XMA: 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.
XMA
Largest movements
- Current investments +€1.6m
new in 2025: €1.6m
- Receivables within one year -€271,097
down €271,097 (-82.2%), from €329,968 to €58,871
of which Other amounts receivable: -€263,988
- Tangible fixed assets +€234,529
up €234,529 (+28.0%), from €836,441 to €1.1m
of which Land and buildings: +€233,922
- Cash -€187,277
down €187,277 (-99.5%), from €188,262 to €985
mainly Current investments (-€1.6m) and Investment in fixed assets (net) (-€296,522)
- Debts after one year +€1.3m
up €1.3m (+784.0%), from €171,340 to €1.5m
- Profit (loss) carried forward -€34,168
down €34,168 (-78.2%), from -€43,715 to -€77,882
- Gross operating margin -€130,349
down €130,349 (-57.5%), from €226,829 to €96,480
- Other operating charges -€106,429
down €106,429 (-95.7%), from €111,268 to €4,839
- Depreciation +€31,152
up €31,152 (+101.0%), from €30,840 to €61,993
- Financial income +€25,156
up €25,156 (+504.0%), from €4,991 to €30,148
- Financial charges +€14,095
up €14,095 (+56.1%), from €25,129 to €39,224
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 | €1,367,063 | €2,760,388 | +€1.4m | +101.9% |
| Fixed assets | 21/28 | €836,441 | €1,070,971 | +€234,529 | +28.0% |
| Tangible fixed assets | 22/27 | €836,441 | €1,070,971 | +€234,529 | +28.0% |
| Land and buildings | 22 | €802,074 | €1,035,996 | +€233,922 | +29.2% |
| Plant, machinery and equipment | 23 | €6,421 | €7,935 | +€1,514 | +23.6% |
| Furniture and vehicles | 24 | €16,599 | €16,721 | +€122 | +0.7% |
| Other tangible fixed assets | 26 | €11,348 | €10,318 | -€1,029 | -9.1% |
| Current assets | 29/58 | €530,621 | €1,689,417 | +€1.2m | +218.4% |
| Amounts receivable within one year | 40/41 | €329,968 | €58,871 | -€271,097 | -82.2% |
| Trade receivables | 40 | €11,027 | €3,918 | -€7,109 | -64.5% |
| Other amounts receivable | 41 | €318,941 | €54,954 | -€263,988 | -82.8% |
| Current investments | 50/53 | - | €1,617,787 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €188,262 | €985 | -€187,277 | -99.5% |
| Deferred charges and accrued income | 490/1 | €12,391 | €11,774 | -€617 | -5.0% |
| Total equity and liabilities | 10/49 | €1,367,063 | €2,760,388 | +€1.4m | +101.9% |
| Equity | 10/15 | €1,130,590 | €1,096,422 | -€34,168 | -3.0% |
| Contributions | 10/11 | €1,118,600 | €1,118,600 | = | 0.0% |
| Reserves | 13 | €55,705 | €55,705 | = | 0.0% |
| Distributable reserves | 133 | €55,705 | €55,705 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,715 | -€77,882 | -€34,168 | -78.2% |
| Amounts payable | 17/49 | €236,473 | €1,663,966 | +€1.4m | +603.7% |
| Amounts payable after more than one year | 17 | €171,340 | €1,514,683 | +€1.3m | +784.0% |
| Financial debts | 170/4 | €171,340 | €1,514,683 | +€1.3m | +784.0% |
| Amounts payable within one year | 42/48 | €65,056 | €122,601 | +€57,545 | +88.5% |
| Current portion of amounts payable after more than one year | 42 | €32,589 | €59,271 | +€26,681 | +81.9% |
| Trade debts | 44 | €25,635 | €30,134 | +€4,500 | +17.6% |
| Suppliers | 440/4 | €25,635 | €30,134 | +€4,500 | +17.6% |
| Taxes, remuneration and social security | 45 | €6,832 | €8,783 | +€1,951 | +28.6% |
| Taxes | 450/3 | €85 | €1,790 | +€1,704 | +1994.4% |
| Remuneration and social security | 454/9 | €6,747 | €6,994 | +€247 | +3.7% |
| Other amounts payable | 47/48 | - | €24,413 | +€24,413 | |
| Accrued charges and deferred income | 492/3 | €77 | €26,681 | +€26,604 | +34528.0% |
| Remuneration, social security and pensions | 62 | €54,711 | €54,139 | -€572 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,840 | €61,993 | +€31,152 | +101.0% |
| Other operating charges | 640/8 | €111,268 | €4,839 | -€106,429 | -95.7% |
| Gross operating margin | 9900 | €226,829 | €96,480 | -€130,349 | -57.5% |
| Operating profit (loss) | 9901 | €30,010 | -€24,490 | -€54,500 | |
| Financial income | 75/76B | €4,991 | €30,148 | +€25,156 | +504.0% |
| Recurring financial income | 75 | €4,991 | €30,148 | +€25,156 | +504.0% |
| Financial charges | 65/66B | €25,129 | €39,224 | +€14,095 | +56.1% |
| Recurring financial charges | 65 | €25,129 | €39,224 | +€14,095 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €9,872 | -€33,567 | -€43,439 | |
| Income taxes | 67/77 | €10,625 | €600 | -€10,024 | -94.3% |
| Profit (loss) for the period | 9904 | -€753 | -€34,168 | -€33,414 | -4437.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€753 | -€34,168 | -€33,414 | -4437.0% |
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 10 October 2026 via checked.be.