X-PECT: 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.
X-PECT
Largest movements
- Cash +€23,802
up €23,802 (+41.1%), from €57,848 to €81,649
mainly Net result for the year (+€35,269) and Depreciation (+€13,919)
- Tangible fixed assets -€12,034
down €12,034 (-19.0%), from €63,254 to €51,219
of which Leasing and similar rights: -€12,257
- Receivables within one year +€3,374
up €3,374 (+21.2%), from €15,949 to €19,323
of which Other amounts receivable: +€4,175
- Reserves +€32,769
up €32,769 (+77.4%), from €42,331 to €75,100
- Other debts -€14,643
down €14,643 (-85.4%), from €17,143 to €2,500
- Debts after one year -€9,432
down €9,432 (-25.5%), from €36,936 to €27,504
- Tax, wage and social debts +€7,153
up €7,153 (+25.4%), from €28,153 to €35,306
- Gross operating margin -€17,006
down €17,006 (-21.5%), from €79,262 to €62,256
- Depreciation +€11,048
up €11,048 (+384.8%), from €2,871 to €13,919
- Taxes -€10,797
down €10,797 (-53.4%), from €20,217 to €9,420
- Financial charges +€975
up €975 (+150.6%), from €647 to €1,622
- Other operating charges -€800
down €800 (-31.4%), from €2,550 to €1,749
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 | €137,289 | €152,438 | +€15,149 | +11.0% |
| Fixed assets | 21/28 | €63,254 | €51,219 | -€12,034 | -19.0% |
| Tangible fixed assets | 22/27 | €63,254 | €51,219 | -€12,034 | -19.0% |
| Plant, machinery and equipment | 23 | €1,859 | €1,481 | -€378 | -20.3% |
| Furniture and vehicles | 24 | €2,186 | €2,786 | +€601 | +27.5% |
| Leasing and similar rights | 25 | €59,209 | €46,952 | -€12,257 | -20.7% |
| Current assets | 29/58 | €74,035 | €101,219 | +€27,184 | +36.7% |
| Amounts receivable within one year | 40/41 | €15,949 | €19,323 | +€3,374 | +21.2% |
| Trade receivables | 40 | €15,040 | €14,239 | -€801 | -5.3% |
| Other amounts receivable | 41 | €909 | €5,084 | +€4,175 | +459.5% |
| Cash at bank and in hand | 54/58 | €57,848 | €81,649 | +€23,802 | +41.1% |
| Deferred charges and accrued income | 490/1 | €239 | €247 | +€8 | +3.3% |
| Total equity and liabilities | 10/49 | €137,289 | €152,438 | +€15,149 | +11.0% |
| Equity | 10/15 | €44,831 | €77,600 | +€32,769 | +73.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €42,331 | €75,100 | +€32,769 | +77.4% |
| Distributable reserves | 133 | €42,331 | €75,100 | +€32,769 | +77.4% |
| Amounts payable | 17/49 | €92,458 | €74,838 | -€17,620 | -19.1% |
| Amounts payable after more than one year | 17 | €36,936 | €27,504 | -€9,432 | -25.5% |
| Financial debts | 170/4 | €36,936 | €27,504 | -€9,432 | -25.5% |
| Amounts payable within one year | 42/48 | €55,522 | €47,334 | -€8,188 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €9,143 | €9,432 | +€289 | +3.2% |
| Financial debts | 43 | €0 | €0 | = | 0.0% |
| Credit institutions | 430/8 | €0 | €0 | = | 0.0% |
| Trade debts | 44 | €1,082 | €96 | -€986 | -91.1% |
| Suppliers | 440/4 | €1,082 | €96 | -€986 | -91.1% |
| Taxes, remuneration and social security | 45 | €28,153 | €35,306 | +€7,153 | +25.4% |
| Taxes | 450/3 | €28,153 | €35,306 | +€7,153 | +25.4% |
| Other amounts payable | 47/48 | €17,143 | €2,500 | -€14,643 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,871 | €13,919 | +€11,048 | +384.8% |
| Other operating charges | 640/8 | €2,550 | €1,749 | -€800 | -31.4% |
| Non-recurring operating charges | 66A | - | €443 | +€443 | |
| Gross operating margin | 9900 | €79,262 | €62,256 | -€17,006 | -21.5% |
| Operating profit (loss) | 9901 | €73,841 | €46,145 | -€27,696 | -37.5% |
| Financial income | 75/76B | €60 | €165 | +€105 | +173.4% |
| Recurring financial income | 75 | €60 | €165 | +€105 | +173.4% |
| Financial charges | 65/66B | €647 | €1,622 | +€975 | +150.6% |
| Recurring financial charges | 65 | €647 | €1,622 | +€975 | +150.6% |
| Profit (loss) for the period before taxes | 9903 | €73,255 | €44,689 | -€28,566 | -39.0% |
| Income taxes | 67/77 | €20,217 | €9,420 | -€10,797 | -53.4% |
| Profit (loss) for the period | 9904 | €53,038 | €35,269 | -€17,769 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,038 | €35,269 | -€17,769 | -33.5% |
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 3 October 2026 via checked.be.