X EXPRESS: 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 EXPRESS
Largest movements
- Cash -€49,003
down €49,003 (-68.6%), from €71,468 to €22,465
mainly Other debts (-€155,200) and Tax, wage and social debts (-€9,240)
- Receivables within one year -€24,942
down €24,942 (-34.9%), from €71,539 to €46,597
of which Other amounts receivable: -€12,965
- Stocks and contracts -€12,208
down €12,208 (-21.2%), from €57,481 to €45,274
- Tangible fixed assets -€4,812
down €4,812 (-28.8%), from €16,693 to €11,881
- Other debts -€155,200
down €155,200 (-94.9%), from €163,597 to €8,397
- Profit (loss) carried forward +€62,460
up €62,460 (+38.1%), from -€163,722 to -€101,263
- Trade debts +€9,539
up €9,539 (+8.7%), from €109,342 to €118,880
- Tax, wage and social debts -€9,240
down €9,240 (-18.4%), from €50,093 to €40,853
of which Remuneration and social security: -€5,832
- Gross operating margin +€86,977
up €86,977 (+42.8%), from €203,443 to €290,419
- Write-downs +€18,812
new in 2025: €18,812
- Other operating charges +€9,244
up €9,244 (+188.5%), from €4,903 to €14,147
- Staff costs +€7,238
up €7,238 (+4.3%), from €166,733 to €173,971
- Depreciation +€5,254
up €5,254 (+655.7%), from €801 to €6,055
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,841 | €136,399 | -€92,442 | -40.4% |
| Fixed assets | 21/28 | €22,753 | €17,941 | -€4,812 | -21.1% |
| Tangible fixed assets | 22/27 | €16,693 | €11,881 | -€4,812 | -28.8% |
| Furniture and vehicles | 24 | €16,693 | €11,881 | -€4,812 | -28.8% |
| Financial fixed assets | 28 | €6,060 | €6,060 | = | 0.0% |
| Current assets | 29/58 | €206,088 | €118,458 | -€87,630 | -42.5% |
| Stocks and contracts in progress | 3 | €57,481 | €45,274 | -€12,208 | -21.2% |
| Stocks | 30/36 | €57,481 | €45,274 | -€12,208 | -21.2% |
| Amounts receivable within one year | 40/41 | €71,539 | €46,597 | -€24,942 | -34.9% |
| Trade receivables | 40 | €21,554 | €9,577 | -€11,978 | -55.6% |
| Other amounts receivable | 41 | €49,985 | €37,020 | -€12,965 | -25.9% |
| Cash at bank and in hand | 54/58 | €71,468 | €22,465 | -€49,003 | -68.6% |
| Deferred charges and accrued income | 490/1 | €5,599 | €4,123 | -€1,477 | -26.4% |
| Total equity and liabilities | 10/49 | €228,841 | €136,399 | -€92,442 | -40.4% |
| Equity | 10/15 | -€94,190 | -€31,730 | +€62,460 | +66.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €50,940 | €50,940 | = | 0.0% |
| Distributable reserves | 133 | €50,940 | €50,940 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€163,722 | -€101,263 | +€62,460 | +38.1% |
| Amounts payable | 17/49 | €323,031 | €168,130 | -€154,902 | -48.0% |
| Amounts payable within one year | 42/48 | €323,031 | €168,130 | -€154,902 | -48.0% |
| Trade debts | 44 | €109,342 | €118,880 | +€9,539 | +8.7% |
| Suppliers | 440/4 | €109,342 | €118,880 | +€9,539 | +8.7% |
| Taxes, remuneration and social security | 45 | €50,093 | €40,853 | -€9,240 | -18.4% |
| Taxes | 450/3 | €19,147 | €15,739 | -€3,409 | -17.8% |
| Remuneration and social security | 454/9 | €30,946 | €25,114 | -€5,832 | -18.8% |
| Other amounts payable | 47/48 | €163,597 | €8,397 | -€155,200 | -94.9% |
| Non-recurring operating income | 76A | €199 | - | -€199 | |
| Remuneration, social security and pensions | 62 | €166,733 | €173,971 | +€7,238 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €801 | €6,055 | +€5,254 | +655.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,812 | +€18,812 | |
| Other operating charges | 640/8 | €4,903 | €14,147 | +€9,244 | +188.5% |
| Non-recurring operating charges | 66A | €15,420 | - | -€15,420 | |
| Gross operating margin | 9900 | €203,443 | €290,419 | +€86,977 | +42.8% |
| Operating profit (loss) | 9901 | €15,586 | €77,435 | +€61,849 | +396.8% |
| Financial income | 75/76B | €10,208 | €5,058 | -€5,149 | -50.4% |
| Recurring financial income | 75 | €10,208 | €5,058 | -€5,149 | -50.4% |
| Financial charges | 65/66B | €18,548 | €20,034 | +€1,486 | +8.0% |
| Recurring financial charges | 65 | €18,548 | €20,034 | +€1,486 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €7,246 | €62,460 | +€55,214 | +762.0% |
| Profit (loss) for the period | 9904 | €7,246 | €62,460 | +€55,214 | +762.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,246 | €62,460 | +€55,214 | +762.0% |
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 12 October 2026 via checked.be.