XCELLERATE: 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.
XCELLERATE
Largest movements
- Cash -€53,846
down €53,846 (-27.2%), from €198,122 to €144,276
mainly Contributions, distributions and other (-€225,000) and Other debts (-€93,201)
- Receivables within one year +€19,360
up €19,360 (+6.8%), from €285,436 to €304,796
of which Trade receivables: +€12,633
- Debts after one year +€160,682
up €160,682 (+129%), from €124,476 to €285,158
of which Other amounts payable: +€175,179
- Reserves -€136,976
down €136,976 (-28.9%), from €474,458 to €337,482
- Other debts -€93,201
no longer reported in 2025 (was €93,201)
- Trade debts +€41,974
up €41,974 (+84.5%), from €49,673 to €91,647
- Staff costs +€100,906
up €100,906 (+81.4%), from €123,996 to €224,902
- Gross operating margin -€72,897
down €72,897 (-15.6%), from €467,398 to €394,501
- Taxes -€41,728
down €41,728 (-61.7%), from €67,669 to €25,941
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 | €831,859 | €802,875 | -€28,984 | -3.5% |
| Fixed assets | 21/28 | €264,793 | €270,295 | +€5,502 | +2.1% |
| Tangible fixed assets | 22/27 | €264,793 | €270,295 | +€5,502 | +2.1% |
| Land and buildings | 22 | €177,580 | €168,471 | -€9,110 | -5.1% |
| Plant, machinery and equipment | 23 | €5,742 | €7,450 | +€1,709 | +29.8% |
| Furniture and vehicles | 24 | €81,471 | €91,136 | +€9,665 | +11.9% |
| Other tangible fixed assets | 26 | - | €3,238 | +€3,238 | |
| Current assets | 29/58 | €567,066 | €532,580 | -€34,486 | -6.1% |
| Amounts receivable after more than one year | 29 | €53,779 | €53,779 | = | 0.0% |
| Other amounts receivable | 291 | €53,779 | €53,779 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €285,436 | €304,796 | +€19,360 | +6.8% |
| Trade receivables | 40 | €266,386 | €279,018 | +€12,633 | +4.7% |
| Other amounts receivable | 41 | €19,051 | €25,778 | +€6,728 | +35.3% |
| Current investments | 50/53 | €29,548 | €29,548 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €198,122 | €144,276 | -€53,846 | -27.2% |
| Deferred charges and accrued income | 490/1 | €180 | €180 | = | 0.0% |
| Total equity and liabilities | 10/49 | €831,859 | €802,875 | -€28,984 | -3.5% |
| Equity | 10/15 | €493,058 | €356,082 | -€136,976 | -27.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €474,458 | €337,482 | -€136,976 | -28.9% |
| Distributable reserves | 133 | €474,458 | €337,482 | -€136,976 | -28.9% |
| Amounts payable | 17/49 | €338,801 | €446,793 | +€107,992 | +31.9% |
| Amounts payable after more than one year | 17 | €124,476 | €285,158 | +€160,682 | +129% |
| Financial debts | 170/4 | €124,476 | €109,979 | -€14,497 | -11.6% |
| Other amounts payable | 178/9 | - | €175,179 | +€175,179 | |
| Amounts payable within one year | 42/48 | €211,387 | €161,635 | -€49,752 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €18,032 | €14,497 | -€3,535 | -19.6% |
| Trade debts | 44 | €49,673 | €91,647 | +€41,974 | +84.5% |
| Suppliers | 440/4 | €49,673 | €91,647 | +€41,974 | +84.5% |
| Taxes, remuneration and social security | 45 | €50,481 | €55,491 | +€5,010 | +9.9% |
| Taxes | 450/3 | €32,024 | €20,474 | -€11,550 | -36.1% |
| Remuneration and social security | 454/9 | €18,457 | €35,017 | +€16,560 | +89.7% |
| Other amounts payable | 47/48 | €93,201 | - | -€93,201 | |
| Accrued charges and deferred income | 492/3 | €2,938 | - | -€2,938 | |
| Remuneration, social security and pensions | 62 | €123,996 | €224,902 | +€100,906 | +81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,346 | €49,747 | -€599 | -1.2% |
| Other operating charges | 640/8 | €2,888 | €2,790 | -€98 | -3.4% |
| Gross operating margin | 9900 | €467,398 | €394,501 | -€72,897 | -15.6% |
| Operating profit (loss) | 9901 | €290,168 | €117,062 | -€173,106 | -59.7% |
| Financial income | 75/76B | €529 | €27 | -€502 | -94.9% |
| Recurring financial income | 75 | €529 | €27 | -€502 | -94.9% |
| Financial charges | 65/66B | €6,786 | €3,124 | -€3,662 | -54.0% |
| Recurring financial charges | 65 | €6,786 | €3,124 | -€3,662 | -54.0% |
| Profit (loss) for the period before taxes | 9903 | €283,911 | €113,965 | -€169,946 | -59.9% |
| Income taxes | 67/77 | €67,669 | €25,941 | -€41,728 | -61.7% |
| Profit (loss) for the period | 9904 | €216,242 | €88,024 | -€128,218 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €216,242 | €88,024 | -€128,218 | -59.3% |
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 20 October 2026 via checked.be.