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
- Current investments +€403,915
new in 2025: €403,915
- Tangible fixed assets +€147,989
up €147,989 (+28.2%), from €524,990 to €672,979
of which Land and buildings: +€196,137
- Receivables within one year +€26,579
up €26,579 (+43.9%), from €60,599 to €87,179
of which Trade receivables: +€23,125
- Cash +€16,821
up €16,821 (+616.7%), from €2,728 to €19,549
mainly Net result for the year (+€652,373) and Provisions (+€202,819)
- Reserves +€608,457
up €608,457 (+453.9%), from €134,049 to €742,507
of which Tax-exempt reserves: +€608,457
- Debts after one year -€276,099
down €276,099 (-89.4%), from €308,911 to €32,813
- Provisions +€202,819
new in 2025: €202,819
- Profit (loss) carried forward +€43,916
up €43,916 (+8.8%), from €497,962 to €541,878
- Short-term financial debts +€40,147
new in 2025: €40,147
of which Credit institutions: +€33,268
- Gross operating margin +€811,067
up €811,067 (+579.1%), from €140,055 to €951,122
- Taxes +€14,175
up €14,175 (+111.3%), from €12,739 to €26,914
- Other operating charges -€11,336
down €11,336 (-68.1%), from €16,635 to €5,299
- Financial charges -€10,896
down €10,896 (-53.5%), from €20,377 to €9,481
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 | €1,066,642 | €1,675,783 | +€609,141 | +57.1% |
| Fixed assets | 21/28 | €524,990 | €673,399 | +€148,409 | +28.3% |
| Tangible fixed assets | 22/27 | €524,990 | €672,979 | +€147,989 | +28.2% |
| Land and buildings | 22 | €434,956 | €631,093 | +€196,137 | +45.1% |
| Plant, machinery and equipment | 23 | €787 | €0 | -€787 | -100.0% |
| Furniture and vehicles | 24 | €71,556 | €41,886 | -€29,670 | -41.5% |
| Other tangible fixed assets | 26 | €17,691 | - | -€17,691 | |
| Financial fixed assets | 28 | - | €420 | +€420 | |
| Current assets | 29/58 | €541,651 | €1,002,383 | +€460,732 | +85.1% |
| Stocks and contracts in progress | 3 | €475,311 | €491,714 | +€16,403 | +3.5% |
| Stocks | 30/36 | €475,311 | €491,714 | +€16,403 | +3.5% |
| Amounts receivable within one year | 40/41 | €60,599 | €87,179 | +€26,579 | +43.9% |
| Trade receivables | 40 | €12,100 | €35,225 | +€23,125 | +191.1% |
| Other amounts receivable | 41 | €48,499 | €51,954 | +€3,454 | +7.1% |
| Current investments | 50/53 | - | €403,915 | +€403,915 | |
| Cash at bank and in hand | 54/58 | €2,728 | €19,549 | +€16,821 | +616.7% |
| Deferred charges and accrued income | 490/1 | €3,013 | €27 | -€2,986 | -99.1% |
| Total equity and liabilities | 10/49 | €1,066,642 | €1,675,783 | +€609,141 | +57.1% |
| Equity | 10/15 | €694,012 | €1,346,385 | +€652,373 | +94.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €134,049 | €742,507 | +€608,457 | +453.9% |
| Tax-exempt reserves | 132 | €37,500 | €645,957 | +€608,457 | +1622.6% |
| Distributable reserves | 133 | €96,549 | €96,549 | = | 0.0% |
| Profit (loss) carried forward | 14 | €497,962 | €541,878 | +€43,916 | +8.8% |
| Provisions and deferred taxes | 16 | - | €202,819 | +€202,819 | |
| Deferred taxes | 168 | - | €202,819 | +€202,819 | |
| Amounts payable | 17/49 | €372,630 | €126,579 | -€246,051 | -66.0% |
| Amounts payable after more than one year | 17 | €308,911 | €32,813 | -€276,099 | -89.4% |
| Financial debts | 170/4 | €308,911 | €32,813 | -€276,099 | -89.4% |
| Amounts payable within one year | 42/48 | €63,718 | €93,766 | +€30,048 | +47.2% |
| Current portion of amounts payable after more than one year | 42 | €24,119 | €25,099 | +€980 | +4.1% |
| Financial debts | 43 | - | €40,147 | +€40,147 | |
| Credit institutions | 430/8 | - | €33,268 | +€33,268 | |
| Other loans | 439 | - | €6,878 | +€6,878 | |
| Trade debts | 44 | €8,591 | €5,414 | -€3,177 | -37.0% |
| Suppliers | 440/4 | €8,591 | €5,414 | -€3,177 | -37.0% |
| Advances received on contracts in progress | 46 | - | €2,850 | +€2,850 | |
| Taxes, remuneration and social security | 45 | €31,009 | €20,256 | -€10,753 | -34.7% |
| Taxes | 450/3 | €31,009 | €18,256 | -€12,753 | -41.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €27,954 | €967,856 | +€939,902 | +3362.3% |
| Remuneration, social security and pensions | 62 | €854 | €0 | -€854 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,990 | €58,225 | +€4,235 | +7.8% |
| Other operating charges | 640/8 | €16,635 | €5,299 | -€11,336 | -68.1% |
| Gross operating margin | 9900 | €140,055 | €951,122 | +€811,067 | +579.1% |
| Operating profit (loss) | 9901 | €68,575 | €887,598 | +€819,022 | +1194.3% |
| Financial income | 75/76B | €0 | €3,990 | +€3,990 | +39898700.0% |
| Recurring financial income | 75 | €0 | €3,990 | +€3,990 | +39898700.0% |
| Financial charges | 65/66B | €20,377 | €9,481 | -€10,896 | -53.5% |
| Recurring financial charges | 65 | €20,377 | €9,481 | -€10,896 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €48,199 | €882,107 | +€833,908 | +1730.1% |
| Transfer from deferred taxes | 780 | - | €25,729 | +€25,729 | |
| Transfer to deferred taxes | 680 | - | €228,548 | +€228,548 | |
| Income taxes | 67/77 | €12,739 | €26,914 | +€14,175 | +111.3% |
| Profit (loss) for the period | 9904 | €35,459 | €652,373 | +€616,914 | +1739.8% |
| Transfer from tax-exempt reserves | 789 | - | €77,187 | +€77,187 | |
| Transfer to tax-exempt reserves | 689 | - | €685,645 | +€685,645 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,459 | €43,916 | +€8,456 | +23.8% |
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 5 October 2026 via checked.be.