XENEX: 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.
XENEX
Largest movements
- Cash +€177,559
up €177,559 (+84.2%), from €210,965 to €388,525
mainly Other debts (+€230,545) and Net result for the year (+€178,940)
- Tangible fixed assets -€99,833
down €99,833 (-22.9%), from €436,092 to €336,258
of which Furniture and vehicles: -€63,711
- Receivables within one year +€91,422
up €91,422 (+9.6%), from €953,632 to €1.0m
of which Trade receivables: +€133,766
- Other debts +€230,545
up €230,545 (+62.4%), from €369,455 to €600,000
- Short-term financial debts -€100,000
down €100,000 (-33.3%), from €300,000 to €200,000
- Reserves +€78,940
up €78,940 (+9.0%), from €873,545 to €952,485
of which Distributable reserves: +€78,940
- Debts after one year -€61,634
down €61,634 (-20.4%), from €301,467 to €239,833
- Gross operating margin +€258,712
up €258,712 (+36.3%), from €712,264 to €970,976
- Staff costs +€76,945
up €76,945 (+15.0%), from €512,469 to €589,414
- Write-downs -€41,103
down €41,103 (-95.3%), from €43,134 to €2,031
- Taxes +€31,770
up €31,770 (+352.4%), from €9,016 to €40,785
- Financial charges +€11,211
up €11,211 (+14.9%), from €75,443 to €86,654
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 | €3,000,875 | €3,164,383 | +€163,508 | +5.4% |
| Fixed assets | 21/28 | €441,131 | €338,876 | -€102,255 | -23.2% |
| Intangible fixed assets | 21 | €3,315 | €893 | -€2,422 | -73.1% |
| Tangible fixed assets | 22/27 | €436,092 | €336,258 | -€99,833 | -22.9% |
| Plant, machinery and equipment | 23 | €59,876 | €45,059 | -€14,816 | -24.7% |
| Furniture and vehicles | 24 | €184,531 | €120,820 | -€63,711 | -34.5% |
| Other tangible fixed assets | 26 | €191,685 | €170,379 | -€21,306 | -11.1% |
| Financial fixed assets | 28 | €1,725 | €1,725 | = | 0.0% |
| Current assets | 29/58 | €2,559,744 | €2,825,507 | +€265,763 | +10.4% |
| Stocks and contracts in progress | 3 | €1,382,969 | €1,380,296 | -€2,673 | -0.2% |
| Stocks | 30/36 | €1,382,969 | €1,380,296 | -€2,673 | -0.2% |
| Amounts receivable within one year | 40/41 | €953,632 | €1,045,054 | +€91,422 | +9.6% |
| Trade receivables | 40 | €911,288 | €1,045,054 | +€133,766 | +14.7% |
| Other amounts receivable | 41 | €42,344 | €0 | -€42,344 | -100.0% |
| Cash at bank and in hand | 54/58 | €210,965 | €388,525 | +€177,559 | +84.2% |
| Deferred charges and accrued income | 490/1 | €12,178 | €11,633 | -€546 | -4.5% |
| Total equity and liabilities | 10/49 | €3,000,875 | €3,164,383 | +€163,508 | +5.4% |
| Equity | 10/15 | €892,145 | €971,085 | +€78,940 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €873,545 | €952,485 | +€78,940 | +9.0% |
| Tax-exempt reserves | 132 | €30,206 | €30,206 | = | 0.0% |
| Distributable reserves | 133 | €843,339 | €922,279 | +€78,940 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,108,731 | €2,193,298 | +€84,567 | +4.0% |
| Amounts payable after more than one year | 17 | €301,467 | €239,833 | -€61,634 | -20.4% |
| Financial debts | 170/4 | €301,467 | €239,833 | -€61,634 | -20.4% |
| Amounts payable within one year | 42/48 | €1,800,278 | €1,941,939 | +€141,662 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €66,752 | €62,269 | -€4,483 | -6.7% |
| Financial debts | 43 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Credit institutions | 430/8 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Trade debts | 44 | €886,959 | €898,798 | +€11,839 | +1.3% |
| Suppliers | 440/4 | €886,959 | €898,798 | +€11,839 | +1.3% |
| Taxes, remuneration and social security | 45 | €177,112 | €180,872 | +€3,760 | +2.1% |
| Taxes | 450/3 | €85,281 | €74,289 | -€10,992 | -12.9% |
| Remuneration and social security | 454/9 | €91,831 | €106,583 | +€14,752 | +16.1% |
| Other amounts payable | 47/48 | €369,455 | €600,000 | +€230,545 | +62.4% |
| Accrued charges and deferred income | 492/3 | €6,986 | €11,525 | +€4,540 | +65.0% |
| Remuneration, social security and pensions | 62 | €512,469 | €589,414 | +€76,945 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,494 | €89,696 | +€7,202 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,134 | €2,031 | -€41,103 | -95.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €7,048 | €7,888 | +€840 | +11.9% |
| Gross operating margin | 9900 | €712,264 | €970,976 | +€258,712 | +36.3% |
| Operating profit (loss) | 9901 | €67,120 | €281,947 | +€214,827 | +320.1% |
| Financial income | 75/76B | €18,084 | €24,433 | +€6,349 | +35.1% |
| Recurring financial income | 75 | €18,084 | €24,433 | +€6,349 | +35.1% |
| Financial charges | 65/66B | €75,443 | €86,654 | +€11,211 | +14.9% |
| Recurring financial charges | 65 | €75,443 | €86,654 | +€11,211 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €9,760 | €219,726 | +€209,965 | +2151.2% |
| Income taxes | 67/77 | €9,016 | €40,785 | +€31,770 | +352.4% |
| Profit (loss) for the period | 9904 | €745 | €178,940 | +€178,195 | +23924.9% |
| Profit (loss) for the period to be appropriated | 9905 | €745 | €178,940 | +€178,195 | +23924.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.