GROUP XSP: 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.
GROUP XSP
Largest movements
- Cash +€29,384
up €29,384 (+148%), from €19,891 to €49,274
mainly Net result for the year (+€50,480) and Depreciation (+€28,774)
- Tangible fixed assets -€28,774
down €28,774 (-4.9%), from €593,125 to €564,351
- Receivables within one year -€27,314
down €27,314 (-75.3%), from €36,266 to €8,951
of which Trade receivables: -€27,405
- Reserves +€50,480
up €50,480 (+23.5%), from €214,365 to €264,844
- Debts after one year -€46,937
down €46,937 (-9.0%), from €521,770 to €474,833
- Other debts -€37,803
down €37,803 (-17.8%), from €212,024 to €174,221
- Trade debts +€12,903
up €12,903 (+279%), from €4,621 to €17,524
- Tax, wage and social debts -€10,765
down €10,765 (-44.4%), from €24,268 to €13,503
of which Taxes: -€9,982
- Staff costs +€15,289
up €15,289 (+23.4%), from €65,449 to €80,739
- Depreciation -€12,023
down €12,023 (-29.5%), from €40,796 to €28,774
- Gross operating margin -€3,978
down €3,978 (-1.9%), from €212,681 to €208,703
- Taxes -€2,707
down €2,707 (-10.1%), from €26,709 to €24,002
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 | €1,041,070 | €1,014,366 | -€26,704 | -2.6% |
| Fixed assets | 21/28 | €593,125 | €564,351 | -€28,774 | -4.9% |
| Tangible fixed assets | 22/27 | €593,125 | €564,351 | -€28,774 | -4.9% |
| Land and buildings | 22 | €593,125 | €564,351 | -€28,774 | -4.9% |
| Current assets | 29/58 | €447,946 | €450,015 | +€2,069 | +0.5% |
| Stocks and contracts in progress | 3 | €391,789 | €391,789 | = | 0.0% |
| Stocks | 30/36 | €391,789 | €391,789 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,266 | €8,951 | -€27,314 | -75.3% |
| Trade receivables | 40 | €36,266 | €8,860 | -€27,405 | -75.6% |
| Other amounts receivable | 41 | €0 | €91 | +€91 | |
| Cash at bank and in hand | 54/58 | €19,891 | €49,274 | +€29,384 | +148% |
| Total equity and liabilities | 10/49 | €1,041,070 | €1,014,366 | -€26,704 | -2.6% |
| Equity | 10/15 | €232,965 | €283,444 | +€50,480 | +21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,365 | €264,844 | +€50,480 | +23.5% |
| Distributable reserves | 133 | €214,365 | €264,844 | +€50,480 | +23.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €808,106 | €730,922 | -€77,184 | -9.6% |
| Amounts payable after more than one year | 17 | €521,770 | €474,833 | -€46,937 | -9.0% |
| Financial debts | 170/4 | €521,770 | €474,833 | -€46,937 | -9.0% |
| Amounts payable within one year | 42/48 | €284,618 | €255,277 | -€29,341 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €42,451 | €43,362 | +€910 | +2.1% |
| Financial debts | 43 | €1,253 | €6,667 | +€5,413 | +432% |
| Credit institutions | 430/8 | €1,253 | €6,667 | +€5,413 | +432% |
| Trade debts | 44 | €4,621 | €17,524 | +€12,903 | +279% |
| Suppliers | 440/4 | €4,621 | €17,524 | +€12,903 | +279% |
| Taxes, remuneration and social security | 45 | €24,268 | €13,503 | -€10,765 | -44.4% |
| Taxes | 450/3 | €13,984 | €4,002 | -€9,982 | -71.4% |
| Remuneration and social security | 454/9 | €10,284 | €9,501 | -€782 | -7.6% |
| Other amounts payable | 47/48 | €212,024 | €174,221 | -€37,803 | -17.8% |
| Accrued charges and deferred income | 492/3 | €1,718 | €812 | -€906 | -52.7% |
| Remuneration, social security and pensions | 62 | €65,449 | €80,739 | +€15,289 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,796 | €28,774 | -€12,023 | -29.5% |
| Other operating charges | 640/8 | €11,714 | €12,113 | +€399 | +3.4% |
| Gross operating margin | 9900 | €212,681 | €208,703 | -€3,978 | -1.9% |
| Operating profit (loss) | 9901 | €94,721 | €87,078 | -€7,643 | -8.1% |
| Financial charges | 65/66B | €11,990 | €12,597 | +€607 | +5.1% |
| Recurring financial charges | 65 | €11,990 | €12,597 | +€607 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €82,732 | €74,482 | -€8,250 | -10.0% |
| Income taxes | 67/77 | €26,709 | €24,002 | -€2,707 | -10.1% |
| Profit (loss) for the period | 9904 | €56,023 | €50,480 | -€5,543 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,023 | €50,480 | -€5,543 | -9.9% |
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 29 October 2026 via checked.be.