XMF: 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.
XMF
Largest movements
- Tangible fixed assets -€55,468
down €55,468 (-68.4%), from €81,086 to €25,617
of which Leasing and similar rights: -€52,432
- Cash +€12,517
up €12,517 (+8.7%), from €143,078 to €155,595
mainly Net result for the year (+€135,443) and Depreciation (+€58,238)
- Receivables within one year -€5,929
down €5,929 (-19.6%), from €30,183 to €24,254
of which Other amounts receivable: -€4,570
- Other debts -€20,340
down €20,340 (-12.8%), from €159,216 to €138,876
- Debts after one year -€13,156
no longer reported in 2025 (was €13,156)
- Tax, wage and social debts -€12,963
down €12,963 (-25.6%), from €50,625 to €37,662
- Depreciation +€51,369
up €51,369 (+747.8%), from €6,870 to €58,238
- Gross operating margin +€36,669
up €36,669 (+16.8%), from €218,297 to €254,967
- Taxes +€4,611
up €4,611 (+8.9%), from €51,682 to €56,293
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 | €259,054 | €210,234 | -€48,820 | -18.8% |
| Fixed assets | 21/28 | €81,576 | €26,107 | -€55,468 | -68.0% |
| Tangible fixed assets | 22/27 | €81,086 | €25,617 | -€55,468 | -68.4% |
| Furniture and vehicles | 24 | €8,866 | €7,954 | -€913 | -10.3% |
| Leasing and similar rights | 25 | €67,790 | €15,358 | -€52,432 | -77.3% |
| Other tangible fixed assets | 26 | €4,430 | €2,306 | -€2,124 | -47.9% |
| Financial fixed assets | 28 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €177,478 | €184,126 | +€6,648 | +3.7% |
| Amounts receivable within one year | 40/41 | €30,183 | €24,254 | -€5,929 | -19.6% |
| Trade receivables | 40 | €24,535 | €23,176 | -€1,359 | -5.5% |
| Other amounts receivable | 41 | €5,648 | €1,078 | -€4,570 | -80.9% |
| Cash at bank and in hand | 54/58 | €143,078 | €155,595 | +€12,517 | +8.7% |
| Deferred charges and accrued income | 490/1 | €4,217 | €4,278 | +€61 | +1.4% |
| Total equity and liabilities | 10/49 | €259,054 | €210,234 | -€48,820 | -18.8% |
| Equity | 10/15 | €18,644 | €18,687 | +€43 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44 | €87 | +€43 | +99.0% |
| Amounts payable | 17/49 | €240,410 | €191,546 | -€48,864 | -20.3% |
| Amounts payable after more than one year | 17 | €13,156 | - | -€13,156 | |
| Financial debts | 170/4 | €13,156 | - | -€13,156 | |
| Amounts payable within one year | 42/48 | €227,254 | €191,546 | -€35,708 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €15,093 | €13,156 | -€1,937 | -12.8% |
| Trade debts | 44 | €2,321 | €1,853 | -€469 | -20.2% |
| Suppliers | 440/4 | €2,321 | €1,853 | -€469 | -20.2% |
| Taxes, remuneration and social security | 45 | €50,625 | €37,662 | -€12,963 | -25.6% |
| Taxes | 450/3 | €50,625 | €37,662 | -€12,963 | -25.6% |
| Other amounts payable | 47/48 | €159,216 | €138,876 | -€20,340 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,870 | €58,238 | +€51,369 | +747.8% |
| Other operating charges | 640/8 | €2,822 | €2,992 | +€170 | +6.0% |
| Gross operating margin | 9900 | €218,297 | €254,967 | +€36,669 | +16.8% |
| Operating profit (loss) | 9901 | €208,606 | €193,737 | -€14,869 | -7.1% |
| Financial income | 75/76B | €467 | €1,002 | +€536 | +114.8% |
| Recurring financial income | 75 | €467 | €1,002 | +€536 | +114.8% |
| Financial charges | 65/66B | €4,051 | €3,003 | -€1,047 | -25.9% |
| Recurring financial charges | 65 | €4,051 | €3,003 | -€1,047 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €205,022 | €191,736 | -€13,286 | -6.5% |
| Income taxes | 67/77 | €51,682 | €56,293 | +€4,611 | +8.9% |
| Profit (loss) for the period | 9904 | €153,340 | €135,443 | -€17,897 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €153,340 | €135,443 | -€17,897 | -11.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.