EXSPECTO: 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.
EXSPECTO
Largest movements
- Tangible fixed assets +€24,480
up €24,480 (+76.3%), from €32,070 to €56,549
of which Land and buildings: +€25,776
- Receivables within one year -€11,032
down €11,032 (-90.5%), from €12,197 to €1,164
of which Trade receivables: -€7,399
- Deferred charges and accrued income -€2,865
down €2,865 (-69.4%), from €4,128 to €1,264
- Cash -€2,373
down €2,373 (-38.4%), from €6,177 to €3,804
mainly Investment in fixed assets (net) (-€30,238) and Trade debts (-€12,997)
- Stocks and contracts +€1,139
new in 2025: €1,139
- Other debts +€24,951
up €24,951 (+1269.1%), from €1,966 to €26,917
- Trade debts -€12,997
down €12,997 (-98.5%), from €13,200 to €203
- Accrued charges and deferred income -€3,536
down €3,536 (-57.4%), from €6,164 to €2,628
- Depreciation +€1,363
up €1,363 (+31.0%), from €4,395 to €5,758
- Gross operating margin +€474
up €474 (+7.6%), from €6,224 to €6,698
- Taxes -€154
no longer reported in 2025 (was €154)
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 | €54,571 | €63,920 | +€9,348 | +17.1% |
| Fixed assets | 21/28 | €32,070 | €56,549 | +€24,480 | +76.3% |
| Tangible fixed assets | 22/27 | €32,070 | €56,549 | +€24,480 | +76.3% |
| Land and buildings | 22 | €15,745 | €41,522 | +€25,776 | +163.7% |
| Plant, machinery and equipment | 23 | €6,788 | €7,597 | +€809 | +11.9% |
| Furniture and vehicles | 24 | €9,536 | €7,430 | -€2,106 | -22.1% |
| Current assets | 29/58 | €22,502 | €7,371 | -€15,131 | -67.2% |
| Stocks and contracts in progress | 3 | - | €1,139 | +€1,139 | |
| Stocks | 30/36 | - | €1,139 | +€1,139 | |
| Amounts receivable within one year | 40/41 | €12,197 | €1,164 | -€11,032 | -90.5% |
| Trade receivables | 40 | €8,549 | €1,150 | -€7,399 | -86.5% |
| Other amounts receivable | 41 | €3,648 | €14 | -€3,633 | -99.6% |
| Cash at bank and in hand | 54/58 | €6,177 | €3,804 | -€2,373 | -38.4% |
| Deferred charges and accrued income | 490/1 | €4,128 | €1,264 | -€2,865 | -69.4% |
| Total equity and liabilities | 10/49 | €54,571 | €63,920 | +€9,348 | +17.1% |
| Equity | 10/15 | €3,088 | €3,585 | +€497 | +16.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €88 | €585 | +€497 | +565.0% |
| Distributable reserves | 133 | €88 | €585 | +€497 | +565.0% |
| Amounts payable | 17/49 | €51,483 | €60,334 | +€8,851 | +17.2% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,319 | €27,707 | +€12,387 | +80.9% |
| Trade debts | 44 | €13,200 | €203 | -€12,997 | -98.5% |
| Suppliers | 440/4 | €13,200 | €203 | -€12,997 | -98.5% |
| Taxes, remuneration and social security | 45 | €154 | €587 | +€433 | +281.7% |
| Taxes | 450/3 | €154 | €587 | +€433 | +281.7% |
| Other amounts payable | 47/48 | €1,966 | €26,917 | +€24,951 | +1269.1% |
| Accrued charges and deferred income | 492/3 | €6,164 | €2,628 | -€3,536 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,395 | €5,758 | +€1,363 | +31.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €6,224 | €6,698 | +€474 | +7.6% |
| Operating profit (loss) | 9901 | €1,442 | €540 | -€902 | -62.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | +710.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +710.0% |
| Financial charges | 65/66B | €44 | €44 | +€0 | +0.3% |
| Recurring financial charges | 65 | €44 | €44 | +€0 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €1,398 | €497 | -€901 | -64.5% |
| Income taxes | 67/77 | €154 | - | -€154 | |
| Profit (loss) for the period | 9904 | €1,245 | €497 | -€748 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,245 | €497 | -€748 | -60.1% |
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 8 October 2026 via checked.be.