XP2: 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.
XP2
Largest movements
- Stocks and contracts +€995,170
up €995,170 (+236.8%), from €420,244 to €1.4m
- Receivables within one year +€133,967
up €133,967 (+5124.3%), from €2,614 to €136,581
of which Other amounts receivable: +€73,224
- Cash +€65,060
up €65,060 (+4286.6%), from €1,518 to €66,578
- Advances received +€585,434
new in 2025: €585,434
- Short-term financial debts +€264,158
up €264,158 (+80.4%), from €328,509 to €592,667
- Other debts +€212,708
up €212,708 (+212.6%), from €100,051 to €312,760
- Reserves +€100,290
up €100,290 (+5394.3%), from €1,859 to €102,149
- Profit (loss) carried forward +€34,953
no longer reported in 2025 (was -€34,953)
- Gross operating margin +€224,561
up €224,561, from -€8,310 to €216,252
- Financial charges +€35,847
up €35,847 (+352.2%), from €10,178 to €46,025
- Taxes +€33,781
new in 2025: €33,781
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,376 | €1,618,573 | +€1.2m | +281.4% |
| Current assets | 29/58 | €424,376 | €1,618,573 | +€1.2m | +281.4% |
| Stocks and contracts in progress | 3 | €420,244 | €1,415,414 | +€995,170 | +236.8% |
| Stocks | 30/36 | €420,244 | €1,415,414 | +€995,170 | +236.8% |
| Amounts receivable within one year | 40/41 | €2,614 | €136,581 | +€133,967 | +5124.3% |
| Trade receivables | 40 | €1,815 | €62,558 | +€60,743 | +3346.7% |
| Other amounts receivable | 41 | €799 | €74,023 | +€73,224 | +9160.2% |
| Cash at bank and in hand | 54/58 | €1,518 | €66,578 | +€65,060 | +4286.6% |
| Total equity and liabilities | 10/49 | €424,376 | €1,618,573 | +€1.2m | +281.4% |
| Equity | 10/15 | -€14,501 | €120,741 | +€135,243 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €102,149 | +€100,290 | +5394.3% |
| Distributable reserves | 133 | €1,859 | €102,149 | +€100,290 | +5394.3% |
| Profit (loss) carried forward | 14 | -€34,953 | - | +€34,953 | |
| Amounts payable | 17/49 | €438,878 | €1,497,832 | +€1.1m | +241.3% |
| Amounts payable within one year | 42/48 | €438,878 | €1,497,832 | +€1.1m | +241.3% |
| Financial debts | 43 | €328,509 | €592,667 | +€264,158 | +80.4% |
| Credit institutions | 430/8 | €328,509 | €592,667 | +€264,158 | +80.4% |
| Trade debts | 44 | €10,318 | €6,338 | -€3,980 | -38.6% |
| Suppliers | 440/4 | €10,318 | €6,338 | -€3,980 | -38.6% |
| Advances received on contracts in progress | 46 | - | €585,434 | +€585,434 | |
| Taxes, remuneration and social security | 45 | - | €633 | +€633 | |
| Taxes | 450/3 | - | €633 | +€633 | |
| Other amounts payable | 47/48 | €100,051 | €312,760 | +€212,708 | +212.6% |
| Other operating charges | 640/8 | €637 | €1,292 | +€655 | +102.8% |
| Gross operating margin | 9900 | -€8,310 | €216,252 | +€224,561 | |
| Operating profit (loss) | 9901 | -€8,947 | €214,960 | +€223,907 | |
| Financial income | 75/76B | - | €89 | +€89 | |
| Recurring financial income | 75 | - | €89 | +€89 | |
| Financial charges | 65/66B | €10,178 | €46,025 | +€35,847 | +352.2% |
| Recurring financial charges | 65 | €10,178 | €46,025 | +€35,847 | +352.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,125 | €169,024 | +€188,149 | |
| Income taxes | 67/77 | - | €33,781 | +€33,781 | |
| Profit (loss) for the period | 9904 | -€19,125 | €135,243 | +€154,368 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,125 | €135,243 | +€154,368 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.