X-CLUSIVE: 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-CLUSIVE
Largest movements
- Cash +€36,070
up €36,070 (+138.7%), from €26,015 to €62,085
mainly Net result for the year (+€54,781) and Receivables within one year (+€26,965)
- Receivables within one year -€26,965
down €26,965 (-43.9%), from €61,388 to €34,423
of which Other amounts receivable: -€34,230
- Tangible fixed assets +€19,473
up €19,473 (+7.9%), from €247,308 to €266,780
of which Land and buildings: +€20,690
- Reserves +€24,781
up €24,781 (+14.2%), from €174,916 to €199,697
- Other debts +€7,338
up €7,338 (+20.4%), from €36,034 to €43,372
- Tax, wage and social debts +€6,490
new in 2025: €6,490
- Debts after one year -€5,693
down €5,693 (-5.7%), from €99,163 to €93,470
- Gross operating margin +€53,819
up €53,819 (+117.7%), from €45,736 to €99,555
- Taxes +€13,934
up €13,934 (+129.3%), from €10,780 to €24,715
- Other operating charges -€3,586
down €3,586 (-69.2%), from €5,182 to €1,597
- Depreciation +€3,240
up €3,240 (+46.5%), from €6,961 to €10,201
- Financial charges +€2,307
up €2,307 (+37.2%), from €6,196 to €8,503
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 | €337,700 | €369,335 | +€31,635 | +9.4% |
| Fixed assets | 21/28 | €250,297 | €269,770 | +€19,473 | +7.8% |
| Tangible fixed assets | 22/27 | €247,308 | €266,780 | +€19,473 | +7.9% |
| Land and buildings | 22 | €237,736 | €258,426 | +€20,690 | +8.7% |
| Plant, machinery and equipment | 23 | €7,249 | €6,453 | -€796 | -11.0% |
| Furniture and vehicles | 24 | €2,323 | €1,902 | -€421 | -18.1% |
| Financial fixed assets | 28 | €2,990 | €2,990 | = | 0.0% |
| Current assets | 29/58 | €87,403 | €99,564 | +€12,162 | +13.9% |
| Amounts receivable within one year | 40/41 | €61,388 | €34,423 | -€26,965 | -43.9% |
| Trade receivables | 40 | €16,451 | €23,717 | +€7,265 | +44.2% |
| Other amounts receivable | 41 | €44,937 | €10,707 | -€34,230 | -76.2% |
| Cash at bank and in hand | 54/58 | €26,015 | €62,085 | +€36,070 | +138.7% |
| Deferred charges and accrued income | 490/1 | - | €3,056 | +€3,056 | |
| Total equity and liabilities | 10/49 | €337,700 | €369,335 | +€31,635 | +9.4% |
| Equity | 10/15 | €193,466 | €218,247 | +€24,781 | +12.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €174,916 | €199,697 | +€24,781 | +14.2% |
| Distributable reserves | 133 | €174,916 | €199,697 | +€24,781 | +14.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €144,234 | €151,087 | +€6,853 | +4.8% |
| Amounts payable after more than one year | 17 | €99,163 | €93,470 | -€5,693 | -5.7% |
| Financial debts | 170/4 | €99,163 | €93,470 | -€5,693 | -5.7% |
| Amounts payable within one year | 42/48 | €41,751 | €57,133 | +€15,382 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €5,494 | €6,158 | +€664 | +12.1% |
| Financial debts | 43 | €19 | €19 | = | 0.0% |
| Credit institutions | 430/8 | €19 | €19 | = | 0.0% |
| Trade debts | 44 | €204 | €1,093 | +€890 | +436.5% |
| Suppliers | 440/4 | €204 | €1,093 | +€890 | +436.5% |
| Taxes, remuneration and social security | 45 | - | €6,490 | +€6,490 | |
| Taxes | 450/3 | - | €6,490 | +€6,490 | |
| Other amounts payable | 47/48 | €36,034 | €43,372 | +€7,338 | +20.4% |
| Accrued charges and deferred income | 492/3 | €3,320 | €485 | -€2,835 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,961 | €10,201 | +€3,240 | +46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €636 | +€636 | |
| Other operating charges | 640/8 | €5,182 | €1,597 | -€3,586 | -69.2% |
| Gross operating margin | 9900 | €45,736 | €99,555 | +€53,819 | +117.7% |
| Operating profit (loss) | 9901 | €33,593 | €87,121 | +€53,528 | +159.3% |
| Financial income | 75/76B | €1,158 | €878 | -€280 | -24.1% |
| Recurring financial income | 75 | €1,158 | €878 | -€280 | -24.1% |
| Financial charges | 65/66B | €6,196 | €8,503 | +€2,307 | +37.2% |
| Recurring financial charges | 65 | €6,196 | €8,503 | +€2,307 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €28,555 | €79,496 | +€50,941 | +178.4% |
| Income taxes | 67/77 | €10,780 | €24,715 | +€13,934 | +129.3% |
| Profit (loss) for the period | 9904 | €17,774 | €54,781 | +€37,007 | +208.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,774 | €54,781 | +€37,007 | +208.2% |
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.