L'Excep: 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.
L'Excep
Largest movements
- Receivables within one year -€82,213
down €82,213 (-52.3%), from €157,063 to €74,850
of which Trade receivables: -€89,605
- Financial fixed assets -€78,000
no longer reported in 2025 (was €78,000)
- Cash +€28,669
up €28,669 (+43.5%), from €65,973 to €94,642
mainly Receivables within one year (+€82,213) and Investment in fixed assets (net) (+€72,843)
- Tangible fixed assets +€5,125
new in 2025: €5,125
- Reserves -€66,254
down €66,254 (-39.9%), from €165,928 to €99,675
- Tax, wage and social debts -€56,133
down €56,133 (-68.5%), from €81,999 to €25,866
of which Taxes: -€53,633
- Debts after one year -€20,688
no longer reported in 2025 (was €20,688)
- Trade debts +€17,148
up €17,148 (+368.1%), from €4,658 to €21,806
- Gross operating margin -€90,320
down €90,320 (-87.6%), from €103,076 to €12,757
- Financial charges +€72,785
up €72,785 (+3081.9%), from €2,362 to €75,147
of which Non-recurring financial charges: +€73,000
- Taxes -€18,215
down €18,215 (-89.9%), from €20,257 to €2,042
- Other operating charges +€1,075
up €1,075 (+150.7%), from €713 to €1,788
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 | €301,036 | €176,150 | -€124,886 | -41.5% |
| Fixed assets | 21/28 | €78,000 | €5,125 | -€72,875 | -93.4% |
| Tangible fixed assets | 22/27 | - | €5,125 | +€5,125 | |
| Furniture and vehicles | 24 | - | €5,125 | +€5,125 | |
| Financial fixed assets | 28 | €78,000 | - | -€78,000 | |
| Current assets | 29/58 | €223,036 | €171,025 | -€52,011 | -23.3% |
| Amounts receivable within one year | 40/41 | €157,063 | €74,850 | -€82,213 | -52.3% |
| Trade receivables | 40 | €152,630 | €63,025 | -€89,605 | -58.7% |
| Other amounts receivable | 41 | €4,433 | €11,825 | +€7,392 | +166.7% |
| Cash at bank and in hand | 54/58 | €65,973 | €94,642 | +€28,669 | +43.5% |
| Deferred charges and accrued income | 490/1 | - | €1,533 | +€1,533 | |
| Total equity and liabilities | 10/49 | €301,036 | €176,150 | -€124,886 | -41.5% |
| Equity | 10/15 | €168,928 | €102,675 | -€66,254 | -39.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €165,928 | €99,675 | -€66,254 | -39.9% |
| Distributable reserves | 133 | €165,928 | €99,675 | -€66,254 | -39.9% |
| Amounts payable | 17/49 | €132,108 | €73,475 | -€58,633 | -44.4% |
| Amounts payable after more than one year | 17 | €20,688 | - | -€20,688 | |
| Financial debts | 170/4 | €20,688 | - | -€20,688 | |
| Amounts payable within one year | 42/48 | €106,506 | €68,340 | -€38,166 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €19,849 | €20,668 | +€819 | +4.1% |
| Trade debts | 44 | €4,658 | €21,806 | +€17,148 | +368.1% |
| Suppliers | 440/4 | €4,658 | €21,806 | +€17,148 | +368.1% |
| Taxes, remuneration and social security | 45 | €81,999 | €25,866 | -€56,133 | -68.5% |
| Taxes | 450/3 | €79,499 | €25,866 | -€53,633 | -67.5% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Accrued charges and deferred income | 492/3 | €4,914 | €5,135 | +€221 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €33 | +€33 | |
| Other operating charges | 640/8 | €713 | €1,788 | +€1,075 | +150.7% |
| Gross operating margin | 9900 | €103,076 | €12,757 | -€90,320 | -87.6% |
| Operating profit (loss) | 9901 | €102,363 | €10,935 | -€91,428 | -89.3% |
| Financial charges | 65/66B | €2,362 | €75,147 | +€72,785 | +3081.9% |
| Recurring financial charges | 65 | €2,362 | €2,147 | -€215 | -9.1% |
| Non-recurring financial charges | 66B | - | €73,000 | +€73,000 | |
| Profit (loss) for the period before taxes | 9903 | €100,001 | -€64,211 | -€164,212 | |
| Income taxes | 67/77 | €20,257 | €2,042 | -€18,215 | -89.9% |
| Profit (loss) for the period | 9904 | €79,744 | -€66,254 | -€145,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,744 | -€66,254 | -€145,998 |
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.