No, there is an additional "hidden" compartment to the left, by the "netted corner". It has a little leather loop to pull the cover but sometimes it gets under it and you don't know it's there.
Did you get an X3?

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"If everything seems under control, you're just not going fast enough"
-Mario Andretti.
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River City Bimmers Chapter
2005 X3 3.0i ZPP, Htd seats, Htd strng, Black Sapphire on Terracotta.
1995 ///M3 Coupe, Lux, MT, Htd seats, Cosmos Black on Black.