AN & XAVIER: 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.
AN & XAVIER
Largest movements
- Tangible fixed assets +€137,589
up €137,589 (+10.6%), from €1.3m to €1.4m
of which Land and buildings: +€157,693
- Receivables within one year +€69,233
new in 2025: €69,233
of which Trade receivables: +€48,652
- Cash -€19,592
down €19,592 (-9.1%), from €214,713 to €195,121
mainly Investment in fixed assets (net) (-€227,368) and Other debts (-€141,110)
- Other debts -€141,110
down €141,110 (-43.0%), from €327,972 to €186,862
- Debts after one year +€103,442
up €103,442 (+10.4%), from €999,256 to €1.1m
- Reserves +€72,195
new in 2025: €72,195
- Trade debts +€52,620
up €52,620 (+1793.0%), from €2,935 to €55,554
- Current portion of long-term debt +€45,882
up €45,882 (+114.3%), from €40,138 to €86,020
- Gross operating margin -€81,251
down €81,251 (-25.4%), from €319,302 to €238,051
- Depreciation +€29,240
up €29,240 (+48.3%), from €60,539 to €89,779
- Taxes +€19,590
up €19,590 (+2224.3%), from €881 to €20,471
- Financial charges -€13,036
down €13,036 (-27.0%), from €48,254 to €35,218
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 | €1,514,375 | €1,716,426 | +€202,051 | +13.3% |
| Fixed assets | 21/28 | €1,299,662 | €1,437,251 | +€137,589 | +10.6% |
| Tangible fixed assets | 22/27 | €1,299,662 | €1,437,251 | +€137,589 | +10.6% |
| Land and buildings | 22 | €1,220,184 | €1,377,877 | +€157,693 | +12.9% |
| Plant, machinery and equipment | 23 | €14,536 | €14,034 | -€502 | -3.5% |
| Leasing and similar rights | 25 | €64,942 | €45,340 | -€19,602 | -30.2% |
| Current assets | 29/58 | €214,713 | €279,175 | +€64,462 | +30.0% |
| Amounts receivable within one year | 40/41 | - | €69,233 | +€69,233 | |
| Trade receivables | 40 | - | €48,652 | +€48,652 | |
| Other amounts receivable | 41 | - | €20,581 | +€20,581 | |
| Current investments | 50/53 | - | €14,822 | +€14,822 | |
| Cash at bank and in hand | 54/58 | €214,713 | €195,121 | -€19,592 | -9.1% |
| Total equity and liabilities | 10/49 | €1,514,375 | €1,716,426 | +€202,051 | +13.3% |
| Equity | 10/15 | €83,313 | €176,995 | +€93,682 | +112.4% |
| Contributions | 10/11 | €104,800 | €104,800 | = | 0.0% |
| Reserves | 13 | - | €72,195 | +€72,195 | |
| Distributable reserves | 133 | - | €72,195 | +€72,195 | |
| Profit (loss) carried forward | 14 | -€21,487 | €0 | +€21,487 | |
| Amounts payable | 17/49 | €1,431,062 | €1,539,431 | +€108,370 | +7.6% |
| Amounts payable after more than one year | 17 | €999,256 | €1,102,698 | +€103,442 | +10.4% |
| Financial debts | 170/4 | €999,256 | €1,102,698 | +€103,442 | +10.4% |
| Amounts payable within one year | 42/48 | €388,063 | €386,187 | -€1,876 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €40,138 | €86,020 | +€45,882 | +114.3% |
| Financial debts | 43 | - | €40,525 | +€40,525 | |
| Credit institutions | 430/8 | - | €40,525 | +€40,525 | |
| Trade debts | 44 | €2,935 | €55,554 | +€52,620 | +1793.0% |
| Suppliers | 440/4 | €2,935 | €55,554 | +€52,620 | +1793.0% |
| Taxes, remuneration and social security | 45 | €17,018 | €17,226 | +€208 | +1.2% |
| Taxes | 450/3 | €17,018 | €17,226 | +€208 | +1.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €327,972 | €186,862 | -€141,110 | -43.0% |
| Accrued charges and deferred income | 492/3 | €43,743 | €50,547 | +€6,804 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,539 | €89,779 | +€29,240 | +48.3% |
| Other operating charges | 640/8 | €4,395 | €2,673 | -€1,723 | -39.2% |
| Gross operating margin | 9900 | €319,302 | €238,051 | -€81,251 | -25.4% |
| Operating profit (loss) | 9901 | €254,368 | €145,600 | -€108,768 | -42.8% |
| Financial income | 75/76B | €1,760 | €3,771 | +€2,011 | +114.3% |
| Recurring financial income | 75 | €1,760 | €3,771 | +€2,011 | +114.3% |
| Financial charges | 65/66B | €48,254 | €35,218 | -€13,036 | -27.0% |
| Recurring financial charges | 65 | €48,254 | €35,218 | -€13,036 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €207,874 | €114,153 | -€93,721 | -45.1% |
| Income taxes | 67/77 | €881 | €20,471 | +€19,590 | +2224.3% |
| Profit (loss) for the period | 9904 | €206,993 | €93,682 | -€113,311 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €206,993 | €93,682 | -€113,311 | -54.7% |
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 9 October 2026 via checked.be.