X-Management: 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-Management
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€19,749
down €19,749 (-13.0%), from €152,160 to €132,411
- Reserves +€17,970
up €17,970 (+21.2%), from €84,598 to €102,569
- Accrued charges and deferred income -€8,000
down €8,000 (-50.0%), from €16,000 to €8,000
- Gross operating margin +€25,640
up €25,640 (+207%), from €12,410 to €38,050
- Financial charges +€9,844
up €9,844 (+3,993%), from €247 to €10,090
- Taxes +€4,382
up €4,382 (+166%), from €2,644 to €7,026
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 | €603,860 | €597,681 | -€6,179 | -1.0% |
| Fixed assets | 21/28 | €587,810 | €585,563 | -€2,247 | -0.4% |
| Tangible fixed assets | 22/27 | €2,810 | €563 | -€2,247 | -80.0% |
| Furniture and vehicles | 24 | €2,810 | €563 | -€2,247 | -80.0% |
| Financial fixed assets | 28 | €585,000 | €585,000 | = | 0.0% |
| Current assets | 29/58 | €16,050 | €12,117 | -€3,932 | -24.5% |
| Amounts receivable within one year | 40/41 | €6,961 | €6,729 | -€231 | -3.3% |
| Trade receivables | 40 | €6,860 | €4,130 | -€2,730 | -39.8% |
| Other amounts receivable | 41 | €101 | €2,599 | +€2,499 | +2,481% |
| Cash at bank and in hand | 54/58 | €3,002 | €196 | -€2,806 | -93.5% |
| Deferred charges and accrued income | 490/1 | €6,087 | €5,192 | -€895 | -14.7% |
| Total equity and liabilities | 10/49 | €603,860 | €597,681 | -€6,179 | -1.0% |
| Equity | 10/15 | €239,598 | €257,569 | +€17,970 | +7.5% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €84,598 | €102,569 | +€17,970 | +21.2% |
| Distributable reserves | 133 | €84,598 | €102,569 | +€17,970 | +21.2% |
| Amounts payable | 17/49 | €364,261 | €340,112 | -€24,149 | -6.6% |
| Amounts payable within one year | 42/48 | €348,261 | €332,112 | -€16,149 | -4.6% |
| Financial debts | 43 | €195,000 | €195,000 | = | 0.0% |
| Other loans | 439 | €195,000 | €195,000 | = | 0.0% |
| Trade debts | 44 | €1,101 | €475 | -€626 | -56.9% |
| Suppliers | 440/4 | €1,101 | €475 | -€626 | -56.9% |
| Taxes, remuneration and social security | 45 | - | €4,226 | +€4,226 | |
| Taxes | 450/3 | - | €4,226 | +€4,226 | |
| Other amounts payable | 47/48 | €152,160 | €132,411 | -€19,749 | -13.0% |
| Accrued charges and deferred income | 492/3 | €16,000 | €8,000 | -€8,000 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,247 | €2,247 | = | 0.0% |
| Other operating charges | 640/8 | €788 | €717 | -€70 | -8.9% |
| Gross operating margin | 9900 | €12,410 | €38,050 | +€25,640 | +207% |
| Operating profit (loss) | 9901 | €9,375 | €35,086 | +€25,711 | +274% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €247 | €10,090 | +€9,844 | +3,993% |
| Recurring financial charges | 65 | €247 | €10,090 | +€9,844 | +3,993% |
| Profit (loss) for the period before taxes | 9903 | €9,129 | €24,996 | +€15,867 | +174% |
| Income taxes | 67/77 | €2,644 | €7,026 | +€4,382 | +166% |
| Profit (loss) for the period | 9904 | €6,485 | €17,970 | +€11,485 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €6,485 | €17,970 | +€11,485 | +177% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.