XAOP: 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.
XAOP
Largest movements
- Receivables within one year +€235,383
up €235,383 (+176.4%), from €133,456 to €368,839
of which Trade receivables: +€223,312
- Tangible fixed assets +€113,820
up €113,820 (+12.2%), from €933,673 to €1.0m
of which Furniture and vehicles: +€172,906
- Cash -€33,693
down €33,693 (-11.8%), from €286,741 to €253,048
mainly Investment in fixed assets (net) (-€293,796) and Receivables within one year (-€235,383)
- Reserves +€105,000
up €105,000 (+48.7%), from €215,610 to €320,610
of which Distributable reserves: +€105,000
- Debts after one year +€94,920
up €94,920 (+13.2%), from €716,418 to €811,338
- Other debts +€55,326
up €55,326 (+81.6%), from €67,774 to €123,100
- Current portion of long-term debt +€38,972
up €38,972 (+72.2%), from €53,962 to €92,934
- Tax, wage and social debts +€38,616
up €38,616 (+38.8%), from €99,520 to €138,136
of which Taxes: +€31,408
- Gross operating margin +€262,127
up €262,127 (+28.7%), from €911,837 to €1.2m
- Taxes +€45,488
up €45,488 (+198.1%), from €22,962 to €68,450
- Depreciation +€43,585
up €43,585 (+30.3%), from €144,046 to €187,631
- Staff costs +€25,080
up €25,080 (+3.7%), from €674,750 to €699,830
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 | €1,414,867 | €1,724,515 | +€309,648 | +21.9% |
| Fixed assets | 21/28 | €993,920 | €1,100,085 | +€106,165 | +10.7% |
| Intangible fixed assets | 21 | €59,947 | €52,292 | -€7,655 | -12.8% |
| Tangible fixed assets | 22/27 | €933,673 | €1,047,493 | +€113,820 | +12.2% |
| Land and buildings | 22 | €385,048 | €378,286 | -€6,762 | -1.8% |
| Plant, machinery and equipment | 23 | €509,102 | €456,778 | -€52,324 | -10.3% |
| Furniture and vehicles | 24 | €39,523 | €212,429 | +€172,906 | +437.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €420,947 | €624,430 | +€203,483 | +48.3% |
| Amounts receivable within one year | 40/41 | €133,456 | €368,839 | +€235,383 | +176.4% |
| Trade receivables | 40 | €63,785 | €287,097 | +€223,312 | +350.1% |
| Other amounts receivable | 41 | €69,671 | €81,742 | +€12,071 | +17.3% |
| Cash at bank and in hand | 54/58 | €286,741 | €253,048 | -€33,693 | -11.8% |
| Deferred charges and accrued income | 490/1 | €750 | €2,543 | +€1,793 | +239.1% |
| Total equity and liabilities | 10/49 | €1,414,867 | €1,724,515 | +€309,648 | +21.9% |
| Equity | 10/15 | €398,489 | €504,537 | +€106,048 | +26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,610 | €320,610 | +€105,000 | +48.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €195,000 | €300,000 | +€105,000 | +53.8% |
| Profit (loss) carried forward | 14 | €164,279 | €165,327 | +€1,048 | +0.6% |
| Amounts payable | 17/49 | €1,016,378 | €1,219,978 | +€203,600 | +20.0% |
| Amounts payable after more than one year | 17 | €716,418 | €811,338 | +€94,920 | +13.2% |
| Financial debts | 170/4 | €716,418 | €811,338 | +€94,920 | +13.2% |
| Amounts payable within one year | 42/48 | €298,331 | €407,011 | +€108,680 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €53,962 | €92,934 | +€38,972 | +72.2% |
| Trade debts | 44 | €77,075 | €52,841 | -€24,234 | -31.4% |
| Suppliers | 440/4 | €77,075 | €52,841 | -€24,234 | -31.4% |
| Taxes, remuneration and social security | 45 | €99,520 | €138,136 | +€38,616 | +38.8% |
| Taxes | 450/3 | €27,583 | €58,991 | +€31,408 | +113.9% |
| Remuneration and social security | 454/9 | €71,937 | €79,145 | +€7,208 | +10.0% |
| Other amounts payable | 47/48 | €67,774 | €123,100 | +€55,326 | +81.6% |
| Accrued charges and deferred income | 492/3 | €1,629 | €1,629 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €674,750 | €699,830 | +€25,080 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,046 | €187,631 | +€43,585 | +30.3% |
| Other operating charges | 640/8 | €2,530 | €2,389 | -€141 | -5.6% |
| Non-recurring operating charges | 66A | €1,454 | €219 | -€1,235 | -84.9% |
| Gross operating margin | 9900 | €911,837 | €1,173,964 | +€262,127 | +28.7% |
| Operating profit (loss) | 9901 | €89,057 | €283,895 | +€194,838 | +218.8% |
| Financial income | 75/76B | €439 | €1,530 | +€1,091 | +248.5% |
| Recurring financial income | 75 | €439 | €1,530 | +€1,091 | +248.5% |
| Financial charges | 65/66B | €16,829 | €21,866 | +€5,037 | +29.9% |
| Recurring financial charges | 65 | €16,829 | €21,866 | +€5,037 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €72,667 | €263,559 | +€190,892 | +262.7% |
| Income taxes | 67/77 | €22,962 | €68,450 | +€45,488 | +198.1% |
| Profit (loss) for the period | 9904 | €49,705 | €195,109 | +€145,404 | +292.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,705 | €195,109 | +€145,404 | +292.5% |
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.