XdB Management: 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.
XdB Management
Largest movements
- Receivables within one year +€52,681
up €52,681 (+14.7%), from €358,175 to €410,856
of which Other amounts receivable: +€109,466
- Cash -€9,489
down €9,489 (-91.8%), from €10,341 to €852
mainly Receivables within one year (-€52,681) and Tax, wage and social debts (-€50,863)
- Tangible fixed assets -€7,316
down €7,316 (-7.4%), from €99,119 to €91,803
of which Leasing and similar rights: -€11,306
- Other debts +€65,000
up €65,000 (+68.6%), from €94,789 to €159,789
- Tax, wage and social debts -€50,863
down €50,863 (-58.4%), from €87,073 to €36,211
- Reserves +€27,593
up €27,593 (+11.8%), from €233,799 to €261,392
- Trade debts -€7,847
down €7,847 (-58.8%), from €13,339 to €5,492
- Current portion of long-term debt +€5,319
up €5,319 (+48.5%), from €10,971 to €16,290
- Gross operating margin -€73,371
down €73,371 (-53.8%), from €136,409 to €63,037
- Taxes -€22,105
down €22,105 (-55.6%), from €39,786 to €17,681
- Financial income +€6,608
up €6,608 (+50.3%), from €13,125 to €19,733
- Depreciation +€6,278
up €6,278 (+22.8%), from €27,493 to €33,771
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 | €473,820 | €513,035 | +€39,215 | +8.3% |
| Fixed assets | 21/28 | €99,119 | €91,803 | -€7,316 | -7.4% |
| Tangible fixed assets | 22/27 | €99,119 | €91,803 | -€7,316 | -7.4% |
| Plant, machinery and equipment | 23 | €1,066 | €684 | -€382 | -35.9% |
| Furniture and vehicles | 24 | €43,541 | €54,134 | +€10,593 | +24.3% |
| Leasing and similar rights | 25 | €31,006 | €19,700 | -€11,306 | -36.5% |
| Other tangible fixed assets | 26 | €23,507 | €17,286 | -€6,221 | -26.5% |
| Current assets | 29/58 | €374,701 | €421,232 | +€46,531 | +12.4% |
| Amounts receivable within one year | 40/41 | €358,175 | €410,856 | +€52,681 | +14.7% |
| Trade receivables | 40 | €56,785 | - | -€56,785 | |
| Other amounts receivable | 41 | €301,390 | €410,856 | +€109,466 | +36.3% |
| Cash at bank and in hand | 54/58 | €10,341 | €852 | -€9,489 | -91.8% |
| Deferred charges and accrued income | 490/1 | €6,184 | €9,524 | +€3,339 | +54.0% |
| Total equity and liabilities | 10/49 | €473,820 | €513,035 | +€39,215 | +8.3% |
| Equity | 10/15 | €246,199 | €273,792 | +€27,593 | +11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €233,799 | €261,392 | +€27,593 | +11.8% |
| Distributable reserves | 133 | €233,799 | €261,392 | +€27,593 | +11.8% |
| Amounts payable | 17/49 | €227,621 | €239,243 | +€11,622 | +5.1% |
| Amounts payable after more than one year | 17 | €21,450 | €21,462 | +€12 | +0.1% |
| Financial debts | 170/4 | €21,450 | €21,462 | +€12 | +0.1% |
| Amounts payable within one year | 42/48 | €206,172 | €217,781 | +€11,610 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €10,971 | €16,290 | +€5,319 | +48.5% |
| Trade debts | 44 | €13,339 | €5,492 | -€7,847 | -58.8% |
| Suppliers | 440/4 | €13,339 | €5,492 | -€7,847 | -58.8% |
| Taxes, remuneration and social security | 45 | €87,073 | €36,211 | -€50,863 | -58.4% |
| Taxes | 450/3 | €87,073 | €36,211 | -€50,863 | -58.4% |
| Other amounts payable | 47/48 | €94,789 | €159,789 | +€65,000 | +68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,493 | €33,771 | +€6,278 | +22.8% |
| Other operating charges | 640/8 | €1,165 | €1,438 | +€273 | +23.4% |
| Gross operating margin | 9900 | €136,409 | €63,037 | -€73,371 | -53.8% |
| Operating profit (loss) | 9901 | €107,750 | €27,828 | -€79,922 | -74.2% |
| Financial income | 75/76B | €13,125 | €19,733 | +€6,608 | +50.3% |
| Recurring financial income | 75 | €13,125 | €19,733 | +€6,608 | +50.3% |
| Financial charges | 65/66B | €1,836 | €2,288 | +€452 | +24.6% |
| Recurring financial charges | 65 | €1,836 | €2,288 | +€452 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €119,040 | €45,274 | -€73,766 | -62.0% |
| Income taxes | 67/77 | €39,786 | €17,681 | -€22,105 | -55.6% |
| Profit (loss) for the period | 9904 | €79,254 | €27,593 | -€51,661 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,254 | €27,593 | -€51,661 | -65.2% |
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 11 October 2026 via checked.be.