Xavier Degroote: 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.
Xavier Degroote
Largest movements
- Tangible fixed assets +€866,331
up €866,331 (+15.6%), from €5.6m to €6.4m
of which Land and buildings: +€872,724
- Cash -€354,953
down €354,953 (-92.4%), from €384,083 to €29,130
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€150,622)
- Receivables within one year +€150,622
up €150,622 (+357%), from €42,176 to €192,798
of which Other amounts receivable: +€135,092
- Debts after one year +€285,215
up €285,215 (+30.1%), from €946,771 to €1.2m
- Other debts +€267,196
up €267,196 (+10.3%), from €2.6m to €2.9m
- Reserves +€187,993
up €187,993 (+26.0%), from €721,673 to €909,666
of which Tax-exempt reserves: +€196,297
- Current portion of long-term debt -€84,474
down €84,474 (-24.2%), from €349,259 to €264,785
- Turnover -€110,943
down €110,943 (-16.2%), from €682,732 to €571,789
- Depreciation +€77,318
up €77,318 (+39.2%), from €197,197 to €274,514
- Services and other goods +€37,062
up €37,062 (+26.4%), from €140,440 to €177,502
- Financial charges -€18,920
down €18,920 (-10.8%), from €174,496 to €155,576
- Taxes -€12,943
down €12,943 (-84.2%), from €15,373 to €2,430
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 | €5,990,535 | €6,655,194 | +€664,659 | +11.1% |
| Fixed assets | 21/28 | €5,563,400 | €6,429,731 | +€866,331 | +15.6% |
| Tangible fixed assets | 22/27 | €5,563,400 | €6,429,731 | +€866,331 | +15.6% |
| Land and buildings | 22 | €4,798,331 | €5,671,055 | +€872,724 | +18.2% |
| Plant, machinery and equipment | 23 | €627,951 | €553,179 | -€74,772 | -11.9% |
| Furniture and vehicles | 24 | €137,118 | €205,497 | +€68,379 | +49.9% |
| Current assets | 29/58 | €427,135 | €225,463 | -€201,672 | -47.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €42,176 | €192,798 | +€150,622 | +357% |
| Trade receivables | 40 | €37,549 | €53,079 | +€15,530 | +41.4% |
| Other amounts receivable | 41 | €4,627 | €139,720 | +€135,092 | +2,919% |
| Cash at bank and in hand | 54/58 | €384,083 | €29,130 | -€354,953 | -92.4% |
| Deferred charges and accrued income | 490/1 | €876 | €3,534 | +€2,659 | +304% |
| Total equity and liabilities | 10/49 | €5,990,535 | €6,655,194 | +€664,659 | +11.1% |
| Equity | 10/15 | €1,836,553 | €2,024,546 | +€187,993 | +10.2% |
| Contributions | 10/11 | €1,114,880 | €1,114,880 | = | 0.0% |
| Reserves | 13 | €721,673 | €909,666 | +€187,993 | +26.0% |
| Tax-exempt reserves | 132 | €106,036 | €302,333 | +€196,297 | +185% |
| Distributable reserves | 133 | €615,637 | €607,333 | -€8,304 | -1.3% |
| Provisions and deferred taxes | 16 | €35,345 | €100,778 | +€65,432 | +185% |
| Deferred taxes | 168 | €35,345 | €100,778 | +€65,432 | +185% |
| Amounts payable | 17/49 | €4,118,636 | €4,529,870 | +€411,233 | +10.0% |
| Amounts payable after more than one year | 17 | €946,771 | €1,231,986 | +€285,215 | +30.1% |
| Financial debts | 170/4 | €946,771 | €1,231,986 | +€285,215 | +30.1% |
| Credit institutions | 173 | €946,771 | €1,231,986 | +€285,215 | +30.1% |
| Amounts payable within one year | 42/48 | €3,011,518 | €3,154,053 | +€142,535 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €349,259 | €264,785 | -€84,474 | -24.2% |
| Trade debts | 44 | €54,219 | €30,864 | -€23,355 | -43.1% |
| Suppliers | 440/4 | €54,219 | €30,864 | -€23,355 | -43.1% |
| Taxes, remuneration and social security | 45 | €19,733 | €2,901 | -€16,832 | -85.3% |
| Taxes | 450/3 | €19,733 | €2,901 | -€16,832 | -85.3% |
| Other amounts payable | 47/48 | €2,588,307 | €2,855,503 | +€267,196 | +10.3% |
| Accrued charges and deferred income | 492/3 | €160,348 | €143,830 | -€16,517 | -10.3% |
| Operating income | 70/76A | €870,067 | €892,458 | +€22,391 | +2.6% |
| Turnover | 70 | €682,732 | €571,789 | -€110,943 | -16.2% |
| Other operating income | 74 | €33,106 | €37,927 | +€4,821 | +14.6% |
| Non-recurring operating income | 76A | €154,229 | €282,742 | +€128,513 | +83.3% |
| Operating charges | 60/66A | €358,508 | €481,026 | +€122,518 | +34.2% |
| Services and other goods | 61 | €140,440 | €177,502 | +€37,062 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,197 | €274,514 | +€77,318 | +39.2% |
| Other operating charges | 640/8 | €20,871 | €29,010 | +€8,139 | +39.0% |
| Operating profit (loss) | 9901 | €511,559 | €411,432 | -€100,127 | -19.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €174,496 | €155,576 | -€18,920 | -10.8% |
| Recurring financial charges | 65 | €174,496 | €155,576 | -€18,920 | -10.8% |
| Debt charges | 650 | €173,853 | €153,065 | -€20,788 | -12.0% |
| Other financial charges | 652/9 | €643 | €2,511 | +€1,868 | +291% |
| Profit (loss) for the period before taxes | 9903 | €337,063 | €255,856 | -€81,207 | -24.1% |
| Transfer from deferred taxes | 780 | €2,679 | €1,869 | -€810 | -30.2% |
| Transfer to deferred taxes | 680 | €38,024 | €67,301 | +€29,278 | +77.0% |
| Income taxes | 67/77 | €15,373 | €2,430 | -€12,943 | -84.2% |
| Taxes | 670/3 | €15,373 | €2,430 | -€12,943 | -84.2% |
| Profit (loss) for the period | 9904 | €286,345 | €187,993 | -€98,352 | -34.3% |
| Transfer from tax-exempt reserves | 789 | €8,036 | €5,607 | -€2,429 | -30.2% |
| Transfer to tax-exempt reserves | 689 | €114,072 | €201,904 | +€87,833 | +77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €180,309 | -€8,304 | -€188,613 |
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.