4XEL: 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.
4XEL
Largest movements
- Cash +€77,199
up €77,199 (+65.9%), from €117,195 to €194,394
mainly Other debts (+€228,038) and Net result for the year (+€87,749)
- Receivables within one year +€18,442
up €18,442 (+54.7%), from €33,741 to €52,182
of which Trade receivables: +€18,133
- Other debts +€228,038
up €228,038 (+1,936%), from €11,777 to €239,816
- Reserves -€173,933
down €173,933 (-80.5%), from €216,075 to €42,142
- Trade debts +€33,118
up €33,118 (+1,379%), from €2,402 to €35,520
- Tax, wage and social debts +€6,701
up €6,701 (+23.1%), from €28,972 to €35,673
- Gross operating margin +€24,707
up €24,707 (+25.4%), from €97,348 to €122,055
- Taxes +€5,499
up €5,499 (+28.7%), from €19,193 to €24,692
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 | €261,726 | €355,651 | +€93,924 | +35.9% |
| Fixed assets | 21/28 | €10,051 | €9,075 | -€976 | -9.7% |
| Tangible fixed assets | 22/27 | €10,051 | €9,075 | -€976 | -9.7% |
| Plant, machinery and equipment | 23 | €1,937 | €7,017 | +€5,080 | +262% |
| Furniture and vehicles | 24 | €8,114 | €2,057 | -€6,056 | -74.6% |
| Current assets | 29/58 | €251,676 | €346,576 | +€94,900 | +37.7% |
| Amounts receivable within one year | 40/41 | €33,741 | €52,182 | +€18,442 | +54.7% |
| Trade receivables | 40 | €33,741 | €51,874 | +€18,133 | +53.7% |
| Other amounts receivable | 41 | - | €308 | +€308 | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €117,195 | €194,394 | +€77,199 | +65.9% |
| Deferred charges and accrued income | 490/1 | €740 | - | -€740 | |
| Total equity and liabilities | 10/49 | €261,726 | €355,651 | +€93,924 | +35.9% |
| Equity | 10/15 | €218,575 | €44,642 | -€173,933 | -79.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €216,075 | €42,142 | -€173,933 | -80.5% |
| Distributable reserves | 133 | €216,075 | €42,142 | -€173,933 | -80.5% |
| Amounts payable | 17/49 | €43,152 | €311,009 | +€267,857 | +621% |
| Amounts payable within one year | 42/48 | €43,152 | €311,009 | +€267,857 | +621% |
| Trade debts | 44 | €2,402 | €35,520 | +€33,118 | +1,379% |
| Suppliers | 440/4 | €2,402 | €35,520 | +€33,118 | +1,379% |
| Taxes, remuneration and social security | 45 | €28,972 | €35,673 | +€6,701 | +23.1% |
| Taxes | 450/3 | €28,972 | €35,673 | +€6,701 | +23.1% |
| Other amounts payable | 47/48 | €11,777 | €239,816 | +€228,038 | +1,936% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,078 | €8,345 | +€267 | +3.3% |
| Other operating charges | 640/8 | €1,215 | €1,173 | -€41 | -3.4% |
| Gross operating margin | 9900 | €97,348 | €122,055 | +€24,707 | +25.4% |
| Operating profit (loss) | 9901 | €88,056 | €112,537 | +€24,480 | +27.8% |
| Financial income | 75/76B | €965 | - | -€965 | |
| Recurring financial income | 75 | €965 | - | -€965 | |
| Financial charges | 65/66B | €104 | €95 | -€8 | -7.8% |
| Recurring financial charges | 65 | €104 | €95 | -€8 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €88,917 | €112,441 | +€23,524 | +26.5% |
| Income taxes | 67/77 | €19,193 | €24,692 | +€5,499 | +28.7% |
| Profit (loss) for the period | 9904 | €69,724 | €87,749 | +€18,025 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,724 | €87,749 | +€18,025 | +25.9% |
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 14 October 2026 via checked.be.