XS-CARGO: what changed
Two financial 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.
XS-CARGO
Largest movements
- Receivables within one year -€93,354
down €93,354 (-28.4%), from €328,488 to €235,134
of which Trade receivables: -€55,364
- Tangible fixed assets +€26,608
up €26,608 (+6.7%), from €395,019 to €421,627
of which Leasing and similar rights: +€68,786
- Trade debts -€94,544
down €94,544 (-48.7%), from €194,214 to €99,671
- Short-term financial debts +€30,779
up €30,779 (+57.9%), from €53,164 to €83,943
- Debts after one year +€21,097
up €21,097 (+9.8%), from €214,917 to €236,014
- Reserves +€11,536
up €11,536 (+34.1%), from €33,816 to €45,352
of which Distributable reserves: +€11,536
- Tax, wage and social debts -€11,374
down €11,374 (-22.2%), from €51,235 to €39,861
of which Remuneration and social security: -€8,578
- Purchases and services -€167,675
down €167,675 (-11.6%), from €1.4m to €1.3m
- Gross operating margin +€145,357
up €145,357 (+24.3%), from €598,996 to €744,353
- Staff costs +€131,629
up €131,629 (+31.9%), from €413,200 to €544,829
- Depreciation +€46,927
up €46,927 (+62.5%), from €75,112 to €122,040
- Other operating charges -€46,642
down €46,642 (-65.7%), from €70,996 to €24,353
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.
Derived cash bridge
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 | €753,532 | €697,675 | -€55,857 | -7.4% |
| Fixed assets | 21/28 | €395,289 | €421,897 | +€26,608 | +6.7% |
| Tangible fixed assets | 22/27 | €395,019 | €421,627 | +€26,608 | +6.7% |
| Plant, machinery and equipment | 23 | €1,372 | €7,305 | +€5,933 | +433% |
| Furniture and vehicles | 24 | €204,946 | €156,580 | -€48,366 | -23.6% |
| Leasing and similar rights | 25 | €188,312 | €257,098 | +€68,786 | +36.5% |
| Other tangible fixed assets | 26 | €389 | €644 | +€255 | +65.6% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €358,244 | €275,778 | -€82,466 | -23.0% |
| Stocks and contracts in progress | 3 | €16,742 | €18,892 | +€2,150 | +12.8% |
| Stocks | 30/36 | €16,742 | €18,892 | +€2,150 | +12.8% |
| Amounts receivable within one year | 40/41 | €328,488 | €235,134 | -€93,354 | -28.4% |
| Trade receivables | 40 | €275,669 | €220,306 | -€55,364 | -20.1% |
| Other amounts receivable | 41 | €52,818 | €14,828 | -€37,991 | -71.9% |
| Cash at bank and in hand | 54/58 | €13,014 | €18,938 | +€5,924 | +45.5% |
| Deferred charges and accrued income | 490/1 | - | €2,814 | +€2,814 | |
| Total equity and liabilities | 10/49 | €753,532 | €697,675 | -€55,857 | -7.4% |
| Equity | 10/15 | €111,810 | €123,346 | +€11,536 | +10.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €33,816 | €45,352 | +€11,536 | +34.1% |
| Non-distributable reserves | 130/1 | €1,642 | €1,642 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,642 | €1,642 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,961 | €6,961 | = | 0.0% |
| Distributable reserves | 133 | €25,212 | €36,748 | +€11,536 | +45.8% |
| Profit (loss) carried forward | 14 | €27,994 | €27,994 | = | 0.0% |
| Amounts payable | 17/49 | €641,722 | €574,329 | -€67,393 | -10.5% |
| Amounts payable after more than one year | 17 | €214,917 | €236,014 | +€21,097 | +9.8% |
| Financial debts | 170/4 | €214,917 | €236,014 | +€21,097 | +9.8% |
| Amounts payable within one year | 42/48 | €426,805 | €338,315 | -€88,490 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €87,009 | €81,620 | -€5,388 | -6.2% |
| Financial debts | 43 | €53,164 | €83,943 | +€30,779 | +57.9% |
| Credit institutions | 430/8 | €53,164 | €83,943 | +€30,779 | +57.9% |
| Trade debts | 44 | €194,214 | €99,671 | -€94,544 | -48.7% |
| Suppliers | 440/4 | €194,214 | €99,671 | -€94,544 | -48.7% |
| Taxes, remuneration and social security | 45 | €51,235 | €39,861 | -€11,374 | -22.2% |
| Taxes | 450/3 | €2,797 | - | -€2,797 | |
| Remuneration and social security | 454/9 | €48,439 | €39,861 | -€8,578 | -17.7% |
| Other amounts payable | 47/48 | €41,183 | €33,220 | -€7,963 | -19.3% |
| Non-recurring operating income | 76A | €33,000 | €16,692 | -€16,308 | -49.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,439,652 | €1,271,978 | -€167,675 | -11.6% |
| Remuneration, social security and pensions | 62 | €413,200 | €544,829 | +€131,629 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,112 | €122,040 | +€46,927 | +62.5% |
| Other operating charges | 640/8 | €70,996 | €24,353 | -€46,642 | -65.7% |
| Non-recurring operating charges | 66A | - | €2,120 | +€2,120 | |
| Gross operating margin | 9900 | €598,996 | €744,353 | +€145,357 | +24.3% |
| Operating profit (loss) | 9901 | €39,687 | €51,012 | +€11,324 | +28.5% |
| Financial income | 75/76B | €10 | €3,076 | +€3,065 | +29,761% |
| Recurring financial income | 75 | €10 | €3,076 | +€3,065 | +29,761% |
| Financial charges | 65/66B | €34,033 | €38,382 | +€4,349 | +12.8% |
| Recurring financial charges | 65 | €34,033 | €38,382 | +€4,349 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €5,665 | €15,705 | +€10,040 | +177% |
| Income taxes | 67/77 | €1,328 | €4,169 | +€2,841 | +214% |
| Profit (loss) for the period | 9904 | €4,337 | €11,536 | +€7,199 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €4,337 | €11,536 | +€7,199 | +166% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.