XL&s: 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&s
Largest movements
- Financial fixed assets +€190,840
up €190,840 (+552%), from €34,565 to €225,405
- Receivables after one year -€81,841
down €81,841 (-38.6%), from €212,240 to €130,399
- Cash -€38,458
down €38,458 (-17.9%), from €214,809 to €176,351
mainly Investment in fixed assets (net) (-€218,888) and Debts after one year (-€21,599)
- Tangible fixed assets +€18,691
up €18,691 (+7.3%), from €255,027 to €273,719
of which Other tangible fixed assets: +€27,446
- Reserves +€105,155
up €105,155 (+29.5%), from €356,146 to €461,301
- Debts after one year -€21,599
down €21,599 (-12.8%), from €168,986 to €147,387
- Tax, wage and social debts +€12,397
up €12,397 (+57.6%), from €21,510 to €33,907
of which Taxes: +€12,371
- Financial income -€119,683
down €119,683 (-50.2%), from €238,637 to €118,954
- Taxes -€34,472
down €34,472 (-40.7%), from €84,640 to €50,168
- Financial charges +€19,361
up €19,361 (+103%), from €18,709 to €38,070
- Gross operating margin +€11,969
up €11,969 (+15.3%), from €78,335 to €90,305
- Staff costs -€7,552
down €7,552 (-96.9%), from €7,793 to €241
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.
Derived cash bridge
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 | €746,852 | €836,888 | +€90,035 | +12.1% |
| Fixed assets | 21/28 | €289,593 | €499,124 | +€209,531 | +72.4% |
| Tangible fixed assets | 22/27 | €255,027 | €273,719 | +€18,691 | +7.3% |
| Land and buildings | 22 | €247,375 | €241,228 | -€6,147 | -2.5% |
| Plant, machinery and equipment | 23 | €1,791 | €898 | -€892 | -49.8% |
| Furniture and vehicles | 24 | €5,839 | €4,124 | -€1,715 | -29.4% |
| Other tangible fixed assets | 26 | €23 | €27,468 | +€27,446 | +121,066% |
| Financial fixed assets | 28 | €34,565 | €225,405 | +€190,840 | +552% |
| Current assets | 29/58 | €457,260 | €337,764 | -€119,496 | -26.1% |
| Amounts receivable after more than one year | 29 | €212,240 | €130,399 | -€81,841 | -38.6% |
| Other amounts receivable | 291 | €212,240 | €130,399 | -€81,841 | -38.6% |
| Amounts receivable within one year | 40/41 | €25,897 | €22,186 | -€3,711 | -14.3% |
| Trade receivables | 40 | €22,444 | €22,183 | -€261 | -1.2% |
| Other amounts receivable | 41 | €3,453 | €3 | -€3,450 | -99.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €214,809 | €176,351 | -€38,458 | -17.9% |
| Deferred charges and accrued income | 490/1 | €4,314 | €8,828 | +€4,515 | +105% |
| Total equity and liabilities | 10/49 | €746,852 | €836,888 | +€90,035 | +12.1% |
| Equity | 10/15 | €374,746 | €479,901 | +€105,155 | +28.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €356,146 | €461,301 | +€105,155 | +29.5% |
| Distributable reserves | 133 | €356,146 | €461,301 | +€105,155 | +29.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €372,106 | €356,986 | -€15,120 | -4.1% |
| Amounts payable after more than one year | 17 | €168,986 | €147,387 | -€21,599 | -12.8% |
| Financial debts | 170/4 | €168,986 | €147,387 | -€21,599 | -12.8% |
| Amounts payable within one year | 42/48 | €192,651 | €200,049 | +€7,398 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €23,283 | €21,599 | -€1,684 | -7.2% |
| Trade debts | 44 | €10,967 | €4,446 | -€6,520 | -59.5% |
| Suppliers | 440/4 | €10,967 | €4,446 | -€6,520 | -59.5% |
| Taxes, remuneration and social security | 45 | €21,510 | €33,907 | +€12,397 | +57.6% |
| Taxes | 450/3 | €18,053 | €30,424 | +€12,371 | +68.5% |
| Remuneration and social security | 454/9 | €3,457 | €3,483 | +€26 | +0.7% |
| Other amounts payable | 47/48 | €136,892 | €140,098 | +€3,206 | +2.3% |
| Accrued charges and deferred income | 492/3 | €10,469 | €9,549 | -€919 | -8.8% |
| Remuneration, social security and pensions | 62 | €7,793 | €241 | -€7,552 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,480 | €9,357 | -€123 | -1.3% |
| Other operating charges | 640/8 | €4,263 | €4,602 | +€339 | +7.9% |
| Gross operating margin | 9900 | €78,335 | €90,305 | +€11,969 | +15.3% |
| Operating profit (loss) | 9901 | €56,799 | €76,105 | +€19,306 | +34.0% |
| Financial income | 75/76B | €238,637 | €118,954 | -€119,683 | -50.2% |
| Recurring financial income | 75 | €238,637 | €118,954 | -€119,683 | -50.2% |
| Financial charges | 65/66B | €18,709 | €38,070 | +€19,361 | +103% |
| Recurring financial charges | 65 | €18,709 | €38,070 | +€19,361 | +103% |
| Profit (loss) for the period before taxes | 9903 | €276,727 | €156,989 | -€119,738 | -43.3% |
| Income taxes | 67/77 | €84,640 | €50,168 | -€34,472 | -40.7% |
| Profit (loss) for the period | 9904 | €192,087 | €106,821 | -€85,266 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €192,087 | €106,821 | -€85,266 | -44.4% |
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 17 October 2026 via checked.be.