X - 10: 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.
X - 10
Largest movements
- Receivables within one year -€44,508
down €44,508 (-32.7%), from €135,979 to €91,471
of which Other amounts receivable: -€43,686
- Cash +€11,692
up €11,692 (+57.6%), from €20,313 to €32,005
mainly Receivables within one year (+€44,508) and Depreciation (+€10,504)
- Tangible fixed assets +€8,384
up €8,384 (+42.2%), from €19,868 to €28,252
of which Plant, machinery and equipment: +€8,923
- Other debts -€31,973
down €31,973 (-100.0%), from €31,973 to €0
- Short-term financial debts -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Debts after one year +€7,654
new in 2025: €7,654
- Current portion of long-term debt +€6,289
new in 2025: €6,289
- Trade debts +€4,935
up €4,935 (+20.5%), from €24,096 to €29,031
- Gross operating margin -€108,495
down €108,495 (-51.2%), from €212,109 to €103,614
- Staff costs -€45,756
down €45,756 (-36.9%), from €123,880 to €78,125
- Taxes -€13,575
down €13,575 (-80.0%), from €16,974 to €3,399
- Financial charges -€6,003
down €6,003 (-70.1%), from €8,560 to €2,557
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 | €222,537 | €200,060 | -€22,478 | -10.1% |
| Fixed assets | 21/28 | €19,868 | €28,252 | +€8,384 | +42.2% |
| Tangible fixed assets | 22/27 | €19,868 | €28,252 | +€8,384 | +42.2% |
| Plant, machinery and equipment | 23 | €6,811 | €15,735 | +€8,923 | +131.0% |
| Furniture and vehicles | 24 | €5,495 | €5,460 | -€36 | -0.6% |
| Other tangible fixed assets | 26 | €7,561 | €7,058 | -€504 | -6.7% |
| Current assets | 29/58 | €202,670 | €171,808 | -€30,862 | -15.2% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,907 | €3,265 | +€358 | +12.3% |
| Stocks | 30/36 | €2,907 | €3,265 | +€358 | +12.3% |
| Amounts receivable within one year | 40/41 | €135,979 | €91,471 | -€44,508 | -32.7% |
| Trade receivables | 40 | €825 | €3 | -€822 | -99.7% |
| Other amounts receivable | 41 | €135,154 | €91,468 | -€43,686 | -32.3% |
| Cash at bank and in hand | 54/58 | €20,313 | €32,005 | +€11,692 | +57.6% |
| Deferred charges and accrued income | 490/1 | €3,471 | €5,068 | +€1,597 | +46.0% |
| Total equity and liabilities | 10/49 | €222,537 | €200,060 | -€22,478 | -10.1% |
| Equity | 10/15 | €135,692 | €140,436 | +€4,744 | +3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,015 | €126,758 | +€4,744 | +3.9% |
| Distributable reserves | 133 | €122,015 | €126,758 | +€4,744 | +3.9% |
| Profit (loss) carried forward | 14 | €7,477 | €7,477 | = | 0.0% |
| Amounts payable | 17/49 | €86,845 | €59,624 | -€27,221 | -31.3% |
| Amounts payable after more than one year | 17 | - | €7,654 | +€7,654 | |
| Financial debts | 170/4 | - | €7,654 | +€7,654 | |
| Amounts payable within one year | 42/48 | €86,845 | €51,970 | -€34,875 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,289 | +€6,289 | |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100.0% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100.0% |
| Trade debts | 44 | €24,096 | €29,031 | +€4,935 | +20.5% |
| Suppliers | 440/4 | €24,096 | €29,031 | +€4,935 | +20.5% |
| Advances received on contracts in progress | 46 | €610 | €0 | -€610 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,166 | €16,651 | -€3,515 | -17.4% |
| Taxes | 450/3 | €13,933 | €14,568 | +€634 | +4.6% |
| Remuneration and social security | 454/9 | €6,233 | €2,083 | -€4,150 | -66.6% |
| Other amounts payable | 47/48 | €31,973 | €0 | -€31,973 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €123,880 | €78,125 | -€45,756 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,526 | €10,504 | +€979 | +10.3% |
| Other operating charges | 640/8 | €6,026 | €7,597 | +€1,571 | +26.1% |
| Gross operating margin | 9900 | €212,109 | €103,614 | -€108,495 | -51.2% |
| Operating profit (loss) | 9901 | €72,677 | €7,389 | -€65,289 | -89.8% |
| Financial income | 75/76B | €4,921 | €3,310 | -€1,611 | -32.7% |
| Recurring financial income | 75 | €4,921 | €3,310 | -€1,611 | -32.7% |
| Financial charges | 65/66B | €8,560 | €2,557 | -€6,003 | -70.1% |
| Recurring financial charges | 65 | €8,560 | €2,557 | -€6,003 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €69,038 | €8,142 | -€60,896 | -88.2% |
| Income taxes | 67/77 | €16,974 | €3,399 | -€13,575 | -80.0% |
| Profit (loss) for the period | 9904 | €52,064 | €4,744 | -€47,321 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,064 | €4,744 | -€47,321 | -90.9% |
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 10 October 2026 via checked.be.