XMU: 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.
XMU
Largest movements
- Cash +€130,175
up €130,175 (+137%), from €95,111 to €225,286
mainly Other debts (+€114,257) and Current investments (+€110,000)
- Current investments -€110,000
no longer reported in 2025 (was €110,000)
- Receivables within one year -€42,224
down €42,224 (-26.0%), from €162,437 to €120,213
of which Other amounts receivable: -€67,379
- Tangible fixed assets -€9,715
down €9,715 (-29.9%), from €32,500 to €22,785
of which Furniture and vehicles: -€11,258
- Other debts +€114,257
up €114,257 (+1,380%), from €8,282 to €122,539
- Reserves -€67,365
down €67,365 (-25.3%), from €266,405 to €199,040
- Accrued charges and deferred income -€59,724
down €59,724 (-99.9%), from €59,809 to €85
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Tax, wage and social debts -€11,290
down €11,290 (-31.7%), from €35,572 to €24,282
of which Taxes: -€9,193
- Gross operating margin +€50,869
up €50,869 (+25.9%), from €196,145 to €247,015
- Staff costs +€46,261
up €46,261 (+57.6%), from €80,280 to €126,541
- Taxes -€7,205
down €7,205 (-25.0%), from €28,866 to €21,661
- Write-downs +€4,455
new in 2025: €4,455
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 | €418,747 | €384,245 | -€34,502 | -8.2% |
| Fixed assets | 21/28 | €42,102 | €30,153 | -€11,949 | -28.4% |
| Intangible fixed assets | 21 | €7,102 | €4,868 | -€2,235 | -31.5% |
| Tangible fixed assets | 22/27 | €32,500 | €22,785 | -€9,715 | -29.9% |
| Plant, machinery and equipment | 23 | €2,342 | €1,598 | -€744 | -31.8% |
| Furniture and vehicles | 24 | €27,691 | €16,433 | -€11,258 | -40.7% |
| Other tangible fixed assets | 26 | €2,467 | €4,754 | +€2,287 | +92.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €376,645 | €354,092 | -€22,553 | -6.0% |
| Amounts receivable within one year | 40/41 | €162,437 | €120,213 | -€42,224 | -26.0% |
| Trade receivables | 40 | €77,029 | €102,184 | +€25,155 | +32.7% |
| Other amounts receivable | 41 | €85,409 | €18,030 | -€67,379 | -78.9% |
| Current investments | 50/53 | €110,000 | - | -€110,000 | |
| Cash at bank and in hand | 54/58 | €95,111 | €225,286 | +€130,175 | +137% |
| Deferred charges and accrued income | 490/1 | €9,097 | €8,593 | -€504 | -5.5% |
| Total equity and liabilities | 10/49 | €418,747 | €384,245 | -€34,502 | -8.2% |
| Equity | 10/15 | €276,305 | €217,640 | -€58,665 | -21.2% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €266,405 | €199,040 | -€67,365 | -25.3% |
| Distributable reserves | 133 | €266,405 | €199,040 | -€67,365 | -25.3% |
| Profit (loss) carried forward | 14 | €3,700 | - | -€3,700 | |
| Amounts payable | 17/49 | €142,443 | €166,605 | +€24,162 | +17.0% |
| Amounts payable after more than one year | 17 | €7,856 | - | -€7,856 | |
| Financial debts | 170/4 | €7,856 | - | -€7,856 | |
| Amounts payable within one year | 42/48 | €74,778 | €166,520 | +€91,742 | +123% |
| Financial debts | 43 | €8,961 | €8,394 | -€567 | -6.3% |
| Credit institutions | 430/8 | €8,490 | €7,856 | -€633 | -7.5% |
| Other loans | 439 | €471 | €537 | +€66 | +14.1% |
| Trade debts | 44 | €21,964 | €11,306 | -€10,658 | -48.5% |
| Suppliers | 440/4 | €21,964 | €11,306 | -€10,658 | -48.5% |
| Taxes, remuneration and social security | 45 | €35,572 | €24,282 | -€11,290 | -31.7% |
| Taxes | 450/3 | €23,374 | €14,180 | -€9,193 | -39.3% |
| Remuneration and social security | 454/9 | €12,198 | €10,101 | -€2,097 | -17.2% |
| Other amounts payable | 47/48 | €8,282 | €122,539 | +€114,257 | +1,380% |
| Accrued charges and deferred income | 492/3 | €59,809 | €85 | -€59,724 | -99.9% |
| Non-recurring operating income | 76A | €319 | - | -€319 | |
| Remuneration, social security and pensions | 62 | €80,280 | €126,541 | +€46,261 | +57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,848 | €16,970 | +€122 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,455 | +€4,455 | |
| Other operating charges | 640/8 | €1,115 | €1,083 | -€31 | -2.8% |
| Gross operating margin | 9900 | €196,145 | €247,015 | +€50,869 | +25.9% |
| Operating profit (loss) | 9901 | €97,903 | €97,965 | +€63 | +0.1% |
| Financial income | 75/76B | €3,634 | €1,651 | -€1,983 | -54.6% |
| Recurring financial income | 75 | €3,634 | €1,651 | -€1,983 | -54.6% |
| Financial charges | 65/66B | €780 | €621 | -€160 | -20.5% |
| Recurring financial charges | 65 | €780 | €621 | -€160 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €100,756 | €98,995 | -€1,761 | -1.7% |
| Income taxes | 67/77 | €28,866 | €21,661 | -€7,205 | -25.0% |
| Profit (loss) for the period | 9904 | €71,890 | €77,335 | +€5,445 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,890 | €77,335 | +€5,445 | +7.6% |
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 24 October 2026 via checked.be.