X 38 B.V.: what changed
X 38 B.V.
Largest movements
- Cash +€43,752
up €43,752 (+24.3%), from €179,921 to €223,673
mainly Receivables within one year (+€26,206) and Stocks and contracts (+€23,629)
- Receivables within one year -€26,206
down €26,206 (-90.0%), from €29,116 to €2,910
of which Trade receivables: -€19,606
- Stocks and contracts -€23,629
down €23,629 (-45.3%), from €52,118 to €28,489
of which Contracts in progress: -€21,840
- Tangible fixed assets -€22,092
down €22,092 (-6.2%), from €356,160 to €334,068
of which Furniture and vehicles: -€13,182
- Profit (loss) carried forward -€15,785
down €15,785 (-5.2%), from €303,177 to €287,391
- Debts after one year -€15,001
down €15,001 (-11.3%), from €133,336 to €118,335
- Advances received -€7,820
down €7,820 (-20.1%), from €38,959 to €31,139
- Tax, wage and social debts +€7,732
up €7,732 (+33.7%), from €22,946 to €30,678
of which Taxes: +€10,386
- Staff costs -€6,455
down €6,455 (-27.4%), from €23,519 to €17,064
- Gross operating margin +€5,085
up €5,085 (+11.4%), from €44,482 to €49,567
- Other operating charges -€2,565
down €2,565 (-73.0%), from €3,513 to €949
- Depreciation +€1,686
up €1,686 (+8.3%), from €20,405 to €22,092
- Taxes +€1,635
up €1,635 (+1,699%), from €96 to €1,731
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €625,550 | €596,781 | -€28,770 | -4.6% |
| Fixed assets | 21/28 | €356,964 | €334,873 | -€22,092 | -6.2% |
| Tangible fixed assets | 22/27 | €356,160 | €334,068 | -€22,092 | -6.2% |
| Land and buildings | 22 | €318,649 | €309,739 | -€8,910 | -2.8% |
| Furniture and vehicles | 24 | €37,511 | €24,329 | -€13,182 | -35.1% |
| Financial fixed assets | 28 | €805 | €805 | = | 0.0% |
| Current assets | 29/58 | €268,586 | €261,908 | -€6,678 | -2.5% |
| Stocks and contracts in progress | 3 | €52,118 | €28,489 | -€23,629 | -45.3% |
| Stocks | 30/36 | €14,669 | €12,880 | -€1,789 | -12.2% |
| Contracts in progress | 37 | €37,449 | €15,609 | -€21,840 | -58.3% |
| Amounts receivable within one year | 40/41 | €29,116 | €2,910 | -€26,206 | -90.0% |
| Trade receivables | 40 | €22,516 | €2,910 | -€19,606 | -87.1% |
| Other amounts receivable | 41 | €6,600 | - | -€6,600 | |
| Cash at bank and in hand | 54/58 | €179,921 | €223,673 | +€43,752 | +24.3% |
| Deferred charges and accrued income | 490/1 | €7,432 | €6,836 | -€595 | -8.0% |
| Total equity and liabilities | 10/49 | €625,550 | €596,781 | -€28,770 | -4.6% |
| Equity | 10/15 | €398,292 | €382,506 | -€15,785 | -4.0% |
| Contributions | 10/11 | €42,196 | €42,196 | = | 0.0% |
| Reserves | 13 | €52,919 | €52,919 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,720 | €49,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,220 | €4,220 | = | 0.0% |
| Other | 1319 | €45,500 | €45,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,199 | €3,199 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,177 | €287,391 | -€15,785 | -5.2% |
| Amounts payable | 17/49 | €227,259 | €214,274 | -€12,984 | -5.7% |
| Amounts payable after more than one year | 17 | €133,336 | €118,335 | -€15,001 | -11.3% |
| Financial debts | 170/4 | €133,336 | €118,335 | -€15,001 | -11.3% |
| Amounts payable within one year | 42/48 | €93,922 | €95,939 | +€2,017 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €20,003 | €20,003 | = | 0.0% |
| Trade debts | 44 | €10,381 | €8,684 | -€1,697 | -16.3% |
| Suppliers | 440/4 | €10,381 | €8,684 | -€1,697 | -16.3% |
| Advances received on contracts in progress | 46 | €38,959 | €31,139 | -€7,820 | -20.1% |
| Taxes, remuneration and social security | 45 | €22,946 | €30,678 | +€7,732 | +33.7% |
| Taxes | 450/3 | €20,291 | €30,678 | +€10,386 | +51.2% |
| Remuneration and social security | 454/9 | €2,655 | €0 | -€2,655 | -100% |
| Other amounts payable | 47/48 | €1,633 | €5,435 | +€3,802 | +233% |
| Remuneration, social security and pensions | 62 | €23,519 | €17,064 | -€6,455 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,405 | €22,092 | +€1,686 | +8.3% |
| Other operating charges | 640/8 | €3,513 | €949 | -€2,565 | -73.0% |
| Gross operating margin | 9900 | €44,482 | €49,567 | +€5,085 | +11.4% |
| Operating profit (loss) | 9901 | -€2,956 | €9,462 | +€12,418 | |
| Financial income | 75/76B | €2 | €30 | +€28 | +1,160% |
| Recurring financial income | 75 | €2 | €30 | +€28 | +1,160% |
| Financial charges | 65/66B | €6,802 | €6,404 | -€398 | -5.9% |
| Recurring financial charges | 65 | €6,802 | €6,404 | -€398 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,756 | €3,088 | +€12,844 | |
| Income taxes | 67/77 | €96 | €1,731 | +€1,635 | +1,699% |
| Profit (loss) for the period | 9904 | -€9,852 | €1,357 | +€11,210 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,852 | €1,357 | +€11,210 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.