The image appears to have been compressed a bit too far to be quite sure what's there and I'm not familiar enough with that specific BoB to know which of the six connections on the right is which without further labelling but Q1 looks to be an NPN bipolar transistor with the emitter connected to the +12V rail which is the wrong way round, should be the collector to +12/24V and the emitter to the relay coil.

You also have an LED in series with the base of the transistor. Depending on the hfe value of the transistor there may not be enough current to get much light out of it. I'd suggest you put the resitor R1 and LED in parallel with the relay coil so that the transistor drives it. The value of R1 will depend on the required current for the LED you have and the exact voltage of the 12/24V supply.

The back-emf protection diode D1 across the relay coil is the wrong way round and will be forward biased when you drive the relay thus shorting it out which may be terminal for the diode and the transistor.

Most serious of all...
I'm not sure what the difference in function is between X5 and X6 but your relay switches between "ON forward" and "Reversing switch active" without any obvious 'OFF' position being available. Note that with X4 connected to the NC contacts on the relay, powering the VFD will start the spindle in the forward direction if the relay is not energised. This is potentially messy and could permanently affect your piano playing ability. Some sort of safety interlock for tool changing would be advisable.

Apart from that....