XAS: 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.
XAS
Largest movements
- Cash +€163,588
up €163,588 (+622.8%), from €26,268 to €189,857
mainly Investment in fixed assets (net) (+€148,806) and Depreciation (+€19,381)
- Financial fixed assets -€148,806
no longer reported in 2025 (was €148,806)
- Tangible fixed assets -€19,381
down €19,381 (-6.7%), from €288,304 to €268,922
of which Land and buildings: -€14,773
- Receivables within one year -€5,622
down €5,622 (-65.6%), from €8,567 to €2,945
of which Trade receivables: -€4,781
- Debts after one year -€25,943
down €25,943 (-13.8%), from €187,933 to €161,990
of which Financial debts: -€26,093
- Profit (loss) carried forward +€18,128
up €18,128 (+53.2%), from -€34,089 to -€15,960
- Trade debts -€15,916
down €15,916 (-66.1%), from €24,075 to €8,160
- Other debts +€15,152
up €15,152 (+6.0%), from €251,661 to €266,813
- Gross operating margin +€2,321
up €2,321 (+4.4%), from €52,428 to €54,748
- Financial charges -€1,364
down €1,364 (-19.4%), from €7,033 to €5,669
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 | €471,945 | €461,724 | -€10,221 | -2.2% |
| Fixed assets | 21/28 | €437,110 | €268,922 | -€168,187 | -38.5% |
| Tangible fixed assets | 22/27 | €288,304 | €268,922 | -€19,381 | -6.7% |
| Land and buildings | 22 | €276,175 | €261,402 | -€14,773 | -5.3% |
| Plant, machinery and equipment | 23 | €3,311 | €1,655 | -€1,655 | -50.0% |
| Furniture and vehicles | 24 | €2,994 | €1,497 | -€1,497 | -50.0% |
| Other tangible fixed assets | 26 | €5,824 | €4,368 | -€1,456 | -25.0% |
| Financial fixed assets | 28 | €148,806 | - | -€148,806 | |
| Current assets | 29/58 | €34,835 | €192,802 | +€157,967 | +453.5% |
| Amounts receivable within one year | 40/41 | €8,567 | €2,945 | -€5,622 | -65.6% |
| Trade receivables | 40 | €4,831 | €50 | -€4,781 | -99.0% |
| Other amounts receivable | 41 | €3,736 | €2,895 | -€841 | -22.5% |
| Cash at bank and in hand | 54/58 | €26,268 | €189,857 | +€163,588 | +622.8% |
| Total equity and liabilities | 10/49 | €471,945 | €461,724 | -€10,221 | -2.2% |
| Equity | 10/15 | -€27,889 | -€9,760 | +€18,128 | +65.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,089 | -€15,960 | +€18,128 | +53.2% |
| Amounts payable | 17/49 | €499,834 | €471,485 | -€28,349 | -5.7% |
| Amounts payable after more than one year | 17 | €187,933 | €161,990 | -€25,943 | -13.8% |
| Financial debts | 170/4 | €187,933 | €161,840 | -€26,093 | -13.9% |
| Other amounts payable | 178/9 | - | €150 | +€150 | |
| Amounts payable within one year | 42/48 | €309,271 | €308,105 | -€1,166 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €28,252 | €26,093 | -€2,159 | -7.6% |
| Trade debts | 44 | €24,075 | €8,160 | -€15,916 | -66.1% |
| Suppliers | 440/4 | €24,075 | €8,160 | -€15,916 | -66.1% |
| Taxes, remuneration and social security | 45 | €5,282 | €7,038 | +€1,756 | +33.3% |
| Taxes | 450/3 | €5,282 | €7,038 | +€1,756 | +33.3% |
| Other amounts payable | 47/48 | €251,661 | €266,813 | +€15,152 | +6.0% |
| Accrued charges and deferred income | 492/3 | €2,630 | €1,390 | -€1,240 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,746 | €19,381 | -€365 | -1.8% |
| Other operating charges | 640/8 | €6,353 | €6,553 | +€200 | +3.1% |
| Gross operating margin | 9900 | €52,428 | €54,748 | +€2,321 | +4.4% |
| Operating profit (loss) | 9901 | €26,328 | €28,814 | +€2,486 | +9.4% |
| Financial charges | 65/66B | €7,033 | €5,669 | -€1,364 | -19.4% |
| Recurring financial charges | 65 | €7,033 | €5,669 | -€1,364 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €19,296 | €23,145 | +€3,850 | +20.0% |
| Income taxes | 67/77 | €5,282 | €5,017 | -€265 | -5.0% |
| Profit (loss) for the period | 9904 | €14,013 | €18,128 | +€4,115 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,013 | €18,128 | +€4,115 | +29.4% |
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 30 September 2026 via checked.be.