X-III: 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-III
Largest movements
- Current investments +€84,729
up €84,729 (+76.8%), from €110,345 to €195,074
- Cash -€39,241
down €39,241 (-29.1%), from €134,950 to €95,709
mainly Current investments (-€84,729) and Tax, wage and social debts (-€4,123)
- Tangible fixed assets -€14,872
down €14,872 (-25.0%), from €59,409 to €44,537
of which Furniture and vehicles: -€12,270
- Reserves +€37,842
up €37,842 (+13.7%), from €276,811 to €314,653
- Tax, wage and social debts -€4,123
down €4,123 (-70.5%), from €5,850 to €1,727
of which Taxes: -€4,124
- Gross operating margin -€42,266
down €42,266 (-39.0%), from €108,321 to €66,055
- Taxes -€10,445
down €10,445 (-44.1%), from €23,676 to €13,231
- Depreciation +€4,081
up €4,081 (+34.9%), from €11,700 to €15,781
- Financial income +€2,287
new in 2025: €2,287
- Financial charges -€2,241
down €2,241 (-61.1%), from €3,666 to €1,425
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 | €305,528 | €338,877 | +€33,349 | +10.9% |
| Fixed assets | 21/28 | €59,409 | €44,537 | -€14,872 | -25.0% |
| Tangible fixed assets | 22/27 | €59,409 | €44,537 | -€14,872 | -25.0% |
| Plant, machinery and equipment | 23 | €4,427 | €1,825 | -€2,602 | -58.8% |
| Furniture and vehicles | 24 | €54,982 | €42,712 | -€12,270 | -22.3% |
| Current assets | 29/58 | €246,119 | €294,340 | +€48,221 | +19.6% |
| Amounts receivable within one year | 40/41 | €824 | €3,557 | +€2,733 | +331.7% |
| Other amounts receivable | 41 | €824 | €3,557 | +€2,733 | +331.7% |
| Current investments | 50/53 | €110,345 | €195,074 | +€84,729 | +76.8% |
| Cash at bank and in hand | 54/58 | €134,950 | €95,709 | -€39,241 | -29.1% |
| Total equity and liabilities | 10/49 | €305,528 | €338,877 | +€33,349 | +10.9% |
| Equity | 10/15 | €281,811 | €319,653 | +€37,842 | +13.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €276,811 | €314,653 | +€37,842 | +13.7% |
| Distributable reserves | 133 | €276,811 | €314,653 | +€37,842 | +13.7% |
| Amounts payable | 17/49 | €23,717 | €19,224 | -€4,493 | -18.9% |
| Amounts payable within one year | 42/48 | €23,717 | €19,224 | -€4,493 | -18.9% |
| Trade debts | 44 | €1,108 | €877 | -€231 | -20.8% |
| Suppliers | 440/4 | €1,108 | €877 | -€231 | -20.8% |
| Taxes, remuneration and social security | 45 | €5,850 | €1,727 | -€4,123 | -70.5% |
| Taxes | 450/3 | €4,124 | - | -€4,124 | |
| Remuneration and social security | 454/9 | €1,726 | €1,727 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €16,759 | €16,620 | -€139 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,700 | €15,781 | +€4,081 | +34.9% |
| Other operating charges | 640/8 | - | €63 | +€63 | |
| Gross operating margin | 9900 | €108,321 | €66,055 | -€42,266 | -39.0% |
| Operating profit (loss) | 9901 | €96,621 | €50,211 | -€46,410 | -48.0% |
| Financial income | 75/76B | - | €2,287 | +€2,287 | |
| Recurring financial income | 75 | - | €2,287 | +€2,287 | |
| Financial charges | 65/66B | €3,666 | €1,425 | -€2,241 | -61.1% |
| Recurring financial charges | 65 | €3,666 | €1,425 | -€2,241 | -61.1% |
| Profit (loss) for the period before taxes | 9903 | €92,955 | €51,073 | -€41,882 | -45.1% |
| Income taxes | 67/77 | €23,676 | €13,231 | -€10,445 | -44.1% |
| Profit (loss) for the period | 9904 | €69,279 | €37,842 | -€31,437 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,279 | €37,842 | -€31,437 | -45.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.