A.X.L.: 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.
A.X.L.
Largest movements
- Receivables within one year +€396,012
up €396,012 (+217%), from €182,762 to €578,774
of which Trade receivables: +€391,621
- Stocks and contracts -€61,847
down €61,847 (-95.2%), from €64,947 to €3,100
- Tangible fixed assets -€46,927
down €46,927 (-91.4%), from €51,357 to €4,430
of which Furniture and vehicles: -€46,770
- Cash -€9,358
down €9,358 (-26.8%), from €34,930 to €25,572
mainly Receivables within one year (-€396,012) and Trade debts (-€42,716)
- Reserves +€181,447
up €181,447 (+774%), from €23,450 to €204,898
- Profit (loss) carried forward +€62,256
no longer reported in 2025 (was -€62,256)
- Tax, wage and social debts +€53,964
up €53,964 (+121%), from €44,617 to €98,582
of which Taxes: +€66,478
- Other debts +€43,264
up €43,264 (+29.0%), from €149,424 to €192,688
- Trade debts -€42,716
down €42,716 (-37.3%), from €114,672 to €71,956
- Gross operating margin +€290,046
up €290,046 (+217%), from €133,776 to €423,822
- Taxes +€90,227
up €90,227 (+45,738%), from €197 to €90,424
- Staff costs -€62,749
down €62,749 (-57.5%), from €109,126 to €46,377
- Depreciation -€26,490
down €26,490 (-95.9%), from €27,628 to €1,138
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 | €338,670 | €611,875 | +€273,206 | +80.7% |
| Fixed assets | 21/28 | €51,357 | €4,430 | -€46,927 | -91.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €51,357 | €4,430 | -€46,927 | -91.4% |
| Plant, machinery and equipment | 23 | €248 | €91 | -€157 | -63.2% |
| Furniture and vehicles | 24 | €51,109 | €4,339 | -€46,770 | -91.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €287,313 | €607,445 | +€320,133 | +111% |
| Stocks and contracts in progress | 3 | €64,947 | €3,100 | -€61,847 | -95.2% |
| Stocks | 30/36 | €64,947 | €3,100 | -€61,847 | -95.2% |
| Amounts receivable within one year | 40/41 | €182,762 | €578,774 | +€396,012 | +217% |
| Trade receivables | 40 | €182,333 | €573,955 | +€391,621 | +215% |
| Other amounts receivable | 41 | €428 | €4,819 | +€4,391 | +1,025% |
| Cash at bank and in hand | 54/58 | €34,930 | €25,572 | -€9,358 | -26.8% |
| Deferred charges and accrued income | 490/1 | €4,675 | - | -€4,675 | |
| Total equity and liabilities | 10/49 | €338,670 | €611,875 | +€273,206 | +80.7% |
| Equity | 10/15 | -€20,214 | €223,490 | +€243,703 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,450 | €204,898 | +€181,447 | +774% |
| Distributable reserves | 133 | €23,450 | €204,898 | +€181,447 | +774% |
| Profit (loss) carried forward | 14 | -€62,256 | - | +€62,256 | |
| Amounts payable | 17/49 | €358,883 | €388,386 | +€29,502 | +8.2% |
| Amounts payable after more than one year | 17 | €25,160 | €11,001 | -€14,159 | -56.3% |
| Financial debts | 170/4 | €25,160 | €11,001 | -€14,159 | -56.3% |
| Amounts payable within one year | 42/48 | €333,723 | €377,385 | +€43,661 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €25,009 | €14,159 | -€10,850 | -43.4% |
| Trade debts | 44 | €114,672 | €71,956 | -€42,716 | -37.3% |
| Suppliers | 440/4 | €114,672 | €71,956 | -€42,716 | -37.3% |
| Taxes, remuneration and social security | 45 | €44,617 | €98,582 | +€53,964 | +121% |
| Taxes | 450/3 | €24,980 | €91,458 | +€66,478 | +266% |
| Remuneration and social security | 454/9 | €19,637 | €7,123 | -€12,514 | -63.7% |
| Other amounts payable | 47/48 | €149,424 | €192,688 | +€43,264 | +29.0% |
| Non-recurring operating income | 76A | - | €408,849 | +€408,849 | |
| Remuneration, social security and pensions | 62 | €109,126 | €46,377 | -€62,749 | -57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,628 | €1,138 | -€26,490 | -95.9% |
| Other operating charges | 640/8 | €1,588 | €1,257 | -€330 | -20.8% |
| Non-recurring operating charges | 66A | €16,060 | €37,363 | +€21,303 | +133% |
| Gross operating margin | 9900 | €133,776 | €423,822 | +€290,046 | +217% |
| Operating profit (loss) | 9901 | -€20,627 | €337,686 | +€358,313 | |
| Financial income | 75/76B | €3,191 | €368 | -€2,823 | -88.5% |
| Recurring financial income | 75 | €3,191 | €368 | -€2,823 | -88.5% |
| Financial charges | 65/66B | €5,537 | €3,927 | -€1,610 | -29.1% |
| Recurring financial charges | 65 | €5,537 | €3,927 | -€1,610 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,973 | €334,127 | +€357,100 | |
| Income taxes | 67/77 | €197 | €90,424 | +€90,227 | +45,738% |
| Profit (loss) for the period | 9904 | -€23,170 | €243,703 | +€266,873 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,170 | €243,703 | +€266,873 |
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 17 October 2026 via checked.be.