XFA: 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.
XFA
Largest movements
- Cash +€1.4m
up €1.4m (+68,525%), from €2,026 to €1.4m
mainly Contributions, distributions and other (+€1.5m) and Debts after one year (+€269,095)
- Intangible fixed assets +€305,442
up €305,442 (+101%), from €303,386 to €608,828
- Receivables within one year -€248,670
down €248,670 (-86.2%), from €288,351 to €39,681
of which Other amounts receivable: -€258,066
- Contributions +€1.5m
up €1.5m (+299%), from €501,978 to €2.0m
- Debts after one year +€269,095
up €269,095 (+1,121%), from €24,000 to €293,095
- Accrued charges and deferred income -€265,859
down €265,859 (-100.0%), from €265,916 to €57
- Profit (loss) carried forward -€118,927
down €118,927 (-51.2%), from -€232,140 to -€351,067
- Current portion of long-term debt +€41,926
new in 2025: €41,926
- Gross operating margin +€238,086
up €238,086, from -€116,686 to €121,400
- Staff costs +€141,774
up €141,774 (+760%), from €18,664 to €160,439
- Depreciation +€59,160
up €59,160 (+1,024%), from €5,780 to €64,940
- Financial charges +€11,752
up €11,752 (+448%), from €2,622 to €14,374
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 | €618,191 | €2,076,206 | +€1.5m | +236% |
| Fixed assets | 21/28 | €309,386 | €619,606 | +€310,220 | +100% |
| Intangible fixed assets | 21 | €303,386 | €608,828 | +€305,442 | +101% |
| Tangible fixed assets | 22/27 | €6,000 | €8,528 | +€2,529 | +42.1% |
| Plant, machinery and equipment | 23 | €6,000 | €8,528 | +€2,529 | +42.1% |
| Financial fixed assets | 28 | - | €2,250 | +€2,250 | |
| Current assets | 29/58 | €308,805 | €1,456,600 | +€1.1m | +372% |
| Amounts receivable within one year | 40/41 | €288,351 | €39,681 | -€248,670 | -86.2% |
| Trade receivables | 40 | €1,979 | €11,375 | +€9,397 | +475% |
| Other amounts receivable | 41 | €286,372 | €28,306 | -€258,066 | -90.1% |
| Cash at bank and in hand | 54/58 | €2,026 | €1,390,172 | +€1.4m | +68,525% |
| Deferred charges and accrued income | 490/1 | €18,429 | €26,747 | +€8,319 | +45.1% |
| Total equity and liabilities | 10/49 | €618,191 | €2,076,206 | +€1.5m | +236% |
| Equity | 10/15 | €269,838 | €1,650,823 | +€1.4m | +512% |
| Contributions | 10/11 | €501,978 | €2,001,890 | +€1.5m | +299% |
| Profit (loss) carried forward | 14 | -€232,140 | -€351,067 | -€118,927 | -51.2% |
| Amounts payable | 17/49 | €348,352 | €425,383 | +€77,030 | +22.1% |
| Amounts payable after more than one year | 17 | €24,000 | €293,095 | +€269,095 | +1,121% |
| Financial debts | 170/4 | €24,000 | €293,095 | +€269,095 | +1,121% |
| Amounts payable within one year | 42/48 | €58,436 | €132,231 | +€73,795 | +126% |
| Current portion of amounts payable after more than one year | 42 | - | €41,926 | +€41,926 | |
| Trade debts | 44 | €52,250 | €71,110 | +€18,860 | +36.1% |
| Suppliers | 440/4 | €52,250 | €71,110 | +€18,860 | +36.1% |
| Taxes, remuneration and social security | 45 | €2,025 | €13,745 | +€11,721 | +579% |
| Remuneration and social security | 454/9 | €2,025 | €13,745 | +€11,721 | +579% |
| Other amounts payable | 47/48 | €4,162 | €5,450 | +€1,288 | +30.9% |
| Accrued charges and deferred income | 492/3 | €265,916 | €57 | -€265,859 | -100.0% |
| Remuneration, social security and pensions | 62 | €18,664 | €160,439 | +€141,774 | +760% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,780 | €64,940 | +€59,160 | +1,024% |
| Other operating charges | 640/8 | €514 | €594 | +€80 | +15.6% |
| Gross operating margin | 9900 | -€116,686 | €121,400 | +€238,086 | |
| Operating profit (loss) | 9901 | -€141,644 | -€104,573 | +€37,071 | +26.2% |
| Financial income | 75/76B | €28 | €19 | -€9 | -31.5% |
| Recurring financial income | 75 | €28 | €19 | -€9 | -31.5% |
| Financial charges | 65/66B | €2,622 | €14,374 | +€11,752 | +448% |
| Recurring financial charges | 65 | €2,622 | €14,374 | +€11,752 | +448% |
| Profit (loss) for the period before taxes | 9903 | -€144,237 | -€118,927 | +€25,310 | +17.5% |
| Profit (loss) for the period | 9904 | -€144,237 | -€118,927 | +€25,310 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€144,237 | -€118,927 | +€25,310 | +17.5% |
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.