ANDREA XIANG: 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.
ANDREA XIANG
Largest movements
- Tangible fixed assets +€346,639
up €346,639 (+655%), from €52,939 to €399,578
of which Other tangible fixed assets: +€235,114
- Cash +€154,643
up €154,643 (+53.5%), from €289,251 to €443,894
mainly Debts after one year (+€813,000) and Trade debts (+€65,725)
- Financial fixed assets +€57,500
up €57,500 (+35.3%), from €163,000 to €220,500
- Receivables within one year +€20,577
up €20,577 (+86.8%), from €23,698 to €44,276
of which Trade receivables: +€30,375
- Debts after one year +€813,000
up €813,000 (+248%), from €327,306 to €1.1m
of which Financial debts: +€1.1m
- Profit (loss) carried forward -€268,868
new in 2025: -€268,868
- Trade debts +€65,725
up €65,725 (+5,267%), from €1,248 to €66,973
- Other debts -€25,406
down €25,406 (-67.5%), from €37,658 to €12,251
- Gross operating margin -€219,257
down €219,257 (-1,180%), from -€18,579 to -€237,836
- Depreciation +€7,518
up €7,518 (+32.4%), from €23,207 to €30,725
- Financial income -€6,981
down €6,981 (-49.7%), from €14,054 to €7,072
- Staff costs -€4,540
down €4,540 (-100%), from €4,540 to €0
- Other operating charges -€3,728
down €3,728 (-41.2%), from €9,044 to €5,316
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 | €812,876 | €1,395,943 | +€583,067 | +71.7% |
| Fixed assets | 21/28 | €215,939 | €620,078 | +€404,139 | +187% |
| Tangible fixed assets | 22/27 | €52,939 | €399,578 | +€346,639 | +655% |
| Land and buildings | 22 | €3,290 | €2,594 | -€696 | -21.2% |
| Plant, machinery and equipment | 23 | €17,060 | €112,195 | +€95,135 | +558% |
| Furniture and vehicles | 24 | €17,270 | €34,356 | +€17,086 | +98.9% |
| Other tangible fixed assets | 26 | €15,320 | €250,433 | +€235,114 | +1,535% |
| Financial fixed assets | 28 | €163,000 | €220,500 | +€57,500 | +35.3% |
| Current assets | 29/58 | €596,937 | €775,865 | +€178,928 | +30.0% |
| Amounts receivable after more than one year | 29 | €280,000 | €280,000 | = | 0.0% |
| Trade receivables | 290 | €280,000 | €0 | -€280,000 | -100% |
| Other amounts receivable | 291 | - | €280,000 | +€280,000 | |
| Stocks and contracts in progress | 3 | - | €2,311 | +€2,311 | |
| Stocks | 30/36 | - | €2,311 | +€2,311 | |
| Amounts receivable within one year | 40/41 | €23,698 | €44,276 | +€20,577 | +86.8% |
| Trade receivables | 40 | €6,958 | €37,332 | +€30,375 | +437% |
| Other amounts receivable | 41 | €16,741 | €6,944 | -€9,797 | -58.5% |
| Cash at bank and in hand | 54/58 | €289,251 | €443,894 | +€154,643 | +53.5% |
| Deferred charges and accrued income | 490/1 | €3,987 | €5,384 | +€1,397 | +35.0% |
| Total equity and liabilities | 10/49 | €812,876 | €1,395,943 | +€583,067 | +71.7% |
| Equity | 10/15 | €440,708 | €171,840 | -€268,868 | -61.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €380,708 | €380,708 | = | 0.0% |
| Distributable reserves | 133 | €380,708 | €380,708 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€268,868 | -€268,868 | |
| Amounts payable | 17/49 | €372,169 | €1,224,103 | +€851,934 | +229% |
| Amounts payable after more than one year | 17 | €327,306 | €1,140,306 | +€813,000 | +248% |
| Financial debts | 170/4 | - | €1,070,306 | +€1.1m | |
| Other amounts payable | 178/9 | €327,306 | €70,000 | -€257,306 | -78.6% |
| Amounts payable within one year | 42/48 | €44,863 | €83,797 | +€38,934 | +86.8% |
| Trade debts | 44 | €1,248 | €66,973 | +€65,725 | +5,267% |
| Suppliers | 440/4 | €1,248 | €66,973 | +€65,725 | +5,267% |
| Taxes, remuneration and social security | 45 | €5,957 | €4,573 | -€1,384 | -23.2% |
| Taxes | 450/3 | €3,132 | €1,894 | -€1,238 | -39.5% |
| Remuneration and social security | 454/9 | €2,826 | €2,679 | -€146 | -5.2% |
| Other amounts payable | 47/48 | €37,658 | €12,251 | -€25,406 | -67.5% |
| Remuneration, social security and pensions | 62 | €4,540 | €0 | -€4,540 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,207 | €30,725 | +€7,518 | +32.4% |
| Other operating charges | 640/8 | €9,044 | €5,316 | -€3,728 | -41.2% |
| Gross operating margin | 9900 | -€18,579 | -€237,836 | -€219,257 | -1,180% |
| Operating profit (loss) | 9901 | -€55,370 | -€273,878 | -€218,508 | -395% |
| Financial income | 75/76B | €14,054 | €7,072 | -€6,981 | -49.7% |
| Recurring financial income | 75 | €14,054 | €7,072 | -€6,981 | -49.7% |
| Financial charges | 65/66B | €1,756 | €3,548 | +€1,792 | +102% |
| Recurring financial charges | 65 | €1,756 | €3,548 | +€1,792 | +102% |
| Profit (loss) for the period before taxes | 9903 | -€43,072 | -€270,353 | -€227,281 | -528% |
| Income taxes | 67/77 | €254 | -€1,486 | -€1,740 | |
| Profit (loss) for the period | 9904 | -€43,327 | -€268,868 | -€225,541 | -521% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,327 | -€268,868 | -€225,541 | -521% |
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 28 October 2026 via checked.be.