Exsolvæ: 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.
Exsolvæ
Largest movements
- Cash -€42,779
down €42,779 (-65.5%), from €65,264 to €22,485
mainly Other debts (-€75,150) and Deferred charges and accrued income (-€36,056)
- Deferred charges and accrued income +€36,056
up €36,056 (+324.9%), from €11,097 to €47,152
- Intangible fixed assets -€11,032
down €11,032 (-38.8%), from €28,451 to €17,419
- Receivables within one year +€10,335
up €10,335 (+3.2%), from €325,107 to €335,441
of which Trade receivables: +€20,273
- Tangible fixed assets -€4,618
down €4,618 (-75.8%), from €6,095 to €1,477
- Other debts -€75,150
down €75,150 (-16.8%), from €446,809 to €371,659
- Accrued charges and deferred income +€43,596
new in 2025: €43,596
- Trade debts +€24,822
up €24,822 (+14.1%), from €175,738 to €200,560
- Tax, wage and social debts +€19,335
up €19,335 (+31.9%), from €60,597 to €79,931
of which Remuneration and social security: +€23,001
- Profit (loss) carried forward -€14,595
down €14,595 (-1.9%), from -€774,106 to -€788,701
- Gross operating margin +€224,948
up €224,948 (+65.5%), from €343,335 to €568,283
- Staff costs +€189,904
up €189,904 (+55.7%), from €341,193 to €531,097
- Depreciation +€8,388
up €8,388 (+115.5%), from €7,262 to €15,650
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.
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 | €445,585 | €433,546 | -€12,039 | -2.7% |
| Fixed assets | 21/28 | €44,118 | €28,467 | -€15,650 | -35.5% |
| Intangible fixed assets | 21 | €28,451 | €17,419 | -€11,032 | -38.8% |
| Tangible fixed assets | 22/27 | €6,095 | €1,477 | -€4,618 | -75.8% |
| Furniture and vehicles | 24 | €6,095 | €1,477 | -€4,618 | -75.8% |
| Financial fixed assets | 28 | €9,572 | €9,572 | = | 0.0% |
| Current assets | 29/58 | €401,467 | €405,079 | +€3,612 | +0.9% |
| Amounts receivable within one year | 40/41 | €325,107 | €335,441 | +€10,335 | +3.2% |
| Trade receivables | 40 | €315,168 | €335,441 | +€20,273 | +6.4% |
| Other amounts receivable | 41 | €9,939 | €0 | -€9,939 | -100.0% |
| Cash at bank and in hand | 54/58 | €65,264 | €22,485 | -€42,779 | -65.5% |
| Deferred charges and accrued income | 490/1 | €11,097 | €47,152 | +€36,056 | +324.9% |
| Total equity and liabilities | 10/49 | €445,585 | €433,546 | -€12,039 | -2.7% |
| Equity | 10/15 | -€497,606 | -€512,201 | -€14,595 | -2.9% |
| Contributions | 10/11 | €276,500 | €276,500 | = | 0.0% |
| Capital | 10 | €276,500 | €276,500 | = | 0.0% |
| Issued capital | 100 | €276,500 | €276,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€774,106 | -€788,701 | -€14,595 | -1.9% |
| Amounts payable | 17/49 | €943,191 | €945,747 | +€2,556 | +0.3% |
| Amounts payable within one year | 42/48 | €943,191 | €902,151 | -€41,040 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €10,047 | €0 | -€10,047 | -100.0% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €175,738 | €200,560 | +€24,822 | +14.1% |
| Suppliers | 440/4 | €175,738 | €200,560 | +€24,822 | +14.1% |
| Taxes, remuneration and social security | 45 | €60,597 | €79,931 | +€19,335 | +31.9% |
| Taxes | 450/3 | €36,650 | €32,984 | -€3,666 | -10.0% |
| Remuneration and social security | 454/9 | €23,946 | €46,947 | +€23,001 | +96.1% |
| Other amounts payable | 47/48 | €446,809 | €371,659 | -€75,150 | -16.8% |
| Accrued charges and deferred income | 492/3 | - | €43,596 | +€43,596 | |
| Non-recurring operating income | 76A | €6,494 | €0 | -€6,494 | -100.0% |
| Remuneration, social security and pensions | 62 | €341,193 | €531,097 | +€189,904 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,262 | €15,650 | +€8,388 | +115.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €30,195 | €210 | -€29,985 | -99.3% |
| Gross operating margin | 9900 | €343,335 | €568,283 | +€224,948 | +65.5% |
| Operating profit (loss) | 9901 | -€35,703 | €20,926 | +€56,628 | |
| Financial income | 75/76B | €0 | €94 | +€93 | +22166.7% |
| Recurring financial income | 75 | €0 | €94 | +€93 | +22166.7% |
| Financial charges | 65/66B | €37,012 | €35,033 | -€1,978 | -5.3% |
| Recurring financial charges | 65 | €37,012 | €35,033 | -€1,978 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€72,714 | -€14,014 | +€58,700 | +80.7% |
| Income taxes | 67/77 | €864 | €581 | -€282 | -32.7% |
| Profit (loss) for the period | 9904 | -€73,578 | -€14,595 | +€58,982 | +80.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€73,578 | -€14,595 | +€58,982 | +80.2% |
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 5 October 2026 via checked.be.