XAG: 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.
XAG
Largest movements
- Receivables after one year -€69,088
down €69,088 (-82.8%), from €83,447 to €14,359
- Receivables within one year +€43,597
up €43,597 (+112.9%), from €38,607 to €82,204
- Cash -€13,637
down €13,637 (-11.7%), from €116,935 to €103,298
mainly Receivables within one year (-€43,597) and Tax, wage and social debts (-€25,079)
- Tangible fixed assets +€9,946
up €9,946, from €0 to €9,946
of which Land and buildings: +€9,946
- Tax, wage and social debts -€25,079
down €25,079 (-51.5%), from €48,664 to €23,585
- Profit (loss) carried forward -€3,185
down €3,185 (-1.5%), from €207,430 to €204,245
- Gross operating margin -€88,620
down €88,620, from €83,374 to -€5,246
- Taxes -€23,585
down €23,585 (-100.0%), from €23,585 to €0
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 | €276,652 | €248,971 | -€27,682 | -10.0% |
| Fixed assets | 21/28 | €37,664 | €49,110 | +€11,446 | +30.4% |
| Tangible fixed assets | 22/27 | €0 | €9,946 | +€9,946 | |
| Land and buildings | 22 | - | €9,946 | +€9,946 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €37,664 | €39,164 | +€1,500 | +4.0% |
| Current assets | 29/58 | €238,988 | €199,861 | -€39,128 | -16.4% |
| Amounts receivable after more than one year | 29 | €83,447 | €14,359 | -€69,088 | -82.8% |
| Other amounts receivable | 291 | €83,447 | €14,359 | -€69,088 | -82.8% |
| Amounts receivable within one year | 40/41 | €38,607 | €82,204 | +€43,597 | +112.9% |
| Other amounts receivable | 41 | €38,607 | €82,204 | +€43,597 | +112.9% |
| Cash at bank and in hand | 54/58 | €116,935 | €103,298 | -€13,637 | -11.7% |
| Total equity and liabilities | 10/49 | €276,652 | €248,971 | -€27,682 | -10.0% |
| Equity | 10/15 | €227,430 | €224,245 | -€3,185 | -1.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,430 | €204,245 | -€3,185 | -1.5% |
| Amounts payable | 17/49 | €49,222 | €24,726 | -€24,496 | -49.8% |
| Amounts payable within one year | 42/48 | €49,222 | €24,726 | -€24,496 | -49.8% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €48,664 | €23,585 | -€25,079 | -51.5% |
| Taxes | 450/3 | €48,664 | €23,585 | -€25,079 | -51.5% |
| Other amounts payable | 47/48 | €558 | €741 | +€183 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €887 | €1,434 | +€547 | +61.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €83,374 | -€5,246 | -€88,620 | |
| Operating profit (loss) | 9901 | €82,099 | -€7,080 | -€89,180 | |
| Financial income | 75/76B | €4,355 | €4,242 | -€113 | -2.6% |
| Recurring financial income | 75 | €4,355 | €4,242 | -€113 | -2.6% |
| Financial charges | 65/66B | €120 | €347 | +€226 | +188.0% |
| Recurring financial charges | 65 | €120 | €347 | +€226 | +188.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €86,334 | -€3,185 | -€89,519 | |
| Income taxes | 67/77 | €23,585 | €0 | -€23,585 | -100.0% |
| Profit (loss) for the period | 9904 | €62,749 | -€3,185 | -€65,934 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,749 | -€3,185 | -€65,934 |
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 1 October 2026 via checked.be.