XPECT: 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.
XPECT
Largest movements
- Tangible fixed assets -€23,357
down €23,357 (-6.0%), from €389,571 to €366,214
of which Land and buildings: -€22,682
- Reserves +€232,198
up €232,198 (+38.9%), from €597,451 to €829,649
- Trade debts -€156,338
down €156,338 (-30.5%), from €512,078 to €355,740
- Other debts -€95,149
down €95,149 (-100.0%), from €95,149 to €0
- Gross operating margin +€156,506
up €156,506 (+145.6%), from €107,470 to €263,976
- Depreciation -€28,016
down €28,016 (-54.5%), from €51,374 to €23,357
- Other operating charges +€4,934
up €4,934 (+190.2%), from €2,595 to €7,529
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 | €1,232,981 | €1,213,008 | -€19,972 | -1.6% |
| Fixed assets | 21/28 | €389,571 | €366,214 | -€23,357 | -6.0% |
| Tangible fixed assets | 22/27 | €389,571 | €366,214 | -€23,357 | -6.0% |
| Land and buildings | 22 | €386,567 | €363,885 | -€22,682 | -5.9% |
| Plant, machinery and equipment | 23 | €3,004 | €2,329 | -€675 | -22.5% |
| Current assets | 29/58 | €843,409 | €846,794 | +€3,385 | +0.4% |
| Amounts receivable within one year | 40/41 | €826,248 | €834,644 | +€8,396 | +1.0% |
| Trade receivables | 40 | €16,200 | €30,089 | +€13,889 | +85.7% |
| Other amounts receivable | 41 | €810,048 | €804,555 | -€5,493 | -0.7% |
| Cash at bank and in hand | 54/58 | €16,093 | €11,950 | -€4,142 | -25.7% |
| Deferred charges and accrued income | 490/1 | €1,069 | €200 | -€869 | -81.3% |
| Total equity and liabilities | 10/49 | €1,232,981 | €1,213,008 | -€19,972 | -1.6% |
| Equity | 10/15 | €616,043 | €848,241 | +€232,198 | +37.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €597,451 | €829,649 | +€232,198 | +38.9% |
| Distributable reserves | 133 | €597,451 | €829,649 | +€232,198 | +38.9% |
| Amounts payable | 17/49 | €616,938 | €364,768 | -€252,170 | -40.9% |
| Amounts payable within one year | 42/48 | €607,227 | €355,740 | -€251,487 | -41.4% |
| Trade debts | 44 | €512,078 | €355,740 | -€156,338 | -30.5% |
| Suppliers | 440/4 | €512,078 | €355,740 | -€156,338 | -30.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €95,149 | €0 | -€95,149 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,711 | €9,028 | -€683 | -7.0% |
| Non-recurring operating income | 76A | €0 | €155,243 | +€155,243 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,374 | €23,357 | -€28,016 | -54.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,595 | €7,529 | +€4,934 | +190.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €107,470 | €263,976 | +€156,506 | +145.6% |
| Operating profit (loss) | 9901 | €53,502 | €233,090 | +€179,588 | +335.7% |
| Financial income | 75/76B | €0 | €50 | +€50 | |
| Recurring financial income | 75 | €0 | €50 | +€50 | |
| Financial charges | 65/66B | €790 | €942 | +€152 | +19.3% |
| Recurring financial charges | 65 | €790 | €942 | +€152 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €52,713 | €232,198 | +€179,486 | +340.5% |
| Profit (loss) for the period | 9904 | €52,713 | €232,198 | +€179,486 | +340.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,713 | €232,198 | +€179,486 | +340.5% |
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 4 October 2026 via checked.be.