EXL Management Services: 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.
EXL Management Services
Largest movements
- Cash -€159,085
down €159,085 (-75.9%), from €209,599 to €50,514
mainly Contributions, distributions and other (-€204,815) and Investment in fixed assets (net) (-€188,718)
- Current investments -€142,324
down €142,324 (-37.9%), from €375,804 to €233,480
- Tangible fixed assets +€128,967
up €128,967 (+12.4%), from €1.0m to €1.2m
of which Land and buildings: +€126,950
- Receivables within one year +€67,001
up €67,001 (+88.0%), from €76,144 to €143,145
of which Other amounts receivable: +€77,128
- Debts after one year -€127,701
down €127,701 (-21.9%), from €582,987 to €455,286
- Other debts +€105,799
up €105,799 (+101%), from €104,624 to €210,423
- Short-term financial debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Reserves -€35,477
down €35,477 (-4.1%), from €864,953 to €829,476
of which Distributable reserves: -€35,477
- Current portion of long-term debt +€20,552
up €20,552 (+16.1%), from €127,483 to €148,036
- Gross operating margin -€121,825
down €121,825 (-30.2%), from €402,746 to €280,921
- Other operating charges -€70,177
down €70,177 (-89.9%), from €78,065 to €7,888
- Taxes -€43,281
down €43,281 (-51.2%), from €84,510 to €41,229
- Depreciation +€21,261
up €21,261 (+55.2%), from €38,490 to €59,751
- Financial income +€12,962
up €12,962 (+91.3%), from €14,204 to €27,166
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 | €1,774,545 | €1,668,306 | -€106,239 | -6.0% |
| Fixed assets | 21/28 | €1,037,576 | €1,166,543 | +€128,967 | +12.4% |
| Tangible fixed assets | 22/27 | €1,037,576 | €1,166,543 | +€128,967 | +12.4% |
| Land and buildings | 22 | €943,266 | €1,070,216 | +€126,950 | +13.5% |
| Plant, machinery and equipment | 23 | €242 | €0 | -€242 | -100% |
| Furniture and vehicles | 24 | €89,492 | €93,863 | +€4,371 | +4.9% |
| Other tangible fixed assets | 26 | €4,575 | €2,463 | -€2,112 | -46.2% |
| Current assets | 29/58 | €736,970 | €501,763 | -€235,206 | -31.9% |
| Amounts receivable after more than one year | 29 | €71,000 | €71,000 | = | 0.0% |
| Other amounts receivable | 291 | €71,000 | €71,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,144 | €143,145 | +€67,001 | +88.0% |
| Trade receivables | 40 | €46,945 | €36,818 | -€10,127 | -21.6% |
| Other amounts receivable | 41 | €29,199 | €106,327 | +€77,128 | +264% |
| Current investments | 50/53 | €375,804 | €233,480 | -€142,324 | -37.9% |
| Cash at bank and in hand | 54/58 | €209,599 | €50,514 | -€159,085 | -75.9% |
| Deferred charges and accrued income | 490/1 | €4,423 | €3,624 | -€799 | -18.1% |
| Total equity and liabilities | 10/49 | €1,774,545 | €1,668,306 | -€106,239 | -6.0% |
| Equity | 10/15 | €871,153 | €835,676 | -€35,477 | -4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €864,953 | €829,476 | -€35,477 | -4.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €863,093 | €827,616 | -€35,477 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €903,392 | €832,630 | -€70,762 | -7.8% |
| Amounts payable after more than one year | 17 | €582,987 | €455,286 | -€127,701 | -21.9% |
| Financial debts | 170/4 | €582,987 | €455,286 | -€127,701 | -21.9% |
| Amounts payable within one year | 42/48 | €320,405 | €377,344 | +€56,940 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €127,483 | €148,036 | +€20,552 | +16.1% |
| Financial debts | 43 | €60,000 | €0 | -€60,000 | -100% |
| Credit institutions | 430/8 | €60,000 | €0 | -€60,000 | -100% |
| Trade debts | 44 | €3,970 | €13,611 | +€9,641 | +243% |
| Suppliers | 440/4 | €3,970 | €13,611 | +€9,641 | +243% |
| Taxes, remuneration and social security | 45 | €24,328 | €5,275 | -€19,053 | -78.3% |
| Taxes | 450/3 | €24,328 | €5,275 | -€19,053 | -78.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €104,624 | €210,423 | +€105,799 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,490 | €59,751 | +€21,261 | +55.2% |
| Other operating charges | 640/8 | €78,065 | €7,888 | -€70,177 | -89.9% |
| Gross operating margin | 9900 | €402,746 | €280,921 | -€121,825 | -30.2% |
| Operating profit (loss) | 9901 | €286,191 | €213,282 | -€72,909 | -25.5% |
| Financial income | 75/76B | €14,204 | €27,166 | +€12,962 | +91.3% |
| Recurring financial income | 75 | €14,204 | €27,166 | +€12,962 | +91.3% |
| Financial charges | 65/66B | €22,589 | €29,881 | +€7,292 | +32.3% |
| Recurring financial charges | 65 | €22,589 | €29,881 | +€7,292 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €277,806 | €210,567 | -€67,239 | -24.2% |
| Income taxes | 67/77 | €84,510 | €41,229 | -€43,281 | -51.2% |
| Profit (loss) for the period | 9904 | €193,296 | €169,338 | -€23,958 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €193,296 | €169,338 | -€23,958 | -12.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.