XADI: 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.
XADI
Largest movements
- Receivables after one year -€32,300
no longer reported in 2025 (was €32,300)
- Deferred charges and accrued income +€30,188
up €30,188 (+2893.6%), from €1,043 to €31,232
- Cash -€14,483
down €14,483 (-10.3%), from €140,249 to €125,766
mainly Deferred charges and accrued income (-€30,188) and Receivables within one year (-€12,560)
- Receivables within one year +€12,560
up €12,560 (+73.7%), from €17,041 to €29,600
of which Other amounts receivable: +€18,000
- Tangible fixed assets +€5,174
up €5,174 (+4.0%), from €128,380 to €133,553
of which Plant, machinery and equipment: +€5,174
- Reserves +€25,371
up €25,371 (+10.6%), from €240,458 to €265,830
- Other debts -€11,632
down €11,632 (-57.1%), from €20,359 to €8,727
- Debts after one year -€10,144
down €10,144 (-37.9%), from €26,778 to €16,634
- Gross operating margin -€63,174
down €63,174 (-59.8%), from €105,695 to €42,522
- Taxes -€18,646
down €18,646 (-67.5%), from €27,629 to €8,983
- Financial charges +€1,931
up €1,931 (+103.4%), from €1,868 to €3,799
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 | €319,013 | €320,152 | +€1,139 | +0.4% |
| Fixed assets | 21/28 | €128,380 | €133,553 | +€5,174 | +4.0% |
| Tangible fixed assets | 22/27 | €128,380 | €133,553 | +€5,174 | +4.0% |
| Land and buildings | 22 | €123,500 | €123,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,880 | €10,053 | +€5,174 | +106.0% |
| Current assets | 29/58 | €190,633 | €186,599 | -€4,035 | -2.1% |
| Amounts receivable after more than one year | 29 | €32,300 | - | -€32,300 | |
| Other amounts receivable | 291 | €32,300 | - | -€32,300 | |
| Amounts receivable within one year | 40/41 | €17,041 | €29,600 | +€12,560 | +73.7% |
| Trade receivables | 40 | €17,041 | €11,600 | -€5,440 | -31.9% |
| Other amounts receivable | 41 | - | €18,000 | +€18,000 | |
| Cash at bank and in hand | 54/58 | €140,249 | €125,766 | -€14,483 | -10.3% |
| Deferred charges and accrued income | 490/1 | €1,043 | €31,232 | +€30,188 | +2893.6% |
| Total equity and liabilities | 10/49 | €319,013 | €320,152 | +€1,139 | +0.4% |
| Equity | 10/15 | €246,658 | €272,030 | +€25,371 | +10.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €240,458 | €265,830 | +€25,371 | +10.6% |
| Distributable reserves | 133 | €240,458 | €265,830 | +€25,371 | +10.6% |
| Amounts payable | 17/49 | €72,355 | €48,122 | -€24,232 | -33.5% |
| Amounts payable after more than one year | 17 | €26,778 | €16,634 | -€10,144 | -37.9% |
| Financial debts | 170/4 | €26,778 | €16,634 | -€10,144 | -37.9% |
| Amounts payable within one year | 42/48 | €45,576 | €31,488 | -€14,088 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €10,527 | €10,544 | +€17 | +0.2% |
| Trade debts | 44 | €2,388 | €207 | -€2,181 | -91.3% |
| Suppliers | 440/4 | €2,388 | €207 | -€2,181 | -91.3% |
| Taxes, remuneration and social security | 45 | €12,302 | €12,010 | -€292 | -2.4% |
| Taxes | 450/3 | €12,302 | €12,010 | -€292 | -2.4% |
| Other amounts payable | 47/48 | €20,359 | €8,727 | -€11,632 | -57.1% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,714 | €3,408 | -€306 | -8.2% |
| Other operating charges | 640/8 | €1,475 | €960 | -€515 | -34.9% |
| Gross operating margin | 9900 | €105,695 | €42,522 | -€63,174 | -59.8% |
| Operating profit (loss) | 9901 | €100,506 | €38,153 | -€62,353 | -62.0% |
| Financial charges | 65/66B | €1,868 | €3,799 | +€1,931 | +103.4% |
| Recurring financial charges | 65 | €1,868 | €3,799 | +€1,931 | +103.4% |
| Profit (loss) for the period before taxes | 9903 | €98,638 | €34,355 | -€64,283 | -65.2% |
| Income taxes | 67/77 | €27,629 | €8,983 | -€18,646 | -67.5% |
| Profit (loss) for the period | 9904 | €71,009 | €25,371 | -€45,637 | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,009 | €25,371 | -€45,637 | -64.3% |
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 10 October 2026 via checked.be.