EXCELLENT: 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.
EXCELLENT
Largest movements
- Financial fixed assets +€2.1m
up €2.1m (+328%), from €650,766 to €2.8m
- Tangible fixed assets -€1.7m
down €1.7m (-53.2%), from €3.3m to €1.5m
of which Land and buildings: -€1.7m
- Profit (loss) carried forward +€485,907
up €485,907 (+87.6%), from -€554,926 to -€69,020
- Other debts -€96,427
down €96,427 (-8.6%), from €1.1m to €1.0m
- Gross operating margin +€428,409
up €428,409 (+468%), from €91,492 to €519,901
- Depreciation -€105,522
no longer reported in 2025 (was €105,522)
- Financial charges -€9,213
down €9,213 (-33.0%), from €27,910 to €18,697
- Other operating charges -€6,266
down €6,266 (-29.1%), from €21,565 to €15,299
- Financial income -€6,011
down €6,011 (-100.0%), from €6,013 to €2
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 | €4,025,883 | €4,407,033 | +€381,149 | +9.5% |
| Fixed assets | 21/28 | €3,915,225 | €4,312,333 | +€397,108 | +10.1% |
| Tangible fixed assets | 22/27 | €3,264,459 | €1,527,567 | -€1.7m | -53.2% |
| Land and buildings | 22 | €3,226,651 | €1,527,567 | -€1.7m | -52.7% |
| Plant, machinery and equipment | 23 | €1,275 | - | -€1,275 | |
| Furniture and vehicles | 24 | €36,533 | - | -€36,533 | |
| Financial fixed assets | 28 | €650,766 | €2,784,766 | +€2.1m | +328% |
| Current assets | 29/58 | €110,658 | €94,699 | -€15,959 | -14.4% |
| Amounts receivable within one year | 40/41 | €100,000 | €93,800 | -€6,200 | -6.2% |
| Other amounts receivable | 41 | €100,000 | €93,800 | -€6,200 | -6.2% |
| Cash at bank and in hand | 54/58 | €639 | €899 | +€260 | +40.8% |
| Deferred charges and accrued income | 490/1 | €10,019 | - | -€10,019 | |
| Total equity and liabilities | 10/49 | €4,025,883 | €4,407,033 | +€381,149 | +9.5% |
| Equity | 10/15 | €2,422,731 | €2,908,637 | +€485,907 | +20.1% |
| Contributions | 10/11 | €7,600 | €7,600 | = | 0.0% |
| Reserves | 13 | €2,970,057 | €2,970,057 | = | 0.0% |
| Non-distributable reserves | 130/1 | €498 | €498 | = | 0.0% |
| Reserves not available under the articles | 1311 | €498 | €498 | = | 0.0% |
| Distributable reserves | 133 | €2,969,559 | €2,969,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€554,926 | -€69,020 | +€485,907 | +87.6% |
| Amounts payable | 17/49 | €1,603,153 | €1,498,395 | -€104,757 | -6.5% |
| Amounts payable within one year | 42/48 | €1,603,153 | €1,492,227 | -€110,925 | -6.9% |
| Financial debts | 43 | €470,000 | €470,000 | = | 0.0% |
| Credit institutions | 430/8 | €470,000 | €470,000 | = | 0.0% |
| Trade debts | 44 | €8,174 | - | -€8,174 | |
| Suppliers | 440/4 | €8,174 | - | -€8,174 | |
| Taxes, remuneration and social security | 45 | €6,325 | - | -€6,325 | |
| Taxes | 450/3 | €6,325 | - | -€6,325 | |
| Other amounts payable | 47/48 | €1,118,654 | €1,022,227 | -€96,427 | -8.6% |
| Accrued charges and deferred income | 492/3 | - | €6,168 | +€6,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,522 | - | -€105,522 | |
| Other operating charges | 640/8 | €21,565 | €15,299 | -€6,266 | -29.1% |
| Gross operating margin | 9900 | €91,492 | €519,901 | +€428,409 | +468% |
| Operating profit (loss) | 9901 | -€35,595 | €504,602 | +€540,197 | |
| Financial income | 75/76B | €6,013 | €2 | -€6,011 | -100.0% |
| Recurring financial income | 75 | €6,013 | €2 | -€6,011 | -100.0% |
| Financial charges | 65/66B | €27,910 | €18,697 | -€9,213 | -33.0% |
| Recurring financial charges | 65 | €27,910 | €18,697 | -€9,213 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | -€57,492 | €485,907 | +€543,399 | |
| Profit (loss) for the period | 9904 | -€57,492 | €485,907 | +€543,399 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,492 | €485,907 | +€543,399 |
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.