Dr. Xavier Iturriagagoitia: what changed
Dr. Xavier Iturriagagoitia
Largest movements
- Deferred charges and accrued income +€45,566
up €45,566 (+697%), from €6,540 to €52,105
- Current investments +€16,683
up €16,683 (+48.4%), from €34,500 to €51,183
- Cash +€5,867
up €5,867 (+19.8%), from €29,592 to €35,459
mainly Net result for the year (+€91,954) and Depreciation (+€134)
- Tangible fixed assets +€5,311
new in 2025: €5,311
of which Plant, machinery and equipment: +€4,297
- Reserves +€91,954
up €91,954 (+187%), from €49,211 to €141,165
- Tax, wage and social debts -€8,670
down €8,670 (-65.2%), from €13,291 to €4,622
of which Taxes: -€7,541
- Other debts -€4,200
no longer reported in 2025 (was €4,200)
- Trade debts -€3,861
down €3,861 (-81.1%), from €4,761 to €900
- Gross operating margin +€67,077
up €67,077 (+115%), from €58,479 to €125,556
- Taxes +€21,695
up €21,695 (+178%), from €12,163 to €33,858
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,804 | €154,687 | +€74,883 | +93.8% |
| Fixed assets | 21/28 | - | €5,311 | +€5,311 | |
| Tangible fixed assets | 22/27 | - | €5,311 | +€5,311 | |
| Plant, machinery and equipment | 23 | - | €4,297 | +€4,297 | |
| Furniture and vehicles | 24 | - | €1,014 | +€1,014 | |
| Current assets | 29/58 | €79,804 | €149,376 | +€69,572 | +87.2% |
| Amounts receivable within one year | 40/41 | €9,172 | €10,629 | +€1,457 | +15.9% |
| Trade receivables | 40 | €1,039 | - | -€1,039 | |
| Other amounts receivable | 41 | €8,133 | €10,629 | +€2,496 | +30.7% |
| Current investments | 50/53 | €34,500 | €51,183 | +€16,683 | +48.4% |
| Cash at bank and in hand | 54/58 | €29,592 | €35,459 | +€5,867 | +19.8% |
| Deferred charges and accrued income | 490/1 | €6,540 | €52,105 | +€45,566 | +697% |
| Total equity and liabilities | 10/49 | €79,804 | €154,687 | +€74,883 | +93.8% |
| Equity | 10/15 | €57,211 | €149,165 | +€91,954 | +161% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €49,211 | €141,165 | +€91,954 | +187% |
| Distributable reserves | 133 | €49,211 | €141,165 | +€91,954 | +187% |
| Amounts payable | 17/49 | €22,593 | €5,522 | -€17,071 | -75.6% |
| Amounts payable within one year | 42/48 | €22,252 | €5,522 | -€16,731 | -75.2% |
| Trade debts | 44 | €4,761 | €900 | -€3,861 | -81.1% |
| Suppliers | 440/4 | €4,761 | €900 | -€3,861 | -81.1% |
| Taxes, remuneration and social security | 45 | €13,291 | €4,622 | -€8,670 | -65.2% |
| Taxes | 450/3 | €12,163 | €4,622 | -€7,541 | -62.0% |
| Remuneration and social security | 454/9 | €1,128 | - | -€1,128 | |
| Other amounts payable | 47/48 | €4,200 | - | -€4,200 | |
| Accrued charges and deferred income | 492/3 | €341 | - | -€341 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €134 | +€134 | |
| Other operating charges | 640/8 | €1,409 | €914 | -€495 | -35.1% |
| Gross operating margin | 9900 | €58,479 | €125,556 | +€67,077 | +115% |
| Operating profit (loss) | 9901 | €57,070 | €124,508 | +€67,438 | +118% |
| Financial income | 75/76B | €932 | €1,375 | +€443 | +47.6% |
| Recurring financial income | 75 | €932 | €1,375 | +€443 | +47.6% |
| Financial charges | 65/66B | €45 | €71 | +€26 | +58.9% |
| Recurring financial charges | 65 | €45 | €71 | +€26 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €57,957 | €125,813 | +€67,855 | +117% |
| Income taxes | 67/77 | €12,163 | €33,858 | +€21,695 | +178% |
| Profit (loss) for the period | 9904 | €45,794 | €91,954 | +€46,160 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €45,794 | €91,954 | +€46,160 | +101% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.