XL: 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.
XL
Largest movements
- Receivables within one year +€122,112
up €122,112 (+190.0%), from €64,276 to €186,387
- Cash -€121,696
down €121,696 (-58.6%), from €207,698 to €86,002
mainly Debts after one year (-€133,496) and Receivables within one year (-€122,112)
- Tangible fixed assets -€74,777
down €74,777 (-4.1%), from €1.8m to €1.8m
of which Land and buildings: -€73,955
- Stocks and contracts +€55,014
up €55,014 (+10.3%), from €531,874 to €586,888
- Debts after one year -€133,496
down €133,496 (-9.9%), from €1.3m to €1.2m
- Trade debts +€50,429
up €50,429 (+168.1%), from €30,006 to €80,435
- Other debts +€31,512
up €31,512 (+59.5%), from €52,948 to €84,460
- Gross operating margin -€71,535
down €71,535 (-12.8%), from €560,410 to €488,875
- Taxes -€20,495
down €20,495 (-51.9%), from €39,475 to €18,980
- Depreciation -€10,291
down €10,291 (-10.3%), from €99,926 to €89,635
- Staff costs -€8,234
down €8,234 (-3.2%), from €254,185 to €245,951
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 | €2,663,662 | €2,645,645 | -€18,017 | -0.7% |
| Fixed assets | 21/28 | €1,830,098 | €1,755,321 | -€74,777 | -4.1% |
| Tangible fixed assets | 22/27 | €1,830,098 | €1,755,321 | -€74,777 | -4.1% |
| Land and buildings | 22 | €1,794,771 | €1,720,815 | -€73,955 | -4.1% |
| Plant, machinery and equipment | 23 | €17,025 | €20,329 | +€3,304 | +19.4% |
| Furniture and vehicles | 24 | €9,013 | €6,695 | -€2,318 | -25.7% |
| Other tangible fixed assets | 26 | €9,290 | €7,482 | -€1,807 | -19.5% |
| Current assets | 29/58 | €833,564 | €890,324 | +€56,760 | +6.8% |
| Stocks and contracts in progress | 3 | €531,874 | €586,888 | +€55,014 | +10.3% |
| Stocks | 30/36 | €531,874 | €586,888 | +€55,014 | +10.3% |
| Amounts receivable within one year | 40/41 | €64,276 | €186,387 | +€122,112 | +190.0% |
| Trade receivables | 40 | €64,276 | €186,387 | +€122,112 | +190.0% |
| Cash at bank and in hand | 54/58 | €207,698 | €86,002 | -€121,696 | -58.6% |
| Deferred charges and accrued income | 490/1 | €29,717 | €31,047 | +€1,330 | +4.5% |
| Total equity and liabilities | 10/49 | €2,663,662 | €2,645,645 | -€18,017 | -0.7% |
| Equity | 10/15 | €534,545 | €557,652 | +€23,107 | +4.3% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €364,545 | €387,652 | +€23,107 | +6.3% |
| Distributable reserves | 133 | €364,545 | €387,652 | +€23,107 | +6.3% |
| Amounts payable | 17/49 | €2,129,118 | €2,087,993 | -€41,125 | -1.9% |
| Amounts payable after more than one year | 17 | €1,343,206 | €1,209,711 | -€133,496 | -9.9% |
| Financial debts | 170/4 | €1,343,206 | €1,209,711 | -€133,496 | -9.9% |
| Amounts payable within one year | 42/48 | €785,911 | €878,282 | +€92,371 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €147,858 | €146,911 | -€947 | -0.6% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €30,006 | €80,435 | +€50,429 | +168.1% |
| Suppliers | 440/4 | €30,006 | €80,435 | +€50,429 | +168.1% |
| Taxes, remuneration and social security | 45 | €55,099 | €66,477 | +€11,377 | +20.6% |
| Taxes | 450/3 | €39,884 | €46,928 | +€7,044 | +17.7% |
| Remuneration and social security | 454/9 | €15,215 | €19,549 | +€4,334 | +28.5% |
| Other amounts payable | 47/48 | €52,948 | €84,460 | +€31,512 | +59.5% |
| Non-recurring operating income | 76A | €5,806 | €11,157 | +€5,351 | +92.2% |
| Remuneration, social security and pensions | 62 | €254,185 | €245,951 | -€8,234 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,926 | €89,635 | -€10,291 | -10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,801 | +€2,801 | |
| Other operating charges | 640/8 | €21,717 | €20,529 | -€1,188 | -5.5% |
| Gross operating margin | 9900 | €560,410 | €488,875 | -€71,535 | -12.8% |
| Operating profit (loss) | 9901 | €184,582 | €129,960 | -€54,623 | -29.6% |
| Financial income | 75/76B | €7,590 | €12,934 | +€5,344 | +70.4% |
| Recurring financial income | 75 | €7,590 | €12,934 | +€5,344 | +70.4% |
| Financial charges | 65/66B | €86,515 | €82,807 | -€3,709 | -4.3% |
| Recurring financial charges | 65 | €86,515 | €82,807 | -€3,709 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €105,658 | €60,087 | -€45,570 | -43.1% |
| Income taxes | 67/77 | €39,475 | €18,980 | -€20,495 | -51.9% |
| Profit (loss) for the period | 9904 | €66,183 | €41,107 | -€25,075 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €66,183 | €41,107 | -€25,075 | -37.9% |
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.