XENON: 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.
XENON
Largest movements
- Receivables after one year -€85,000
no longer reported in 2025 (was €85,000)
- Tangible fixed assets -€10,215
down €10,215 (-45.3%), from €22,539 to €12,324
of which Furniture and vehicles: -€6,468
- Receivables within one year -€4,738
down €4,738 (-2.2%), from €212,797 to €208,059
of which Other amounts receivable: -€5,234
- Cash +€4,559
up €4,559 (+36.3%), from €12,566 to €17,125
mainly Receivables after one year (+€85,000) and Net result for the year (+€24,315)
- Reserves -€79,383
down €79,383 (-38.2%), from €207,853 to €128,470
of which Distributable reserves: -€79,383
- Current portion of long-term debt -€8,083
no longer reported in 2025 (was €8,083)
- Trade debts -€4,056
down €4,056 (-7.6%), from €53,367 to €49,311
- Staff costs -€18,879
down €18,879 (-15.8%), from €119,429 to €100,550
- Gross operating margin -€17,698
down €17,698 (-11.1%), from €159,123 to €141,425
- Financial income -€9,108
down €9,108 (-38.0%), from €23,999 to €14,891
- Taxes -€1,990
down €1,990 (-12.6%), from €15,822 to €13,832
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.
Derived cash bridge
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 | €337,623 | €243,312 | -€94,311 | -27.9% |
| Formation expenses | 20 | €957 | €718 | -€239 | -25.0% |
| Fixed assets | 21/28 | €22,664 | €12,449 | -€10,215 | -45.1% |
| Tangible fixed assets | 22/27 | €22,539 | €12,324 | -€10,215 | -45.3% |
| Plant, machinery and equipment | 23 | €9,587 | €5,840 | -€3,747 | -39.1% |
| Furniture and vehicles | 24 | €12,952 | €6,484 | -€6,468 | -49.9% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €314,002 | €230,145 | -€83,857 | -26.7% |
| Amounts receivable after more than one year | 29 | €85,000 | - | -€85,000 | |
| Other amounts receivable | 291 | €85,000 | - | -€85,000 | |
| Stocks and contracts in progress | 3 | €1,009 | €1,035 | +€26 | +2.6% |
| Stocks | 30/36 | €1,009 | €1,035 | +€26 | +2.6% |
| Amounts receivable within one year | 40/41 | €212,797 | €208,059 | -€4,738 | -2.2% |
| Trade receivables | 40 | €12 | €508 | +€496 | +4,133% |
| Other amounts receivable | 41 | €212,785 | €207,551 | -€5,234 | -2.5% |
| Cash at bank and in hand | 54/58 | €12,566 | €17,125 | +€4,559 | +36.3% |
| Deferred charges and accrued income | 490/1 | €2,630 | €3,926 | +€1,296 | +49.3% |
| Total equity and liabilities | 10/49 | €337,623 | €243,312 | -€94,311 | -27.9% |
| Equity | 10/15 | €226,445 | €147,062 | -€79,383 | -35.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €207,853 | €128,470 | -€79,383 | -38.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €205,994 | €126,611 | -€79,383 | -38.5% |
| Amounts payable | 17/49 | €111,178 | €96,250 | -€14,928 | -13.4% |
| Amounts payable within one year | 42/48 | €111,178 | €96,250 | -€14,928 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €8,083 | - | -€8,083 | |
| Trade debts | 44 | €53,367 | €49,311 | -€4,056 | -7.6% |
| Suppliers | 440/4 | €53,367 | €49,311 | -€4,056 | -7.6% |
| Taxes, remuneration and social security | 45 | €49,728 | €46,939 | -€2,789 | -5.6% |
| Taxes | 450/3 | €30,911 | €29,152 | -€1,759 | -5.7% |
| Remuneration and social security | 454/9 | €18,817 | €17,787 | -€1,030 | -5.5% |
| Remuneration, social security and pensions | 62 | €119,429 | €100,550 | -€18,879 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,636 | €12,272 | -€364 | -2.9% |
| Other operating charges | 640/8 | €1,725 | €1,949 | +€224 | +13.0% |
| Gross operating margin | 9900 | €159,123 | €141,425 | -€17,698 | -11.1% |
| Operating profit (loss) | 9901 | €25,333 | €26,654 | +€1,321 | +5.2% |
| Financial income | 75/76B | €23,999 | €14,891 | -€9,108 | -38.0% |
| Recurring financial income | 75 | €23,999 | €14,891 | -€9,108 | -38.0% |
| Financial charges | 65/66B | €2,771 | €3,398 | +€627 | +22.6% |
| Recurring financial charges | 65 | €2,771 | €3,398 | +€627 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €46,561 | €38,147 | -€8,414 | -18.1% |
| Income taxes | 67/77 | €15,822 | €13,832 | -€1,990 | -12.6% |
| Profit (loss) for the period | 9904 | €30,739 | €24,315 | -€6,424 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,739 | €24,315 | -€6,424 | -20.9% |
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 13 October 2026 via checked.be.