XZEN: 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.
XZEN
Largest movements
- Tangible fixed assets -€29,078
down €29,078 (-24.0%), from €120,978 to €91,901
of which Furniture and vehicles: -€27,095
- Cash -€16,726
down €16,726 (-22.2%), from €75,240 to €58,514
mainly Contributions, distributions and other (-€74,212) and Tax, wage and social debts (-€34,588)
- Receivables within one year -€15,292
down €15,292 (-17.8%), from €85,931 to €70,639
of which Trade receivables: -€13,227
- Tax, wage and social debts -€34,588
down €34,588 (-50.4%), from €68,679 to €34,091
- Debts after one year -€13,132
down €13,132 (-36.4%), from €36,101 to €22,969
- Reserves -€7,671
down €7,671 (-4.2%), from €184,512 to €176,840
- Other debts -€4,334
down €4,334 (-6.2%), from €70,369 to €66,035
- Gross operating margin -€76,344
down €76,344 (-35.2%), from €216,598 to €140,253
- Taxes -€12,966
down €12,966 (-25.6%), from €50,705 to €37,739
- Write-downs -€6,398
down €6,398 (-62.7%), from €10,198 to €3,800
- Depreciation +€4,817
up €4,817 (+16.7%), from €28,900 to €33,717
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 | €401,839 | €340,708 | -€61,131 | -15.2% |
| Fixed assets | 21/28 | €120,978 | €91,901 | -€29,078 | -24.0% |
| Tangible fixed assets | 22/27 | €120,978 | €91,901 | -€29,078 | -24.0% |
| Plant, machinery and equipment | 23 | €6,700 | €6,707 | +€7 | +0.1% |
| Furniture and vehicles | 24 | €97,545 | €70,449 | -€27,095 | -27.8% |
| Other tangible fixed assets | 26 | €16,733 | €14,744 | -€1,990 | -11.9% |
| Current assets | 29/58 | €280,861 | €248,807 | -€32,053 | -11.4% |
| Stocks and contracts in progress | 3 | €5,099 | €1,299 | -€3,800 | -74.5% |
| Stocks | 30/36 | €5,099 | €1,299 | -€3,800 | -74.5% |
| Amounts receivable within one year | 40/41 | €85,931 | €70,639 | -€15,292 | -17.8% |
| Trade receivables | 40 | €15,519 | €2,292 | -€13,227 | -85.2% |
| Other amounts receivable | 41 | €70,412 | €68,347 | -€2,065 | -2.9% |
| Current investments | 50/53 | €109,887 | €112,898 | +€3,012 | +2.7% |
| Cash at bank and in hand | 54/58 | €75,240 | €58,514 | -€16,726 | -22.2% |
| Deferred charges and accrued income | 490/1 | €4,705 | €5,457 | +€753 | +16.0% |
| Total equity and liabilities | 10/49 | €401,839 | €340,708 | -€61,131 | -15.2% |
| Equity | 10/15 | €184,612 | €176,940 | -€7,671 | -4.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €184,512 | €176,840 | -€7,671 | -4.2% |
| Distributable reserves | 133 | €184,512 | €176,840 | -€7,671 | -4.2% |
| Amounts payable | 17/49 | €217,227 | €163,768 | -€53,460 | -24.6% |
| Amounts payable after more than one year | 17 | €36,101 | €22,969 | -€13,132 | -36.4% |
| Financial debts | 170/4 | €36,101 | €22,969 | -€13,132 | -36.4% |
| Amounts payable within one year | 42/48 | €163,335 | €120,629 | -€42,706 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €13,799 | €13,132 | -€667 | -4.8% |
| Trade debts | 44 | €10,487 | €7,371 | -€3,117 | -29.7% |
| Suppliers | 440/4 | €10,487 | €7,371 | -€3,117 | -29.7% |
| Taxes, remuneration and social security | 45 | €68,679 | €34,091 | -€34,588 | -50.4% |
| Taxes | 450/3 | €68,679 | €34,091 | -€34,588 | -50.4% |
| Other amounts payable | 47/48 | €70,369 | €66,035 | -€4,334 | -6.2% |
| Accrued charges and deferred income | 492/3 | €17,791 | €20,169 | +€2,378 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,900 | €33,717 | +€4,817 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,198 | €3,800 | -€6,398 | -62.7% |
| Other operating charges | 640/8 | €2,071 | €1,368 | -€703 | -33.9% |
| Gross operating margin | 9900 | €216,598 | €140,253 | -€76,344 | -35.2% |
| Operating profit (loss) | 9901 | €175,429 | €101,368 | -€74,061 | -42.2% |
| Financial income | 75/76B | €4,393 | €4,602 | +€210 | +4.8% |
| Recurring financial income | 75 | €4,393 | €4,602 | +€210 | +4.8% |
| Financial charges | 65/66B | €2,132 | €1,691 | -€441 | -20.7% |
| Recurring financial charges | 65 | €2,132 | €1,691 | -€441 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €177,689 | €104,279 | -€73,410 | -41.3% |
| Income taxes | 67/77 | €50,705 | €37,739 | -€12,966 | -25.6% |
| Profit (loss) for the period | 9904 | €126,984 | €66,540 | -€60,443 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,984 | €66,540 | -€60,443 | -47.6% |
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 26 October 2026 via checked.be.