XCLUSIVE: 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.
XCLUSIVE
Largest movements
- Receivables after one year -€60,492
down €60,492 (-19.7%), from €306,443 to €245,951
- Profit (loss) carried forward -€958,325
down €958,325 (-100.0%), from €958,325 to €0
- Reserves +€930,755
up €930,755 (+379.6%), from €245,173 to €1.2m
- Debts after one year -€48,617
down €48,617 (-4.4%), from €1.1m to €1.1m
of which Other amounts payable: -€41,149
- Financial income -€995,153
down €995,153 (-99.3%), from €1.0m to €7,437
- Other operating charges +€13,323
up €13,323 (+24223.1%), from €55 to €13,378
- Financial charges -€11,252
down €11,252 (-64.7%), from €17,378 to €6,127
- Depreciation -€10,892
down €10,892 (-80.6%), from €13,518 to €2,626
- Gross operating margin +€277
up €277 (+2.1%), from -€12,974 to -€12,697
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 | €2,404,917 | €2,315,145 | -€89,773 | -3.7% |
| Fixed assets | 21/28 | €2,043,984 | €2,032,271 | -€11,713 | -0.6% |
| Tangible fixed assets | 22/27 | €32,602 | €25,889 | -€6,713 | -20.6% |
| Furniture and vehicles | 24 | €32,602 | €25,889 | -€6,713 | -20.6% |
| Financial fixed assets | 28 | €2,011,382 | €2,006,382 | -€5,000 | -0.2% |
| Current assets | 29/58 | €360,933 | €282,874 | -€78,059 | -21.6% |
| Amounts receivable after more than one year | 29 | €306,443 | €245,951 | -€60,492 | -19.7% |
| Other amounts receivable | 291 | €306,443 | €245,951 | -€60,492 | -19.7% |
| Amounts receivable within one year | 40/41 | €42,824 | €26,877 | -€15,947 | -37.2% |
| Trade receivables | 40 | €18,621 | €1,688 | -€16,933 | -90.9% |
| Other amounts receivable | 41 | €24,203 | €25,189 | +€986 | +4.1% |
| Cash at bank and in hand | 54/58 | €10,689 | €10,042 | -€648 | -6.1% |
| Deferred charges and accrued income | 490/1 | €977 | €4 | -€973 | -99.6% |
| Total equity and liabilities | 10/49 | €2,404,917 | €2,315,145 | -€89,773 | -3.7% |
| Equity | 10/15 | €1,263,498 | €1,235,928 | -€27,570 | -2.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €245,173 | €1,175,928 | +€930,755 | +379.6% |
| Distributable reserves | 133 | €245,173 | €1,175,928 | +€930,755 | +379.6% |
| Profit (loss) carried forward | 14 | €958,325 | €0 | -€958,325 | -100.0% |
| Amounts payable | 17/49 | €1,141,420 | €1,079,217 | -€62,202 | -5.4% |
| Amounts payable after more than one year | 17 | €1,116,659 | €1,068,042 | -€48,617 | -4.4% |
| Financial debts | 170/4 | €7,468 | €0 | -€7,468 | -100.0% |
| Other amounts payable | 178/9 | €1,109,191 | €1,068,042 | -€41,149 | -3.7% |
| Amounts payable within one year | 42/48 | €24,761 | €11,175 | -€13,586 | -54.9% |
| Current portion of amounts payable after more than one year | 42 | €14,638 | €7,468 | -€7,170 | -49.0% |
| Trade debts | 44 | €2,554 | €981 | -€1,573 | -61.6% |
| Suppliers | 440/4 | €2,554 | €981 | -€1,573 | -61.6% |
| Taxes, remuneration and social security | 45 | €7,570 | €2,726 | -€4,843 | -64.0% |
| Taxes | 450/3 | €7,570 | €2,726 | -€4,843 | -64.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,518 | €2,626 | -€10,892 | -80.6% |
| Other operating charges | 640/8 | €55 | €13,378 | +€13,323 | +24223.1% |
| Gross operating margin | 9900 | -€12,974 | -€12,697 | +€277 | +2.1% |
| Operating profit (loss) | 9901 | -€26,547 | -€28,701 | -€2,154 | -8.1% |
| Financial income | 75/76B | €1,002,590 | €7,437 | -€995,153 | -99.3% |
| Recurring financial income | 75 | €1,002,590 | €7,437 | -€995,153 | -99.3% |
| Financial charges | 65/66B | €17,378 | €6,127 | -€11,252 | -64.7% |
| Recurring financial charges | 65 | €17,378 | €6,127 | -€11,252 | -64.7% |
| Profit (loss) for the period before taxes | 9903 | €958,664 | -€27,391 | -€986,055 | |
| Income taxes | 67/77 | €339 | €179 | -€160 | -47.2% |
| Profit (loss) for the period | 9904 | €958,325 | -€27,570 | -€985,895 | |
| Profit (loss) for the period to be appropriated | 9905 | €958,325 | -€27,570 | -€985,895 |
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 9 October 2026 via checked.be.