XU: 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.
XU
Largest movements
- Receivables within one year +€55,089
up €55,089 (+108.4%), from €50,829 to €105,918
of which Trade receivables: +€39,894
- Cash +€52,075
up €52,075 (+64.0%), from €81,412 to €133,486
mainly Tax, wage and social debts (+€53,534) and Depreciation (+€50,857)
- Tangible fixed assets -€41,715
down €41,715 (-27.5%), from €151,673 to €109,959
of which Plant, machinery and equipment: -€32,436
- Deferred charges and accrued income -€5,951
down €5,951 (-27.7%), from €21,500 to €15,548
- Tax, wage and social debts +€53,534
up €53,534 (+117.7%), from €45,467 to €99,001
of which Remuneration and social security: +€51,756
- Trade debts +€44,467
up €44,467 (+97.1%), from €45,782 to €90,248
- Profit (loss) carried forward -€23,959
down €23,959 (-21.6%), from €110,769 to €86,810
- Debts after one year -€11,511
down €11,511 (-31.0%), from €37,133 to €25,622
- Staff costs +€93,193
up €93,193 (+46.3%), from €201,246 to €294,439
- Gross operating margin +€61,596
up €61,596 (+20.9%), from €295,366 to €356,961
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 | €314,415 | €377,112 | +€62,698 | +19.9% |
| Fixed assets | 21/28 | €152,173 | €110,459 | -€41,715 | -27.4% |
| Tangible fixed assets | 22/27 | €151,673 | €109,959 | -€41,715 | -27.5% |
| Land and buildings | 22 | €20,220 | €24,387 | +€4,167 | +20.6% |
| Plant, machinery and equipment | 23 | €104,175 | €71,739 | -€32,436 | -31.1% |
| Furniture and vehicles | 24 | €27,279 | €13,832 | -€13,446 | -49.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €162,241 | €266,654 | +€104,412 | +64.4% |
| Stocks and contracts in progress | 3 | €8,501 | €11,701 | +€3,200 | +37.6% |
| Stocks | 30/36 | €8,501 | €11,701 | +€3,200 | +37.6% |
| Amounts receivable within one year | 40/41 | €50,829 | €105,918 | +€55,089 | +108.4% |
| Trade receivables | 40 | €3,091 | €42,985 | +€39,894 | +1290.6% |
| Other amounts receivable | 41 | €47,738 | €62,933 | +€15,195 | +31.8% |
| Cash at bank and in hand | 54/58 | €81,412 | €133,486 | +€52,075 | +64.0% |
| Deferred charges and accrued income | 490/1 | €21,500 | €15,548 | -€5,951 | -27.7% |
| Total equity and liabilities | 10/49 | €314,415 | €377,112 | +€62,698 | +19.9% |
| Equity | 10/15 | €164,283 | €140,325 | -€23,959 | -14.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €45,455 | €45,455 | = | 0.0% |
| Distributable reserves | 133 | €45,455 | €45,455 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,769 | €86,810 | -€23,959 | -21.6% |
| Amounts payable | 17/49 | €150,131 | €236,787 | +€86,656 | +57.7% |
| Amounts payable after more than one year | 17 | €37,133 | €25,622 | -€11,511 | -31.0% |
| Financial debts | 170/4 | €37,133 | €25,622 | -€11,511 | -31.0% |
| Amounts payable within one year | 42/48 | €112,670 | €211,165 | +€98,495 | +87.4% |
| Current portion of amounts payable after more than one year | 42 | €21,248 | €21,742 | +€494 | +2.3% |
| Trade debts | 44 | €45,782 | €90,248 | +€44,467 | +97.1% |
| Suppliers | 440/4 | €45,782 | €90,248 | +€44,467 | +97.1% |
| Taxes, remuneration and social security | 45 | €45,467 | €99,001 | +€53,534 | +117.7% |
| Taxes | 450/3 | €33,925 | €35,703 | +€1,779 | +5.2% |
| Remuneration and social security | 454/9 | €11,542 | €63,298 | +€51,756 | +448.4% |
| Other amounts payable | 47/48 | €174 | €174 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €328 | - | -€328 | |
| Remuneration, social security and pensions | 62 | €201,246 | €294,439 | +€93,193 | +46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,564 | €50,857 | +€2,293 | +4.7% |
| Other operating charges | 640/8 | €735 | €1,383 | +€648 | +88.1% |
| Non-recurring operating charges | 66A | €13,563 | €15,548 | +€1,985 | +14.6% |
| Gross operating margin | 9900 | €295,366 | €356,961 | +€61,596 | +20.9% |
| Operating profit (loss) | 9901 | €31,258 | -€5,266 | -€36,524 | |
| Financial income | 75/76B | €427 | €1,141 | +€715 | +167.6% |
| Recurring financial income | 75 | €427 | €1,141 | +€715 | +167.6% |
| Financial charges | 65/66B | €20,376 | €18,853 | -€1,523 | -7.5% |
| Recurring financial charges | 65 | €20,376 | €18,853 | -€1,523 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €11,308 | -€22,978 | -€34,286 | |
| Income taxes | 67/77 | €3,110 | €981 | -€2,129 | -68.5% |
| Profit (loss) for the period | 9904 | €8,199 | -€23,959 | -€32,157 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,199 | -€23,959 | -€32,157 |
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 6 October 2026 via checked.be.