IMMO EXEL: 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.
IMMO EXEL
Largest movements
- Receivables within one year -€476,364
down €476,364 (-82.0%), from €580,768 to €104,404
of which Trade receivables: -€478,928
- Stocks and contracts +€415,436
up €415,436 (+7.9%), from €5.3m to €5.7m
- Receivables after one year +€206,000
new in 2025: €206,000
- Cash +€124,295
up €124,295 (+967.1%), from €12,852 to €137,147
mainly Advances received (+€1.3m) and Receivables within one year (+€476,364)
- Advances received +€1.3m
up €1.3m (+29.2%), from €4.4m to €5.7m
- Debts after one year -€577,781
down €577,781 (-44.5%), from €1.3m to €719,667
- Profit (loss) carried forward -€281,211
down €281,211 (-25.9%), from -€1.1m to -€1.4m
- Trade debts -€62,154
down €62,154 (-42.4%), from €146,716 to €84,562
- Gross operating margin +€51,037
up €51,037 (+18.7%), from -€272,346 to -€221,309
- Financial charges -€43,168
down €43,168 (-40.7%), from €106,107 to €62,939
- Financial income +€4,184
up €4,184 (+305423.4%), from €1 to €4,186
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 | €5,881,506 | €6,124,554 | +€243,048 | +4.1% |
| Fixed assets | 21/28 | €26,320 | - | -€26,320 | |
| Financial fixed assets | 28 | €26,320 | - | -€26,320 | |
| Current assets | 29/58 | €5,855,187 | €6,124,554 | +€269,367 | +4.6% |
| Amounts receivable after more than one year | 29 | - | €206,000 | +€206,000 | |
| Other amounts receivable | 291 | - | €206,000 | +€206,000 | |
| Stocks and contracts in progress | 3 | €5,261,567 | €5,677,003 | +€415,436 | +7.9% |
| Stocks | 30/36 | €5,261,567 | €5,677,003 | +€415,436 | +7.9% |
| Amounts receivable within one year | 40/41 | €580,768 | €104,404 | -€476,364 | -82.0% |
| Trade receivables | 40 | €480,768 | €1,840 | -€478,928 | -99.6% |
| Other amounts receivable | 41 | €100,000 | €102,564 | +€2,564 | +2.6% |
| Cash at bank and in hand | 54/58 | €12,852 | €137,147 | +€124,295 | +967.1% |
| Total equity and liabilities | 10/49 | €5,881,506 | €6,124,554 | +€243,048 | +4.1% |
| Equity | 10/15 | -€1,046,210 | -€1,327,421 | -€281,211 | -26.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,086,210 | -€1,367,421 | -€281,211 | -25.9% |
| Amounts payable | 17/49 | €6,927,717 | €7,451,976 | +€524,259 | +7.6% |
| Amounts payable after more than one year | 17 | €1,297,448 | €719,667 | -€577,781 | -44.5% |
| Financial debts | 170/4 | €1,297,448 | €719,667 | -€577,781 | -44.5% |
| Amounts payable within one year | 42/48 | €5,630,268 | €6,732,309 | +€1.1m | +19.6% |
| Trade debts | 44 | €146,716 | €84,562 | -€62,154 | -42.4% |
| Suppliers | 440/4 | €146,716 | €84,562 | -€62,154 | -42.4% |
| Advances received on contracts in progress | 46 | €4,383,589 | €5,662,536 | +€1.3m | +29.2% |
| Taxes, remuneration and social security | 45 | €112,319 | €53,601 | -€58,719 | -52.3% |
| Taxes | 450/3 | €112,319 | €53,601 | -€58,719 | -52.3% |
| Other amounts payable | 47/48 | €987,645 | €931,610 | -€56,034 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62 | - | -€62 | |
| Other operating charges | 640/8 | €1,133 | €1,148 | +€15 | +1.3% |
| Gross operating margin | 9900 | -€272,346 | -€221,309 | +€51,037 | +18.7% |
| Operating profit (loss) | 9901 | -€273,541 | -€222,458 | +€51,084 | +18.7% |
| Financial income | 75/76B | €1 | €4,186 | +€4,184 | +305423.4% |
| Recurring financial income | 75 | €1 | €4,186 | +€4,184 | +305423.4% |
| Financial charges | 65/66B | €106,107 | €62,939 | -€43,168 | -40.7% |
| Recurring financial charges | 65 | €106,107 | €62,939 | -€43,168 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | -€379,647 | -€281,211 | +€98,436 | +25.9% |
| Profit (loss) for the period | 9904 | -€379,647 | -€281,211 | +€98,436 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€379,647 | -€281,211 | +€98,436 | +25.9% |
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 4 October 2026 via checked.be.