X.S.O.: 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.S.O.
Largest movements
- Stocks and contracts -€258,476
down €258,476 (-71.2%), from €363,270 to €104,794
- Receivables within one year +€76,112
up €76,112 (+393%), from €19,376 to €95,489
of which Trade receivables: +€74,998
- Cash +€41,803
up €41,803 (+182%), from €23,004 to €64,807
mainly Stocks and contracts (+€258,476) and Depreciation (+€20,747)
- Tangible fixed assets -€20,747
down €20,747 (-13.7%), from €151,590 to €130,843
of which Furniture and vehicles: -€11,276
- Profit (loss) carried forward -€69,807
down €69,807 (-51.4%), from -€135,864 to -€205,671
- Trade debts -€32,637
down €32,637 (-42.8%), from €76,266 to €43,628
- Tax, wage and social debts -€26,632
down €26,632 (-36.6%), from €72,770 to €46,138
of which Remuneration and social security: -€15,022
- Other debts -€22,907
down €22,907 (-51.6%), from €44,415 to €21,507
- Short-term financial debts -€10,488
no longer reported in 2025 (was €10,488)
- Staff costs -€57,623
down €57,623 (-36.3%), from €158,888 to €101,265
- Other operating charges +€51,624
up €51,624 (+818%), from €6,313 to €57,936
- Gross operating margin -€28,935
down €28,935 (-20.5%), from €141,180 to €112,245
- Depreciation -€14,128
down €14,128 (-40.5%), from €34,875 to €20,747
- Financial charges -€5,337
down €5,337 (-57.9%), from €9,218 to €3,881
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 | €561,125 | €398,653 | -€162,472 | -29.0% |
| Fixed assets | 21/28 | €151,590 | €130,843 | -€20,747 | -13.7% |
| Tangible fixed assets | 22/27 | €151,590 | €130,843 | -€20,747 | -13.7% |
| Land and buildings | 22 | €111,274 | €101,927 | -€9,346 | -8.4% |
| Plant, machinery and equipment | 23 | €125 | - | -€125 | |
| Furniture and vehicles | 24 | €40,191 | €28,915 | -€11,276 | -28.1% |
| Current assets | 29/58 | €409,535 | €267,810 | -€141,725 | -34.6% |
| Stocks and contracts in progress | 3 | €363,270 | €104,794 | -€258,476 | -71.2% |
| Stocks | 30/36 | €363,270 | €104,794 | -€258,476 | -71.2% |
| Amounts receivable within one year | 40/41 | €19,376 | €95,489 | +€76,112 | +393% |
| Trade receivables | 40 | €18,948 | €93,946 | +€74,998 | +396% |
| Other amounts receivable | 41 | €428 | €1,543 | +€1,114 | +260% |
| Cash at bank and in hand | 54/58 | €23,004 | €64,807 | +€41,803 | +182% |
| Deferred charges and accrued income | 490/1 | €3,885 | €2,720 | -€1,164 | -30.0% |
| Total equity and liabilities | 10/49 | €561,125 | €398,653 | -€162,472 | -29.0% |
| Equity | 10/15 | €267,186 | €197,379 | -€69,807 | -26.1% |
| Contributions | 10/11 | €131,000 | €131,000 | = | 0.0% |
| Capital | 10 | €131,000 | €131,000 | = | 0.0% |
| Issued capital | 100 | €131,000 | €131,000 | = | 0.0% |
| Reserves | 13 | €272,050 | €272,050 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,100 | €13,100 | = | 0.0% |
| Legal reserve | 130 | €13,100 | €13,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,450 | €47,450 | = | 0.0% |
| Distributable reserves | 133 | €211,500 | €211,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,864 | -€205,671 | -€69,807 | -51.4% |
| Amounts payable | 17/49 | €293,939 | €201,274 | -€92,665 | -31.5% |
| Amounts payable after more than one year | 17 | €90,000 | €90,000 | = | 0.0% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €203,939 | €111,274 | -€92,665 | -45.4% |
| Financial debts | 43 | €10,488 | - | -€10,488 | |
| Credit institutions | 430/8 | €10,488 | - | -€10,488 | |
| Trade debts | 44 | €76,266 | €43,628 | -€32,637 | -42.8% |
| Suppliers | 440/4 | €76,266 | €43,628 | -€32,637 | -42.8% |
| Taxes, remuneration and social security | 45 | €72,770 | €46,138 | -€26,632 | -36.6% |
| Taxes | 450/3 | €45,616 | €34,006 | -€11,610 | -25.5% |
| Remuneration and social security | 454/9 | €27,154 | €12,132 | -€15,022 | -55.3% |
| Other amounts payable | 47/48 | €44,415 | €21,507 | -€22,907 | -51.6% |
| Non-recurring operating income | 76A | €446 | - | -€446 | |
| Remuneration, social security and pensions | 62 | €158,888 | €101,265 | -€57,623 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,875 | €20,747 | -€14,128 | -40.5% |
| Other operating charges | 640/8 | €6,313 | €57,936 | +€51,624 | +818% |
| Non-recurring operating charges | 66A | €2,277 | - | -€2,277 | |
| Gross operating margin | 9900 | €141,180 | €112,245 | -€28,935 | -20.5% |
| Operating profit (loss) | 9901 | -€61,173 | -€67,704 | -€6,530 | -10.7% |
| Financial income | 75/76B | €2,424 | €2,277 | -€147 | -6.1% |
| Recurring financial income | 75 | €2,424 | €2,277 | -€147 | -6.1% |
| Financial charges | 65/66B | €9,218 | €3,881 | -€5,337 | -57.9% |
| Recurring financial charges | 65 | €9,218 | €3,881 | -€5,337 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | -€67,967 | -€69,307 | -€1,340 | -2.0% |
| Income taxes | 67/77 | - | €500 | +€500 | |
| Profit (loss) for the period | 9904 | -€67,967 | -€69,807 | -€1,840 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,967 | -€69,807 | -€1,840 | -2.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.