EXPLORERS: 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.
EXPLORERS
Largest movements
- Deferred charges and accrued income +€83,100
new in 2025: €83,100
- Receivables within one year -€77,907
down €77,907 (-17.0%), from €456,972 to €379,065
of which Trade receivables: -€68,836
- Advances received -€288,704
down €288,704 (-80.8%), from €357,168 to €68,464
- Accrued charges and deferred income +€260,724
new in 2025: €260,724
- Contributions +€50,000
up €50,000 (+160%), from €31,200 to €81,200
- Current portion of long-term debt -€37,729
down €37,729 (-74.2%), from €50,877 to €13,148
- Tax, wage and social debts +€19,963
new in 2025: €19,963
of which Taxes: +€19,473
- Financial charges -€3,402
down €3,402 (-53.1%), from €6,411 to €3,009
- Gross operating margin -€1,069
down €1,069 (-11.4%), from €9,346 to €8,276
- Taxes +€746
new in 2025: €746
- Financial income +€356
up €356 (+1,818%), from €20 to €375
- Staff costs +€146
up €146 (+5.1%), from €2,867 to €3,013
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 | €495,041 | €499,238 | +€4,196 | +0.8% |
| Current assets | 29/58 | €495,041 | €499,238 | +€4,196 | +0.8% |
| Amounts receivable within one year | 40/41 | €456,972 | €379,065 | -€77,907 | -17.0% |
| Trade receivables | 40 | €447,901 | €379,065 | -€68,836 | -15.4% |
| Other amounts receivable | 41 | €9,071 | - | -€9,071 | |
| Cash at bank and in hand | 54/58 | €38,070 | €37,073 | -€997 | -2.6% |
| Deferred charges and accrued income | 490/1 | - | €83,100 | +€83,100 | |
| Total equity and liabilities | 10/49 | €495,041 | €499,238 | +€4,196 | +0.8% |
| Equity | 10/15 | €31,979 | €83,862 | +€51,883 | +162% |
| Contributions | 10/11 | €31,200 | €81,200 | +€50,000 | +160% |
| Contributions outside capital | 11 | €31,200 | €81,200 | +€50,000 | +160% |
| Other | 1109/19 | €31,200 | €81,200 | +€50,000 | +160% |
| Reserves | 13 | €126 | €126 | = | 0.0% |
| Distributable reserves | 133 | €126 | €126 | = | 0.0% |
| Profit (loss) carried forward | 14 | €653 | €2,536 | +€1,883 | +288% |
| Amounts payable | 17/49 | €463,062 | €415,375 | -€47,687 | -10.3% |
| Amounts payable after more than one year | 17 | €8,746 | - | -€8,746 | |
| Financial debts | 170/4 | €8,746 | - | -€8,746 | |
| Amounts payable within one year | 42/48 | €454,317 | €154,651 | -€299,666 | -66.0% |
| Current portion of amounts payable after more than one year | 42 | €50,877 | €13,148 | -€37,729 | -74.2% |
| Trade debts | 44 | €46,272 | €53,076 | +€6,804 | +14.7% |
| Suppliers | 440/4 | €46,272 | €53,076 | +€6,804 | +14.7% |
| Advances received on contracts in progress | 46 | €357,168 | €68,464 | -€288,704 | -80.8% |
| Taxes, remuneration and social security | 45 | - | €19,963 | +€19,963 | |
| Taxes | 450/3 | - | €19,473 | +€19,473 | |
| Remuneration and social security | 454/9 | - | €490 | +€490 | |
| Accrued charges and deferred income | 492/3 | - | €260,724 | +€260,724 | |
| Remuneration, social security and pensions | 62 | €2,867 | €3,013 | +€146 | +5.1% |
| Gross operating margin | 9900 | €9,346 | €8,276 | -€1,069 | -11.4% |
| Operating profit (loss) | 9901 | €6,479 | €5,264 | -€1,215 | -18.8% |
| Financial income | 75/76B | €20 | €375 | +€356 | +1,818% |
| Recurring financial income | 75 | €20 | €375 | +€356 | +1,818% |
| Financial charges | 65/66B | €6,411 | €3,009 | -€3,402 | -53.1% |
| Recurring financial charges | 65 | €6,411 | €3,009 | -€3,402 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €87 | €2,629 | +€2,543 | +2,925% |
| Income taxes | 67/77 | - | €746 | +€746 | |
| Profit (loss) for the period | 9904 | €87 | €1,883 | +€1,796 | +2,067% |
| Profit (loss) for the period to be appropriated | 9905 | €87 | €1,883 | +€1,796 | +2,067% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.