Expansio: 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.
Expansio
Largest movements
- Receivables within one year -€43,625
down €43,625 (-39.5%), from €110,330 to €66,705
of which Trade receivables: -€43,445
- Cash -€3,573
down €3,573 (-93.4%), from €3,825 to €252
mainly Net result for the year (-€37,673) and Tax, wage and social debts (-€7,256)
- Profit (loss) carried forward -€37,673
down €37,673, from €3,961 to -€33,712
- Tax, wage and social debts -€7,256
down €7,256 (-61.8%), from €11,739 to €4,483
- Trade debts -€3,861
down €3,861 (-20.0%), from €19,288 to €15,426
of which Suppliers: -€7,394
- Gross operating margin -€91,632
down €91,632, from €56,774 to -€34,859
- Taxes -€11,270
down €11,270 (-98.1%), from €11,488 to €218
- Financial charges -€688
down €688 (-15.9%), from €4,342 to €3,653
- Financial income -€671
down €671 (-18.3%), from €3,659 to €2,988
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 | €117,868 | €69,078 | -€48,790 | -41.4% |
| Fixed assets | 21/28 | €2,766 | €2,121 | -€645 | -23.3% |
| Tangible fixed assets | 22/27 | €2,766 | €2,121 | -€645 | -23.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,910 | €1,432 | -€478 | -25.0% |
| Other tangible fixed assets | 26 | €856 | €689 | -€167 | -19.5% |
| Current assets | 29/58 | €115,102 | €66,957 | -€48,145 | -41.8% |
| Amounts receivable within one year | 40/41 | €110,330 | €66,705 | -€43,625 | -39.5% |
| Trade receivables | 40 | €55,075 | €11,630 | -€43,445 | -78.9% |
| Other amounts receivable | 41 | €55,255 | €55,075 | -€180 | -0.3% |
| Cash at bank and in hand | 54/58 | €3,825 | €252 | -€3,573 | -93.4% |
| Deferred charges and accrued income | 490/1 | €947 | - | -€947 | |
| Total equity and liabilities | 10/49 | €117,868 | €69,078 | -€48,790 | -41.4% |
| Equity | 10/15 | €81,941 | €44,268 | -€37,673 | -46.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,380 | €59,380 | = | 0.0% |
| Distributable reserves | 133 | €59,380 | €59,380 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,961 | -€33,712 | -€37,673 | |
| Amounts payable | 17/49 | €35,926 | €24,809 | -€11,117 | -30.9% |
| Amounts payable within one year | 42/48 | €35,926 | €24,809 | -€11,117 | -30.9% |
| Financial debts | 43 | €4,900 | €4,900 | = | 0.0% |
| Credit institutions | 430/8 | €4,900 | €4,900 | = | 0.0% |
| Trade debts | 44 | €19,288 | €15,426 | -€3,861 | -20.0% |
| Suppliers | 440/4 | €19,288 | €11,893 | -€7,394 | -38.3% |
| Bills of exchange payable | 441 | - | €3,533 | +€3,533 | |
| Taxes, remuneration and social security | 45 | €11,739 | €4,483 | -€7,256 | -61.8% |
| Taxes | 450/3 | €11,739 | €4,483 | -€7,256 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €636 | €645 | +€9 | +1.4% |
| Other operating charges | 640/8 | €1,620 | €1,286 | -€334 | -20.6% |
| Gross operating margin | 9900 | €56,774 | -€34,859 | -€91,632 | |
| Operating profit (loss) | 9901 | €54,517 | -€36,790 | -€91,307 | |
| Financial income | 75/76B | €3,659 | €2,988 | -€671 | -18.3% |
| Recurring financial income | 75 | €3,659 | €2,988 | -€671 | -18.3% |
| Financial charges | 65/66B | €4,342 | €3,653 | -€688 | -15.9% |
| Recurring financial charges | 65 | €4,342 | €3,653 | -€688 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €53,834 | -€37,455 | -€91,289 | |
| Income taxes | 67/77 | €11,488 | €218 | -€11,270 | -98.1% |
| Profit (loss) for the period | 9904 | €42,346 | -€37,673 | -€80,020 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,346 | -€37,673 | -€80,020 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.