XGM: what changed
Two fiscal 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.
XGM
Largest movements
- Receivables within one year +€75,050
up €75,050 (+96.6%), from €77,727 to €152,777
of which Trade receivables: +€54,705
- Stocks and contracts +€11,260
new in 2025: €11,260
- Intangible fixed assets +€7,555
up €7,555 (+165.0%), from €4,579 to €12,134
- Deferred charges and accrued income +€3,422
up €3,422 (+197.3%), from €1,735 to €5,156
- Tangible fixed assets +€2,273
new in 2025: €2,273
- Trade debts +€77,263
up €77,263 (+250.6%), from €30,829 to €108,092
- Profit (loss) carried forward +€14,597
up €14,597 (+25.8%), from €56,484 to €71,080
- Accrued charges and deferred income +€13,050
new in 2025: €13,050
- Tax, wage and social debts -€2,490
down €2,490 (-18.4%), from €13,504 to €11,014
of which Taxes: -€4,090
- Gross operating margin -€39,056
down €39,056 (-62.8%), from €62,146 to €23,090
- Taxes -€8,394
down €8,394 (-68.7%), from €12,214 to €3,820
- Depreciation +€2,704
up €2,704 (+347.8%), from €778 to €3,482
- Other operating charges +€657
up €657 (+167.2%), from €393 to €1,050
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 | €103,765 | €204,236 | +€100,471 | +96.8% |
| Fixed assets | 21/28 | €4,999 | €14,828 | +€9,828 | +196.6% |
| Intangible fixed assets | 21 | €4,579 | €12,134 | +€7,555 | +165.0% |
| Tangible fixed assets | 22/27 | - | €2,273 | +€2,273 | |
| Furniture and vehicles | 24 | - | €2,273 | +€2,273 | |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €98,766 | €189,408 | +€90,642 | +91.8% |
| Stocks and contracts in progress | 3 | - | €11,260 | +€11,260 | |
| Stocks | 30/36 | - | €11,260 | +€11,260 | |
| Amounts receivable within one year | 40/41 | €77,727 | €152,777 | +€75,050 | +96.6% |
| Trade receivables | 40 | €33,266 | €87,971 | +€54,705 | +164.4% |
| Other amounts receivable | 41 | €44,461 | €64,806 | +€20,346 | +45.8% |
| Cash at bank and in hand | 54/58 | €19,305 | €20,215 | +€910 | +4.7% |
| Deferred charges and accrued income | 490/1 | €1,735 | €5,156 | +€3,422 | +197.3% |
| Total equity and liabilities | 10/49 | €103,765 | €204,236 | +€100,471 | +96.8% |
| Equity | 10/15 | €57,484 | €72,080 | +€14,597 | +25.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,484 | €71,080 | +€14,597 | +25.8% |
| Amounts payable | 17/49 | €46,282 | €132,156 | +€85,874 | +185.5% |
| Amounts payable within one year | 42/48 | €46,282 | €119,106 | +€72,824 | +157.3% |
| Trade debts | 44 | €30,829 | €108,092 | +€77,263 | +250.6% |
| Suppliers | 440/4 | €30,829 | €108,092 | +€77,263 | +250.6% |
| Taxes, remuneration and social security | 45 | €13,504 | €11,014 | -€2,490 | -18.4% |
| Taxes | 450/3 | €13,504 | €9,414 | -€4,090 | -30.3% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €1,949 | - | -€1,949 | |
| Accrued charges and deferred income | 492/3 | - | €13,050 | +€13,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €778 | €3,482 | +€2,704 | +347.8% |
| Other operating charges | 640/8 | €393 | €1,050 | +€657 | +167.2% |
| Gross operating margin | 9900 | €62,146 | €23,090 | -€39,056 | -62.8% |
| Operating profit (loss) | 9901 | €60,975 | €18,558 | -€42,417 | -69.6% |
| Financial income | 75/76B | €0 | €173 | +€172 | +44223.1% |
| Recurring financial income | 75 | €0 | €173 | +€172 | +44223.1% |
| Financial charges | 65/66B | €306 | €315 | +€9 | +2.8% |
| Recurring financial charges | 65 | €306 | €315 | +€9 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €60,669 | €18,416 | -€42,253 | -69.6% |
| Income taxes | 67/77 | €12,214 | €3,820 | -€8,394 | -68.7% |
| Profit (loss) for the period | 9904 | €48,456 | €14,597 | -€33,859 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,456 | €14,597 | -€33,859 | -69.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.