EXSAN: 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.
EXSAN
Largest movements
- Receivables within one year +€970,228
up €970,228 (+38.0%), from €2.6m to €3.5m
of which Trade receivables: +€781,845
- Deferred charges and accrued income -€93,954
down €93,954 (-76.1%), from €123,479 to €29,526
- Cash -€52,850
down €52,850 (-44.2%), from €119,654 to €66,805
mainly Receivables within one year (-€970,228) and Tax, wage and social debts (-€24,530)
- Trade debts +€487,441
up €487,441 (+37.4%), from €1.3m to €1.8m
- Other debts +€300,000
up €300,000 (+75.0%), from €400,000 to €700,000
- Reserves +€62,501
up €62,501 (+7.0%), from €890,877 to €953,378
of which Distributable reserves: +€62,501
- Turnover -€3.6m
down €3.6m (-17.9%), from €19.9m to €16.3m
- Purchases and services -€3.3m
down €3.3m (-17.8%), from €18.6m to €15.3m
- Gross operating margin -€255,912
down €255,912 (-20.3%), from €1.3m to €1.0m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,796,648 | €3,622,059 | +€825,411 | +29.5% |
| Fixed assets | 21/28 | €0 | €1,987 | +€1,987 | |
| Tangible fixed assets | 22/27 | €0 | €1,987 | +€1,987 | |
| Plant, machinery and equipment | 23 | €0 | €1,987 | +€1,987 | |
| Current assets | 29/58 | €2,796,648 | €3,620,072 | +€823,424 | +29.4% |
| Amounts receivable within one year | 40/41 | €2,553,514 | €3,523,742 | +€970,228 | +38.0% |
| Trade receivables | 40 | €2,426,260 | €3,208,105 | +€781,845 | +32.2% |
| Other amounts receivable | 41 | €127,254 | €315,637 | +€188,383 | +148.0% |
| Cash at bank and in hand | 54/58 | €119,654 | €66,805 | -€52,850 | -44.2% |
| Deferred charges and accrued income | 490/1 | €123,479 | €29,526 | -€93,954 | -76.1% |
| Total equity and liabilities | 10/49 | €2,796,648 | €3,622,059 | +€825,411 | +29.5% |
| Equity | 10/15 | €953,377 | €1,015,878 | +€62,501 | +6.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €890,877 | €953,378 | +€62,501 | +7.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €884,627 | €947,128 | +€62,501 | +7.1% |
| Amounts payable | 17/49 | €1,843,270 | €2,606,181 | +€762,910 | +41.4% |
| Amounts payable within one year | 42/48 | €1,843,270 | €2,606,181 | +€762,910 | +41.4% |
| Trade debts | 44 | €1,304,435 | €1,791,875 | +€487,441 | +37.4% |
| Suppliers | 440/4 | €1,304,435 | €1,791,875 | +€487,441 | +37.4% |
| Taxes, remuneration and social security | 45 | €138,836 | €114,306 | -€24,530 | -17.7% |
| Taxes | 450/3 | €17,891 | €15,039 | -€2,852 | -15.9% |
| Remuneration and social security | 454/9 | €120,945 | €99,267 | -€21,678 | -17.9% |
| Other amounts payable | 47/48 | €400,000 | €700,000 | +€300,000 | +75.0% |
| Turnover | 70 | €19,878,879 | €16,313,444 | -€3.6m | -17.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €18,641,316 | €15,329,897 | -€3.3m | -17.8% |
| Remuneration, social security and pensions | 62 | €990,710 | €814,501 | -€176,209 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1 | €162 | +€161 | +16089.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €52,363 | €9,742 | -€42,621 | -81.4% |
| Other operating charges | 640/8 | €1,748 | €1,304 | -€444 | -25.4% |
| Gross operating margin | 9900 | €1,257,649 | €1,001,737 | -€255,912 | -20.3% |
| Operating profit (loss) | 9901 | €212,827 | €176,028 | -€36,799 | -17.3% |
| Financial income | 75/76B | €31,069 | €6,671 | -€24,398 | -78.5% |
| Recurring financial income | 75 | €31,069 | €6,671 | -€24,398 | -78.5% |
| Financial charges | 65/66B | €158,676 | €87,158 | -€71,518 | -45.1% |
| Recurring financial charges | 65 | €158,676 | €87,158 | -€71,518 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €85,220 | €95,541 | +€10,321 | +12.1% |
| Income taxes | 67/77 | €35,696 | €33,041 | -€2,655 | -7.4% |
| Profit (loss) for the period | 9904 | €49,524 | €62,501 | +€12,977 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,524 | €62,501 | +€12,977 | +26.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.