Xenth
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00122183.
Annual accounts 2025 filed on 27-05-2026 PDF all 14 filings
Turnover
≈ €96,000
Estimated: probably between €50,000 and €210,000
Total assets
€261,608▲ 22.5%
2024 · €213,536
Net result
€6,289
2024 · -€4,829
Working capital
€132,891▲ 27.9%
2024 · €103,890
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€11,539
▲ 15×
2025
20192025
Net result
€6,289
2025
middle half of the sector
20192025
Equity
€57,143
▲ 12.4%
2025
middle half of the sector
20192025
Total assets
€261,608
▲ 22.5%
2025
middle half of the sector
20192025
Debt
€204,465
▲ 25.7%
2025
20192025
Working capital
€132,891
▲ 27.9%
2025
highest quarter of the sector
20192025
Solvency
21.8%
▼ 2.0pp
2025
middle half of the sector
20192025
Current ratio
2.04
▲ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
2.4%
▲ 4.7pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€3,558-€37,408€10,786▼ 71.2%€15,087▲ 39.9%€36,776▲ 144%€780▼ 97.9%€11,539▲ 15×
Net result-€13,246-€29,825above the sector's middle half€5,211within the sector's middle half▼ 82.5%€7,449within the sector's middle half▲ 43.0%€22,248above the sector's middle half▲ 199%-€4,829below the sector's middle half€6,289within the sector's middle half
Equity-€9,050-€20,775within the sector's middle half€25,986within the sector's middle half▲ 25.1%€33,435within the sector's middle half▲ 28.7%€55,683within the sector's middle half▲ 66.5%€50,854within the sector's middle half▼ 8.7%€57,143within the sector's middle half▲ 12.4%
Total assets€76,699-€115,650within the sector's middle half▲ 50.8%€113,587within the sector's middle half▼ 1.8%€170,763within the sector's middle half▲ 50.3%€269,939within the sector's middle half▲ 58.1%€213,536within the sector's middle half▼ 20.9%€261,608within the sector's middle half▲ 22.5%
Debt€85,749-€94,875▲ 10.6%€87,601▼ 7.7%€137,327▲ 56.8%€214,256▲ 56.0%€162,682▼ 24.1%€204,465▲ 25.7%
Working capital€3,788-€26,224within the sector's middle half▲ 592%€33,168within the sector's middle half▲ 26.5%€99,877above the sector's middle half▲ 201%€113,463above the sector's middle half▲ 13.6%€103,890above the sector's middle half▼ 8.4%€132,891above the sector's middle half▲ 27.9%
Solvency-11.8%-18.0%within the sector's middle half▲ 29.8pp22.9%within the sector's middle half▲ 4.9pp19.6%within the sector's middle half▼ 3.3pp20.6%within the sector's middle half▲ 1.0pp23.8%within the sector's middle half▲ 3.2pp21.8%within the sector's middle half▼ 2.0pp
Current ratio1.06-1.33within the sector's middle half▲ 0.271.46within the sector's middle half▲ 0.142.51within the sector's middle half▲ 1.051.75within the sector's middle half▼ 0.761.96within the sector's middle half▲ 0.212.04within the sector's middle half▲ 0.08
Return on assets (ROA)-17.3%-25.8%above the sector's middle half▲ 43.1pp4.6%within the sector's middle half▼ 21.2pp4.4%within the sector's middle half▼ 0.2pp8.2%within the sector's middle half▲ 3.9pp-2.3%within the sector's middle half▼ 10.5pp2.4%within the sector's middle half▲ 4.7pp
Staff (FTE)1-1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is nearly 15 times that of 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €261,608
Fixed assets
€977 ▼ 36.4%
Current assets
€260,631 ▲ 22.9%
Equity and liabilities €261,608
Equity
€57,143 ▲ 12.4%
Debt
€204,465 ▲ 25.7%
Debt's share of the balance-sheet total rises from 76.2% to 78.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,498▲
2024 · €4,287
Cash flow
€7,249▲
2024 · -€1,323
Quick ratio
1.71▲
2024 · 1.51
Debt to equity
3.58▲
2024 · 3.20
ROE
11.0%▲
2024 · -9.5%
Interest coverage
4.04▲
2024 · 0.73
Debt ≤ 1 year
€127,740▲
2024 · €108,111
Debt > 1 year
€76,725▲
2024 · €54,571
Income taxes
€2,311
Staff costs
€5
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,190 | - | €3,701 | - | €402 |
| Depreciation and write-downs of the year | €4,231 | €4,174 | €3,123 | €3,506 | €960 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €5 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,704 | €4,994 | €4,231 | €4,174 | €3,123 | €3,506 | €960 | ▼ 72.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,858 | €3,102 | - | - |
| Other operating charges640/8 | - | - | €2,687 | €3,431 | €608 | €927 | €538 | ▼ 42.0% |
| Gross operating margin9900 | €55,028 | €89,572 | €17,704 | €22,691 | €42,363 | €8,316 | €13,040 | ▲ 56.8% |
| Operating profit (loss)9901 | -€3,558 | €37,408 | €10,786 | €15,087 | €36,776 | €780 | €11,539 | ▲ 15× |
| Financial income75/76B | - | - | €364 | €262 | €256 | €293 | €159 | ▼ 45.6% |
| Recurring financial income75 | €2,632 | €1,967 | €364 | €262 | €256 | €293 | €159 | ▼ 45.6% |
| Financial charges65/66B | - | - | €5,089 | €4,277 | €6,648 | €5,902 | €3,097 | ▼ 47.5% |
| Recurring financial charges65 | €11,665 | €3,220 | €5,089 | €4,277 | €6,648 | €5,902 | €3,097 | ▼ 47.5% |
| Profit (loss) for the period before taxes9903 | -€12,591 | €36,154 | €6,061 | €11,072 | €30,383 | -€4,829 | €8,600 | - |
| Income taxes67/77 | €655 | €6,329 | €851 | €3,623 | €8,136 | - | €2,311 | - |
| Profit (loss) for the period9904 | -€13,246 | €29,825 | €5,211 | €7,449 | €22,248 | -€4,829 | €6,289 | - |
| Profit (loss) for the period to be appropriated9905 | -€13,246 | €29,825 | €5,211 | €7,449 | €22,248 | -€4,829 | €6,289 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €76,699 | €115,650 | €113,587 | €170,763 | €269,939 | €213,536 | €261,608 | ▲ 22.5% |
| Fixed assets21/28 | €6,405 | €9,073 | €9,032 | €4,858 | €5,437 | €1,535 | €977 | ▼ 36.4% |
| Tangible fixed assets22/27 | €6,405 | €9,073 | €9,032 | €4,858 | €5,437 | €1,535 | €977 | ▼ 36.4% |
| Land and buildings22 | - | - | €1,887 | €563 | €311 | €208 | €109 | ▼ 47.7% |
| Plant, machinery and equipment23 | - | - | €748 | €156 | - | - | - | - |
| Furniture and vehicles24 | - | - | €6,397 | €4,139 | €5,126 | €1,327 | €868 | ▼ 34.6% |
| Current assets29/58 | €70,293 | €106,578 | €104,555 | €165,904 | €264,502 | €212,001 | €260,631 | ▲ 22.9% |
| Stocks and contracts in progress3 | €18,292 | €13,791 | €24,676 | €47,673 | €47,297 | €48,720 | €42,051 | ▼ 13.7% |
| Stocks30/36 | - | - | €23,476 | €47,173 | €47,297 | €48,720 | €42,051 | ▼ 13.7% |
| Contracts in progress37 | - | - | €1,200 | €500 | - | - | - | - |
| Amounts receivable within one year40/41 | €34,686 | €55,183 | €66,631 | €100,123 | €133,326 | €160,985 | €202,782 | ▲ 26.0% |
| Trade receivables40 | - | - | €7,664 | €5,974 | €12,329 | €1,014 | €57,202 | ▲ 56× |
| Other amounts receivable41 | - | - | €58,967 | €94,150 | €120,997 | €159,971 | €145,580 | ▼ 9.0% |
| Cash at bank and in hand54/58 | €11,959 | €18,179 | €11,970 | €15,176 | €11,869 | €2,297 | €15,799 | ▲ 588% |
| Deferred charges and accrued income490/1 | - | - | €1,279 | €2,932 | €72,010 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €76,699 | €115,650 | €113,587 | €170,763 | €269,939 | €213,536 | €261,608 | ▲ 22.5% |
| Equity10/15 | -€9,050 | €20,775 | €25,986 | €33,435 | €55,683 | €50,854 | €57,143 | ▲ 12.4% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €450 | €850 | €850 | €850 | €850 | €850 | €850 | = |
| Non-distributable reserves130/1 | - | - | €850 | €850 | €850 | €850 | €850 | = |
| Reserves not available under the articles1311 | - | - | €850 | €850 | €850 | €850 | €850 | = |
| Profit (loss) carried forward14 | -€21,900 | €7,525 | €12,736 | €20,185 | €42,433 | €37,604 | €43,893 | ▲ 16.7% |
| Amounts payable17/49 | €85,749 | €94,875 | €87,601 | €137,327 | €214,256 | €162,682 | €204,465 | ▲ 25.7% |
| Amounts payable after more than one year17 | €19,244 | €14,522 | €16,214 | €71,300 | €63,216 | €54,571 | €76,725 | ▲ 40.6% |
| Financial debts170/4 | - | - | €16,214 | €71,300 | €63,216 | €54,571 | €76,725 | ▲ 40.6% |
| Amounts payable within one year42/48 | €66,505 | €80,354 | €71,388 | €66,028 | €151,040 | €108,111 | €127,740 | ▲ 18.2% |
| Current portion of amounts payable after more than one year42 | - | - | €6,668 | €11,898 | €8,083 | €8,462 | €7,513 | ▼ 11.2% |
| Financial debts43 | - | - | €22,498 | €19,829 | €25,320 | €26,379 | €18,965 | ▼ 28.1% |
| Credit institutions430/8 | - | - | €22,498 | €19,829 | €25,320 | €26,379 | €18,965 | ▼ 28.1% |
| Trade debts44 | €38,936 | €42,817 | €24,034 | €14,939 | €106,420 | €21,528 | €56,213 | ▲ 161% |
| Suppliers440/4 | - | - | €24,034 | €14,939 | €106,420 | €21,528 | €56,213 | ▲ 161% |
| Taxes, remuneration and social security45 | - | - | €18,187 | €19,362 | €11,217 | €51,742 | €45,050 | ▼ 12.9% |
| Taxes450/3 | - | - | €18,187 | €19,362 | €11,217 | €51,742 | €45,050 | ▼ 12.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,246 | €29,825 | €5,211 | €7,449 | €22,248 | -€4,829 | €6,289 | - |
| + Depreciation and write-downs630 | €2,704 | €4,994 | €4,231 | €4,174 | €3,123 | €3,506 | €960 | ▼ 72.6% |
| Operating cash flow (approximation) | -€10,542 | €34,820 | €9,442 | €11,623 | €25,370 | -€1,323 | €7,249 | - |
| Investment in fixed assets (approximation) | - | -€7,662 | -€4,190 | €0 | -€3,701 | €396 | -€402 | - |
| Change in cash | - | €6,220 | -€6,209 | €3,206 | -€3,307 | -€9,572 | €13,502 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,508 companies had the same profile as Xenth has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of Xenth itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,508 companies, not a prediction for Xenth. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-05-2026 | 2026-00122183 | |
| 30-09-2024 | micro format | 17-04-2025 | 2025-00070967 | |
| 30-09-2023 | micro format | 06-05-2024 | 2024-00082470 | |
| 30-09-2022 | micro format | 05-06-2023 | 2023-00106380 | |
| 30-09-2021 | micro format | 04-04-2023 | 2023-00053067 | |
| 30-09-2020 | micro format | 27-07-2021 | 2021-41200447 | |
| 30-09-2019 | micro format | 17-04-2020 | 2020-09300238 | |
| 30-09-2018 | micro format | 22-03-2019 | 2019-07700346 | |
| 30-09-2017 | micro format | 21-03-2018 | 2018-07300426 | |
| 30-09-2016 | abbreviated format | 07-04-2017 | 2017-09100597 |