XVR: 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.
XVR
Largest movements
- Current investments +€37,599
up €37,599 (+89.6%), from €41,985 to €79,584
- Cash +€34,508
up €34,508 (+96.7%), from €35,689 to €70,197
mainly Other debts (+€80,192) and Net result for the year (+€76,364)
- Receivables within one year -€2,392
down €2,392 (-14.0%), from €17,066 to €14,674
of which Trade receivables: -€2,761
- Other debts +€80,192
up €80,192 (+150%), from €53,438 to €133,630
- Profit (loss) carried forward -€10,136
down €10,136 (-88.1%), from €11,500 to €1,364
- Current portion of long-term debt -€3,727
down €3,727 (-100%), from €3,727 to €0
- Short-term financial debts +€3,721
new in 2025: €3,721
- Trade debts +€2,741
up €2,741 (+258%), from €1,063 to €3,804
- Gross operating margin +€58,130
up €58,130 (+68.8%), from €84,523 to €142,653
- Financial charges +€18,394
up €18,394 (+81.8%), from €22,488 to €40,881
- Taxes +€7,487
up €7,487 (+57.5%), from €13,023 to €20,510
- Other operating charges +€1,922
up €1,922 (+136%), from €1,415 to €3,336
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 | €103,612 | €174,879 | +€71,267 | +68.8% |
| Fixed assets | 21/28 | €8,633 | €10,142 | +€1,509 | +17.5% |
| Tangible fixed assets | 22/27 | €8,633 | €10,142 | +€1,509 | +17.5% |
| Furniture and vehicles | 24 | €8,633 | €6,524 | -€2,110 | -24.4% |
| Other tangible fixed assets | 26 | - | €3,619 | +€3,619 | |
| Current assets | 29/58 | €94,979 | €164,737 | +€69,758 | +73.4% |
| Amounts receivable within one year | 40/41 | €17,066 | €14,674 | -€2,392 | -14.0% |
| Trade receivables | 40 | €16,940 | €14,179 | -€2,761 | -16.3% |
| Other amounts receivable | 41 | €126 | €495 | +€369 | +293% |
| Current investments | 50/53 | €41,985 | €79,584 | +€37,599 | +89.6% |
| Cash at bank and in hand | 54/58 | €35,689 | €70,197 | +€34,508 | +96.7% |
| Deferred charges and accrued income | 490/1 | €239 | €282 | +€42 | +17.7% |
| Total equity and liabilities | 10/49 | €103,612 | €174,879 | +€71,267 | +68.8% |
| Equity | 10/15 | €32,752 | €22,616 | -€10,136 | -30.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,652 | €2,652 | = | 0.0% |
| Tax-exempt reserves | 132 | €792 | €792 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,500 | €1,364 | -€10,136 | -88.1% |
| Amounts payable | 17/49 | €70,860 | €152,262 | +€81,403 | +115% |
| Amounts payable within one year | 42/48 | €70,352 | €152,262 | +€81,911 | +116% |
| Current portion of amounts payable after more than one year | 42 | €3,727 | €0 | -€3,727 | -100% |
| Financial debts | 43 | - | €3,721 | +€3,721 | |
| Credit institutions | 430/8 | - | €3,721 | +€3,721 | |
| Trade debts | 44 | €1,063 | €3,804 | +€2,741 | +258% |
| Suppliers | 440/4 | €1,063 | €3,804 | +€2,741 | +258% |
| Taxes, remuneration and social security | 45 | €12,124 | €11,108 | -€1,016 | -8.4% |
| Taxes | 450/3 | €11,558 | €8,652 | -€2,906 | -25.1% |
| Remuneration and social security | 454/9 | €566 | €2,456 | +€1,890 | +334% |
| Other amounts payable | 47/48 | €53,438 | €133,630 | +€80,192 | +150% |
| Accrued charges and deferred income | 492/3 | €508 | €0 | -€508 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,912 | €4,165 | +€253 | +6.5% |
| Other operating charges | 640/8 | €1,415 | €3,336 | +€1,922 | +136% |
| Gross operating margin | 9900 | €84,523 | €142,653 | +€58,130 | +68.8% |
| Operating profit (loss) | 9901 | €79,196 | €135,152 | +€55,955 | +70.7% |
| Financial income | 75/76B | €1,584 | €2,604 | +€1,021 | +64.4% |
| Recurring financial income | 75 | €1,584 | €2,604 | +€1,021 | +64.4% |
| Financial charges | 65/66B | €22,488 | €40,881 | +€18,394 | +81.8% |
| Recurring financial charges | 65 | €22,488 | €40,881 | +€18,394 | +81.8% |
| Profit (loss) for the period before taxes | 9903 | €58,292 | €96,874 | +€38,582 | +66.2% |
| Income taxes | 67/77 | €13,023 | €20,510 | +€7,487 | +57.5% |
| Profit (loss) for the period | 9904 | €45,269 | €76,364 | +€31,096 | +68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,269 | €76,364 | +€31,096 | +68.7% |
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.