X&O: 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&O
Largest movements
- Receivables after one year -€114,254
no longer reported in 2025 (was €114,254)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€38,818
up €38,818 (+103.0%), from €37,674 to €76,492
mainly Receivables after one year (+€114,254) and Current investments (+€50,000)
- Tangible fixed assets -€17,129
down €17,129 (-55.5%), from €30,851 to €13,723
of which Furniture and vehicles: -€10,651
- Receivables within one year +€7,848
up €7,848 (+662.9%), from €1,184 to €9,032
of which Other amounts receivable: +€7,785
- Reserves -€107,270
no longer reported in 2025 (was €107,270)
of which Distributable reserves: -€107,070
- Other debts -€29,115
down €29,115 (-58.2%), from €50,025 to €20,910
- Gross operating margin -€24,971
down €24,971 (-60.8%), from €41,039 to €16,068
- Taxes -€8,005
down €8,005 (-90.7%), from €8,826 to €821
- Other operating charges +€4,836
up €4,836 (+770.3%), from €628 to €5,464
- Depreciation +€2,893
up €2,893 (+30.7%), from €9,435 to €12,328
- Financial income +€666
up €666 (+18.1%), from €3,677 to €4,343
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 | €233,963 | €99,247 | -€134,716 | -57.6% |
| Fixed assets | 21/28 | €30,851 | €13,723 | -€17,129 | -55.5% |
| Tangible fixed assets | 22/27 | €30,851 | €13,723 | -€17,129 | -55.5% |
| Plant, machinery and equipment | 23 | €6,477 | - | -€6,477 | |
| Furniture and vehicles | 24 | €24,374 | €13,723 | -€10,651 | -43.7% |
| Current assets | 29/58 | €203,112 | €85,524 | -€117,588 | -57.9% |
| Amounts receivable after more than one year | 29 | €114,254 | - | -€114,254 | |
| Other amounts receivable | 291 | €114,254 | - | -€114,254 | |
| Amounts receivable within one year | 40/41 | €1,184 | €9,032 | +€7,848 | +662.9% |
| Trade receivables | 40 | - | €64 | +€64 | |
| Other amounts receivable | 41 | €1,184 | €8,969 | +€7,785 | +657.6% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €37,674 | €76,492 | +€38,818 | +103.0% |
| Total equity and liabilities | 10/49 | €233,963 | €99,247 | -€134,716 | -57.6% |
| Equity | 10/15 | €107,270 | - | -€107,270 | |
| Reserves | 13 | €107,270 | - | -€107,270 | |
| Tax-exempt reserves | 132 | €200 | - | -€200 | |
| Distributable reserves | 133 | €107,070 | - | -€107,070 | |
| Amounts payable | 17/49 | €126,693 | €99,247 | -€27,446 | -21.7% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,693 | €24,247 | -€27,446 | -53.1% |
| Trade debts | 44 | €135 | €472 | +€337 | +249.6% |
| Suppliers | 440/4 | €135 | €472 | +€337 | +249.6% |
| Taxes, remuneration and social security | 45 | €1,533 | €2,865 | +€1,332 | +86.9% |
| Taxes | 450/3 | €1,533 | €2,865 | +€1,332 | +86.9% |
| Other amounts payable | 47/48 | €50,025 | €20,910 | -€29,115 | -58.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,435 | €12,328 | +€2,893 | +30.7% |
| Other operating charges | 640/8 | €628 | €5,464 | +€4,836 | +770.3% |
| Gross operating margin | 9900 | €41,039 | €16,068 | -€24,971 | -60.8% |
| Operating profit (loss) | 9901 | €30,976 | -€1,725 | -€32,701 | |
| Financial income | 75/76B | €3,677 | €4,343 | +€666 | +18.1% |
| Recurring financial income | 75 | €3,677 | €4,343 | +€666 | +18.1% |
| Financial charges | 65/66B | €1,708 | €1,054 | -€654 | -38.3% |
| Recurring financial charges | 65 | €1,708 | €1,054 | -€654 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €32,945 | €1,564 | -€31,381 | -95.3% |
| Income taxes | 67/77 | €8,826 | €821 | -€8,005 | -90.7% |
| Profit (loss) for the period | 9904 | €24,119 | €743 | -€23,376 | -96.9% |
| Transfer from tax-exempt reserves | 789 | - | €407 | +€407 | |
| Transfer to tax-exempt reserves | 689 | €200 | €207 | +€7 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,919 | €943 | -€22,976 | -96.1% |
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 6 October 2026 via checked.be.