X4: 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.
X4
Largest movements
- Receivables within one year +€76,658
up €76,658 (+25.0%), from €306,937 to €383,595
of which Other amounts receivable: +€121,254
- Cash -€54,803
down €54,803 (-50.0%), from €109,578 to €54,775
mainly Receivables within one year (-€76,658) and Trade debts (-€58,910)
- Tangible fixed assets +€9,156
up €9,156 (+5.5%), from €165,503 to €174,660
of which Land and buildings: +€34,288
- Reserves +€113,807
up €113,807 (+41.4%), from €275,228 to €389,035
- Trade debts -€58,910
down €58,910 (-67.8%), from €86,935 to €28,025
- Other debts -€22,400
no longer reported in 2025 (was €22,400)
- Tax, wage and social debts -€9,705
down €9,705 (-16.7%), from €58,142 to €48,437
- Other operating charges -€16,566
down €16,566 (-60.8%), from €27,259 to €10,693
- Taxes +€6,615
up €6,615 (+15.6%), from €42,445 to €49,060
- Financial income +€6,067
up €6,067 (+100%), from €6,063 to €12,130
- Depreciation +€4,636
up €4,636 (+14.8%), from €31,221 to €35,857
- Financial charges -€4,556
down €4,556 (-51.6%), from €8,832 to €4,276
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.
Derived cash bridge
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 | €582,018 | €613,030 | +€31,012 | +5.3% |
| Fixed assets | 21/28 | €165,503 | €174,660 | +€9,156 | +5.5% |
| Tangible fixed assets | 22/27 | €165,503 | €174,660 | +€9,156 | +5.5% |
| Land and buildings | 22 | €76,739 | €111,027 | +€34,288 | +44.7% |
| Plant, machinery and equipment | 23 | €4,869 | €2,340 | -€2,528 | -51.9% |
| Furniture and vehicles | 24 | €83,895 | €61,292 | -€22,603 | -26.9% |
| Current assets | 29/58 | €416,515 | €438,370 | +€21,856 | +5.2% |
| Amounts receivable within one year | 40/41 | €306,937 | €383,595 | +€76,658 | +25.0% |
| Trade receivables | 40 | €230,959 | €186,363 | -€44,596 | -19.3% |
| Other amounts receivable | 41 | €75,978 | €197,231 | +€121,254 | +160% |
| Cash at bank and in hand | 54/58 | €109,578 | €54,775 | -€54,803 | -50.0% |
| Total equity and liabilities | 10/49 | €582,018 | €613,030 | +€31,012 | +5.3% |
| Equity | 10/15 | €288,878 | €402,685 | +€113,807 | +39.4% |
| Contributions | 10/11 | €13,650 | €13,650 | = | 0.0% |
| Reserves | 13 | €275,228 | €389,035 | +€113,807 | +41.4% |
| Distributable reserves | 133 | €275,228 | €389,035 | +€113,807 | +41.4% |
| Amounts payable | 17/49 | €293,140 | €210,345 | -€82,795 | -28.2% |
| Amounts payable after more than one year | 17 | €97,033 | €102,574 | +€5,542 | +5.7% |
| Financial debts | 170/4 | €97,033 | €102,574 | +€5,542 | +5.7% |
| Amounts payable within one year | 42/48 | €194,976 | €107,770 | -€87,206 | -44.7% |
| Current portion of amounts payable after more than one year | 42 | €27,499 | €31,309 | +€3,810 | +13.9% |
| Trade debts | 44 | €86,935 | €28,025 | -€58,910 | -67.8% |
| Suppliers | 440/4 | €86,935 | €28,025 | -€58,910 | -67.8% |
| Taxes, remuneration and social security | 45 | €58,142 | €48,437 | -€9,705 | -16.7% |
| Taxes | 450/3 | €58,142 | €48,437 | -€9,705 | -16.7% |
| Other amounts payable | 47/48 | €22,400 | - | -€22,400 | |
| Accrued charges and deferred income | 492/3 | €1,131 | - | -€1,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,221 | €35,857 | +€4,636 | +14.8% |
| Other operating charges | 640/8 | €27,259 | €10,693 | -€16,566 | -60.8% |
| Gross operating margin | 9900 | €200,029 | €201,564 | +€1,535 | +0.8% |
| Operating profit (loss) | 9901 | €141,549 | €155,013 | +€13,464 | +9.5% |
| Financial income | 75/76B | €6,063 | €12,130 | +€6,067 | +100% |
| Recurring financial income | 75 | €6,063 | €12,130 | +€6,067 | +100% |
| Financial charges | 65/66B | €8,832 | €4,276 | -€4,556 | -51.6% |
| Recurring financial charges | 65 | €8,832 | €4,276 | -€4,556 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | €138,780 | €162,867 | +€24,087 | +17.4% |
| Income taxes | 67/77 | €42,445 | €49,060 | +€6,615 | +15.6% |
| Profit (loss) for the period | 9904 | €96,335 | €113,807 | +€17,473 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €96,335 | €113,807 | +€17,473 | +18.1% |
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 16 October 2026 via checked.be.