% |
| Current assets | 29/58 | €2,716,431 | €1,465,384 | -€1.3m | -46.1% |
| Stocks and contracts in progress | 3 | €554,847 | €288,060 | -€266,787 | -48.1% |
| Stocks | 30/36 | €554,847 | €288,060 | -€266,787 | -48.1% |
| Amounts receivable within one year | 40/41 | €1,948,495 | €1,173,296 | -€775,199 | -39.8% |
| Trade receivables | 40 | €24,000 | €48,000 | +€24,000 | +100.0% |
| Other amounts receivable | 41 | €1,924,495 | €1,125,296 | -€799,199 | -41.5% |
| Cash at bank and in hand | 54/58 | €189,257 | €4,028 | -€185,228 | -97.9% |
| Deferred charges and accrued income | 490/1 | €23,832 | - | -€23,832 | |
| Total equity and liabilities | 10/49 | €4,214,742 | €2,860,651 | -€1.4m | -32.1% |
| Equity | 10/15 | €1,599,330 | €393,389 | -€1.2m | -75.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,569,330 | €363,389 | -€1.2m | -76.8% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €1,566,330 | €360,389 | -€1.2m | -77.0% |
| Amounts payable | 17/49 | €2,615,412 | €2,467,261 | -€148,151 | -5.7% |
| Amounts payable after more than one year | 17 | €578,507 | €519,175 | -€59,332 | -10.3% |
| Financial debts | 170/4 | €578,507 | €519,175 | -€59,332 | -10.3% |
| Amounts payable within one year | 42/48 | €2,007,804 | €1,918,550 | -€89,254 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €59,332 | €59,332 | = | 0.0% |
| Trade debts | 44 | €391,677 | €276,322 | -€115,355 | -29.5% |
| Suppliers | 440/4 | €391,677 | €276,322 | -€115,355 | -29.5% |
| Taxes, remuneration and social security | 45 | €53,152 | €53,152 | = | 0.0% |
| Taxes | 450/3 | €53,152 | €53,152 | = | 0.0% |
| Other amounts payable | 47/48 | €1,503,642 | €1,529,743 | +€26,101 | +1.7% |
| Accrued charges and deferred income | 492/3 | €29,101 | €29,537 | +€436 | +1.5% |
| Non-recurring operating income | 76A | €269,631 | €32,770 | -€236,861 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,044 | €103,044 | = | 0.0% |
| Other operating charges | 640/8 | €1,032 | €14,197 | +€13,165 | +1275.7% |
| Non-recurring operating charges | 66A | €27,110 | - | -€27,110 | |
| Gross operating margin | 9900 | €911,694 | €21,030 | -€890,664 | -97.7% |
| Operating profit (loss) | 9901 | €780,508 | -€96,211 | -€876,719 | |
| Financial charges | 65/66B | €95,516 | €1,109,730 | +€1.0m | +1061.8% |
| Recurring financial charges | 65 | €95,516 | €1,109,730 | +€1.0m | +1061.8% |
| Profit (loss) for the period before taxes | 9903 | €684,992 | -€1,205,941 | -€1.9m | |
| Income taxes | 67/77 | €53,152 | - | -€53,152 | |
| Profit (loss) for the period | 9904 | €631,840 | -€1,205,941 | -€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €631,840 | -€1,205,941 | -€1.8m |
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 9 October 2026 via checked.be.