MANAGING EXCELLENCE: 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.
MANAGING EXCELLENCE
Largest movements
- Cash +€29,337
up €29,337 (+10.7%), from €274,895 to €304,232
mainly Net result for the year (+€35,382) and Other debts (+€9,296)
- Reserves +€34,549
up €34,549 (+14.2%), from €243,061 to €277,611
- Other debts +€9,296
up €9,296 (+84.4%), from €11,009 to €20,305
- Tax, wage and social debts -€6,606
down €6,606 (-29.2%), from €22,607 to €16,001
of which Remuneration and social security: -€8,700
- Trade debts -€5,677
down €5,677 (-96.3%), from €5,897 to €220
- Gross operating margin +€25,868
up €25,868 (+216.1%), from €11,969 to €37,837
- Taxes +€2,540
up €2,540 (+197.6%), from €1,286 to €3,826
- Financial income +€1,963
up €1,963 (+234.0%), from €839 to €2,802
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 | €290,008 | €320,337 | +€30,329 | +10.5% |
| Fixed assets | 21/28 | €26 | - | -€26 | |
| Tangible fixed assets | 22/27 | €26 | - | -€26 | |
| Furniture and vehicles | 24 | €26 | - | -€26 | |
| Current assets | 29/58 | €289,982 | €320,337 | +€30,355 | +10.5% |
| Amounts receivable within one year | 40/41 | €13,968 | €14,841 | +€873 | +6.3% |
| Trade receivables | 40 | €13,968 | €14,841 | +€873 | +6.3% |
| Cash at bank and in hand | 54/58 | €274,895 | €304,232 | +€29,337 | +10.7% |
| Deferred charges and accrued income | 490/1 | €1,119 | €1,264 | +€145 | +12.9% |
| Total equity and liabilities | 10/49 | €290,008 | €320,337 | +€30,329 | +10.5% |
| Equity | 10/15 | €249,261 | €283,811 | +€34,549 | +13.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €243,061 | €277,611 | +€34,549 | +14.2% |
| Distributable reserves | 133 | €243,061 | €277,611 | +€34,549 | +14.2% |
| Amounts payable | 17/49 | €40,747 | €36,526 | -€4,221 | -10.4% |
| Amounts payable within one year | 42/48 | €39,514 | €36,526 | -€2,988 | -7.6% |
| Trade debts | 44 | €5,897 | €220 | -€5,677 | -96.3% |
| Suppliers | 440/4 | €5,897 | €220 | -€5,677 | -96.3% |
| Taxes, remuneration and social security | 45 | €22,607 | €16,001 | -€6,606 | -29.2% |
| Taxes | 450/3 | €13,907 | €16,001 | +€2,094 | +15.1% |
| Remuneration and social security | 454/9 | €8,700 | - | -€8,700 | |
| Other amounts payable | 47/48 | €11,009 | €20,305 | +€9,296 | +84.4% |
| Accrued charges and deferred income | 492/3 | €1,233 | - | -€1,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124 | €26 | -€98 | -78.9% |
| Other operating charges | 640/8 | €1,287 | €1,344 | +€57 | +4.4% |
| Gross operating margin | 9900 | €11,969 | €37,837 | +€25,868 | +216.1% |
| Operating profit (loss) | 9901 | €10,559 | €36,467 | +€25,909 | +245.4% |
| Financial income | 75/76B | €839 | €2,802 | +€1,963 | +234.0% |
| Recurring financial income | 75 | €839 | €2,802 | +€1,963 | +234.0% |
| Financial charges | 65/66B | €74 | €61 | -€13 | -17.8% |
| Recurring financial charges | 65 | €74 | €61 | -€13 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €11,323 | €39,209 | +€27,885 | +246.3% |
| Income taxes | 67/77 | €1,286 | €3,826 | +€2,540 | +197.6% |
| Profit (loss) for the period | 9904 | €10,038 | €35,382 | +€25,345 | +252.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,038 | €35,382 | +€25,345 | +252.5% |
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 11 October 2026 via checked.be.