XABEL: 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.
XABEL
Largest movements
- Receivables after one year -€73,000
down €73,000 (-27.2%), from €267,890 to €194,890
- Financial fixed assets +€49,000
up €49,000 (+39.1%), from €125,167 to €174,167
- Receivables within one year -€5,630
down €5,630 (-80.3%), from €7,011 to €1,382
of which Trade receivables: -€3,451
- Other debts +€154,380
up €154,380 (+45863.1%), from €337 to €154,717
- Reserves -€152,397
down €152,397 (-48.9%), from €311,567 to €159,171
- Debts after one year -€17,119
down €17,119 (-69.6%), from €24,584 to €7,465
- Tax, wage and social debts -€14,938
down €14,938 (-57.8%), from €25,842 to €10,904
- Gross operating margin -€27,114
down €27,114 (-82.3%), from €32,945 to €5,831
- Taxes -€8,420
down €8,420 (-87.3%), from €9,646 to €1,226
- Financial income -€4,875
down €4,875 (-56.6%), from €8,607 to €3,732
- Financial charges -€414
down €414 (-9.2%), from €4,491 to €4,077
- Other operating charges -€401
down €401 (-57.8%), from €695 to €293
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 | €446,738 | €416,530 | -€30,208 | -6.8% |
| Fixed assets | 21/28 | €142,694 | €187,998 | +€45,304 | +31.7% |
| Tangible fixed assets | 22/27 | €17,527 | €13,832 | -€3,696 | -21.1% |
| Furniture and vehicles | 24 | €17,527 | €13,832 | -€3,696 | -21.1% |
| Financial fixed assets | 28 | €125,167 | €174,167 | +€49,000 | +39.1% |
| Current assets | 29/58 | €304,044 | €228,532 | -€75,512 | -24.8% |
| Amounts receivable after more than one year | 29 | €267,890 | €194,890 | -€73,000 | -27.2% |
| Other amounts receivable | 291 | €267,890 | €194,890 | -€73,000 | -27.2% |
| Amounts receivable within one year | 40/41 | €7,011 | €1,382 | -€5,630 | -80.3% |
| Trade receivables | 40 | €4,000 | €549 | -€3,451 | -86.3% |
| Other amounts receivable | 41 | €3,011 | €833 | -€2,179 | -72.3% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €29,143 | €32,261 | +€3,118 | +10.7% |
| Total equity and liabilities | 10/49 | €446,738 | €416,530 | -€30,208 | -6.8% |
| Equity | 10/15 | €361,127 | €205,760 | -€155,367 | -43.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €311,567 | €159,171 | -€152,397 | -48.9% |
| Distributable reserves | 133 | €311,567 | €159,171 | -€152,397 | -48.9% |
| Profit (loss) carried forward | 14 | €37,160 | €34,190 | -€2,970 | -8.0% |
| Amounts payable | 17/49 | €85,611 | €210,770 | +€125,159 | +146.2% |
| Amounts payable after more than one year | 17 | €24,584 | €7,465 | -€17,119 | -69.6% |
| Financial debts | 170/4 | €24,584 | €7,465 | -€17,119 | -69.6% |
| Amounts payable within one year | 42/48 | €61,027 | €203,305 | +€142,278 | +233.1% |
| Current portion of amounts payable after more than one year | 42 | €16,234 | €17,119 | +€885 | +5.5% |
| Financial debts | 43 | €16,888 | €19,244 | +€2,357 | +14.0% |
| Credit institutions | 430/8 | €16,888 | €19,244 | +€2,357 | +14.0% |
| Trade debts | 44 | €1,727 | €1,321 | -€406 | -23.5% |
| Suppliers | 440/4 | €1,727 | €1,321 | -€406 | -23.5% |
| Taxes, remuneration and social security | 45 | €25,842 | €10,904 | -€14,938 | -57.8% |
| Taxes | 450/3 | €25,842 | €10,904 | -€14,938 | -57.8% |
| Other amounts payable | 47/48 | €337 | €154,717 | +€154,380 | +45863.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,288 | €6,305 | +€17 | +0.3% |
| Other operating charges | 640/8 | €695 | €293 | -€401 | -57.8% |
| Non-recurring operating charges | 66A | - | €631 | +€631 | |
| Gross operating margin | 9900 | €32,945 | €5,831 | -€27,114 | -82.3% |
| Operating profit (loss) | 9901 | €25,963 | -€1,398 | -€27,361 | |
| Financial income | 75/76B | €8,607 | €3,732 | -€4,875 | -56.6% |
| Recurring financial income | 75 | €8,607 | €3,732 | -€4,875 | -56.6% |
| Financial charges | 65/66B | €4,491 | €4,077 | -€414 | -9.2% |
| Recurring financial charges | 65 | €4,491 | €4,077 | -€414 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €30,078 | -€1,744 | -€31,822 | |
| Income taxes | 67/77 | €9,646 | €1,226 | -€8,420 | -87.3% |
| Profit (loss) for the period | 9904 | €20,433 | -€2,970 | -€23,403 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,433 | -€2,970 | -€23,403 |
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 5 October 2026 via checked.be.