EXPO: 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.
EXPO
Largest movements
- Stocks and contracts -€378,046
down €378,046 (-8.5%), from €4.5m to €4.1m
- Receivables within one year +€287,926
up €287,926 (+37.9%), from €758,891 to €1.0m
of which Trade receivables: +€455,067
- Tangible fixed assets -€95,755
down €95,755 (-12.7%), from €751,989 to €656,234
of which Land and buildings: -€82,500
- Short-term financial debts -€450,000
no longer reported in 2025 (was €450,000)
- Reserves +€137,736
up €137,736 (+3.4%), from €4.1m to €4.2m
of which Distributable reserves: +€137,736
- Trade debts +€115,053
up €115,053 (+28.9%), from €397,993 to €513,045
- Advances received -€91,327
down €91,327 (-79.2%), from €115,377 to €24,050
- Other debts +€85,000
up €85,000 (+17.9%), from €475,000 to €560,000
- Gross operating margin -€290,065
down €290,065 (-38.0%), from €763,088 to €473,023
- Financial charges -€48,461
down €48,461 (-73.8%), from €65,705 to €17,244
- Taxes +€40,612
up €40,612 (+40.6%), from €100,000 to €140,612
- Financial income +€26,413
up €26,413 (+29,355%), from €90 to €26,503
of which Non-recurring financial income: +€26,500
- Write-downs -€18,650
new in 2025: -€18,650
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 | €6,096,681 | €5,892,960 | -€203,721 | -3.3% |
| Fixed assets | 21/28 | €752,489 | €656,734 | -€95,755 | -12.7% |
| Tangible fixed assets | 22/27 | €751,989 | €656,234 | -€95,755 | -12.7% |
| Land and buildings | 22 | €657,295 | €574,795 | -€82,500 | -12.6% |
| Plant, machinery and equipment | 23 | €76,013 | €66,150 | -€9,863 | -13.0% |
| Furniture and vehicles | 24 | €18,681 | €10,289 | -€8,392 | -44.9% |
| Other tangible fixed assets | 26 | - | €5,000 | +€5,000 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €5,344,192 | €5,236,226 | -€107,966 | -2.0% |
| Stocks and contracts in progress | 3 | €4,467,545 | €4,089,499 | -€378,046 | -8.5% |
| Stocks | 30/36 | €4,467,545 | €4,089,499 | -€378,046 | -8.5% |
| Amounts receivable within one year | 40/41 | €758,891 | €1,046,817 | +€287,926 | +37.9% |
| Trade receivables | 40 | €437,011 | €892,078 | +€455,067 | +104% |
| Other amounts receivable | 41 | €321,880 | €154,740 | -€167,141 | -51.9% |
| Cash at bank and in hand | 54/58 | €113,001 | €95,876 | -€17,125 | -15.2% |
| Deferred charges and accrued income | 490/1 | €4,755 | €4,035 | -€720 | -15.2% |
| Total equity and liabilities | 10/49 | €6,096,681 | €5,892,960 | -€203,721 | -3.3% |
| Equity | 10/15 | €4,658,128 | €4,795,865 | +€137,736 | +3.0% |
| Contributions | 10/11 | €594,926 | €594,926 | = | 0.0% |
| Capital | 10 | €594,926 | €594,926 | = | 0.0% |
| Issued capital | 100 | €594,926 | €594,926 | = | 0.0% |
| Reserves | 13 | €4,063,202 | €4,200,939 | +€137,736 | +3.4% |
| Non-distributable reserves | 130/1 | €59,493 | €59,493 | = | 0.0% |
| Legal reserve | 130 | €59,493 | €59,493 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,827 | €1,827 | = | 0.0% |
| Distributable reserves | 133 | €4,001,882 | €4,139,619 | +€137,736 | +3.4% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €1,438,553 | €1,097,095 | -€341,458 | -23.7% |
| Amounts payable within one year | 42/48 | €1,438,370 | €1,097,095 | -€341,274 | -23.7% |
| Financial debts | 43 | €450,000 | - | -€450,000 | |
| Credit institutions | 430/8 | €450,000 | - | -€450,000 | |
| Trade debts | 44 | €397,993 | €513,045 | +€115,053 | +28.9% |
| Suppliers | 440/4 | €397,993 | €513,045 | +€115,053 | +28.9% |
| Advances received on contracts in progress | 46 | €115,377 | €24,050 | -€91,327 | -79.2% |
| Other amounts payable | 47/48 | €475,000 | €560,000 | +€85,000 | +17.9% |
| Accrued charges and deferred income | 492/3 | €183 | - | -€183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,051 | €107,562 | -€5,489 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€18,650 | -€18,650 | |
| Other operating charges | 640/8 | €42,637 | €40,022 | -€2,615 | -6.1% |
| Gross operating margin | 9900 | €763,088 | €473,023 | -€290,065 | -38.0% |
| Operating profit (loss) | 9901 | €607,400 | €344,089 | -€263,312 | -43.4% |
| Financial income | 75/76B | €90 | €26,503 | +€26,413 | +29,355% |
| Recurring financial income | 75 | €90 | €3 | -€87 | -96.2% |
| Non-recurring financial income | 76B | - | €26,500 | +€26,500 | |
| Financial charges | 65/66B | €65,705 | €17,244 | -€48,461 | -73.8% |
| Recurring financial charges | 65 | €65,705 | €17,244 | -€48,461 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €541,786 | €353,349 | -€188,437 | -34.8% |
| Income taxes | 67/77 | €100,000 | €140,612 | +€40,612 | +40.6% |
| Profit (loss) for the period | 9904 | €441,786 | €212,736 | -€229,049 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €441,786 | €212,736 | -€229,049 | -51.8% |
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 13 October 2026 via checked.be.