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
- Cash +€211,746
up €211,746 (+136.4%), from €155,284 to €367,031
mainly Receivables within one year (+€174,342) and Stocks and contracts (+€107,474)
- Receivables within one year -€174,342
down €174,342 (-84.7%), from €205,720 to €31,378
of which Trade receivables: -€172,315
- Stocks and contracts -€107,474
down €107,474 (-35.2%), from €305,117 to €197,642
- Tangible fixed assets -€32,624
down €32,624 (-13.9%), from €234,315 to €201,691
of which Other tangible fixed assets: -€30,560
- Trade debts -€202,512
down €202,512 (-80.3%), from €252,120 to €49,608
- Reserves +€77,000
up €77,000 (+36.3%), from €211,841 to €288,841
of which Distributable reserves: +€77,000
- Tax, wage and social debts +€14,179
up €14,179 (+142.7%), from €9,940 to €24,119
- Gross operating margin +€60,993
up €60,993 (+64.2%), from €94,994 to €155,986
- Taxes +€18,813
up €18,813 (+130.5%), from €14,413 to €33,226
- Financial income +€5,958
up €5,958 (+563.4%), from €1,058 to €7,016
- Depreciation +€1,750
up €1,750 (+4.0%), from €44,095 to €45,845
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 | €910,535 | €808,051 | -€102,484 | -11.3% |
| Fixed assets | 21/28 | €234,315 | €201,691 | -€32,624 | -13.9% |
| Tangible fixed assets | 22/27 | €234,315 | €201,691 | -€32,624 | -13.9% |
| Plant, machinery and equipment | 23 | €13,263 | €19,694 | +€6,431 | +48.5% |
| Furniture and vehicles | 24 | €17,317 | €8,822 | -€8,495 | -49.1% |
| Other tangible fixed assets | 26 | €203,735 | €173,175 | -€30,560 | -15.0% |
| Current assets | 29/58 | €676,220 | €606,360 | -€69,860 | -10.3% |
| Stocks and contracts in progress | 3 | €305,117 | €197,642 | -€107,474 | -35.2% |
| Stocks | 30/36 | €305,117 | €197,642 | -€107,474 | -35.2% |
| Amounts receivable within one year | 40/41 | €205,720 | €31,378 | -€174,342 | -84.7% |
| Trade receivables | 40 | €197,494 | €25,179 | -€172,315 | -87.3% |
| Other amounts receivable | 41 | €8,226 | €6,199 | -€2,027 | -24.6% |
| Cash at bank and in hand | 54/58 | €155,284 | €367,031 | +€211,746 | +136.4% |
| Deferred charges and accrued income | 490/1 | €10,099 | €10,309 | +€211 | +2.1% |
| Total equity and liabilities | 10/49 | €910,535 | €808,051 | -€102,484 | -11.3% |
| Equity | 10/15 | €231,992 | €309,425 | +€77,432 | +33.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €211,841 | €288,841 | +€77,000 | +36.3% |
| Tax-exempt reserves | 132 | €35,541 | €35,541 | = | 0.0% |
| Distributable reserves | 133 | €176,300 | €253,300 | +€77,000 | +43.7% |
| Profit (loss) carried forward | 14 | €152 | €584 | +€432 | +284.5% |
| Amounts payable | 17/49 | €678,543 | €498,627 | -€179,916 | -26.5% |
| Amounts payable after more than one year | 17 | €415,644 | €424,027 | +€8,383 | +2.0% |
| Other amounts payable | 178/9 | €415,644 | €424,027 | +€8,383 | +2.0% |
| Amounts payable within one year | 42/48 | €262,060 | €73,727 | -€188,333 | -71.9% |
| Trade debts | 44 | €252,120 | €49,608 | -€202,512 | -80.3% |
| Suppliers | 440/4 | €252,120 | €49,608 | -€202,512 | -80.3% |
| Taxes, remuneration and social security | 45 | €9,940 | €24,119 | +€14,179 | +142.7% |
| Taxes | 450/3 | €9,940 | €24,119 | +€14,179 | +142.7% |
| Accrued charges and deferred income | 492/3 | €839 | €873 | +€34 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,095 | €45,845 | +€1,750 | +4.0% |
| Other operating charges | 640/8 | €5,520 | €5,620 | +€100 | +1.8% |
| Non-recurring operating charges | 66A | €160 | - | -€160 | |
| Gross operating margin | 9900 | €94,994 | €155,986 | +€60,993 | +64.2% |
| Operating profit (loss) | 9901 | €45,218 | €104,521 | +€59,303 | +131.1% |
| Financial income | 75/76B | €1,058 | €7,016 | +€5,958 | +563.4% |
| Recurring financial income | 75 | €1,058 | €7,016 | +€5,958 | +563.4% |
| Financial charges | 65/66B | €786 | €878 | +€92 | +11.8% |
| Recurring financial charges | 65 | €786 | €878 | +€92 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €45,490 | €110,659 | +€65,169 | +143.3% |
| Income taxes | 67/77 | €14,413 | €33,226 | +€18,813 | +130.5% |
| Profit (loss) for the period | 9904 | €31,077 | €77,432 | +€46,355 | +149.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,077 | €77,432 | +€46,355 | +149.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.