XARES: 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.
XARES
Largest movements
- Tangible fixed assets -€19,717
down €19,717 (-11.4%), from €173,110 to €153,393
- Cash -€15,791
down €15,791 (-80.6%), from €19,596 to €3,805
mainly Net result for the year (-€17,597) and Debts after one year (-€14,431)
- Receivables within one year +€4,650
up €4,650 (+37.2%), from €12,489 to €17,139
of which Trade receivables: +€4,767
- Reserves -€17,597
down €17,597 (-66.2%), from €26,595 to €8,998
- Debts after one year -€14,431
down €14,431 (-9.8%), from €147,800 to €133,369
- Financial charges +€2,445
up €2,445 (+53.9%), from €4,538 to €6,984
- Depreciation -€1,479
down €1,479 (-7.0%), from €21,196 to €19,717
- Gross operating margin -€1,276
down €1,276 (-10.3%), from €12,386 to €11,110
- Financial income -€702
down €702 (-68.5%), from €1,024 to €323
- Other operating charges +€578
up €578 (+41.7%), from €1,386 to €1,964
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 | €209,501 | €179,249 | -€30,252 | -14.4% |
| Fixed assets | 21/28 | €177,416 | €157,699 | -€19,717 | -11.1% |
| Tangible fixed assets | 22/27 | €173,110 | €153,393 | -€19,717 | -11.4% |
| Land and buildings | 22 | €67,031 | €60,364 | -€6,668 | -9.9% |
| Furniture and vehicles | 24 | €3,746 | €0 | -€3,746 | -100% |
| Leasing and similar rights | 25 | €102,332 | €93,029 | -€9,303 | -9.1% |
| Financial fixed assets | 28 | €4,306 | €4,306 | = | 0.0% |
| Current assets | 29/58 | €32,085 | €21,550 | -€10,535 | -32.8% |
| Amounts receivable within one year | 40/41 | €12,489 | €17,139 | +€4,650 | +37.2% |
| Trade receivables | 40 | - | €4,767 | +€4,767 | |
| Other amounts receivable | 41 | €12,489 | €12,372 | -€118 | -0.9% |
| Cash at bank and in hand | 54/58 | €19,596 | €3,805 | -€15,791 | -80.6% |
| Deferred charges and accrued income | 490/1 | €0 | €606 | +€606 | |
| Total equity and liabilities | 10/49 | €209,501 | €179,249 | -€30,252 | -14.4% |
| Equity | 10/15 | €38,995 | €21,398 | -€17,597 | -45.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €26,595 | €8,998 | -€17,597 | -66.2% |
| Distributable reserves | 133 | €26,595 | €8,998 | -€17,597 | -66.2% |
| Amounts payable | 17/49 | €170,506 | €157,851 | -€12,655 | -7.4% |
| Amounts payable after more than one year | 17 | €147,800 | €133,369 | -€14,431 | -9.8% |
| Financial debts | 170/4 | €147,800 | €133,369 | -€14,431 | -9.8% |
| Amounts payable within one year | 42/48 | €22,706 | €24,482 | +€1,776 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €16,936 | €17,282 | +€346 | +2.0% |
| Trade debts | 44 | €4,154 | €5,476 | +€1,322 | +31.8% |
| Suppliers | 440/4 | €4,154 | €5,476 | +€1,322 | +31.8% |
| Taxes, remuneration and social security | 45 | €1,615 | €1,724 | +€108 | +6.7% |
| Taxes | 450/3 | €1,615 | €1,724 | +€108 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,196 | €19,717 | -€1,479 | -7.0% |
| Other operating charges | 640/8 | €1,386 | €1,964 | +€578 | +41.7% |
| Gross operating margin | 9900 | €12,386 | €11,110 | -€1,276 | -10.3% |
| Operating profit (loss) | 9901 | -€10,195 | -€10,571 | -€376 | -3.7% |
| Financial income | 75/76B | €1,024 | €323 | -€702 | -68.5% |
| Recurring financial income | 75 | €1,024 | €323 | -€702 | -68.5% |
| Financial charges | 65/66B | €4,538 | €6,984 | +€2,445 | +53.9% |
| Recurring financial charges | 65 | €4,538 | €6,984 | +€2,445 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | -€13,709 | -€17,232 | -€3,523 | -25.7% |
| Income taxes | 67/77 | €392 | €365 | -€27 | -6.8% |
| Profit (loss) for the period | 9904 | -€14,101 | -€17,597 | -€3,496 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,101 | -€17,597 | -€3,496 | -24.8% |
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 15 October 2026 via checked.be.