XLR: 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.
XLR
Largest movements
- Stocks and contracts +€1.2m
up €1.2m (+71.3%), from €1.7m to €2.9m
- Receivables within one year -€396,743
down €396,743 (-59.5%), from €667,009 to €270,267
of which Trade receivables: -€393,529
- Tangible fixed assets -€84,554
down €84,554 (-8.5%), from €1.0m to €915,564
of which Other tangible fixed assets: -€84,774
- Cash -€75,942
down €75,942 (-17.0%), from €447,531 to €371,589
mainly Stocks and contracts (-€1.2m) and Investment in fixed assets (net) (-€436,286)
- Financial fixed assets +€64,490
up €64,490 (+270.7%), from €23,820 to €88,310
- Profit (loss) carried forward +€1.0m
up €1.0m (+57.5%), from €1.8m to €2.8m
- Trade debts -€403,628
down €403,628 (-83.6%), from €483,064 to €79,436
- Tax, wage and social debts +€289,748
up €289,748 (+217.4%), from €133,270 to €423,018
of which Taxes: +€275,636
- Short-term financial debts -€150,169
down €150,169 (-65.5%), from €229,167 to €78,997
- Other debts -€100,000
down €100,000 (-19.6%), from €509,904 to €409,904
- Gross operating margin +€1.1m
up €1.1m (+50.3%), from €2.2m to €3.3m
- Taxes +€216,194
up €216,194 (+142.6%), from €151,606 to €367,800
- Other operating charges +€178,957
up €178,957 (+263.5%), from €67,907 to €246,864
- Staff costs +€153,233
up €153,233 (+29.0%), from €527,561 to €680,794
- Provisions +€78,950
new in 2025: €78,950
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 | €3,856,603 | €4,600,123 | +€743,520 | +19.3% |
| Fixed assets | 21/28 | €1,023,938 | €1,003,874 | -€20,064 | -2.0% |
| Tangible fixed assets | 22/27 | €1,000,118 | €915,564 | -€84,554 | -8.5% |
| Land and buildings | 22 | €567,581 | €528,378 | -€39,203 | -6.9% |
| Plant, machinery and equipment | 23 | €92,452 | €132,374 | +€39,923 | +43.2% |
| Furniture and vehicles | 24 | €2,437 | €1,937 | -€500 | -20.5% |
| Other tangible fixed assets | 26 | €337,648 | €252,874 | -€84,774 | -25.1% |
| Financial fixed assets | 28 | €23,820 | €88,310 | +€64,490 | +270.7% |
| Current assets | 29/58 | €2,832,665 | €3,596,248 | +€763,584 | +27.0% |
| Stocks and contracts in progress | 3 | €1,693,639 | €2,900,843 | +€1.2m | +71.3% |
| Stocks | 30/36 | €1,693,639 | €2,900,843 | +€1.2m | +71.3% |
| Amounts receivable within one year | 40/41 | €667,009 | €270,267 | -€396,743 | -59.5% |
| Trade receivables | 40 | €663,305 | €269,776 | -€393,529 | -59.3% |
| Other amounts receivable | 41 | €3,704 | €491 | -€3,213 | -86.8% |
| Cash at bank and in hand | 54/58 | €447,531 | €371,589 | -€75,942 | -17.0% |
| Deferred charges and accrued income | 490/1 | €24,485 | €53,550 | +€29,064 | +118.7% |
| Total equity and liabilities | 10/49 | €3,856,603 | €4,600,123 | +€743,520 | +19.3% |
| Equity | 10/15 | €1,832,552 | €2,845,551 | +€1.0m | +55.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €8,010 | €8,010 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,010 | €8,010 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €1,763,042 | €2,776,041 | +€1.0m | +57.5% |
| Provisions and deferred taxes | 16 | - | €78,950 | +€78,950 | |
| Provisions for liabilities and charges | 160/5 | - | €78,950 | +€78,950 | |
| Other liabilities and charges | 164/5 | - | €78,950 | +€78,950 | |
| Amounts payable | 17/49 | €2,024,050 | €1,675,622 | -€348,428 | -17.2% |
| Amounts payable after more than one year | 17 | €518,992 | €511,075 | -€7,917 | -1.5% |
| Financial debts | 170/4 | €518,992 | €511,075 | -€7,917 | -1.5% |
| Amounts payable within one year | 42/48 | €1,498,691 | €1,150,405 | -€348,286 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €143,287 | €159,050 | +€15,763 | +11.0% |
| Financial debts | 43 | €229,167 | €78,997 | -€150,169 | -65.5% |
| Credit institutions | 430/8 | €229,167 | €78,997 | -€150,169 | -65.5% |
| Trade debts | 44 | €483,064 | €79,436 | -€403,628 | -83.6% |
| Suppliers | 440/4 | €483,064 | €79,436 | -€403,628 | -83.6% |
| Taxes, remuneration and social security | 45 | €133,270 | €423,018 | +€289,748 | +217.4% |
| Taxes | 450/3 | €83,122 | €358,758 | +€275,636 | +331.6% |
| Remuneration and social security | 454/9 | €50,148 | €64,260 | +€14,112 | +28.1% |
| Other amounts payable | 47/48 | €509,904 | €409,904 | -€100,000 | -19.6% |
| Accrued charges and deferred income | 492/3 | €6,368 | €14,142 | +€7,774 | +122.1% |
| Remuneration, social security and pensions | 62 | €527,561 | €680,794 | +€153,233 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €470,103 | €456,349 | -€13,754 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,222 | €35,594 | +€16,372 | +85.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €78,950 | +€78,950 | |
| Other operating charges | 640/8 | €67,907 | €246,864 | +€178,957 | +263.5% |
| Gross operating margin | 9900 | €2,187,594 | €3,288,392 | +€1.1m | +50.3% |
| Operating profit (loss) | 9901 | €1,102,802 | €1,789,842 | +€687,040 | +62.3% |
| Financial income | 75/76B | €34,944 | €38,222 | +€3,278 | +9.4% |
| Recurring financial income | 75 | €34,944 | €38,222 | +€3,278 | +9.4% |
| Financial charges | 65/66B | €37,844 | €47,266 | +€9,422 | +24.9% |
| Recurring financial charges | 65 | €37,844 | €47,266 | +€9,422 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €1,099,902 | €1,780,799 | +€680,896 | +61.9% |
| Income taxes | 67/77 | €151,606 | €367,800 | +€216,194 | +142.6% |
| Profit (loss) for the period | 9904 | €948,296 | €1,412,998 | +€464,702 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €948,296 | €1,412,998 | +€464,702 | +49.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.