XELA: 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.
XELA
Largest movements
- Cash +€36,885
up €36,885 (+17.4%), from €211,938 to €248,823
mainly Other debts (+€78,620) and Net result for the year (+€34,691)
- Receivables within one year -€14,610
down €14,610 (-41.3%), from €35,411 to €20,801
of which Other amounts receivable: -€17,667
- Tangible fixed assets +€9,447
up €9,447 (+663.7%), from €1,423 to €10,871
- Other debts +€78,620
up €78,620 (+918.6%), from €8,559 to €87,180
- Reserves -€51,182
down €51,182 (-20.3%), from €251,667 to €200,484
of which Distributable reserves: -€47,682
- Gross operating margin -€22,658
down €22,658 (-22.4%), from €100,997 to €78,339
- Financial charges +€14,905
up €14,905 (+16411.4%), from €91 to €14,996
of which Non-recurring financial charges: +€14,408
- Financial income +€5,172
up €5,172 (+1004.7%), from €515 to €5,687
- Taxes -€5,005
down €5,005 (-16.0%), from €31,194 to €26,189
- Other operating charges -€1,355
down €1,355 (-61.1%), from €2,217 to €862
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 | €456,614 | €485,784 | +€29,169 | +6.4% |
| Fixed assets | 21/28 | €209,266 | €216,160 | +€6,894 | +3.3% |
| Tangible fixed assets | 22/27 | €1,423 | €10,871 | +€9,447 | +663.7% |
| Furniture and vehicles | 24 | €1,423 | €10,871 | +€9,447 | +663.7% |
| Financial fixed assets | 28 | €207,842 | €205,289 | -€2,553 | -1.2% |
| Current assets | 29/58 | €247,349 | €269,624 | +€22,275 | +9.0% |
| Amounts receivable within one year | 40/41 | €35,411 | €20,801 | -€14,610 | -41.3% |
| Trade receivables | 40 | €17,524 | €20,582 | +€3,058 | +17.4% |
| Other amounts receivable | 41 | €17,887 | €219 | -€17,667 | -98.8% |
| Cash at bank and in hand | 54/58 | €211,938 | €248,823 | +€36,885 | +17.4% |
| Total equity and liabilities | 10/49 | €456,614 | €485,784 | +€29,169 | +6.4% |
| Equity | 10/15 | €414,318 | €366,636 | -€47,682 | -11.5% |
| Contributions | 10/11 | €35,000 | €38,500 | +€3,500 | +10.0% |
| Reserves | 13 | €251,667 | €200,484 | -€51,182 | -20.3% |
| Non-distributable reserves | 130/1 | €3,500 | - | -€3,500 | |
| Reserves not available under the articles | 1311 | €3,500 | - | -€3,500 | |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €246,167 | €198,484 | -€47,682 | -19.4% |
| Profit (loss) carried forward | 14 | €127,652 | €127,652 | = | 0.0% |
| Amounts payable | 17/49 | €42,296 | €119,148 | +€76,852 | +181.7% |
| Amounts payable within one year | 42/48 | €42,296 | €119,148 | +€76,852 | +181.7% |
| Trade debts | 44 | €3,654 | €2,360 | -€1,294 | -35.4% |
| Suppliers | 440/4 | €3,654 | €2,360 | -€1,294 | -35.4% |
| Taxes, remuneration and social security | 45 | €30,083 | €29,608 | -€475 | -1.6% |
| Taxes | 450/3 | €26,343 | €29,608 | +€3,265 | +12.4% |
| Remuneration and social security | 454/9 | €3,740 | - | -€3,740 | |
| Other amounts payable | 47/48 | €8,559 | €87,180 | +€78,620 | +918.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €531 | €775 | +€245 | +46.1% |
| Other operating charges | 640/8 | €2,217 | €862 | -€1,355 | -61.1% |
| Non-recurring operating charges | 66A | - | €6,513 | +€6,513 | |
| Gross operating margin | 9900 | €100,997 | €78,339 | -€22,658 | -22.4% |
| Operating profit (loss) | 9901 | €98,249 | €70,189 | -€28,061 | -28.6% |
| Financial income | 75/76B | €515 | €5,687 | +€5,172 | +1004.7% |
| Recurring financial income | 75 | €515 | €5,687 | +€5,172 | +1004.7% |
| Financial charges | 65/66B | €91 | €14,996 | +€14,905 | +16411.4% |
| Recurring financial charges | 65 | €91 | €587 | +€497 | +546.7% |
| Non-recurring financial charges | 66B | - | €14,408 | +€14,408 | |
| Profit (loss) for the period before taxes | 9903 | €98,673 | €60,880 | -€37,793 | -38.3% |
| Income taxes | 67/77 | €31,194 | €26,189 | -€5,005 | -16.0% |
| Profit (loss) for the period | 9904 | €67,479 | €34,691 | -€32,788 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,479 | €34,691 | -€32,788 | -48.6% |
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 9 October 2026 via checked.be.