XPAND: 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.
XPAND
Largest movements
- Tangible fixed assets +€702,008
up €702,008 (+11.0%), from €6.4m to €7.1m
of which Assets under construction and advance payments: +€859,910
- Receivables within one year -€221,178
down €221,178 (-50.7%), from €436,046 to €214,869
of which Trade receivables: -€137,138
- Debts after one year +€686,443
up €686,443 (+9.0%), from €7.6m to €8.3m
- Profit (loss) carried forward -€209,920
down €209,920 (-23.4%), from -€898,128 to -€1.1m
- Purchases and services -€104,161
down €104,161 (-17.6%), from €591,738 to €487,577
- Turnover -€100,561
down €100,561 (-9.6%), from €1.0m to €948,746
- Staff costs -€73,993
down €73,993 (-43.3%), from €171,050 to €97,057
- Financial income +€53,669
up €53,669 (+36084.9%), from €149 to €53,818
- Financial charges +€32,456
up €32,456 (+9.1%), from €354,778 to €387,234
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 | €6,943,177 | €7,389,867 | +€446,690 | +6.4% |
| Fixed assets | 21/28 | €6,424,222 | €7,122,039 | +€697,816 | +10.9% |
| Intangible fixed assets | 21 | €12,244 | €8,052 | -€4,192 | -34.2% |
| Tangible fixed assets | 22/27 | €6,386,562 | €7,088,570 | +€702,008 | +11.0% |
| Land and buildings | 22 | €5,850,225 | €5,699,926 | -€150,298 | -2.6% |
| Plant, machinery and equipment | 23 | €59,135 | €76,346 | +€17,210 | +29.1% |
| Furniture and vehicles | 24 | €154,567 | €129,752 | -€24,815 | -16.1% |
| Assets under construction and advance payments | 27 | €322,635 | €1,182,546 | +€859,910 | +266.5% |
| Financial fixed assets | 28 | €25,416 | €25,416 | = | 0.0% |
| Current assets | 29/58 | €518,954 | €267,828 | -€251,126 | -48.4% |
| Stocks and contracts in progress | 3 | €1,764 | €1,180 | -€584 | -33.1% |
| Stocks | 30/36 | €1,764 | €1,180 | -€584 | -33.1% |
| Amounts receivable within one year | 40/41 | €436,046 | €214,869 | -€221,178 | -50.7% |
| Trade receivables | 40 | €275,808 | €138,669 | -€137,138 | -49.7% |
| Other amounts receivable | 41 | €160,239 | €76,200 | -€84,039 | -52.4% |
| Cash at bank and in hand | 54/58 | €58,582 | €31,241 | -€27,341 | -46.7% |
| Deferred charges and accrued income | 490/1 | €22,562 | €20,538 | -€2,024 | -9.0% |
| Total equity and liabilities | 10/49 | €6,943,177 | €7,389,867 | +€446,690 | +6.4% |
| Equity | 10/15 | -€891,928 | -€1,101,849 | -€209,920 | -23.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€898,128 | -€1,108,049 | -€209,920 | -23.4% |
| Amounts payable | 17/49 | €7,835,105 | €8,491,716 | +€656,611 | +8.4% |
| Amounts payable after more than one year | 17 | €7,639,476 | €8,325,919 | +€686,443 | +9.0% |
| Other amounts payable | 178/9 | €7,639,476 | €8,325,919 | +€686,443 | +9.0% |
| Amounts payable within one year | 42/48 | €194,665 | €165,797 | -€28,868 | -14.8% |
| Trade debts | 44 | €150,426 | €155,693 | +€5,267 | +3.5% |
| Suppliers | 440/4 | €150,426 | €155,693 | +€5,267 | +3.5% |
| Taxes, remuneration and social security | 45 | €44,240 | €10,104 | -€34,135 | -77.2% |
| Taxes | 450/3 | €3,676 | €605 | -€3,071 | -83.5% |
| Remuneration and social security | 454/9 | €40,563 | €9,499 | -€31,065 | -76.6% |
| Accrued charges and deferred income | 492/3 | €964 | - | -€964 | |
| Turnover | 70 | €1,049,307 | €948,746 | -€100,561 | -9.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €591,738 | €487,577 | -€104,161 | -17.6% |
| Remuneration, social security and pensions | 62 | €171,050 | €97,057 | -€73,993 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,932 | €213,249 | -€1,683 | -0.8% |
| Other operating charges | 640/8 | €26,339 | €27,191 | +€851 | +3.2% |
| Gross operating margin | 9900 | €457,570 | €461,169 | +€3,600 | +0.8% |
| Operating profit (loss) | 9901 | €45,248 | €123,672 | +€78,424 | +173.3% |
| Financial income | 75/76B | €149 | €53,818 | +€53,669 | +36084.9% |
| Recurring financial income | 75 | €149 | €53,818 | +€53,669 | +36084.9% |
| Financial charges | 65/66B | €354,778 | €387,234 | +€32,456 | +9.1% |
| Recurring financial charges | 65 | €354,778 | €387,234 | +€32,456 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€309,381 | -€209,744 | +€99,637 | +32.2% |
| Income taxes | 67/77 | €429 | €176 | -€253 | -59.0% |
| Profit (loss) for the period | 9904 | -€309,810 | -€209,920 | +€99,890 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€309,810 | -€209,920 | +€99,890 | +32.2% |
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 5 October 2026 via checked.be.