Expo-Etcetera: 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-Etcetera
Largest movements
- Receivables within one year -€133,165
down €133,165 (-60.2%), from €221,114 to €87,949
of which Trade receivables: -€102,830
- Cash -€96,594
down €96,594 (-44.0%), from €219,738 to €123,144
mainly Contributions, distributions and other (-€182,844) and Investment in fixed assets (net) (-€76,767)
- Tangible fixed assets +€51,855
up €51,855 (+95.0%), from €54,557 to €106,412
of which Plant, machinery and equipment: +€67,855
- Deferred charges and accrued income -€10,231
down €10,231 (-26.2%), from €39,017 to €28,786
- Reserves -€152,585
down €152,585 (-36.1%), from €423,066 to €270,482
of which Distributable reserves: -€152,585
- Other debts -€67,777
down €67,777 (-84.6%), from €80,146 to €12,370
- Debts after one year +€26,131
new in 2025: €26,131
- Current portion of long-term debt +€23,254
new in 2025: €23,254
- Gross operating margin -€16,897
down €16,897 (-9.8%), from €172,897 to €156,001
- Depreciation +€7,925
up €7,925 (+46.7%), from €16,987 to €24,912
- Taxes -€6,208
down €6,208 (-35.7%), from €17,383 to €11,175
- Staff costs +€2,095
up €2,095 (+2.5%), from €84,471 to €86,566
- Financial charges +€1,897
up €1,897 (+278%), from €682 to €2,578
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 | €604,543 | €422,182 | -€182,361 | -30.2% |
| Fixed assets | 21/28 | €54,557 | €106,412 | +€51,855 | +95.0% |
| Tangible fixed assets | 22/27 | €54,557 | €106,412 | +€51,855 | +95.0% |
| Plant, machinery and equipment | 23 | €6,557 | €74,411 | +€67,855 | +1,035% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €48,000 | €32,000 | -€16,000 | -33.3% |
| Current assets | 29/58 | €549,986 | €315,770 | -€234,215 | -42.6% |
| Stocks and contracts in progress | 3 | €70,117 | €75,892 | +€5,775 | +8.2% |
| Stocks | 30/36 | €70,117 | €75,892 | +€5,775 | +8.2% |
| Amounts receivable within one year | 40/41 | €221,114 | €87,949 | -€133,165 | -60.2% |
| Trade receivables | 40 | €190,779 | €87,949 | -€102,830 | -53.9% |
| Other amounts receivable | 41 | €30,335 | - | -€30,335 | |
| Cash at bank and in hand | 54/58 | €219,738 | €123,144 | -€96,594 | -44.0% |
| Deferred charges and accrued income | 490/1 | €39,017 | €28,786 | -€10,231 | -26.2% |
| Total equity and liabilities | 10/49 | €604,543 | €422,182 | -€182,361 | -30.2% |
| Equity | 10/15 | €452,816 | €300,232 | -€152,585 | -33.7% |
| Contributions | 10/11 | €29,750 | €29,750 | = | 0.0% |
| Reserves | 13 | €423,066 | €270,482 | -€152,585 | -36.1% |
| Non-distributable reserves | 130/1 | €2,975 | €2,975 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €420,091 | €267,507 | -€152,585 | -36.3% |
| Amounts payable | 17/49 | €151,726 | €121,950 | -€29,776 | -19.6% |
| Amounts payable after more than one year | 17 | - | €26,131 | +€26,131 | |
| Financial debts | 170/4 | - | €26,131 | +€26,131 | |
| Amounts payable within one year | 42/48 | €151,333 | €95,820 | -€55,514 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | - | €23,254 | +€23,254 | |
| Trade debts | 44 | €37,609 | €32,009 | -€5,601 | -14.9% |
| Suppliers | 440/4 | €37,609 | €32,009 | -€5,601 | -14.9% |
| Taxes, remuneration and social security | 45 | €33,578 | €28,187 | -€5,390 | -16.1% |
| Taxes | 450/3 | €19,010 | €12,308 | -€6,702 | -35.3% |
| Remuneration and social security | 454/9 | €14,568 | €15,879 | +€1,312 | +9.0% |
| Other amounts payable | 47/48 | €80,146 | €12,370 | -€67,777 | -84.6% |
| Accrued charges and deferred income | 492/3 | €393 | - | -€393 | |
| Remuneration, social security and pensions | 62 | €84,471 | €86,566 | +€2,095 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,987 | €24,912 | +€7,925 | +46.7% |
| Other operating charges | 640/8 | €2,121 | €826 | -€1,295 | -61.1% |
| Gross operating margin | 9900 | €172,897 | €156,001 | -€16,897 | -9.8% |
| Operating profit (loss) | 9901 | €69,317 | €43,696 | -€25,621 | -37.0% |
| Financial income | 75/76B | €305 | €316 | +€11 | +3.5% |
| Recurring financial income | 75 | €305 | €316 | +€11 | +3.5% |
| Financial charges | 65/66B | €682 | €2,578 | +€1,897 | +278% |
| Recurring financial charges | 65 | €682 | €2,578 | +€1,897 | +278% |
| Profit (loss) for the period before taxes | 9903 | €68,941 | €41,434 | -€27,507 | -39.9% |
| Income taxes | 67/77 | €17,383 | €11,175 | -€6,208 | -35.7% |
| Profit (loss) for the period | 9904 | €51,558 | €30,259 | -€21,300 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,558 | €30,259 | -€21,300 | -41.3% |
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 16 October 2026 via checked.be.