X-ECO: 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.
X-ECO
Largest movements
- Receivables within one year -€439,271
down €439,271 (-34.4%), from €1.3m to €837,520
of which Other amounts receivable: -€465,740
- Cash +€33,039
up €33,039 (+69.6%), from €47,473 to €80,512
mainly Receivables within one year (+€439,271) and Other debts (+€59,454)
- Reserves -€401,678
down €401,678 (-43.4%), from €925,075 to €523,397
- Other debts +€59,454
up €59,454 (+14.0%), from €425,878 to €485,332
- Trade debts -€57,300
down €57,300 (-91.8%), from €62,411 to €5,111
- Gross operating margin -€259,441
down €259,441 (-76.5%), from €339,304 to €79,863
- Depreciation -€8,283
down €8,283 (-41.9%), from €19,760 to €11,477
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 | €1,453,853 | €1,047,707 | -€406,146 | -27.9% |
| Fixed assets | 21/28 | €10,193 | €8,588 | -€1,606 | -15.8% |
| Intangible fixed assets | 21 | €10,193 | - | -€10,193 | |
| Tangible fixed assets | 22/27 | - | €8,588 | +€8,588 | |
| Plant, machinery and equipment | 23 | - | €3,348 | +€3,348 | |
| Furniture and vehicles | 24 | - | €5,240 | +€5,240 | |
| Current assets | 29/58 | €1,443,660 | €1,039,119 | -€404,541 | -28.0% |
| Stocks and contracts in progress | 3 | €114,663 | €114,663 | = | 0.0% |
| Stocks | 30/36 | €114,663 | €114,663 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,276,791 | €837,520 | -€439,271 | -34.4% |
| Trade receivables | 40 | €15,611 | €42,081 | +€26,469 | +170% |
| Other amounts receivable | 41 | €1,261,179 | €795,439 | -€465,740 | -36.9% |
| Cash at bank and in hand | 54/58 | €47,473 | €80,512 | +€33,039 | +69.6% |
| Deferred charges and accrued income | 490/1 | €4,733 | €6,424 | +€1,691 | +35.7% |
| Total equity and liabilities | 10/49 | €1,453,853 | €1,047,707 | -€406,146 | -27.9% |
| Equity | 10/15 | €931,275 | €529,597 | -€401,678 | -43.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €925,075 | €523,397 | -€401,678 | -43.4% |
| Distributable reserves | 133 | €925,075 | €523,397 | -€401,678 | -43.4% |
| Provisions and deferred taxes | 16 | €21,493 | €19,301 | -€2,192 | -10.2% |
| Provisions for liabilities and charges | 160/5 | €21,493 | €19,301 | -€2,192 | -10.2% |
| Other liabilities and charges | 164/5 | €21,493 | €19,301 | -€2,192 | -10.2% |
| Amounts payable | 17/49 | €501,085 | €498,809 | -€2,276 | -0.5% |
| Amounts payable within one year | 42/48 | €501,085 | €498,809 | -€2,276 | -0.5% |
| Trade debts | 44 | €62,411 | €5,111 | -€57,300 | -91.8% |
| Suppliers | 440/4 | €62,411 | €5,111 | -€57,300 | -91.8% |
| Taxes, remuneration and social security | 45 | €12,796 | €8,365 | -€4,430 | -34.6% |
| Taxes | 450/3 | €1,768 | €30 | -€1,737 | -98.3% |
| Remuneration and social security | 454/9 | €11,028 | €8,335 | -€2,693 | -24.4% |
| Other amounts payable | 47/48 | €425,878 | €485,332 | +€59,454 | +14.0% |
| Remuneration, social security and pensions | 62 | €62,796 | €59,982 | -€2,814 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,760 | €11,477 | -€8,283 | -41.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,566 | -€2,192 | -€626 | -40.0% |
| Other operating charges | 640/8 | €289 | €2,263 | +€1,974 | +683% |
| Gross operating margin | 9900 | €339,304 | €79,863 | -€259,441 | -76.5% |
| Operating profit (loss) | 9901 | €258,024 | €8,333 | -€249,691 | -96.8% |
| Financial income | 75/76B | €168 | €555 | +€388 | +231% |
| Recurring financial income | 75 | €168 | €555 | +€388 | +231% |
| Financial charges | 65/66B | €260 | €395 | +€135 | +51.7% |
| Recurring financial charges | 65 | €260 | €395 | +€135 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €257,932 | €8,494 | -€249,438 | -96.7% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.3% |
| Profit (loss) for the period | 9904 | €257,772 | €8,329 | -€249,443 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €257,772 | €8,329 | -€249,443 | -96.8% |
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 17 October 2026 via checked.be.