Xcedo: 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.
Xcedo
Largest movements
- Tangible fixed assets -€326,795
down €326,795 (-90.9%), from €359,381 to €32,586
of which Land and buildings: -€345,160
- Cash +€192,456
up €192,456 (+485%), from €39,687 to €232,143
mainly Investment in fixed assets (net) (+€323,570) and Net result for the year (+€86,066)
- Receivables within one year +€18,163
up €18,163 (+57.2%), from €31,764 to €49,928
of which Other amounts receivable: +€41,571
- Debts after one year -€192,811
down €192,811 (-100%), from €192,811 to €0
- Other debts +€79,713
up €79,713 (+1,508%), from €5,287 to €85,000
- Current portion of long-term debt -€24,546
down €24,546 (-100%), from €24,546 to €0
- Trade debts +€13,994
up €13,994 (+159%), from €8,824 to €22,818
- Tax, wage and social debts +€5,089
up €5,089 (+44.3%), from €11,482 to €16,571
of which Taxes: +€5,089
- Gross operating margin +€59,415
up €59,415 (+77.3%), from €76,852 to €136,267
- Depreciation -€18,557
down €18,557 (-85.2%), from €21,783 to €3,226
- Taxes +€12,508
up €12,508 (+87.5%), from €14,302 to €26,810
- Financial charges -€3,300
down €3,300 (-34.5%), from €9,560 to €6,260
- Financial income +€1,952
up €1,952 (+35,044%), from €6 to €1,958
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 | €441,330 | €323,568 | -€117,762 | -26.7% |
| Fixed assets | 21/28 | €359,381 | €32,586 | -€326,795 | -90.9% |
| Tangible fixed assets | 22/27 | €359,381 | €32,586 | -€326,795 | -90.9% |
| Land and buildings | 22 | €345,160 | €0 | -€345,160 | -100% |
| Plant, machinery and equipment | 23 | €1,938 | €0 | -€1,938 | -100% |
| Furniture and vehicles | 24 | €11,590 | €9,714 | -€1,876 | -16.2% |
| Other tangible fixed assets | 26 | €693 | €556 | -€137 | -19.8% |
| Assets under construction and advance payments | 27 | - | €22,315 | +€22,315 | |
| Current assets | 29/58 | €81,949 | €290,982 | +€209,033 | +255% |
| Amounts receivable within one year | 40/41 | €31,764 | €49,928 | +€18,163 | +57.2% |
| Trade receivables | 40 | €30,931 | €7,523 | -€23,408 | -75.7% |
| Other amounts receivable | 41 | €833 | €42,405 | +€41,571 | +4,989% |
| Current investments | 50/53 | €1,248 | €1,248 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,687 | €232,143 | +€192,456 | +485% |
| Deferred charges and accrued income | 490/1 | €9,250 | €7,663 | -€1,586 | -17.2% |
| Total equity and liabilities | 10/49 | €441,330 | €323,568 | -€117,762 | -26.7% |
| Equity | 10/15 | €198,113 | €199,179 | +€1,066 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,513 | €180,579 | +€1,066 | +0.6% |
| Distributable reserves | 133 | €179,513 | €180,579 | +€1,066 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €243,217 | €124,389 | -€118,828 | -48.9% |
| Amounts payable after more than one year | 17 | €192,811 | €0 | -€192,811 | -100% |
| Financial debts | 170/4 | €192,811 | €0 | -€192,811 | -100% |
| Amounts payable within one year | 42/48 | €50,139 | €124,389 | +€74,250 | +148% |
| Current portion of amounts payable after more than one year | 42 | €24,546 | €0 | -€24,546 | -100% |
| Trade debts | 44 | €8,824 | €22,818 | +€13,994 | +159% |
| Suppliers | 440/4 | €8,824 | €22,818 | +€13,994 | +159% |
| Taxes, remuneration and social security | 45 | €11,482 | €16,571 | +€5,089 | +44.3% |
| Taxes | 450/3 | €9,482 | €14,571 | +€5,089 | +53.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,287 | €85,000 | +€79,713 | +1,508% |
| Accrued charges and deferred income | 492/3 | €267 | €0 | -€267 | -100% |
| Non-recurring operating income | 76A | - | €71,488 | +€71,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,783 | €3,226 | -€18,557 | -85.2% |
| Other operating charges | 640/8 | €4,796 | €6,290 | +€1,494 | +31.1% |
| Non-recurring operating charges | 66A | €0 | €9,573 | +€9,573 | |
| Gross operating margin | 9900 | €76,852 | €136,267 | +€59,415 | +77.3% |
| Operating profit (loss) | 9901 | €50,273 | €117,178 | +€66,905 | +133% |
| Financial income | 75/76B | €6 | €1,958 | +€1,952 | +35,044% |
| Recurring financial income | 75 | €6 | €1,958 | +€1,952 | +35,044% |
| Financial charges | 65/66B | €9,560 | €6,260 | -€3,300 | -34.5% |
| Recurring financial charges | 65 | €9,560 | €6,260 | -€3,300 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €40,719 | €112,876 | +€72,157 | +177% |
| Income taxes | 67/77 | €14,302 | €26,810 | +€12,508 | +87.5% |
| Profit (loss) for the period | 9904 | €26,417 | €86,066 | +€59,649 | +226% |
| Profit (loss) for the period to be appropriated | 9905 | €26,417 | €86,066 | +€59,649 | +226% |
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 22 October 2026 via checked.be.