XEL: 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.
XEL
Largest movements
- Receivables within one year -€37,370
down €37,370 (-43.1%), from €86,617 to €49,247
of which Trade receivables: -€38,417
- Stocks and contracts -€23,046
down €23,046 (-30.1%), from €76,543 to €53,497
of which Contracts in progress: -€23,234
- Cash +€7,136
up €7,136 (+123.0%), from €5,800 to €12,936
mainly Receivables within one year (+€37,370) and Net result for the year (+€25,547)
- Tangible fixed assets -€5,314
down €5,314 (-14.2%), from €37,413 to €32,099
of which Furniture and vehicles: -€3,393
- Accrued charges and deferred income -€40,569
down €40,569 (-95.4%), from €42,511 to €1,942
- Profit (loss) carried forward +€25,547
up €25,547 (+41.1%), from -€62,095 to -€36,547
- Tax, wage and social debts -€18,043
down €18,043 (-55.4%), from €32,555 to €14,512
of which Taxes: -€13,719
- Other debts -€17,767
down €17,767 (-32.3%), from €55,074 to €37,307
- Trade debts -€17,258
down €17,258 (-74.7%), from €23,088 to €5,831
- Gross operating margin +€38,622
up €38,622 (+92.2%), from €41,895 to €80,516
- Staff costs +€3,063
up €3,063 (+7.0%), from €43,652 to €46,715
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 | €209,669 | €150,800 | -€58,869 | -28.1% |
| Fixed assets | 21/28 | €37,438 | €32,124 | -€5,314 | -14.2% |
| Tangible fixed assets | 22/27 | €37,413 | €32,099 | -€5,314 | -14.2% |
| Land and buildings | 22 | €27,173 | €25,999 | -€1,174 | -4.3% |
| Plant, machinery and equipment | 23 | €3,125 | €2,379 | -€746 | -23.9% |
| Furniture and vehicles | 24 | €7,114 | €3,721 | -€3,393 | -47.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €172,232 | €118,676 | -€53,555 | -31.1% |
| Stocks and contracts in progress | 3 | €76,543 | €53,497 | -€23,046 | -30.1% |
| Stocks | 30/36 | €8,333 | €8,520 | +€187 | +2.2% |
| Contracts in progress | 37 | €68,210 | €44,977 | -€23,234 | -34.1% |
| Amounts receivable within one year | 40/41 | €86,617 | €49,247 | -€37,370 | -43.1% |
| Trade receivables | 40 | €86,617 | €48,200 | -€38,417 | -44.4% |
| Other amounts receivable | 41 | - | €1,047 | +€1,047 | |
| Cash at bank and in hand | 54/58 | €5,800 | €12,936 | +€7,136 | +123.0% |
| Deferred charges and accrued income | 490/1 | €3,271 | €2,996 | -€275 | -8.4% |
| Total equity and liabilities | 10/49 | €209,669 | €150,800 | -€58,869 | -28.1% |
| Equity | 10/15 | -€16,302 | €9,246 | +€25,547 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €25,793 | €25,793 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €23,793 | €23,793 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,095 | -€36,547 | +€25,547 | +41.1% |
| Amounts payable | 17/49 | €225,971 | €141,555 | -€84,416 | -37.4% |
| Amounts payable within one year | 42/48 | €183,460 | €139,613 | -€43,847 | -23.9% |
| Trade debts | 44 | €23,088 | €5,831 | -€17,258 | -74.7% |
| Suppliers | 440/4 | €23,088 | €5,831 | -€17,258 | -74.7% |
| Advances received on contracts in progress | 46 | €72,742 | €81,963 | +€9,220 | +12.7% |
| Taxes, remuneration and social security | 45 | €32,555 | €14,512 | -€18,043 | -55.4% |
| Taxes | 450/3 | €15,600 | €1,882 | -€13,719 | -87.9% |
| Remuneration and social security | 454/9 | €16,955 | €12,630 | -€4,324 | -25.5% |
| Other amounts payable | 47/48 | €55,074 | €37,307 | -€17,767 | -32.3% |
| Accrued charges and deferred income | 492/3 | €42,511 | €1,942 | -€40,569 | -95.4% |
| Remuneration, social security and pensions | 62 | €43,652 | €46,715 | +€3,063 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,353 | €5,314 | -€39 | -0.7% |
| Other operating charges | 640/8 | €1,983 | €2,560 | +€577 | +29.1% |
| Gross operating margin | 9900 | €41,895 | €80,516 | +€38,622 | +92.2% |
| Operating profit (loss) | 9901 | -€9,093 | €25,928 | +€35,021 | |
| Financial income | 75/76B | €177 | €2 | -€175 | -98.8% |
| Recurring financial income | 75 | €177 | €2 | -€175 | -98.8% |
| Financial charges | 65/66B | €707 | €383 | -€324 | -45.9% |
| Recurring financial charges | 65 | €707 | €383 | -€324 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,623 | €25,547 | +€35,170 | |
| Income taxes | 67/77 | €0 | €0 | -€0 | -66.7% |
| Profit (loss) for the period | 9904 | -€9,623 | €25,547 | +€35,170 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,623 | €25,547 | +€35,170 |
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 8 October 2026 via checked.be.