X4U: 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.
X4U
Largest movements
- Receivables within one year -€26,407
down €26,407 (-45.1%), from €58,511 to €32,104
of which Trade receivables: -€26,737
- Cash -€6,237
down €6,237 (-29.1%), from €21,426 to €15,189
mainly Contributions, distributions and other (-€23,802) and Other debts (-€22,209)
- Deferred charges and accrued income -€4,230
down €4,230 (-85.3%), from €4,961 to €731
- Tangible fixed assets +€3,087
up €3,087 (+33.4%), from €9,254 to €12,341
of which Other tangible fixed assets: +€4,238
- Other debts -€22,209
down €22,209 (-52.8%), from €42,084 to €19,875
- Tax, wage and social debts -€9,888
down €9,888 (-39.4%), from €25,105 to €15,217
- Profit (loss) carried forward -€3,911
down €3,911 (-99.1%), from €3,946 to €36
- Trade debts +€2,485
up €2,485 (+50.5%), from €4,917 to €7,402
- Gross operating margin -€32,292
down €32,292 (-44.9%), from €71,939 to €39,647
- Taxes -€7,214
down €7,214 (-34.5%), from €20,913 to €13,699
- Write-downs -€3,330
no longer reported in 2025 (was €3,330)
- Depreciation -€1,963
down €1,963 (-26.9%), from €7,293 to €5,330
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 | €94,602 | €61,079 | -€33,523 | -35.4% |
| Fixed assets | 21/28 | €9,704 | €13,055 | +€3,351 | +34.5% |
| Tangible fixed assets | 22/27 | €9,254 | €12,341 | +€3,087 | +33.4% |
| Plant, machinery and equipment | 23 | - | €789 | +€789 | |
| Furniture and vehicles | 24 | €9,254 | €7,314 | -€1,940 | -21.0% |
| Other tangible fixed assets | 26 | - | €4,238 | +€4,238 | |
| Financial fixed assets | 28 | €450 | €714 | +€264 | +58.8% |
| Current assets | 29/58 | €84,898 | €48,024 | -€36,874 | -43.4% |
| Amounts receivable within one year | 40/41 | €58,511 | €32,104 | -€26,407 | -45.1% |
| Trade receivables | 40 | €29,621 | €2,884 | -€26,737 | -90.3% |
| Other amounts receivable | 41 | €28,890 | €29,221 | +€331 | +1.1% |
| Cash at bank and in hand | 54/58 | €21,426 | €15,189 | -€6,237 | -29.1% |
| Deferred charges and accrued income | 490/1 | €4,961 | €731 | -€4,230 | -85.3% |
| Total equity and liabilities | 10/49 | €94,602 | €61,079 | -€33,523 | -35.4% |
| Equity | 10/15 | €22,496 | €18,586 | -€3,911 | -17.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,946 | €36 | -€3,911 | -99.1% |
| Amounts payable | 17/49 | €72,105 | €42,493 | -€29,612 | -41.1% |
| Amounts payable within one year | 42/48 | €72,105 | €42,493 | -€29,612 | -41.1% |
| Trade debts | 44 | €4,917 | €7,402 | +€2,485 | +50.5% |
| Suppliers | 440/4 | €4,917 | €7,402 | +€2,485 | +50.5% |
| Taxes, remuneration and social security | 45 | €25,105 | €15,217 | -€9,888 | -39.4% |
| Taxes | 450/3 | €25,105 | €15,217 | -€9,888 | -39.4% |
| Other amounts payable | 47/48 | €42,084 | €19,875 | -€22,209 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,293 | €5,330 | -€1,963 | -26.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,330 | - | -€3,330 | |
| Other operating charges | 640/8 | €682 | €629 | -€53 | -7.8% |
| Gross operating margin | 9900 | €71,939 | €39,647 | -€32,292 | -44.9% |
| Operating profit (loss) | 9901 | €60,635 | €33,689 | -€26,946 | -44.4% |
| Financial income | 75/76B | €122 | €64 | -€58 | -47.7% |
| Recurring financial income | 75 | €122 | €64 | -€58 | -47.7% |
| Financial charges | 65/66B | €115 | €163 | +€47 | +41.1% |
| Recurring financial charges | 65 | €115 | €163 | +€47 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €60,641 | €33,590 | -€27,052 | -44.6% |
| Income taxes | 67/77 | €20,913 | €13,699 | -€7,214 | -34.5% |
| Profit (loss) for the period | 9904 | €39,729 | €19,891 | -€19,838 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,729 | €19,891 | -€19,838 | -49.9% |
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 6 October 2026 via checked.be.