XSARD: 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.
XSARD
Largest movements
- Tangible fixed assets -€21,654
down €21,654 (-3.1%), from €694,486 to €672,832
- Profit (loss) carried forward -€18,980
down €18,980 (-25.5%), from -€74,482 to -€93,462
- Depreciation +€11,985
up €11,985 (+124%), from €9,669 to €21,654
- Gross operating margin -€1,197
down €1,197 (-7.8%), from €15,314 to €14,117
- Other operating charges +€779
up €779 (+7.3%), from €10,619 to €11,398
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 | €702,410 | €678,544 | -€23,866 | -3.4% |
| Fixed assets | 21/28 | €694,486 | €672,832 | -€21,654 | -3.1% |
| Tangible fixed assets | 22/27 | €694,486 | €672,832 | -€21,654 | -3.1% |
| Land and buildings | 22 | €694,486 | €672,832 | -€21,654 | -3.1% |
| Current assets | 29/58 | €7,924 | €5,712 | -€2,212 | -27.9% |
| Cash at bank and in hand | 54/58 | €7,924 | €1,638 | -€6,286 | -79.3% |
| Deferred charges and accrued income | 490/1 | - | €4,074 | +€4,074 | |
| Total equity and liabilities | 10/49 | €702,410 | €678,544 | -€23,866 | -3.4% |
| Equity | 10/15 | -€10,004 | -€28,984 | -€18,980 | -190% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,978 | €2,978 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,978 | €2,978 | = | 0.0% |
| Legal reserve | 130 | €2,978 | €2,978 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,482 | -€93,462 | -€18,980 | -25.5% |
| Amounts payable | 17/49 | €712,414 | €707,528 | -€4,886 | -0.7% |
| Amounts payable after more than one year | 17 | €674,311 | €674,311 | = | 0.0% |
| Financial debts | 170/4 | €674,311 | €674,311 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,102 | €33,216 | -€4,886 | -12.8% |
| Trade debts | 44 | - | €62 | +€62 | |
| Suppliers | 440/4 | - | €62 | +€62 | |
| Other amounts payable | 47/48 | €38,102 | €33,154 | -€4,948 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,669 | €21,654 | +€11,985 | +124% |
| Other operating charges | 640/8 | €10,619 | €11,398 | +€779 | +7.3% |
| Gross operating margin | 9900 | €15,314 | €14,117 | -€1,197 | -7.8% |
| Operating profit (loss) | 9901 | -€4,974 | -€18,935 | -€13,961 | -281% |
| Financial charges | 65/66B | €34 | €45 | +€11 | +33.3% |
| Recurring financial charges | 65 | €34 | €45 | +€11 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,008 | -€18,980 | -€13,973 | -279% |
| Profit (loss) for the period | 9904 | -€5,008 | -€18,980 | -€13,973 | -279% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,008 | -€18,980 | -€13,973 | -279% |
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 14 October 2026 via checked.be.