X-US: 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-US
Largest movements
- Current investments +€141,482
up €141,482 (+19.1%), from €742,613 to €884,094
- Cash -€56,667
down €56,667 (-35.9%), from €157,738 to €101,071
mainly Other debts (-€177,556) and Current investments (-€141,482)
- Tangible fixed assets -€24,771
down €24,771 (-2.3%), from €1.1m to €1.1m
of which Land and buildings: -€37,788
- Debts after one year +€190,000
up €190,000 (+95.0%), from €200,000 to €390,000
- Other debts -€177,556
down €177,556 (-97.8%), from €181,630 to €4,074
- Reserves +€84,251
up €84,251 (+9.6%), from €876,437 to €960,688
- Financial income -€106,773
down €106,773 (-93.4%), from €114,265 to €7,492
- Gross operating margin -€30,880
down €30,880 (-14.5%), from €213,001 to €182,121
- Taxes -€20,550
down €20,550 (-37.7%), from €54,572 to €34,023
- Depreciation +€4,663
up €4,663 (+10.8%), from €43,112 to €47,775
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 | €2,200,350 | €2,278,969 | +€78,620 | +3.6% |
| Fixed assets | 21/28 | €1,101,362 | €1,076,590 | -€24,771 | -2.2% |
| Tangible fixed assets | 22/27 | €1,096,362 | €1,071,590 | -€24,771 | -2.3% |
| Land and buildings | 22 | €1,058,591 | €1,020,803 | -€37,788 | -3.6% |
| Plant, machinery and equipment | 23 | €33,731 | €44,275 | +€10,544 | +31.3% |
| Furniture and vehicles | 24 | €4,040 | €6,512 | +€2,473 | +61.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,098,988 | €1,202,379 | +€103,391 | +9.4% |
| Amounts receivable within one year | 40/41 | €198,637 | €217,214 | +€18,577 | +9.4% |
| Trade receivables | 40 | €23,637 | €40,240 | +€16,603 | +70.2% |
| Other amounts receivable | 41 | €175,000 | €176,973 | +€1,973 | +1.1% |
| Current investments | 50/53 | €742,613 | €884,094 | +€141,482 | +19.1% |
| Cash at bank and in hand | 54/58 | €157,738 | €101,071 | -€56,667 | -35.9% |
| Total equity and liabilities | 10/49 | €2,200,350 | €2,278,969 | +€78,620 | +3.6% |
| Equity | 10/15 | €1,788,538 | €1,872,789 | +€84,251 | +4.7% |
| Contributions | 10/11 | €187,600 | €187,600 | = | 0.0% |
| Reserves | 13 | €876,437 | €960,688 | +€84,251 | +9.6% |
| Distributable reserves | 133 | €876,437 | €960,688 | +€84,251 | +9.6% |
| Profit (loss) carried forward | 14 | €724,501 | €724,501 | = | 0.0% |
| Amounts payable | 17/49 | €411,812 | €406,180 | -€5,631 | -1.4% |
| Amounts payable after more than one year | 17 | €200,000 | €390,000 | +€190,000 | +95.0% |
| Other amounts payable | 178/9 | €200,000 | €390,000 | +€190,000 | +95.0% |
| Amounts payable within one year | 42/48 | €211,812 | €16,180 | -€195,631 | -92.4% |
| Trade debts | 44 | €3,902 | €2,885 | -€1,017 | -26.1% |
| Suppliers | 440/4 | €3,902 | €2,885 | -€1,017 | -26.1% |
| Taxes, remuneration and social security | 45 | €26,280 | €9,221 | -€17,059 | -64.9% |
| Taxes | 450/3 | €26,280 | €9,221 | -€17,059 | -64.9% |
| Other amounts payable | 47/48 | €181,630 | €4,074 | -€177,556 | -97.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,112 | €47,775 | +€4,663 | +10.8% |
| Other operating charges | 640/8 | €8,592 | €8,617 | +€25 | +0.3% |
| Gross operating margin | 9900 | €213,001 | €182,121 | -€30,880 | -14.5% |
| Operating profit (loss) | 9901 | €161,298 | €125,729 | -€35,568 | -22.1% |
| Financial income | 75/76B | €114,265 | €7,492 | -€106,773 | -93.4% |
| Recurring financial income | 75 | €114,265 | €7,492 | -€106,773 | -93.4% |
| Financial charges | 65/66B | €14,887 | €14,948 | +€61 | +0.4% |
| Recurring financial charges | 65 | €14,887 | €14,948 | +€61 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €260,675 | €118,274 | -€142,402 | -54.6% |
| Income taxes | 67/77 | €54,572 | €34,023 | -€20,550 | -37.7% |
| Profit (loss) for the period | 9904 | €206,103 | €84,251 | -€121,852 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €206,103 | €84,251 | -€121,852 | -59.1% |
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 2 October 2026 via checked.be.