Gheldof Xander: 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.
Gheldof Xander
Largest movements
- Cash +€176,335
up €176,335 (+1,131%), from €15,584 to €191,919
mainly Other debts (+€764,142) and Net result for the year (+€709,664)
- Current investments +€83,424
up €83,424 (+35.0%), from €238,037 to €321,461
- Other debts +€764,142
up €764,142 (+20,063%), from €3,809 to €767,951
- Debts after one year -€291,429
down €291,429 (-16.7%), from €1.7m to €1.5m
- Reserves -€190,336
down €190,336 (-89.7%), from €212,184 to €21,848
- Financial income +€582,875
up €582,875 (+10,018%), from €5,819 to €588,694
- Gross operating margin +€97,435
up €97,435 (+84.7%), from €115,098 to €212,533
- Financial charges +€30,896
up €30,896 (+177%), from €17,410 to €48,306
- Taxes +€17,016
up €17,016 (+65.2%), from €26,113 to €43,129
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 | €2,311,579 | €2,578,486 | +€266,907 | +11.5% |
| Fixed assets | 21/28 | €2,040,000 | €2,040,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,040,000 | €2,040,000 | = | 0.0% |
| Current assets | 29/58 | €271,579 | €538,486 | +€266,907 | +98.3% |
| Amounts receivable within one year | 40/41 | €16,979 | €23,612 | +€6,633 | +39.1% |
| Trade receivables | 40 | €16,979 | €22,990 | +€6,011 | +35.4% |
| Other amounts receivable | 41 | - | €622 | +€622 | |
| Current investments | 50/53 | €238,037 | €321,461 | +€83,424 | +35.0% |
| Cash at bank and in hand | 54/58 | €15,584 | €191,919 | +€176,335 | +1,131% |
| Deferred charges and accrued income | 490/1 | €978 | €1,493 | +€515 | +52.6% |
| Total equity and liabilities | 10/49 | €2,311,579 | €2,578,486 | +€266,907 | +11.5% |
| Equity | 10/15 | €217,184 | €26,848 | -€190,336 | -87.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €212,184 | €21,848 | -€190,336 | -89.7% |
| Distributable reserves | 133 | €212,184 | €21,848 | -€190,336 | -89.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,094,395 | €2,551,638 | +€457,243 | +21.8% |
| Amounts payable after more than one year | 17 | €1,748,571 | €1,457,143 | -€291,429 | -16.7% |
| Financial debts | 170/4 | €1,748,571 | €1,457,143 | -€291,429 | -16.7% |
| Amounts payable within one year | 42/48 | €328,190 | €1,093,601 | +€765,412 | +233% |
| Current portion of amounts payable after more than one year | 42 | €291,429 | €291,429 | = | 0.0% |
| Trade debts | 44 | €186 | €601 | +€414 | +222% |
| Suppliers | 440/4 | €186 | €601 | +€414 | +222% |
| Taxes, remuneration and social security | 45 | €32,766 | €33,621 | +€855 | +2.6% |
| Taxes | 450/3 | €29,585 | €30,422 | +€837 | +2.8% |
| Remuneration and social security | 454/9 | €3,181 | €3,199 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €3,809 | €767,951 | +€764,142 | +20,063% |
| Accrued charges and deferred income | 492/3 | €17,634 | €894 | -€16,740 | -94.9% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €115,098 | €212,533 | +€97,435 | +84.7% |
| Operating profit (loss) | 9901 | €114,972 | €212,405 | +€97,433 | +84.7% |
| Financial income | 75/76B | €5,819 | €588,694 | +€582,875 | +10,018% |
| Recurring financial income | 75 | €5,819 | €588,694 | +€582,875 | +10,018% |
| Financial charges | 65/66B | €17,410 | €48,306 | +€30,896 | +177% |
| Recurring financial charges | 65 | €17,410 | €48,306 | +€30,896 | +177% |
| Profit (loss) for the period before taxes | 9903 | €103,380 | €752,793 | +€649,413 | +628% |
| Income taxes | 67/77 | €26,113 | €43,129 | +€17,016 | +65.2% |
| Profit (loss) for the period | 9904 | €77,267 | €709,664 | +€632,397 | +818% |
| Profit (loss) for the period to be appropriated | 9905 | €77,267 | €709,664 | +€632,397 | +818% |
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 27 October 2026 via checked.be.