X-WAVE: 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-WAVE
Largest movements
- Tangible fixed assets +€65,390
new in 2025: €65,390
of which Leasing and similar rights: +€35,471
- Receivables within one year +€13,554
up €13,554 (+1270.4%), from €1,067 to €14,621
of which Other amounts receivable: +€14,061
- Cash +€5,959
up €5,959 (+53.6%), from €11,114 to €17,073
mainly Net result for the year (+€42,428) and Debts after one year (+€37,421)
- Deferred charges and accrued income +€1,163
up €1,163 (+29.3%), from €3,967 to €5,130
- Profit (loss) carried forward +€42,428
up €42,428 (+20.4%), from -€208,173 to -€165,745
- Debts after one year +€37,421
new in 2025: €37,421
- Current portion of long-term debt +€13,412
new in 2025: €13,412
- Tax, wage and social debts -€5,230
down €5,230 (-60.1%), from €8,707 to €3,476
- Other debts -€4,075
no longer reported in 2025 (was €4,075)
- Depreciation +€7,024
new in 2025: €7,024
- Taxes -€5,688
down €5,688 (-32.5%), from €17,505 to €11,817
- Gross operating margin -€3,642
down €3,642 (-5.2%), from €70,017 to €66,375
- Financial charges +€994
up €994 (+31.2%), from €3,182 to €4,176
- Other operating charges +€784
up €784 (+116.6%), from €672 to €1,457
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 | €21,165 | €107,246 | +€86,082 | +406.7% |
| Fixed assets | 21/28 | - | €65,390 | +€65,390 | |
| Tangible fixed assets | 22/27 | - | €65,390 | +€65,390 | |
| Plant, machinery and equipment | 23 | - | €12,135 | +€12,135 | |
| Furniture and vehicles | 24 | - | €17,784 | +€17,784 | |
| Leasing and similar rights | 25 | - | €35,471 | +€35,471 | |
| Current assets | 29/58 | €21,165 | €41,856 | +€20,692 | +97.8% |
| Amounts receivable within one year | 40/41 | €1,067 | €14,621 | +€13,554 | +1270.4% |
| Trade receivables | 40 | €1,067 | €560 | -€507 | -47.5% |
| Other amounts receivable | 41 | - | €14,061 | +€14,061 | |
| Current investments | 50/53 | €5,017 | €5,033 | +€16 | +0.3% |
| Cash at bank and in hand | 54/58 | €11,114 | €17,073 | +€5,959 | +53.6% |
| Deferred charges and accrued income | 490/1 | €3,967 | €5,130 | +€1,163 | +29.3% |
| Total equity and liabilities | 10/49 | €21,165 | €107,246 | +€86,082 | +406.7% |
| Equity | 10/15 | -€27,373 | €15,055 | +€42,428 | |
| Contributions | 10/11 | €180,800 | €180,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,173 | -€165,745 | +€42,428 | +20.4% |
| Amounts payable | 17/49 | €48,538 | €92,191 | +€43,653 | +89.9% |
| Amounts payable after more than one year | 17 | - | €37,421 | +€37,421 | |
| Financial debts | 170/4 | - | €37,421 | +€37,421 | |
| Amounts payable within one year | 42/48 | €47,948 | €54,189 | +€6,241 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | - | €13,412 | +€13,412 | |
| Financial debts | 43 | €28,461 | €31,271 | +€2,811 | +9.9% |
| Credit institutions | 430/8 | €28,461 | €31,271 | +€2,811 | +9.9% |
| Trade debts | 44 | €6,706 | €6,029 | -€677 | -10.1% |
| Suppliers | 440/4 | €6,706 | €6,029 | -€677 | -10.1% |
| Taxes, remuneration and social security | 45 | €8,707 | €3,476 | -€5,230 | -60.1% |
| Taxes | 450/3 | €8,707 | €3,476 | -€5,230 | -60.1% |
| Other amounts payable | 47/48 | €4,075 | - | -€4,075 | |
| Accrued charges and deferred income | 492/3 | €590 | €581 | -€9 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,024 | +€7,024 | |
| Other operating charges | 640/8 | €672 | €1,457 | +€784 | +116.6% |
| Gross operating margin | 9900 | €70,017 | €66,375 | -€3,642 | -5.2% |
| Operating profit (loss) | 9901 | €69,345 | €57,894 | -€11,451 | -16.5% |
| Financial income | 75/76B | €21 | €527 | +€506 | +2411.5% |
| Recurring financial income | 75 | €21 | €527 | +€506 | +2411.5% |
| Financial charges | 65/66B | €3,182 | €4,176 | +€994 | +31.2% |
| Recurring financial charges | 65 | €3,182 | €4,176 | +€994 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €66,184 | €54,245 | -€11,938 | -18.0% |
| Income taxes | 67/77 | €17,505 | €11,817 | -€5,688 | -32.5% |
| Profit (loss) for the period | 9904 | €48,679 | €42,428 | -€6,251 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,679 | €42,428 | -€6,251 | -12.8% |
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 10 October 2026 via checked.be.