2XL: 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.
What changed
2XL
NACE 52.250, Logistics services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2.0m
2024 · -€1.6m-€430,091
Equity
€754,033
2024 · €2.8m-€2.0m
Cash
€1.4m
2024 · €3.6m-€2.2m
Balance sheet total
€29.3m
2024 · €40.2m-€10.8m
Largest movements
Assets
- Receivables within one year -€8.5m
down €8.5m (-25.3%), from €33.5m to €25.0m
of which Other amounts receivable: -€11.0m
- Cash -€2.2m
down €2.2m (-60.2%), from €3.6m to €1.4m
mainly Debts after one year (-€10.0m) and Net result for the year (-€2.0m)
- Tangible fixed assets -€407,040
down €407,040 (-17.0%), from €2.4m to €2.0m
of which Assets under construction and advance payments: -€231,102
Equity and liabilities
- Debts after one year -€10.0m
no longer reported in 2025 (was €10.0m)
- Reserves -€1.8m
down €1.8m (-41.9%), from €4.4m to €2.6m
of which Distributable reserves: -€1.8m
- Trade debts +€1.2m
up €1.2m (+4.9%), from €23.7m to €24.9m
Income statement
- Turnover +€2.1m
up €2.1m (+1.5%), from €146.6m to €148.7m
- Goods and materials +€1.7m
up €1.7m (+1.6%), from €101.6m to €103.3m
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.
Result 2024
-€1.6m
Turnover
+€2.1m
Other operating income
+€111,132
Goods and materials
-€1.7m
Services and other goods
-€1.4m
Staff costs
-€43,747
Depreciation
+€1.3m
Write-downs
-€60,533
Provisions
-€153,719
Other operating charges
+€7,907
Other operating items
-€295,595
Financial income
+€49,840
Financial charges
-€333,068
Taxes
-€36,400
Deferred taxes and other
-€36,134
Result 2025
-€2.0m
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.
From operations
+€8.3m
Investment
-€463,711
Financing
-€10.0m
Cash 2024
€3.6m
From operations (derived)
+€8.3m
Net result for the year
-€2.0m
Depreciation
+€619,657
Receivables within one year
+€8.5m
Deferred charges and accrued income
+€43,760
Provisions
+€69,334
Trade debts
+€1.2m
Tax, wage and social debts
+€18
Other debts
-€162,914
Accrued charges and deferred income
+€114,308
Investment (derived)
-€463,711
Investment in fixed assets (net)
-€463,711
Financing
-€10.0m
Debts after one year
-€10.0m
Short-term financial debts
+€17,118
Contributions, distributions and other
-€9,159
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,190,364 | €29,343,354 | -€10.8m | -27.0% |
| Fixed assets | 21/28 | €2,968,708 | €2,812,762 | -€155,945 | -5.3% |
| Intangible fixed assets | 21 | €576,716 | €827,945 | +€251,229 | +43.6% |
| Tangible fixed assets | 22/27 | €2,389,832 | €1,982,792 | -€407,040 | -17.0% |
| Plant, machinery and equipment | 23 | €1,042,744 | €989,006 | -€53,738 | -5.2% |
| Furniture and vehicles | 24 | €1,090,222 | €982,806 | -€107,417 | -9.9% |
| Other tangible fixed assets | 26 | €25,762 | €10,980 | -€14,783 | -57.4% |
| Assets under construction and advance payments | 27 | €231,102 | - | -€231,102 | |
| Financial fixed assets | 28 | €2,160 | €2,025 | -€135 | -6.3% |
| Other financial fixed assets | 284/8 | €2,160 | €2,025 | -€135 | -6.3% |
| Amounts receivable and cash guarantees | 285/8 | €2,160 | €2,025 | -€135 | -6.3% |
| Current assets | 29/58 | €37,221,656 | €26,530,592 | -€10.7m | -28.7% |
| Amounts receivable within one year | 40/41 | €33,485,066 | €24,999,622 | -€8.5m | -25.3% |
| Trade receivables | 40 | €17,615,003 | €20,113,399 | +€2.5m | +14.2% |
| Other amounts receivable | 41 | €15,870,063 | €4,886,223 | -€11.0m | -69.2% |
| Cash at bank and in hand | 54/58 | €3,591,211 | €1,429,351 | -€2.2m | -60.2% |
| Deferred charges and accrued income | 490/1 | €145,379 | €101,619 | -€43,760 | -30.1% |
| Total equity and liabilities | 10/49 | €40,190,364 | €29,343,354 | -€10.8m | -27.0% |
| Equity | 10/15 | €2,798,566 | €754,033 | -€2.0m | -73.1% |
| Contributions | 10/11 | €90,655 | €90,655 | = | 0.0% |
| Capital | 10 | €90,655 | €90,655 | = | 0.0% |
| Issued capital | 100 | €90,655 | €90,655 | = | 0.0% |
| Reserves | 13 | €4,400,060 | €2,556,595 | -€1.8m | -41.9% |
| Non-distributable reserves | 130/1 | €10,634 | €10,634 | = | 0.0% |
| Legal reserve | 130 | €10,634 | €10,634 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,602,984 | €1,526,095 | -€76,889 | -4.8% |
| Distributable reserves | 133 | €2,786,442 | €1,019,866 | -€1.8m | -63.4% |
| Profit (loss) carried forward | 14 | -€1,766,576 | -€1,958,485 | -€191,909 | -10.9% |
| Investment grants | 15 | €74,426 | €65,267 | -€9,159 | -12.3% |
| Provisions and deferred taxes | 16 | €237,643 | €306,978 | +€69,334 | +29.2% |
| Provisions for liabilities and charges | 160/5 | €164,617 | €250,807 | +€86,189 | +52.4% |
| Major repairs and maintenance | 162 | €20,833 | - | -€20,833 | |
| Other liabilities and charges | 164/5 | €143,784 | €250,807 | +€107,023 | +74.4% |
| Deferred taxes | 168 | €73,026 | €56,171 | -€16,855 | -23.1% |
| Amounts payable | 17/49 | €37,154,154 | €28,282,344 | -€8.9m | -23.9% |
| Amounts payable after more than one year | 17 | €10,000,000 | - | -€10.0m | |
| Financial debts | 170/4 | €10,000,000 | - | -€10.0m | |
| Other loans | 174 | €10,000,000 | - | -€10.0m | |
| Amounts payable within one year | 42/48 | €27,045,219 | €28,059,101 | +€1.0m | +3.7% |
| Financial debts | 43 | €260,035 | €277,153 | +€17,118 | +6.6% |
| Credit institutions | 430/8 | €260,035 | €277,153 | +€17,118 | +6.6% |
| Trade debts | 44 | €23,742,858 | €24,902,517 | +€1.2m | +4.9% |
| Suppliers | 440/4 | €23,742,858 | €24,902,517 | +€1.2m | +4.9% |
| Advances received on contracts in progress | 46 | €350,000 | €350,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,515,983 | €2,516,001 | +€18 | 0.0% |
| Taxes | 450/3 | €208,366 | €217,471 | +€9,105 | +4.4% |
| Remuneration and social security | 454/9 | €2,307,617 | €2,298,530 | -€9,087 | -0.4% |
| Other amounts payable | 47/48 | €176,343 | €13,430 | -€162,914 | -92.4% |
| Accrued charges and deferred income | 492/3 | €108,935 | €223,243 | +€114,308 | +104.9% |
| Operating income | 70/76A | €150,609,775 | €153,161,844 | +€2.6m | +1.7% |
| Turnover | 70 | €146,612,276 | €148,738,706 | +€2.1m | +1.5% |
| Other operating income | 74 | €3,991,831 | €4,102,963 | +€111,132 | +2.8% |
| Non-recurring operating income | 76A | €5,668 | €320,175 | +€314,507 | +5548.7% |
| Operating charges | 60/66A | €152,381,485 | €155,007,883 | +€2.6m | +1.7% |
| Goods for resale, raw materials and consumables | 60 | €101,614,806 | €103,275,608 | +€1.7m | +1.6% |
| Purchases | 600/8 | €101,614,806 | €103,275,608 | +€1.7m | +1.6% |
| Services and other goods | 61 | €32,699,496 | €34,095,742 | +€1.4m | +4.3% |
| Remuneration, social security and pensions | 62 | €13,395,387 | €13,439,133 | +€43,747 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,910,500 | €619,657 | -€1.3m | -67.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€60,533 | - | +€60,533 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€67,530 | €86,189 | +€153,719 | |
| Other operating charges | 640/8 | €2,889,359 | €2,881,452 | -€7,907 | -0.3% |
| Non-recurring operating charges | 66A | - | €610,102 | +€610,102 | |
| Operating profit (loss) | 9901 | -€1,771,711 | -€1,846,039 | -€74,329 | -4.2% |
| Financial income | 75/76B | €1,435,743 | €1,485,584 | +€49,840 | +3.5% |
| Recurring financial income | 75 | €1,435,743 | €1,485,584 | +€49,840 | +3.5% |
| Income from current assets | 751 | €819,721 | €445,506 | -€374,215 | -45.7% |
| Other financial income | 752/9 | €616,022 | €1,040,077 | +€424,055 | +68.8% |
| Financial charges | 65/66B | €1,355,872 | €1,688,940 | +€333,068 | +24.6% |
| Recurring financial charges | 65 | €1,355,872 | €1,688,940 | +€333,068 | +24.6% |
| Debt charges | 650 | €881,459 | €572,172 | -€309,287 | -35.1% |
| Other financial charges | 652/9 | €474,413 | €1,116,768 | +€642,355 | +135.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,691,839 | -€2,049,396 | -€357,557 | -21.1% |
| Transfer from deferred taxes | 780 | €52,989 | €16,855 | -€36,134 | -68.2% |
| Income taxes | 67/77 | -€33,566 | €2,834 | +€36,400 | |
| Taxes | 670/3 | - | €2,834 | +€2,834 | |
| Tax adjustments and reversals of tax provisions | 77 | €33,566 | - | -€33,566 | |
| Profit (loss) for the period | 9904 | -€1,605,284 | -€2,035,375 | -€430,091 | -26.8% |
| Transfer from tax-exempt reserves | 789 | €1,124,497 | €76,889 | -€1.0m | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€480,787 | -€1,958,485 | -€1.5m | -307.3% |
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.