XDGM: 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.
XDGM
Largest movements
- Cash +€98,069
up €98,069 (+43.7%), from €224,511 to €322,580
mainly Net result for the year (+€99,768) and Tax, wage and social debts (+€799)
- Reserves +€267,364
up €267,364 (+849%), from €31,500 to €298,864
- Profit (loss) carried forward -€167,596
no longer reported in 2025 (was €167,596)
- Gross operating margin -€13,436
down €13,436 (-9.0%), from €149,026 to €135,590
- Taxes +€1,903
up €1,903 (+6.0%), from €31,462 to €33,365
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 | €430,142 | €527,981 | +€97,839 | +22.7% |
| Fixed assets | 21/28 | €183,038 | €182,808 | -€230 | -0.1% |
| Tangible fixed assets | 22/27 | €1,038 | €808 | -€230 | -22.2% |
| Plant, machinery and equipment | 23 | €1,038 | €808 | -€230 | -22.2% |
| Financial fixed assets | 28 | €182,000 | €182,000 | = | 0.0% |
| Current assets | 29/58 | €247,104 | €345,173 | +€98,069 | +39.7% |
| Amounts receivable within one year | 40/41 | €22,593 | €22,593 | = | 0.0% |
| Trade receivables | 40 | €15,125 | €15,125 | = | 0.0% |
| Other amounts receivable | 41 | €7,468 | €7,468 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €224,511 | €322,580 | +€98,069 | +43.7% |
| Total equity and liabilities | 10/49 | €430,142 | €527,981 | +€97,839 | +22.7% |
| Equity | 10/15 | €399,096 | €498,864 | +€99,768 | +25.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €31,500 | €298,864 | +€267,364 | +849% |
| Distributable reserves | 133 | €31,500 | €298,864 | +€267,364 | +849% |
| Profit (loss) carried forward | 14 | €167,596 | - | -€167,596 | |
| Amounts payable | 17/49 | €31,046 | €29,117 | -€1,929 | -6.2% |
| Amounts payable within one year | 42/48 | €29,506 | €27,760 | -€1,746 | -5.9% |
| Trade debts | 44 | €3,511 | €967 | -€2,545 | -72.5% |
| Suppliers | 440/4 | €3,511 | €967 | -€2,545 | -72.5% |
| Taxes, remuneration and social security | 45 | €7,047 | €7,845 | +€799 | +11.3% |
| Taxes | 450/3 | €7,047 | €7,845 | +€799 | +11.3% |
| Other amounts payable | 47/48 | €18,948 | €18,948 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,540 | €1,357 | -€182 | -11.8% |
| Non-recurring operating income | 76A | €3,492 | - | -€3,492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112 | €230 | +€118 | +106% |
| Other operating charges | 640/8 | €577 | €400 | -€177 | -30.7% |
| Gross operating margin | 9900 | €149,026 | €135,590 | -€13,436 | -9.0% |
| Operating profit (loss) | 9901 | €148,338 | €134,960 | -€13,378 | -9.0% |
| Financial income | 75/76B | €1,430 | - | -€1,430 | |
| Recurring financial income | 75 | €1,430 | - | -€1,430 | |
| Financial charges | 65/66B | €1,964 | €1,828 | -€136 | -6.9% |
| Recurring financial charges | 65 | €1,964 | €1,828 | -€136 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €147,804 | €133,132 | -€14,672 | -9.9% |
| Income taxes | 67/77 | €31,462 | €33,365 | +€1,903 | +6.0% |
| Profit (loss) for the period | 9904 | €116,342 | €99,768 | -€16,575 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €116,342 | €99,768 | -€16,575 | -14.2% |
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 14 October 2026 via checked.be.