Xelor: 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.
Xelor
Largest movements
- Cash +€295,115
up €295,115 (+543.7%), from €54,280 to €349,395
mainly Net result for the year (+€186,653) and Receivables within one year (+€91,444)
- Receivables within one year -€91,444
down €91,444 (-10.8%), from €843,777 to €752,333
of which Trade receivables: -€83,418
- Reserves +€111,060
new in 2025: €111,060
- Profit (loss) carried forward +€75,593
up €75,593, from -€75,593 to €0
- Other debts -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Trade debts +€50,835
up €50,835 (+19.0%), from €267,535 to €318,370
- Tax, wage and social debts +€28,127
up €28,127 (+20.7%), from €136,030 to €164,157
of which Taxes: +€16,528
- Staff costs -€41,892
down €41,892 (-3.8%), from €1.1m to €1.1m
- Gross operating margin -€24,952
down €24,952 (-1.9%), from €1.3m to €1.3m
- Taxes +€15,952
up €15,952 (+649.2%), from €2,457 to €18,409
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 | €935,086 | €1,127,006 | +€191,920 | +20.5% |
| Fixed assets | 21/28 | €28,194 | €18,906 | -€9,288 | -32.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €23,236 | €13,948 | -€9,288 | -40.0% |
| Plant, machinery and equipment | 23 | €6,980 | €5,322 | -€1,659 | -23.8% |
| Furniture and vehicles | 24 | €16,256 | €8,627 | -€7,630 | -46.9% |
| Financial fixed assets | 28 | €4,957 | €4,957 | = | 0.0% |
| Current assets | 29/58 | €906,893 | €1,108,100 | +€201,208 | +22.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €843,777 | €752,333 | -€91,444 | -10.8% |
| Trade receivables | 40 | €812,040 | €728,621 | -€83,418 | -10.3% |
| Other amounts receivable | 41 | €31,737 | €23,711 | -€8,026 | -25.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €54,280 | €349,395 | +€295,115 | +543.7% |
| Deferred charges and accrued income | 490/1 | €8,836 | €6,373 | -€2,463 | -27.9% |
| Total equity and liabilities | 10/49 | €935,086 | €1,127,006 | +€191,920 | +20.5% |
| Equity | 10/15 | €264,407 | €451,060 | +€186,653 | +70.6% |
| Contributions | 10/11 | €340,000 | €340,000 | = | 0.0% |
| Reserves | 13 | - | €111,060 | +€111,060 | |
| Distributable reserves | 133 | - | €111,060 | +€111,060 | |
| Profit (loss) carried forward | 14 | -€75,593 | €0 | +€75,593 | |
| Amounts payable | 17/49 | €670,679 | €675,946 | +€5,267 | +0.8% |
| Amounts payable within one year | 42/48 | €666,121 | €674,902 | +€8,781 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €192,555 | €192,374 | -€181 | -0.1% |
| Financial debts | 43 | €1 | €1 | = | 0.0% |
| Credit institutions | 430/8 | €1 | €1 | = | 0.0% |
| Trade debts | 44 | €267,535 | €318,370 | +€50,835 | +19.0% |
| Suppliers | 440/4 | €267,535 | €318,370 | +€50,835 | +19.0% |
| Taxes, remuneration and social security | 45 | €136,030 | €164,157 | +€28,127 | +20.7% |
| Taxes | 450/3 | €13,561 | €30,089 | +€16,528 | +121.9% |
| Remuneration and social security | 454/9 | €122,469 | €134,068 | +€11,598 | +9.5% |
| Other amounts payable | 47/48 | €70,000 | €0 | -€70,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,558 | €1,044 | -€3,514 | -77.1% |
| Non-recurring operating income | 76A | €42,154 | €0 | -€42,154 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,101,006 | €1,059,113 | -€41,892 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,688 | €9,288 | +€600 | +6.9% |
| Other operating charges | 640/8 | €4,869 | €3,363 | -€1,506 | -30.9% |
| Non-recurring operating charges | 66A | €10,307 | €0 | -€10,307 | -100.0% |
| Gross operating margin | 9900 | €1,314,931 | €1,289,979 | -€24,952 | -1.9% |
| Operating profit (loss) | 9901 | €190,061 | €218,215 | +€28,154 | +14.8% |
| Financial income | 75/76B | €2,530 | €7,719 | +€5,189 | +205.1% |
| Recurring financial income | 75 | €2,530 | €7,719 | +€5,189 | +205.1% |
| Financial charges | 65/66B | €20,931 | €20,872 | -€58 | -0.3% |
| Recurring financial charges | 65 | €20,931 | €20,872 | -€58 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €171,661 | €205,062 | +€33,401 | +19.5% |
| Income taxes | 67/77 | €2,457 | €18,409 | +€15,952 | +649.2% |
| Profit (loss) for the period | 9904 | €169,203 | €186,653 | +€17,449 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €169,203 | €186,653 | +€17,449 | +10.3% |
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 1 October 2026 via checked.be.