Expeels: 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.
Expeels
Largest movements
- Cash -€27,100
down €27,100 (-27.0%), from €100,421 to €73,321
mainly Investment in fixed assets (net) (-€44,284) and Net result for the year (-€26,913)
- Tangible fixed assets +€20,009
up €20,009 (+24.3%), from €82,453 to €102,462
of which Furniture and vehicles: +€23,149
- Current investments +€15,832
new in 2025: €15,832
- Receivables within one year -€5,097
down €5,097 (-11.7%), from €43,445 to €38,348
of which Trade receivables: -€12,036
- Deferred charges and accrued income +€3,436
new in 2025: €3,436
- Other debts +€50,411
up €50,411, from €0 to €50,411
- Profit (loss) carried forward -€26,913
down €26,913 (-24.3%), from -€110,534 to -€137,448
- Debts after one year -€10,293
down €10,293 (-24.1%), from €42,622 to €32,329
- Tax, wage and social debts -€6,141
down €6,141 (-75.8%), from €8,100 to €1,959
- Gross operating margin -€98,933
down €98,933 (-87.8%), from €112,658 to €13,725
- Other operating charges +€13,465
up €13,465 (+561.3%), from €2,399 to €15,863
- Taxes -€2,477
down €2,477 (-83.7%), from €2,959 to €482
- Depreciation +€1,422
up €1,422 (+6.2%), from €22,854 to €24,276
- Financial income +€1,230
up €1,230 (+29291.4%), from €4 to €1,234
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 | €231,319 | €238,398 | +€7,080 | +3.1% |
| Fixed assets | 21/28 | €82,453 | €102,462 | +€20,009 | +24.3% |
| Tangible fixed assets | 22/27 | €82,453 | €102,462 | +€20,009 | +24.3% |
| Land and buildings | 22 | €46,669 | €43,100 | -€3,569 | -7.6% |
| Plant, machinery and equipment | 23 | €5,462 | €5,890 | +€428 | +7.8% |
| Furniture and vehicles | 24 | €30,322 | €53,472 | +€23,149 | +76.3% |
| Current assets | 29/58 | €148,866 | €135,937 | -€12,929 | -8.7% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,445 | €38,348 | -€5,097 | -11.7% |
| Trade receivables | 40 | €21,834 | €9,798 | -€12,036 | -55.1% |
| Other amounts receivable | 41 | €21,610 | €28,549 | +€6,939 | +32.1% |
| Current investments | 50/53 | - | €15,832 | +€15,832 | |
| Cash at bank and in hand | 54/58 | €100,421 | €73,321 | -€27,100 | -27.0% |
| Deferred charges and accrued income | 490/1 | - | €3,436 | +€3,436 | |
| Total equity and liabilities | 10/49 | €231,319 | €238,398 | +€7,080 | +3.1% |
| Equity | 10/15 | €169,466 | €142,552 | -€26,913 | -15.9% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,534 | -€137,448 | -€26,913 | -24.3% |
| Amounts payable | 17/49 | €61,853 | €95,846 | +€33,993 | +55.0% |
| Amounts payable after more than one year | 17 | €42,622 | €32,329 | -€10,293 | -24.1% |
| Financial debts | 170/4 | €42,622 | €32,329 | -€10,293 | -24.1% |
| Amounts payable within one year | 42/48 | €19,231 | €63,517 | +€44,286 | +230.3% |
| Current portion of amounts payable after more than one year | 42 | €9,918 | €10,293 | +€375 | +3.8% |
| Trade debts | 44 | €1,214 | €854 | -€360 | -29.6% |
| Suppliers | 440/4 | €1,214 | €854 | -€360 | -29.6% |
| Taxes, remuneration and social security | 45 | €8,100 | €1,959 | -€6,141 | -75.8% |
| Taxes | 450/3 | €8,100 | €1,959 | -€6,141 | -75.8% |
| Other amounts payable | 47/48 | €0 | €50,411 | +€50,411 | |
| Non-recurring operating income | 76A | €0 | €1,916 | +€1,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,854 | €24,276 | +€1,422 | +6.2% |
| Other operating charges | 640/8 | €2,399 | €15,863 | +€13,465 | +561.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €112,658 | €13,725 | -€98,933 | -87.8% |
| Operating profit (loss) | 9901 | €87,405 | -€26,414 | -€113,820 | |
| Financial income | 75/76B | €4 | €1,234 | +€1,230 | +29291.4% |
| Recurring financial income | 75 | €4 | €1,234 | +€1,230 | +29291.4% |
| Financial charges | 65/66B | €1,849 | €1,251 | -€598 | -32.3% |
| Recurring financial charges | 65 | €1,849 | €1,251 | -€598 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €85,560 | -€26,431 | -€111,991 | |
| Income taxes | 67/77 | €2,959 | €482 | -€2,477 | -83.7% |
| Profit (loss) for the period | 9904 | €82,601 | -€26,913 | -€109,514 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,601 | -€26,913 | -€109,514 |
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 1 October 2026 via checked.be.