L'EXCEL: 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.
L'EXCEL
Largest movements
- Cash +€66,072
up €66,072 (+208%), from €31,821 to €97,893
mainly Net result for the year (+€51,152) and Tax, wage and social debts (+€28,848)
- Receivables within one year +€25,952
up €25,952 (+26.0%), from €99,866 to €125,819
of which Trade receivables: +€32,242
- Tangible fixed assets +€9,293
up €9,293 (+387%), from €2,402 to €11,696
of which Plant, machinery and equipment: +€6,788
- Profit (loss) carried forward +€51,152
up €51,152, from -€1,702 to €49,451
- Tax, wage and social debts +€28,848
up €28,848 (+67.6%), from €42,692 to €71,540
of which Taxes: +€20,595
- Trade debts +€15,376
up €15,376 (+15.2%), from €101,270 to €116,647
- Other debts +€6,009
up €6,009 (+172%), from €3,500 to €9,509
- Gross operating margin +€111,751
up €111,751 (+48.7%), from €229,667 to €341,417
- Staff costs +€38,680
up €38,680 (+17.4%), from €222,745 to €261,424
- Taxes +€12,718
up €12,718 (+7,659%), from €166 to €12,884
- Other operating charges +€5,564
up €5,564 (+488%), from €1,139 to €6,703
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 | €149,234 | €250,146 | +€100,912 | +67.6% |
| Fixed assets | 21/28 | €2,765 | €12,059 | +€9,293 | +336% |
| Tangible fixed assets | 22/27 | €2,402 | €11,696 | +€9,293 | +387% |
| Plant, machinery and equipment | 23 | €2,402 | €9,190 | +€6,788 | +283% |
| Furniture and vehicles | 24 | - | €2,505 | +€2,505 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €146,469 | €238,088 | +€91,619 | +62.6% |
| Stocks and contracts in progress | 3 | €11,542 | €10,976 | -€567 | -4.9% |
| Stocks | 30/36 | €11,542 | €10,976 | -€567 | -4.9% |
| Amounts receivable within one year | 40/41 | €99,866 | €125,819 | +€25,952 | +26.0% |
| Trade receivables | 40 | €33,091 | €65,333 | +€32,242 | +97.4% |
| Other amounts receivable | 41 | €66,776 | €60,486 | -€6,290 | -9.4% |
| Cash at bank and in hand | 54/58 | €31,821 | €97,893 | +€66,072 | +208% |
| Deferred charges and accrued income | 490/1 | €3,239 | €3,400 | +€161 | +5.0% |
| Total equity and liabilities | 10/49 | €149,234 | €250,146 | +€100,912 | +67.6% |
| Equity | 10/15 | €1,298 | €52,451 | +€51,152 | +3,940% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,702 | €49,451 | +€51,152 | |
| Amounts payable | 17/49 | €147,936 | €197,695 | +€49,760 | +33.6% |
| Amounts payable within one year | 42/48 | €147,462 | €197,695 | +€50,233 | +34.1% |
| Trade debts | 44 | €101,270 | €116,647 | +€15,376 | +15.2% |
| Suppliers | 440/4 | €101,270 | €116,647 | +€15,376 | +15.2% |
| Taxes, remuneration and social security | 45 | €42,692 | €71,540 | +€28,848 | +67.6% |
| Taxes | 450/3 | €19,920 | €40,515 | +€20,595 | +103% |
| Remuneration and social security | 454/9 | €22,771 | €31,025 | +€8,253 | +36.2% |
| Other amounts payable | 47/48 | €3,500 | €9,509 | +€6,009 | +172% |
| Accrued charges and deferred income | 492/3 | €473 | - | -€473 | |
| Remuneration, social security and pensions | 62 | €222,745 | €261,424 | +€38,680 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380 | €3,280 | +€2,900 | +764% |
| Other operating charges | 640/8 | €1,139 | €6,703 | +€5,564 | +488% |
| Gross operating margin | 9900 | €229,667 | €341,417 | +€111,751 | +48.7% |
| Operating profit (loss) | 9901 | €5,403 | €70,010 | +€64,607 | +1,196% |
| Financial income | 75/76B | €81 | €102 | +€21 | +26.0% |
| Recurring financial income | 75 | €81 | €102 | +€21 | +26.0% |
| Financial charges | 65/66B | €7,020 | €6,076 | -€944 | -13.4% |
| Recurring financial charges | 65 | €7,020 | €6,076 | -€944 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,536 | €64,036 | +€65,572 | |
| Income taxes | 67/77 | €166 | €12,884 | +€12,718 | +7,659% |
| Profit (loss) for the period | 9904 | -€1,702 | €51,152 | +€52,854 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,702 | €51,152 | +€52,854 |
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 15 October 2026 via checked.be.