XAVI: 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.
XAVI
Largest movements
- Tangible fixed assets -€159,513
down €159,513 (-5.5%), from €2.9m to €2.8m
of which Land and buildings: -€98,202
- Cash -€37,291
down €37,291 (-12.4%), from €300,680 to €263,388
mainly Other debts (-€293,521) and Debts after one year (-€224,549)
- Other debts -€293,521
down €293,521 (-67.2%), from €436,617 to €143,096
- Debts after one year -€224,549
down €224,549 (-10.1%), from €2.2m to €2.0m
- Reserves +€220,956
up €220,956 (+300.8%), from €73,466 to €294,423
- Trade debts +€83,404
up €83,404 (+59.5%), from €140,180 to €223,584
- Tax, wage and social debts +€37,459
up €37,459 (+40.2%), from €93,180 to €130,639
of which Remuneration and social security: +€26,528
- Gross operating margin +€202,575
up €202,575 (+18.4%), from €1.1m to €1.3m
- Staff costs +€92,871
up €92,871 (+15.7%), from €593,291 to €686,161
- Taxes +€39,455
up €39,455 (+527.0%), from €7,486 to €46,941
- Financial charges -€22,908
down €22,908 (-20.0%), from €114,675 to €91,767
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 | €3,382,431 | €3,205,967 | -€176,464 | -5.2% |
| Fixed assets | 21/28 | €2,916,434 | €2,756,921 | -€159,513 | -5.5% |
| Tangible fixed assets | 22/27 | €2,916,238 | €2,756,725 | -€159,513 | -5.5% |
| Land and buildings | 22 | €1,882,715 | €1,784,513 | -€98,202 | -5.2% |
| Plant, machinery and equipment | 23 | €1,022,969 | €965,635 | -€57,334 | -5.6% |
| Furniture and vehicles | 24 | €10,555 | €6,578 | -€3,977 | -37.7% |
| Financial fixed assets | 28 | €196 | €196 | = | 0.0% |
| Current assets | 29/58 | €465,997 | €449,046 | -€16,951 | -3.6% |
| Stocks and contracts in progress | 3 | €129,755 | €118,523 | -€11,232 | -8.7% |
| Stocks | 30/36 | €129,755 | €118,523 | -€11,232 | -8.7% |
| Amounts receivable within one year | 40/41 | €30,273 | €63,018 | +€32,746 | +108.2% |
| Trade receivables | 40 | €23,942 | €58,419 | +€34,478 | +144.0% |
| Other amounts receivable | 41 | €6,331 | €4,599 | -€1,732 | -27.4% |
| Cash at bank and in hand | 54/58 | €300,680 | €263,388 | -€37,291 | -12.4% |
| Deferred charges and accrued income | 490/1 | €5,289 | €4,116 | -€1,174 | -22.2% |
| Total equity and liabilities | 10/49 | €3,382,431 | €3,205,967 | -€176,464 | -5.2% |
| Equity | 10/15 | €267,344 | €488,300 | +€220,956 | +82.6% |
| Contributions | 10/11 | €193,878 | €193,878 | = | 0.0% |
| Reserves | 13 | €73,466 | €294,423 | +€220,956 | +300.8% |
| Distributable reserves | 133 | €73,466 | €294,423 | +€220,956 | +300.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,115,087 | €2,717,666 | -€397,421 | -12.8% |
| Amounts payable after more than one year | 17 | €2,220,347 | €1,995,798 | -€224,549 | -10.1% |
| Financial debts | 170/4 | €2,220,347 | €1,995,798 | -€224,549 | -10.1% |
| Amounts payable within one year | 42/48 | €893,757 | €721,868 | -€171,889 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €223,780 | €224,549 | +€769 | +0.3% |
| Trade debts | 44 | €140,180 | €223,584 | +€83,404 | +59.5% |
| Suppliers | 440/4 | €140,180 | €223,584 | +€83,404 | +59.5% |
| Taxes, remuneration and social security | 45 | €93,180 | €130,639 | +€37,459 | +40.2% |
| Taxes | 450/3 | €17,342 | €28,274 | +€10,931 | +63.0% |
| Remuneration and social security | 454/9 | €75,837 | €102,365 | +€26,528 | +35.0% |
| Other amounts payable | 47/48 | €436,617 | €143,096 | -€293,521 | -67.2% |
| Accrued charges and deferred income | 492/3 | €983 | €0 | -€983 | -100.0% |
| Remuneration, social security and pensions | 62 | €593,291 | €686,161 | +€92,871 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,822 | €239,990 | +€11,168 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,677 | +€7,677 | |
| Other operating charges | 640/8 | €9,660 | €11,033 | +€1,373 | +14.2% |
| Gross operating margin | 9900 | €1,100,692 | €1,303,267 | +€202,575 | +18.4% |
| Operating profit (loss) | 9901 | €268,920 | €358,405 | +€89,485 | +33.3% |
| Financial income | 75/76B | €986 | €1,258 | +€272 | +27.6% |
| Recurring financial income | 75 | €986 | €1,258 | +€272 | +27.6% |
| Financial charges | 65/66B | €114,675 | €91,767 | -€22,908 | -20.0% |
| Recurring financial charges | 65 | €114,675 | €91,767 | -€22,908 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €155,231 | €267,897 | +€112,666 | +72.6% |
| Income taxes | 67/77 | €7,486 | €46,941 | +€39,455 | +527.0% |
| Profit (loss) for the period | 9904 | €147,745 | €220,956 | +€73,211 | +49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €147,745 | €220,956 | +€73,211 | +49.6% |
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 7 October 2026 via checked.be.