XADES: 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.
XADES
Largest movements
- Cash +€31,611
up €31,611 (+90.3%), from €35,002 to €66,614
mainly Other debts (+€84,942) and Net result for the year (+€61,414)
- Receivables within one year +€25,076
up €25,076 (+203%), from €12,361 to €37,437
of which Other amounts receivable: +€20,515
- Tangible fixed assets +€4,824
up €4,824 (+15.6%), from €30,853 to €35,676
of which Other tangible fixed assets: +€10,272
- Deferred charges and accrued income +€1,702
new in 2025: €1,702
- Other debts +€84,942
up €84,942 (+9,888%), from €859 to €85,801
- Profit (loss) carried forward -€24,387
down €24,387 (-45.3%), from €53,799 to €29,412
- Trade debts +€1,645
up €1,645 (+187%), from €882 to €2,527
- Gross operating margin +€35,048
up €35,048 (+62.0%), from €56,513 to €91,562
- Depreciation +€7,505
up €7,505 (+269%), from €2,792 to €10,297
- Taxes +€4,955
up €4,955 (+44.0%), from €11,251 to €16,206
- Other operating charges +€2,058
up €2,058 (+243%), from €846 to €2,904
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 | €78,216 | €141,429 | +€63,214 | +80.8% |
| Fixed assets | 21/28 | €30,853 | €35,676 | +€4,824 | +15.6% |
| Tangible fixed assets | 22/27 | €30,853 | €35,676 | +€4,824 | +15.6% |
| Plant, machinery and equipment | 23 | €2,487 | €3,285 | +€798 | +32.1% |
| Furniture and vehicles | 24 | €22,597 | €16,351 | -€6,247 | -27.6% |
| Other tangible fixed assets | 26 | €5,768 | €16,040 | +€10,272 | +178% |
| Current assets | 29/58 | €47,363 | €105,753 | +€58,390 | +123% |
| Amounts receivable within one year | 40/41 | €12,361 | €37,437 | +€25,076 | +203% |
| Trade receivables | 40 | €11,955 | €16,517 | +€4,562 | +38.2% |
| Other amounts receivable | 41 | €406 | €20,921 | +€20,515 | +5,052% |
| Cash at bank and in hand | 54/58 | €35,002 | €66,614 | +€31,611 | +90.3% |
| Deferred charges and accrued income | 490/1 | - | €1,702 | +€1,702 | |
| Total equity and liabilities | 10/49 | €78,216 | €141,429 | +€63,214 | +80.8% |
| Equity | 10/15 | €55,599 | €31,212 | -€24,387 | -43.9% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,799 | €29,412 | -€24,387 | -45.3% |
| Amounts payable | 17/49 | €22,617 | €110,218 | +€87,601 | +387% |
| Amounts payable within one year | 42/48 | €22,617 | €110,202 | +€87,585 | +387% |
| Trade debts | 44 | €882 | €2,527 | +€1,645 | +187% |
| Suppliers | 440/4 | €882 | €2,527 | +€1,645 | +187% |
| Taxes, remuneration and social security | 45 | €20,876 | €21,874 | +€998 | +4.8% |
| Taxes | 450/3 | €18,876 | €21,874 | +€2,998 | +15.9% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €859 | €85,801 | +€84,942 | +9,888% |
| Accrued charges and deferred income | 492/3 | €0 | €15 | +€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,792 | €10,297 | +€7,505 | +269% |
| Other operating charges | 640/8 | €846 | €2,904 | +€2,058 | +243% |
| Gross operating margin | 9900 | €56,513 | €91,562 | +€35,048 | +62.0% |
| Operating profit (loss) | 9901 | €52,876 | €78,362 | +€25,486 | +48.2% |
| Financial income | 75/76B | €176 | €104 | -€73 | -41.2% |
| Recurring financial income | 75 | €176 | €104 | -€73 | -41.2% |
| Financial charges | 65/66B | €1,160 | €845 | -€315 | -27.2% |
| Recurring financial charges | 65 | €1,160 | €845 | -€315 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €51,892 | €77,620 | +€25,728 | +49.6% |
| Income taxes | 67/77 | €11,251 | €16,206 | +€4,955 | +44.0% |
| Profit (loss) for the period | 9904 | €40,641 | €61,414 | +€20,773 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,641 | €61,414 | +€20,773 | +51.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.