Xceleration: 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.
Xceleration
Largest movements
- Cash -€101,289
down €101,289 (-22.6%), from €447,294 to €346,005
mainly Investment in fixed assets (net) (-€69,431) and Contributions, distributions and other (-€46,080)
- Tangible fixed assets +€55,694
up €55,694 (+449.6%), from €12,386 to €68,080
- Receivables within one year +€22,044
up €22,044 (+153.5%), from €14,363 to €36,407
of which Trade receivables: +€23,104
- Reserves -€26,180
down €26,180 (-6.1%), from €425,740 to €399,560
of which Distributable reserves: -€26,180
- Gross operating margin -€19,710
down €19,710 (-30.5%), from €64,701 to €44,991
- Taxes -€8,965
down €8,965 (-45.3%), from €19,793 to €10,828
- Depreciation +€8,464
up €8,464 (+160.5%), from €5,273 to €13,737
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 | €476,349 | €452,546 | -€23,803 | -5.0% |
| Fixed assets | 21/28 | €12,386 | €68,080 | +€55,694 | +449.6% |
| Tangible fixed assets | 22/27 | €12,386 | €68,080 | +€55,694 | +449.6% |
| Furniture and vehicles | 24 | €12,386 | €68,080 | +€55,694 | +449.6% |
| Current assets | 29/58 | €463,963 | €384,465 | -€79,497 | -17.1% |
| Amounts receivable within one year | 40/41 | €14,363 | €36,407 | +€22,044 | +153.5% |
| Trade receivables | 40 | €13,302 | €36,406 | +€23,104 | +173.7% |
| Other amounts receivable | 41 | €1,061 | €1 | -€1,060 | -99.9% |
| Cash at bank and in hand | 54/58 | €447,294 | €346,005 | -€101,289 | -22.6% |
| Deferred charges and accrued income | 490/1 | €2,306 | €2,053 | -€252 | -10.9% |
| Total equity and liabilities | 10/49 | €476,349 | €452,546 | -€23,803 | -5.0% |
| Equity | 10/15 | €440,057 | €413,951 | -€26,106 | -5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €425,740 | €399,560 | -€26,180 | -6.1% |
| 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 | €423,880 | €397,700 | -€26,180 | -6.2% |
| Profit (loss) carried forward | 14 | €8,117 | €8,191 | +€74 | +0.9% |
| Amounts payable | 17/49 | €36,292 | €38,594 | +€2,302 | +6.3% |
| Amounts payable within one year | 42/48 | €33,673 | €36,131 | +€2,457 | +7.3% |
| Trade debts | 44 | €0 | €86 | +€86 | |
| Suppliers | 440/4 | €0 | €86 | +€86 | |
| Taxes, remuneration and social security | 45 | €7,588 | €6,025 | -€1,563 | -20.6% |
| Taxes | 450/3 | €7,588 | €6,025 | -€1,563 | -20.6% |
| Other amounts payable | 47/48 | €26,086 | €30,020 | +€3,935 | +15.1% |
| Accrued charges and deferred income | 492/3 | €2,618 | €2,464 | -€155 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,273 | €13,737 | +€8,464 | +160.5% |
| Other operating charges | 640/8 | €752 | €745 | -€7 | -0.9% |
| Gross operating margin | 9900 | €64,701 | €44,991 | -€19,710 | -30.5% |
| Operating profit (loss) | 9901 | €58,675 | €30,509 | -€28,167 | -48.0% |
| Financial income | 75/76B | €2,575 | €2,312 | -€264 | -10.2% |
| Recurring financial income | 75 | €2,575 | €2,312 | -€264 | -10.2% |
| Financial charges | 65/66B | €1,986 | €2,018 | +€32 | +1.6% |
| Recurring financial charges | 65 | €1,986 | €2,018 | +€32 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €59,264 | €30,802 | -€28,462 | -48.0% |
| Income taxes | 67/77 | €19,793 | €10,828 | -€8,965 | -45.3% |
| Profit (loss) for the period | 9904 | €39,472 | €19,974 | -€19,497 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,472 | €19,974 | -€19,497 | -49.4% |
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 7 October 2026 via checked.be.