XL Project: 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 Project
Largest movements
- Tangible fixed assets -€121,175
down €121,175 (-2.7%), from €4.5m to €4.4m
of which Land and buildings: -€120,891
- Debts after one year -€150,900
down €150,900 (-5.5%), from €2.7m to €2.6m
of which Financial debts: -€147,819
- Gross operating margin +€28,827
up €28,827 (+15.2%), from €190,168 to €218,995
- Financial charges -€4,067
down €4,067 (-7.0%), from €58,510 to €54,443
- Other operating charges +€3,248
up €3,248 (+47.5%), from €6,832 to €10,080
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 | €4,592,196 | €4,480,061 | -€112,136 | -2.4% |
| Fixed assets | 21/28 | €4,520,945 | €4,399,770 | -€121,175 | -2.7% |
| Tangible fixed assets | 22/27 | €4,520,945 | €4,399,770 | -€121,175 | -2.7% |
| Land and buildings | 22 | €4,520,424 | €4,399,533 | -€120,891 | -2.7% |
| Furniture and vehicles | 24 | €521 | €237 | -€284 | -54.6% |
| Current assets | 29/58 | €71,252 | €80,291 | +€9,039 | +12.7% |
| Amounts receivable within one year | 40/41 | €18,360 | €14,252 | -€4,108 | -22.4% |
| Trade receivables | 40 | €18,360 | €12,786 | -€5,574 | -30.4% |
| Other amounts receivable | 41 | - | €1,466 | +€1,466 | |
| Cash at bank and in hand | 54/58 | €47,327 | €61,038 | +€13,711 | +29.0% |
| Deferred charges and accrued income | 490/1 | €5,564 | €5,000 | -€563 | -10.1% |
| Total equity and liabilities | 10/49 | €4,592,196 | €4,480,061 | -€112,136 | -2.4% |
| Equity | 10/15 | -€143,531 | -€111,501 | +€32,031 | +22.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€343,531 | -€311,501 | +€32,031 | +9.3% |
| Amounts payable | 17/49 | €4,735,728 | €4,591,561 | -€144,166 | -3.0% |
| Amounts payable after more than one year | 17 | €2,722,399 | €2,571,499 | -€150,900 | -5.5% |
| Financial debts | 170/4 | €2,409,385 | €2,261,566 | -€147,819 | -6.1% |
| Other amounts payable | 178/9 | €313,014 | €309,933 | -€3,081 | -1.0% |
| Amounts payable within one year | 42/48 | €2,013,328 | €2,020,063 | +€6,734 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €144,648 | €147,809 | +€3,161 | +2.2% |
| Trade debts | 44 | €56,436 | €60,009 | +€3,573 | +6.3% |
| Suppliers | 440/4 | €56,436 | €60,009 | +€3,573 | +6.3% |
| Other amounts payable | 47/48 | €1,812,245 | €1,812,245 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,195 | €122,452 | +€257 | +0.2% |
| Other operating charges | 640/8 | €6,832 | €10,080 | +€3,248 | +47.5% |
| Gross operating margin | 9900 | €190,168 | €218,995 | +€28,827 | +15.2% |
| Operating profit (loss) | 9901 | €61,141 | €86,464 | +€25,322 | +41.4% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €58,510 | €54,443 | -€4,067 | -7.0% |
| Recurring financial charges | 65 | €58,510 | €54,443 | -€4,067 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €2,631 | €32,031 | +€29,400 | +1117.5% |
| Profit (loss) for the period | 9904 | €2,631 | €32,031 | +€29,400 | +1117.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,631 | €32,031 | +€29,400 | +1117.5% |
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 10 October 2026 via checked.be.