XERXES: 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.
XERXES
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+31.4%), from €3.9m to €5.1m
- Current investments -€408,674
down €408,674 (-73.1%), from €558,748 to €150,073
- Receivables within one year -€156,138
down €156,138 (-39.6%), from €394,280 to €238,141
of which Trade receivables: -€118,171
- Cash -€136,248
down €136,248 (-77.6%), from €175,585 to €39,337
mainly Investment in fixed assets (net) (-€1.4m) and Tax, wage and social debts (-€13,350)
- Current portion of long-term debt +€267,047
new in 2025: €267,047
- Reserves +€139,264
up €139,264 (+3.4%), from €4.1m to €4.2m
of which Distributable reserves: +€175,071
- Advances received +€100,000
new in 2025: €100,000
- Depreciation +€73,073
up €73,073 (+48.2%), from €151,531 to €224,603
- Gross operating margin +€65,780
up €65,780 (+15.5%), from €423,072 to €488,852
- Financial income -€18,848
down €18,848 (-60.5%), from €31,148 to €12,299
- Taxes -€11,598
down €11,598 (-12.6%), from €91,955 to €80,357
- Financial charges +€10,521
up €10,521 (+40.8%), from €25,808 to €36,329
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 | €5,489,506 | €6,014,061 | +€524,555 | +9.6% |
| Fixed assets | 21/28 | €4,358,521 | €5,583,217 | +€1.2m | +28.1% |
| Tangible fixed assets | 22/27 | €3,898,757 | €5,123,454 | +€1.2m | +31.4% |
| Land and buildings | 22 | €3,898,757 | €5,123,454 | +€1.2m | +31.4% |
| Financial fixed assets | 28 | €459,763 | €459,763 | = | 0.0% |
| Current assets | 29/58 | €1,130,985 | €430,843 | -€700,142 | -61.9% |
| Amounts receivable within one year | 40/41 | €394,280 | €238,141 | -€156,138 | -39.6% |
| Trade receivables | 40 | €140,710 | €22,540 | -€118,171 | -84.0% |
| Other amounts receivable | 41 | €253,569 | €215,601 | -€37,968 | -15.0% |
| Current investments | 50/53 | €558,748 | €150,073 | -€408,674 | -73.1% |
| Cash at bank and in hand | 54/58 | €175,585 | €39,337 | -€136,248 | -77.6% |
| Deferred charges and accrued income | 490/1 | €2,372 | €3,291 | +€919 | +38.7% |
| Total equity and liabilities | 10/49 | €5,489,506 | €6,014,061 | +€524,555 | +9.6% |
| Equity | 10/15 | €4,931,060 | €5,070,324 | +€139,264 | +2.8% |
| Contributions | 10/11 | €828,000 | €828,000 | = | 0.0% |
| Capital | 10 | €828,000 | €828,000 | = | 0.0% |
| Issued capital | 100 | €828,000 | €828,000 | = | 0.0% |
| Reserves | 13 | €4,103,060 | €4,242,324 | +€139,264 | +3.4% |
| Non-distributable reserves | 130/1 | €82,800 | €82,800 | = | 0.0% |
| Legal reserve | 130 | €82,800 | €82,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €385,293 | €349,486 | -€35,807 | -9.3% |
| Distributable reserves | 133 | €3,634,967 | €3,810,038 | +€175,071 | +4.8% |
| Provisions and deferred taxes | 16 | €128,431 | €116,495 | -€11,936 | -9.3% |
| Deferred taxes | 168 | €128,431 | €116,495 | -€11,936 | -9.3% |
| Amounts payable | 17/49 | €430,014 | €827,241 | +€397,227 | +92.4% |
| Amounts payable within one year | 42/48 | €390,336 | €783,393 | +€393,057 | +100.7% |
| Current portion of amounts payable after more than one year | 42 | - | €267,047 | +€267,047 | |
| Trade debts | 44 | €889 | €0 | -€889 | -100.0% |
| Suppliers | 440/4 | €889 | €0 | -€889 | -100.0% |
| Advances received on contracts in progress | 46 | - | €100,000 | +€100,000 | |
| Taxes, remuneration and social security | 45 | €19,791 | €6,442 | -€13,350 | -67.5% |
| Taxes | 450/3 | €19,791 | €6,442 | -€13,350 | -67.5% |
| Other amounts payable | 47/48 | €369,655 | €409,903 | +€40,249 | +10.9% |
| Accrued charges and deferred income | 492/3 | €39,679 | €43,849 | +€4,170 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,531 | €224,603 | +€73,073 | +48.2% |
| Other operating charges | 640/8 | €29,824 | €32,535 | +€2,711 | +9.1% |
| Gross operating margin | 9900 | €423,072 | €488,852 | +€65,780 | +15.5% |
| Operating profit (loss) | 9901 | €241,718 | €231,714 | -€10,004 | -4.1% |
| Financial income | 75/76B | €31,148 | €12,299 | -€18,848 | -60.5% |
| Recurring financial income | 75 | €31,148 | €12,299 | -€18,848 | -60.5% |
| Financial charges | 65/66B | €25,808 | €36,329 | +€10,521 | +40.8% |
| Recurring financial charges | 65 | €25,808 | €36,329 | +€10,521 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €247,058 | €207,685 | -€39,373 | -15.9% |
| Transfer from deferred taxes | 780 | €11,190 | €11,936 | +€746 | +6.7% |
| Income taxes | 67/77 | €91,955 | €80,357 | -€11,598 | -12.6% |
| Profit (loss) for the period | 9904 | €166,293 | €139,264 | -€27,030 | -16.3% |
| Transfer from tax-exempt reserves | 789 | €33,571 | €35,807 | +€2,237 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €199,864 | €175,071 | -€24,793 | -12.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.