X-FACTOR: what changed
Two fiscal 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-FACTOR
Largest movements
- Tangible fixed assets -€5,727
down €5,727 (-2.6%), from €222,848 to €217,121
of which Assets under construction and advance payments: -€149,000
- Current portion of long-term debt -€8,793
no longer reported in 2025 (was €8,793)
- Other debts +€3,501
up €3,501 (+3.0%), from €118,113 to €121,615
- Other operating charges +€1,624
new in 2025: €1,624
- Gross operating margin +€767
up €767 (+11.9%), from €6,464 to €7,231
- Financial charges -€392
down €392 (-46.2%), from €849 to €457
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 | €223,027 | €217,121 | -€5,906 | -2.6% |
| Fixed assets | 21/28 | €222,848 | €217,121 | -€5,727 | -2.6% |
| Tangible fixed assets | 22/27 | €222,848 | €217,121 | -€5,727 | -2.6% |
| Land and buildings | 22 | €73,848 | €68,121 | -€5,727 | -7.8% |
| Other tangible fixed assets | 26 | - | €149,000 | +€149,000 | |
| Assets under construction and advance payments | 27 | €149,000 | - | -€149,000 | |
| Current assets | 29/58 | €179 | - | -€179 | |
| Cash at bank and in hand | 54/58 | €179 | €0 | -€179 | -100.0% |
| Total equity and liabilities | 10/49 | €223,027 | €217,121 | -€5,906 | -2.6% |
| Equity | 10/15 | €96,041 | €95,465 | -€577 | -0.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €292,773 | €292,773 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €290,914 | €290,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€271,732 | -€272,309 | -€577 | -0.2% |
| Amounts payable | 17/49 | €126,985 | €121,656 | -€5,329 | -4.2% |
| Amounts payable within one year | 42/48 | €126,985 | €121,656 | -€5,329 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €8,793 | - | -€8,793 | |
| Financial debts | 43 | - | €41 | +€41 | |
| Credit institutions | 430/8 | - | €41 | +€41 | |
| Trade debts | 44 | €79 | - | -€79 | |
| Suppliers | 440/4 | €79 | - | -€79 | |
| Other amounts payable | 47/48 | €118,113 | €121,615 | +€3,501 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,727 | €5,727 | +€1 | 0.0% |
| Other operating charges | 640/8 | - | €1,624 | +€1,624 | |
| Gross operating margin | 9900 | €6,464 | €7,231 | +€767 | +11.9% |
| Operating profit (loss) | 9901 | €738 | -€120 | -€858 | |
| Financial charges | 65/66B | €849 | €457 | -€392 | -46.2% |
| Recurring financial charges | 65 | €849 | €457 | -€392 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | -€111 | -€577 | -€466 | -419.8% |
| Profit (loss) for the period | 9904 | -€111 | -€577 | -€466 | -419.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€111 | -€577 | -€466 | -419.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.