X - PACK: 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
X - PACK
NACE 22.220, Manufacture of rubber and plastic products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€262,385
2024 · -€455,075+€717,460
Equity
€2.2m
2024 · €2.5m-€240,791
Cash
€734,778
2024 · €255,863+€478,915
Balance sheet total
€5.8m
2024 · €6.2m-€417,879
Largest movements
Assets
- Current investments -€1.1m
down €1.1m (-57.9%), from €1.9m to €800,117
- Cash +€478,915
up €478,915 (+187.2%), from €255,863 to €734,778
mainly Current investments (+€1.1m) and Other debts (+€500,000)
- Receivables within one year +€298,336
up €298,336 (+84.8%), from €351,798 to €650,133
of which Trade receivables: +€307,121
- Tangible fixed assets -€283,911
down €283,911 (-9.7%), from €2.9m to €2.6m
of which Plant, machinery and equipment: -€205,509
- Receivables after one year +€158,000
up €158,000 (+83.2%), from €190,000 to €348,000
Equity and liabilities
- Debts after one year -€801,279
down €801,279 (-32.7%), from €2.4m to €1.6m
- Other debts +€500,000
up €500,000, from €0 to €500,000
- Reserves -€178,199
down €178,199 (-10.6%), from €1.7m to €1.5m
of which Tax-exempt reserves: -€178,199
- Advances received +€99,798
new in 2025: €99,798
- Trade debts +€99,135
up €99,135 (+23.1%), from €429,008 to €528,143
Income statement
- Gross operating margin +€795,876
up €795,876 (+96.7%), from €823,343 to €1.6m
- Other operating charges -€46,791
down €46,791 (-41.5%), from €112,666 to €65,875
- Write-downs +€42,751
up €42,751 (+94.7%), from -€45,162 to -€2,411
- Depreciation +€37,188
up €37,188 (+8.9%), from €418,552 to €455,740
- Financial income -€23,734
down €23,734 (-37.2%), from €63,827 to €40,093
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
-€455,075
Gross operating margin
+€795,876
Staff costs
-€15,460
Depreciation
-€37,188
Write-downs
-€42,751
Other operating charges
+€46,791
Other operating items
-€10,218
Financial income
-€23,734
Financial charges
+€4,498
Taxes
+€257
Deferred taxes and other
-€610
Result 2025
€262,385
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
+€850,591
Investment
+€928,433
Financing
-€1.3m
Cash 2024
€255,863
From operations (derived)
+€850,591
Net result for the year
+€262,385
Depreciation
+€455,740
Receivables after one year
-€158,000
Stocks and contracts
+€14,289
Receivables within one year
-€298,336
Deferred charges and accrued income
-€45,332
Provisions
-€59,400
Trade debts
+€99,135
Tax, wage and social debts
-€19,534
Advances received
+€99,798
Other debts
+€500,000
Accrued charges and deferred income
-€155
Investment (derived)
+€928,433
Investment in fixed assets (net)
-€171,566
Current investments
+€1.1m
Financing
-€1.3m
Debts after one year
-€801,279
Current portion of long-term debt
+€4,346
Contributions, distributions and other
-€503,176
Cash 2025
€734,778
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,185,961 | €5,768,082 | -€417,879 | -6.8% |
| Fixed assets | 21/28 | €2,930,032 | €2,645,859 | -€284,174 | -9.7% |
| Intangible fixed assets | 21 | €1,024 | €512 | -€512 | -50.0% |
| Tangible fixed assets | 22/27 | €2,925,327 | €2,641,417 | -€283,911 | -9.7% |
| Land and buildings | 22 | €1,009,064 | €933,599 | -€75,464 | -7.5% |
| Plant, machinery and equipment | 23 | €1,849,194 | €1,643,684 | -€205,509 | -11.1% |
| Furniture and vehicles | 24 | €67,070 | €64,133 | -€2,937 | -4.4% |
| Financial fixed assets | 28 | €3,681 | €3,930 | +€249 | +6.8% |
| Current assets | 29/58 | €3,255,929 | €3,122,223 | -€133,705 | -4.1% |
| Amounts receivable after more than one year | 29 | €190,000 | €348,000 | +€158,000 | +83.2% |
| Other amounts receivable | 291 | €190,000 | €348,000 | +€158,000 | +83.2% |
| Stocks and contracts in progress | 3 | €463,640 | €449,351 | -€14,289 | -3.1% |
| Stocks | 30/36 | €463,640 | €449,351 | -€14,289 | -3.1% |
| Amounts receivable within one year | 40/41 | €351,798 | €650,133 | +€298,336 | +84.8% |
| Trade receivables | 40 | €301,105 | €608,226 | +€307,121 | +102.0% |
| Other amounts receivable | 41 | €50,693 | €41,907 | -€8,785 | -17.3% |
| Current investments | 50/53 | €1,900,116 | €800,117 | -€1.1m | -57.9% |
| Cash at bank and in hand | 54/58 | €255,863 | €734,778 | +€478,915 | +187.2% |
| Deferred charges and accrued income | 490/1 | €94,512 | €139,844 | +€45,332 | +48.0% |
| Total equity and liabilities | 10/49 | €6,185,961 | €5,768,082 | -€417,879 | -6.8% |
| Equity | 10/15 | €2,474,465 | €2,233,674 | -€240,791 | -9.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,684,727 | €1,506,528 | -€178,199 | -10.6% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,060,461 | €882,262 | -€178,199 | -16.8% |
| Distributable reserves | 133 | €599,266 | €599,266 | = | 0.0% |
| Profit (loss) carried forward | 14 | €514,073 | €454,657 | -€59,416 | -11.6% |
| Investment grants | 15 | €25,665 | €22,489 | -€3,176 | -12.4% |
| Provisions and deferred taxes | 16 | €355,423 | €296,024 | -€59,400 | -16.7% |
| Deferred taxes | 168 | €355,423 | €296,024 | -€59,400 | -16.7% |
| Amounts payable | 17/49 | €3,356,073 | €3,238,384 | -€117,689 | -3.5% |
| Amounts payable after more than one year | 17 | €2,447,168 | €1,645,890 | -€801,279 | -32.7% |
| Financial debts | 170/4 | €2,447,168 | €1,645,890 | -€801,279 | -32.7% |
| Amounts payable within one year | 42/48 | €907,854 | €1,591,599 | +€683,745 | +75.3% |
| Current portion of amounts payable after more than one year | 42 | €360,666 | €365,012 | +€4,346 | +1.2% |
| Trade debts | 44 | €429,008 | €528,143 | +€99,135 | +23.1% |
| Suppliers | 440/4 | €429,008 | €528,143 | +€99,135 | +23.1% |
| Advances received on contracts in progress | 46 | - | €99,798 | +€99,798 | |
| Taxes, remuneration and social security | 45 | €118,180 | €98,646 | -€19,534 | -16.5% |
| Taxes | 450/3 | €9,630 | €9,099 | -€531 | -5.5% |
| Remuneration and social security | 454/9 | €108,550 | €89,547 | -€19,003 | -17.5% |
| Other amounts payable | 47/48 | €0 | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €1,051 | €896 | -€155 | -14.7% |
| Non-recurring operating income | 76A | €74,393 | €41,579 | -€32,814 | -44.1% |
| Remuneration, social security and pensions | 62 | €881,991 | €897,451 | +€15,460 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418,552 | €455,740 | +€37,188 | +8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€45,162 | -€2,411 | +€42,751 | +94.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €112,666 | €65,875 | -€46,791 | -41.5% |
| Non-recurring operating charges | 66A | - | €10,218 | +€10,218 | |
| Gross operating margin | 9900 | €823,343 | €1,619,219 | +€795,876 | +96.7% |
| Operating profit (loss) | 9901 | -€544,704 | €192,346 | +€737,049 | |
| Financial income | 75/76B | €63,827 | €40,093 | -€23,734 | -37.2% |
| Recurring financial income | 75 | €63,827 | €40,093 | -€23,734 | -37.2% |
| Financial charges | 65/66B | €33,694 | €29,196 | -€4,498 | -13.3% |
| Recurring financial charges | 65 | €33,694 | €29,196 | -€4,498 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€514,570 | €203,243 | +€717,813 | |
| Transfer from deferred taxes | 780 | €60,010 | €59,400 | -€610 | -1.0% |
| Income taxes | 67/77 | €515 | €258 | -€257 | -50.0% |
| Profit (loss) for the period | 9904 | -€455,075 | €262,385 | +€717,460 | |
| Transfer from tax-exempt reserves | 789 | €180,030 | €178,199 | -€1,831 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€275,045 | €440,584 | +€715,629 |
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 29 September 2026 via checked.be.