XOD: 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.
XOD
Largest movements
- Receivables within one year +€105,140
up €105,140 (+80.4%), from €130,825 to €235,965
of which Trade receivables: +€92,347
- Cash -€76,462
down €76,462 (-61.5%), from €124,282 to €47,820
mainly Debts after one year (-€156,353) and Investment in fixed assets (net) (-€118,200)
- Tangible fixed assets -€71,566
down €71,566 (-4.1%), from €1.7m to €1.7m
of which Land and buildings: -€45,292
- Stocks and contracts -€49,246
down €49,246 (-11.8%), from €417,103 to €367,857
- Debts after one year -€156,353
down €156,353 (-17.6%), from €889,247 to €732,894
- Accrued charges and deferred income +€83,376
up €83,376 (+342.5%), from €24,346 to €107,722
- Trade debts -€58,678
down €58,678 (-15.4%), from €380,649 to €321,971
- Profit (loss) carried forward +€35,004
up €35,004 (+6.1%), from €569,941 to €604,945
- Provisions +€82,896
no longer reported in 2025 (was -€82,896)
- Other operating charges -€80,895
down €80,895 (-86.6%), from €93,421 to €12,526
- Staff costs +€65,319
up €65,319 (+6.9%), from €943,460 to €1.0m
- Gross operating margin +€34,583
up €34,583 (+2.7%), from €1.3m to €1.3m
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 | €2,397,234 | €2,305,100 | -€92,134 | -3.8% |
| Fixed assets | 21/28 | €1,725,024 | €1,653,457 | -€71,566 | -4.1% |
| Tangible fixed assets | 22/27 | €1,725,024 | €1,653,457 | -€71,566 | -4.1% |
| Land and buildings | 22 | €1,352,781 | €1,307,490 | -€45,292 | -3.3% |
| Plant, machinery and equipment | 23 | €247,446 | €252,730 | +€5,284 | +2.1% |
| Furniture and vehicles | 24 | €124,796 | €93,238 | -€31,559 | -25.3% |
| Current assets | 29/58 | €672,210 | €651,642 | -€20,568 | -3.1% |
| Stocks and contracts in progress | 3 | €417,103 | €367,857 | -€49,246 | -11.8% |
| Stocks | 30/36 | €417,103 | €367,857 | -€49,246 | -11.8% |
| Amounts receivable within one year | 40/41 | €130,825 | €235,965 | +€105,140 | +80.4% |
| Trade receivables | 40 | €126,560 | €218,907 | +€92,347 | +73.0% |
| Other amounts receivable | 41 | €4,265 | €17,057 | +€12,792 | +300.0% |
| Cash at bank and in hand | 54/58 | €124,282 | €47,820 | -€76,462 | -61.5% |
| Total equity and liabilities | 10/49 | €2,397,234 | €2,305,100 | -€92,134 | -3.8% |
| Equity | 10/15 | €799,234 | €838,652 | +€39,418 | +4.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €29,294 | €33,707 | +€4,414 | +15.1% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,294 | €13,707 | +€4,414 | +47.5% |
| Profit (loss) carried forward | 14 | €569,941 | €604,945 | +€35,004 | +6.1% |
| Amounts payable | 17/49 | €1,598,000 | €1,466,447 | -€131,552 | -8.2% |
| Amounts payable after more than one year | 17 | €889,247 | €732,894 | -€156,353 | -17.6% |
| Financial debts | 170/4 | €889,247 | €732,894 | -€156,353 | -17.6% |
| Amounts payable within one year | 42/48 | €684,407 | €625,831 | -€58,575 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €162,468 | €156,353 | -€6,114 | -3.8% |
| Trade debts | 44 | €380,649 | €321,971 | -€58,678 | -15.4% |
| Suppliers | 440/4 | €380,649 | €321,971 | -€58,678 | -15.4% |
| Taxes, remuneration and social security | 45 | €141,290 | €147,507 | +€6,217 | +4.4% |
| Taxes | 450/3 | €15,660 | €16,360 | +€701 | +4.5% |
| Remuneration and social security | 454/9 | €125,631 | €131,147 | +€5,516 | +4.4% |
| Accrued charges and deferred income | 492/3 | €24,346 | €107,722 | +€83,376 | +342.5% |
| Remuneration, social security and pensions | 62 | €943,460 | €1,008,779 | +€65,319 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,749 | €189,766 | +€1,017 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€82,896 | - | +€82,896 | |
| Other operating charges | 640/8 | €93,421 | €12,526 | -€80,895 | -86.6% |
| Gross operating margin | 9900 | €1,274,142 | €1,308,725 | +€34,583 | +2.7% |
| Operating profit (loss) | 9901 | €131,408 | €97,654 | -€33,755 | -25.7% |
| Financial income | 75/76B | €1,597 | €5,298 | +€3,701 | +231.7% |
| Recurring financial income | 75 | €1,597 | €5,298 | +€3,701 | +231.7% |
| Financial charges | 65/66B | €53,662 | €48,326 | -€5,335 | -9.9% |
| Recurring financial charges | 65 | €53,662 | €48,326 | -€5,335 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €79,344 | €54,626 | -€24,718 | -31.2% |
| Income taxes | 67/77 | €22,350 | €15,208 | -€7,142 | -32.0% |
| Profit (loss) for the period | 9904 | €56,994 | €39,418 | -€17,576 | -30.8% |
| Transfer to tax-exempt reserves | 689 | €4,389 | €4,414 | +€24 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,605 | €35,004 | -€17,600 | -33.5% |
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 5 October 2026 via checked.be.