X4 Management: 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.
X4 Management
Largest movements
- Cash +€84,261
up €84,261 (+131.4%), from €64,107 to €148,368
mainly Net result for the year (+€153,098) and Tax, wage and social debts (+€16,265)
- Receivables after one year +€60,000
new in 2025: €60,000
- Tangible fixed assets +€14,904
up €14,904 (+322.8%), from €4,617 to €19,521
of which Furniture and vehicles: +€15,218
- Reserves +€151,432
up €151,432 (+358.5%), from €42,246 to €193,677
- Tax, wage and social debts +€16,265
up €16,265 (+45.3%), from €35,875 to €52,140
of which Taxes: +€20,729
- Other debts -€2,884
down €2,884 (-27.8%), from €10,380 to €7,495
- Gross operating margin +€148,065
up €148,065 (+256.8%), from €57,668 to €205,733
- Taxes +€36,226
up €36,226 (+313.3%), from €11,561 to €47,786
- Depreciation +€3,230
up €3,230 (+3123.9%), from €103 to €3,333
- Financial income +€2,790
up €2,790 (+16219.4%), from €17 to €2,807
- Financial charges +€2,062
up €2,062 (+151.7%), from €1,359 to €3,421
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 | €115,067 | €278,665 | +€163,598 | +142.2% |
| Fixed assets | 21/28 | €4,617 | €19,521 | +€14,904 | +322.8% |
| Tangible fixed assets | 22/27 | €4,617 | €19,521 | +€14,904 | +322.8% |
| Furniture and vehicles | 24 | €1,558 | €16,776 | +€15,218 | +976.9% |
| Other tangible fixed assets | 26 | €3,060 | €2,746 | -€314 | -10.3% |
| Current assets | 29/58 | €110,449 | €259,144 | +€148,694 | +134.6% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Trade receivables | 290 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €35,090 | €37,068 | +€1,978 | +5.6% |
| Trade receivables | 40 | €35,090 | €37,068 | +€1,978 | +5.6% |
| Cash at bank and in hand | 54/58 | €64,107 | €148,368 | +€84,261 | +131.4% |
| Deferred charges and accrued income | 490/1 | €11,252 | €13,708 | +€2,456 | +21.8% |
| Total equity and liabilities | 10/49 | €115,067 | €278,665 | +€163,598 | +142.2% |
| Equity | 10/15 | €57,246 | €208,677 | +€151,432 | +264.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €42,246 | €193,677 | +€151,432 | +358.5% |
| Distributable reserves | 133 | €42,246 | €193,677 | +€151,432 | +358.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,821 | €69,988 | +€12,167 | +21.0% |
| Amounts payable within one year | 42/48 | €57,675 | €69,507 | +€11,831 | +20.5% |
| Trade debts | 44 | €11,421 | €9,872 | -€1,550 | -13.6% |
| Suppliers | 440/4 | €11,421 | €9,872 | -€1,550 | -13.6% |
| Taxes, remuneration and social security | 45 | €35,875 | €52,140 | +€16,265 | +45.3% |
| Taxes | 450/3 | €31,411 | €52,140 | +€20,729 | +66.0% |
| Remuneration and social security | 454/9 | €4,464 | €0 | -€4,464 | -100.0% |
| Other amounts payable | 47/48 | €10,380 | €7,495 | -€2,884 | -27.8% |
| Accrued charges and deferred income | 492/3 | €146 | €481 | +€335 | +230.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103 | €3,333 | +€3,230 | +3123.9% |
| Other operating charges | 640/8 | €750 | €902 | +€152 | +20.2% |
| Gross operating margin | 9900 | €57,668 | €205,733 | +€148,065 | +256.8% |
| Operating profit (loss) | 9901 | €56,814 | €201,498 | +€144,683 | +254.7% |
| Financial income | 75/76B | €17 | €2,807 | +€2,790 | +16219.4% |
| Recurring financial income | 75 | €17 | €2,807 | +€2,790 | +16219.4% |
| Financial charges | 65/66B | €1,359 | €3,421 | +€2,062 | +151.7% |
| Recurring financial charges | 65 | €1,359 | €3,421 | +€2,062 | +151.7% |
| Profit (loss) for the period before taxes | 9903 | €55,473 | €200,884 | +€145,411 | +262.1% |
| Income taxes | 67/77 | €11,561 | €47,786 | +€36,226 | +313.3% |
| Profit (loss) for the period | 9904 | €43,912 | €153,098 | +€109,186 | +248.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,912 | €153,098 | +€109,186 | +248.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.