XAPHINA: 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.
What changed
XAPHINA
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€82,012
2024 · €148,089-€66,077
Equity
€4.8m
2024 · €4.7m+€82,012
Cash
€267,721
2024 · €270,135-€2,414
Balance sheet total
€4.9m
2024 · €4.8m+€74,443
Largest movements
Assets
- Current investments +€96,000
up €96,000 (+2.3%), from €4.2m to €4.2m
Equity and liabilities
- Reserves +€82,012
up €82,012 (+1.8%), from €4.7m to €4.8m
of which Distributable reserves: +€82,012
Income statement
- Financial income -€54,435
down €54,435 (-37.0%), from €147,315 to €92,880
- Gross operating margin -€36,036
down €36,036 (-35.6%), from €101,183 to €65,147
- Taxes -€24,181
down €24,181 (-37.8%), from €63,996 to €39,815
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.
Result 2024
€148,089
Gross operating margin
-€36,036
Depreciation
+€358
Other operating charges
-€675
Financial income
-€54,435
Financial charges
+€531
Taxes
+€24,181
Result 2025
€82,012
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.
From operations
+€114,954
Investment
-€96,000
Financing
-€21,368
Cash 2024
€270,135
From operations (derived)
+€114,954
Net result for the year
+€82,012
Depreciation
+€10,015
Receivables within one year
+€4,731
Deferred charges and accrued income
+€4,397
Trade debts
+€1,132
Tax, wage and social debts
+€11,967
Accrued charges and deferred income
+€700
Investment (derived)
-€96,000
Current investments
-€96,000
Financing
-€21,368
Debts after one year
-€21,897
Current portion of long-term debt
+€528
Cash 2025
€267,721
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,818,199 | €4,892,642 | +€74,443 | +1.5% |
| Fixed assets | 21/28 | €370,258 | €360,243 | -€10,015 | -2.7% |
| Tangible fixed assets | 22/27 | €370,258 | €360,243 | -€10,015 | -2.7% |
| Land and buildings | 22 | €360,918 | €352,681 | -€8,237 | -2.3% |
| Plant, machinery and equipment | 23 | €9,340 | €7,562 | -€1,778 | -19.0% |
| Current assets | 29/58 | €4,447,941 | €4,532,399 | +€84,458 | +1.9% |
| Amounts receivable within one year | 40/41 | €13,799 | €9,068 | -€4,731 | -34.3% |
| Other amounts receivable | 41 | €13,799 | €9,068 | -€4,731 | -34.3% |
| Current investments | 50/53 | €4,150,000 | €4,246,000 | +€96,000 | +2.3% |
| Cash at bank and in hand | 54/58 | €270,135 | €267,721 | -€2,414 | -0.9% |
| Deferred charges and accrued income | 490/1 | €14,007 | €9,610 | -€4,397 | -31.4% |
| Total equity and liabilities | 10/49 | €4,818,199 | €4,892,642 | +€74,443 | +1.5% |
| Equity | 10/15 | €4,735,367 | €4,817,379 | +€82,012 | +1.7% |
| 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 | €4,673,867 | €4,755,879 | +€82,012 | +1.8% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €4,661,472 | €4,743,484 | +€82,012 | +1.8% |
| Amounts payable | 17/49 | €82,832 | €75,263 | -€7,569 | -9.1% |
| Amounts payable after more than one year | 17 | €37,421 | €15,524 | -€21,897 | -58.5% |
| Financial debts | 170/4 | €37,421 | €15,524 | -€21,897 | -58.5% |
| Amounts payable within one year | 42/48 | €42,102 | €55,729 | +€13,627 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €21,368 | €21,897 | +€528 | +2.5% |
| Trade debts | 44 | €715 | €1,848 | +€1,132 | +158.3% |
| Suppliers | 440/4 | €715 | €1,848 | +€1,132 | +158.3% |
| Taxes, remuneration and social security | 45 | €20,018 | €31,985 | +€11,967 | +59.8% |
| Taxes | 450/3 | €20,018 | €31,985 | +€11,967 | +59.8% |
| Accrued charges and deferred income | 492/3 | €3,309 | €4,010 | +€700 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,372 | €10,015 | -€358 | -3.4% |
| Other operating charges | 640/8 | €24,104 | €24,780 | +€675 | +2.8% |
| Gross operating margin | 9900 | €101,183 | €65,147 | -€36,036 | -35.6% |
| Operating profit (loss) | 9901 | €66,706 | €30,352 | -€36,354 | -54.5% |
| Financial income | 75/76B | €147,315 | €92,880 | -€54,435 | -37.0% |
| Recurring financial income | 75 | €147,315 | €92,880 | -€54,435 | -37.0% |
| Financial charges | 65/66B | €1,936 | €1,406 | -€531 | -27.4% |
| Recurring financial charges | 65 | €1,936 | €1,406 | -€531 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €212,085 | €121,827 | -€90,258 | -42.6% |
| Income taxes | 67/77 | €63,996 | €39,815 | -€24,181 | -37.8% |
| Profit (loss) for the period | 9904 | €148,089 | €82,012 | -€66,077 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €148,089 | €82,012 | -€66,077 | -44.6% |
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 11 October 2026 via checked.be.