XENUM: 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.
XENUM
Largest movements
- Tangible fixed assets +€517,805
up €517,805 (+54.2%), from €954,562 to €1.5m
of which Leasing and similar rights: +€296,067
- Receivables within one year -€199,634
down €199,634 (-19.4%), from €1.0m to €832,050
of which Trade receivables: -€152,751
- Cash +€195,060
up €195,060 (+80.0%), from €243,802 to €438,862
mainly Depreciation (+€362,673) and Net result for the year (+€316,666)
- Stocks and contracts -€187,422
down €187,422 (-13.2%), from €1.4m to €1.2m
- Profit (loss) carried forward +€274,109
up €274,109 (+318.6%), from €86,028 to €360,137
- Other debts +€207,758
up €207,758 (+5150.6%), from €4,034 to €211,792
- Short-term financial debts -€206,093
down €206,093 (-37.1%), from €556,093 to €350,000
- Debts after one year +€195,814
up €195,814 (+19.6%), from €998,429 to €1.2m
- Reserves -€136,245
down €136,245 (-18.4%), from €738,847 to €602,602
of which Distributable reserves: -€136,245
- Staff costs -€240,636
down €240,636 (-26.5%), from €907,579 to €666,943
- Gross operating margin +€205,735
up €205,735 (+15.2%), from €1.4m to €1.6m
- Depreciation +€111,542
up €111,542 (+44.4%), from €251,131 to €362,673
- Taxes +€77,390
up €77,390 (+1331.8%), from €5,811 to €83,201
- Write-downs -€35,574
down €35,574 (-74.6%), from €47,677 to €12,103
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 | €3,676,519 | €4,024,964 | +€348,446 | +9.5% |
| Fixed assets | 21/28 | €973,794 | €1,494,690 | +€520,896 | +53.5% |
| Intangible fixed assets | 21 | €16,162 | €19,253 | +€3,091 | +19.1% |
| Tangible fixed assets | 22/27 | €954,562 | €1,472,367 | +€517,805 | +54.2% |
| Plant, machinery and equipment | 23 | €561,626 | €820,013 | +€258,388 | +46.0% |
| Furniture and vehicles | 24 | €252,522 | €237,720 | -€14,803 | -5.9% |
| Leasing and similar rights | 25 | €58,449 | €354,516 | +€296,067 | +506.5% |
| Other tangible fixed assets | 26 | €81,965 | €60,118 | -€21,847 | -26.7% |
| Financial fixed assets | 28 | €3,070 | €3,070 | = | 0.0% |
| Current assets | 29/58 | €2,702,724 | €2,530,274 | -€172,450 | -6.4% |
| Stocks and contracts in progress | 3 | €1,415,018 | €1,227,596 | -€187,422 | -13.2% |
| Stocks | 30/36 | €1,415,018 | €1,227,596 | -€187,422 | -13.2% |
| Amounts receivable within one year | 40/41 | €1,031,684 | €832,050 | -€199,634 | -19.4% |
| Trade receivables | 40 | €913,090 | €760,339 | -€152,751 | -16.7% |
| Other amounts receivable | 41 | €118,594 | €71,711 | -€46,884 | -39.5% |
| Cash at bank and in hand | 54/58 | €243,802 | €438,862 | +€195,060 | +80.0% |
| Deferred charges and accrued income | 490/1 | €12,220 | €31,766 | +€19,546 | +159.9% |
| Total equity and liabilities | 10/49 | €3,676,519 | €4,024,964 | +€348,446 | +9.5% |
| Equity | 10/15 | €1,324,876 | €1,462,739 | +€137,863 | +10.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €738,847 | €602,602 | -€136,245 | -18.4% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €688,847 | €552,602 | -€136,245 | -19.8% |
| Profit (loss) carried forward | 14 | €86,028 | €360,137 | +€274,109 | +318.6% |
| Amounts payable | 17/49 | €2,351,643 | €2,562,226 | +€210,582 | +9.0% |
| Amounts payable after more than one year | 17 | €998,429 | €1,194,242 | +€195,814 | +19.6% |
| Financial debts | 170/4 | €998,429 | €1,194,242 | +€195,814 | +19.6% |
| Amounts payable within one year | 42/48 | €1,324,566 | €1,334,579 | +€10,013 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €266,141 | €266,731 | +€590 | +0.2% |
| Financial debts | 43 | €556,093 | €350,000 | -€206,093 | -37.1% |
| Credit institutions | 430/8 | €556,093 | €350,000 | -€206,093 | -37.1% |
| Trade debts | 44 | €336,642 | €385,622 | +€48,979 | +14.5% |
| Suppliers | 440/4 | €336,642 | €385,622 | +€48,979 | +14.5% |
| Advances received on contracts in progress | 46 | €91,344 | €57,445 | -€33,899 | -37.1% |
| Taxes, remuneration and social security | 45 | €70,312 | €62,990 | -€7,322 | -10.4% |
| Taxes | 450/3 | €673 | €623 | -€51 | -7.5% |
| Remuneration and social security | 454/9 | €69,639 | €62,367 | -€7,272 | -10.4% |
| Other amounts payable | 47/48 | €4,034 | €211,792 | +€207,758 | +5150.6% |
| Accrued charges and deferred income | 492/3 | €28,648 | €33,404 | +€4,756 | +16.6% |
| Non-recurring operating income | 76A | €8,112 | €12,960 | +€4,849 | +59.8% |
| Remuneration, social security and pensions | 62 | €907,579 | €666,943 | -€240,636 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251,131 | €362,673 | +€111,542 | +44.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €47,677 | €12,103 | -€35,574 | -74.6% |
| Other operating charges | 640/8 | €13,308 | €16,604 | +€3,296 | +24.8% |
| Non-recurring operating charges | 66A | €849 | €4,780 | +€3,931 | +463.1% |
| Gross operating margin | 9900 | €1,354,426 | €1,560,160 | +€205,735 | +15.2% |
| Operating profit (loss) | 9901 | €133,883 | €497,058 | +€363,175 | +271.3% |
| Financial income | 75/76B | €5,509 | €647 | -€4,862 | -88.3% |
| Recurring financial income | 75 | €5,509 | €647 | -€4,862 | -88.3% |
| Financial charges | 65/66B | €117,801 | €97,838 | -€19,963 | -16.9% |
| Recurring financial charges | 65 | €117,801 | €97,838 | -€19,963 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €21,591 | €399,867 | +€378,276 | +1752.0% |
| Income taxes | 67/77 | €5,811 | €83,201 | +€77,390 | +1331.8% |
| Profit (loss) for the period | 9904 | €15,780 | €316,666 | +€300,886 | +1906.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,780 | €316,666 | +€300,886 | +1906.7% |
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 29 September 2026 via checked.be.