XENON: 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.
What changed
XENON
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€51,721
2024 · -€19,810-€31,911
Equity
€433,785
2024 · €485,506-€51,721
Cash
€153,042
2024 · €104,224+€48,817
Balance sheet total
€8.6m
2024 · €8.3m+€267,456
Largest movements
Assets
- Tangible fixed assets +€230,430
up €230,430 (+2.8%), from €8.2m to €8.4m
of which Land and buildings: +€330,327
Equity and liabilities
- Other debts +€317,465
up €317,465 (+4.1%), from €7.8m to €8.1m
Income statement
- Gross operating margin -€33,765
down €33,765 (-15.4%), from €219,393 to €185,628
- Depreciation -€4,416
down €4,416 (-2.2%), from €203,601 to €199,185
- Other operating charges +€2,560
up €2,560 (+6.7%), from €38,414 to €40,973
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
-€19,810
Gross operating margin
-€33,765
Depreciation
+€4,416
Other operating charges
-€2,560
Financial charges
-€2
Result 2025
-€51,721
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
+€478,433
Investment
-€429,615
Financing
€0
Cash 2024
€104,224
From operations (derived)
+€478,433
Net result for the year
-€51,721
Depreciation
+€199,185
Receivables within one year
+€11,661
Smaller working-capital items
+€96
Provisions
-€2,841
Trade debts
+€3,056
Other debts
+€317,465
Accrued charges and deferred income
+€1,530
Investment (derived)
-€429,615
Investment in fixed assets (net)
-€429,615
Cash 2025
€153,042
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,288,876 | €8,556,332 | +€267,456 | +3.2% |
| Fixed assets | 21/28 | €8,172,860 | €8,403,290 | +€230,430 | +2.8% |
| Tangible fixed assets | 22/27 | €8,172,860 | €8,403,290 | +€230,430 | +2.8% |
| Land and buildings | 22 | €4,830,090 | €5,160,417 | +€330,327 | +6.8% |
| Plant, machinery and equipment | 23 | €1,016,944 | €917,047 | -€99,897 | -9.8% |
| Other tangible fixed assets | 26 | €2,325,826 | €2,325,826 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €116,016 | €153,042 | +€37,026 | +31.9% |
| Amounts receivable within one year | 40/41 | €11,661 | €0 | -€11,661 | -100.0% |
| Trade receivables | 40 | €11,661 | €0 | -€11,661 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €104,224 | €153,042 | +€48,817 | +46.8% |
| Deferred charges and accrued income | 490/1 | €130 | €0 | -€130 | -100.0% |
| Total equity and liabilities | 10/49 | €8,288,876 | €8,556,332 | +€267,456 | +3.2% |
| Equity | 10/15 | €485,506 | €433,785 | -€51,721 | -10.7% |
| Contributions | 10/11 | €1,186,746 | €1,186,746 | = | 0.0% |
| Capital | 10 | €1,186,746 | €1,186,746 | = | 0.0% |
| Issued capital | 100 | €1,186,746 | €1,186,746 | = | 0.0% |
| Reserves | 13 | €290,002 | €281,480 | -€8,522 | -2.9% |
| Non-distributable reserves | 130/1 | €22,338 | €22,338 | = | 0.0% |
| Legal reserve | 130 | €22,302 | €22,302 | = | 0.0% |
| Other | 1319 | €37 | €37 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,732 | €69,210 | -€8,522 | -11.0% |
| Distributable reserves | 133 | €189,932 | €189,932 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€991,242 | -€1,034,441 | -€43,199 | -4.4% |
| Provisions and deferred taxes | 16 | €25,911 | €23,070 | -€2,841 | -11.0% |
| Deferred taxes | 168 | €25,911 | €23,070 | -€2,841 | -11.0% |
| Amounts payable | 17/49 | €7,777,459 | €8,099,476 | +€322,017 | +4.1% |
| Amounts payable within one year | 42/48 | €7,777,459 | €8,097,946 | +€320,487 | +4.1% |
| Trade debts | 44 | €2,991 | €6,047 | +€3,056 | +102.2% |
| Suppliers | 440/4 | €2,991 | €6,047 | +€3,056 | +102.2% |
| Taxes, remuneration and social security | 45 | €865 | €832 | -€34 | -3.9% |
| Taxes | 450/3 | €865 | €832 | -€34 | -3.9% |
| Other amounts payable | 47/48 | €7,773,603 | €8,091,068 | +€317,465 | +4.1% |
| Accrued charges and deferred income | 492/3 | €0 | €1,530 | +€1,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,601 | €199,185 | -€4,416 | -2.2% |
| Other operating charges | 640/8 | €38,414 | €40,973 | +€2,560 | +6.7% |
| Gross operating margin | 9900 | €219,393 | €185,628 | -€33,765 | -15.4% |
| Operating profit (loss) | 9901 | -€22,622 | -€54,531 | -€31,909 | -141.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,650 | -€54,561 | -€31,911 | -140.9% |
| Transfer from deferred taxes | 780 | €2,841 | €2,841 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€19,810 | -€51,721 | -€31,911 | -161.1% |
| Transfer from tax-exempt reserves | 789 | €8,522 | €8,522 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,288 | -€43,199 | -€31,911 | -282.7% |
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 4 October 2026 via checked.be.