XSPECT: 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.
XSPECT
Largest movements
- Cash -€27,862
down €27,862 (-72.4%), from €38,472 to €10,610
mainly Investment in fixed assets (net) (-€34,304) and Debts after one year (-€16,905)
- Tangible fixed assets +€15,642
up €15,642 (+20.2%), from €77,293 to €92,935
of which Plant, machinery and equipment: +€9,325
- Deferred charges and accrued income +€3,244
up €3,244 (+144.3%), from €2,247 to €5,491
- Receivables within one year +€3,086
up €3,086 (+29.9%), from €10,330 to €13,416
of which Trade receivables: +€2,759
- Debts after one year -€16,905
down €16,905 (-29.8%), from €56,784 to €39,879
- Other debts +€12,862
up €12,862 (+589.0%), from €2,183 to €15,045
- Reserves -€6,711
down €6,711 (-16.7%), from €40,246 to €33,535
- Tax, wage and social debts +€4,225
up €4,225 (+70.2%), from €6,016 to €10,241
- Gross operating margin +€22,653
up €22,653 (+233.4%), from €9,706 to €32,359
- Depreciation +€15,061
up €15,061 (+418.3%), from €3,600 to €18,662
- Financial charges +€1,798
up €1,798 (+505.2%), from €356 to €2,154
- Taxes +€822
up €822 (+33.3%), from €2,465 to €3,287
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,342 | €122,452 | -€5,890 | -4.6% |
| Fixed assets | 21/28 | €77,293 | €92,935 | +€15,642 | +20.2% |
| Tangible fixed assets | 22/27 | €77,293 | €92,935 | +€15,642 | +20.2% |
| Plant, machinery and equipment | 23 | €2,932 | €12,257 | +€9,325 | +318.0% |
| Furniture and vehicles | 24 | €74,361 | €80,678 | +€6,317 | +8.5% |
| Current assets | 29/58 | €51,049 | €29,516 | -€21,533 | -42.2% |
| Amounts receivable within one year | 40/41 | €10,330 | €13,416 | +€3,086 | +29.9% |
| Trade receivables | 40 | €9,983 | €12,741 | +€2,759 | +27.6% |
| Other amounts receivable | 41 | €347 | €674 | +€327 | +94.2% |
| Cash at bank and in hand | 54/58 | €38,472 | €10,610 | -€27,862 | -72.4% |
| Deferred charges and accrued income | 490/1 | €2,247 | €5,491 | +€3,244 | +144.3% |
| Total equity and liabilities | 10/49 | €128,342 | €122,452 | -€5,890 | -4.6% |
| Equity | 10/15 | €45,246 | €38,535 | -€6,711 | -14.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,246 | €33,535 | -€6,711 | -16.7% |
| Distributable reserves | 133 | €40,246 | €33,535 | -€6,711 | -16.7% |
| Amounts payable | 17/49 | €83,096 | €83,916 | +€821 | +1.0% |
| Amounts payable after more than one year | 17 | €56,784 | €39,879 | -€16,905 | -29.8% |
| Financial debts | 170/4 | €56,784 | €39,879 | -€16,905 | -29.8% |
| Amounts payable within one year | 42/48 | €26,312 | €43,663 | +€17,351 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €16,463 | €16,905 | +€442 | +2.7% |
| Trade debts | 44 | €1,650 | €1,472 | -€178 | -10.8% |
| Suppliers | 440/4 | €1,650 | €1,472 | -€178 | -10.8% |
| Taxes, remuneration and social security | 45 | €6,016 | €10,241 | +€4,225 | +70.2% |
| Taxes | 450/3 | €6,016 | €10,241 | +€4,225 | +70.2% |
| Other amounts payable | 47/48 | €2,183 | €15,045 | +€12,862 | +589.0% |
| Accrued charges and deferred income | 492/3 | - | €374 | +€374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,600 | €18,662 | +€15,061 | +418.3% |
| Other operating charges | 640/8 | €331 | €249 | -€82 | -24.7% |
| Gross operating margin | 9900 | €9,706 | €32,359 | +€22,653 | +233.4% |
| Operating profit (loss) | 9901 | €5,775 | €13,449 | +€7,674 | +132.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.9% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.9% |
| Financial charges | 65/66B | €356 | €2,154 | +€1,798 | +505.2% |
| Recurring financial charges | 65 | €356 | €2,154 | +€1,798 | +505.2% |
| Profit (loss) for the period before taxes | 9903 | €5,419 | €11,294 | +€5,875 | +108.4% |
| Income taxes | 67/77 | €2,465 | €3,287 | +€822 | +33.3% |
| Profit (loss) for the period | 9904 | €2,954 | €8,008 | +€5,054 | +171.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,954 | €8,008 | +€5,054 | +171.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.