XL Training: 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 Training
Largest movements
- Receivables within one year -€18,023
down €18,023 (-9.5%), from €190,333 to €172,310
of which Trade receivables: -€20,038
- Cash -€16,617
down €16,617 (-61.1%), from €27,212 to €10,595
mainly Trade debts (-€127,048) and Investment in fixed assets (net) (-€4,083)
- Trade debts -€127,048
down €127,048 (-57.0%), from €222,874 to €95,826
- Other debts +€82,221
new in 2025: €82,221
- Profit (loss) carried forward +€8,669
up €8,669 (+27.6%), from -€31,380 to -€22,711
- Other operating charges -€20,439
down €20,439 (-74.9%), from €27,282 to €6,844
- Gross operating margin -€13,195
down €13,195 (-36.5%), from €36,164 to €22,969
- Financial income +€969
up €969 (+39,386%), from €2 to €971
- Depreciation -€798
down €798 (-11.2%), from €7,118 to €6,319
- Financial charges +€418
up €418 (+24.7%), from €1,691 to €2,109
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 | €235,335 | €200,231 | -€35,104 | -14.9% |
| Fixed assets | 21/28 | €17,354 | €15,117 | -€2,237 | -12.9% |
| Tangible fixed assets | 22/27 | €17,354 | €15,117 | -€2,237 | -12.9% |
| Plant, machinery and equipment | 23 | €5,913 | €7,036 | +€1,123 | +19.0% |
| Other tangible fixed assets | 26 | €11,441 | €8,081 | -€3,359 | -29.4% |
| Current assets | 29/58 | €217,981 | €185,114 | -€32,867 | -15.1% |
| Amounts receivable within one year | 40/41 | €190,333 | €172,310 | -€18,023 | -9.5% |
| Trade receivables | 40 | €185,088 | €165,050 | -€20,038 | -10.8% |
| Other amounts receivable | 41 | €5,245 | €7,259 | +€2,015 | +38.4% |
| Cash at bank and in hand | 54/58 | €27,212 | €10,595 | -€16,617 | -61.1% |
| Deferred charges and accrued income | 490/1 | €437 | €2,210 | +€1,773 | +406% |
| Total equity and liabilities | 10/49 | €235,335 | €200,231 | -€35,104 | -14.9% |
| Equity | 10/15 | €7,864 | €16,533 | +€8,669 | +110% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,644 | €20,644 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,784 | €18,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,380 | -€22,711 | +€8,669 | +27.6% |
| Amounts payable | 17/49 | €227,471 | €183,698 | -€43,772 | -19.2% |
| Amounts payable within one year | 42/48 | €222,874 | €178,047 | -€44,827 | -20.1% |
| Trade debts | 44 | €222,874 | €95,826 | -€127,048 | -57.0% |
| Suppliers | 440/4 | €222,874 | €95,826 | -€127,048 | -57.0% |
| Other amounts payable | 47/48 | - | €82,221 | +€82,221 | |
| Accrued charges and deferred income | 492/3 | €4,597 | €5,651 | +€1,055 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,118 | €6,319 | -€798 | -11.2% |
| Other operating charges | 640/8 | €27,282 | €6,844 | -€20,439 | -74.9% |
| Gross operating margin | 9900 | €36,164 | €22,969 | -€13,195 | -36.5% |
| Operating profit (loss) | 9901 | €1,764 | €9,806 | +€8,042 | +456% |
| Financial income | 75/76B | €2 | €971 | +€969 | +39,386% |
| Recurring financial income | 75 | €2 | €971 | +€969 | +39,386% |
| Financial charges | 65/66B | €1,691 | €2,109 | +€418 | +24.7% |
| Recurring financial charges | 65 | €1,691 | €2,109 | +€418 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €76 | €8,669 | +€8,593 | +11,312% |
| Profit (loss) for the period | 9904 | €76 | €8,669 | +€8,593 | +11,312% |
| Profit (loss) for the period to be appropriated | 9905 | €76 | €8,669 | +€8,593 | +11,312% |
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 22 October 2026 via checked.be.