A.xelle: 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.xelle
Largest movements
- Cash +€66,331
up €66,331 (+81.6%), from €81,269 to €147,600
mainly Net result for the year (+€82,549) and Depreciation (+€17,753)
- Tangible fixed assets -€14,428
down €14,428 (-16.1%), from €89,580 to €75,152
of which Plant, machinery and equipment: -€8,356
- Reserves +€82,549
up €82,549 (+122%), from €67,705 to €150,254
- Tax, wage and social debts -€14,601
down €14,601 (-21.1%), from €69,199 to €54,598
of which Taxes: -€19,940
- Trade debts -€11,803
down €11,803 (-41.0%), from €28,756 to €16,954
- Other debts -€5,332
down €5,332 (-77.9%), from €6,841 to €1,509
- Gross operating margin +€44,788
up €44,788 (+13.4%), from €333,221 to €378,009
- Staff costs +€24,333
up €24,333 (+10.9%), from €224,252 to €248,585
- Taxes +€4,478
up €4,478 (+23.7%), from €18,913 to €23,391
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 | €179,151 | €230,335 | +€51,184 | +28.6% |
| Fixed assets | 21/28 | €89,580 | €75,152 | -€14,428 | -16.1% |
| Tangible fixed assets | 22/27 | €89,580 | €75,152 | -€14,428 | -16.1% |
| Land and buildings | 22 | €18,907 | €19,218 | +€311 | +1.6% |
| Plant, machinery and equipment | 23 | €23,241 | €14,885 | -€8,356 | -36.0% |
| Furniture and vehicles | 24 | €40,790 | €37,834 | -€2,956 | -7.2% |
| Other tangible fixed assets | 26 | €6,642 | €3,215 | -€3,427 | -51.6% |
| Current assets | 29/58 | €89,571 | €155,182 | +€65,611 | +73.3% |
| Stocks and contracts in progress | 3 | €1,110 | €567 | -€543 | -48.9% |
| Stocks | 30/36 | €1,110 | €567 | -€543 | -48.9% |
| Amounts receivable within one year | 40/41 | €3,053 | €3,045 | -€8 | -0.3% |
| Trade receivables | 40 | €3,036 | €3,009 | -€27 | -0.9% |
| Other amounts receivable | 41 | €17 | €36 | +€19 | +113% |
| Cash at bank and in hand | 54/58 | €81,269 | €147,600 | +€66,331 | +81.6% |
| Deferred charges and accrued income | 490/1 | €4,139 | €3,971 | -€168 | -4.1% |
| Total equity and liabilities | 10/49 | €179,151 | €230,335 | +€51,184 | +28.6% |
| Equity | 10/15 | €73,905 | €156,454 | +€82,549 | +112% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €67,705 | €150,254 | +€82,549 | +122% |
| Distributable reserves | 133 | €67,705 | €150,254 | +€82,549 | +122% |
| Amounts payable | 17/49 | €105,246 | €73,881 | -€31,365 | -29.8% |
| Amounts payable within one year | 42/48 | €104,796 | €73,061 | -€31,735 | -30.3% |
| Trade debts | 44 | €28,756 | €16,954 | -€11,803 | -41.0% |
| Suppliers | 440/4 | €28,756 | €16,954 | -€11,803 | -41.0% |
| Taxes, remuneration and social security | 45 | €69,199 | €54,598 | -€14,601 | -21.1% |
| Taxes | 450/3 | €52,901 | €32,962 | -€19,940 | -37.7% |
| Remuneration and social security | 454/9 | €16,297 | €21,636 | +€5,339 | +32.8% |
| Other amounts payable | 47/48 | €6,841 | €1,509 | -€5,332 | -77.9% |
| Accrued charges and deferred income | 492/3 | €450 | €821 | +€371 | +82.4% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €224,252 | €248,585 | +€24,333 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,490 | €17,753 | -€737 | -4.0% |
| Other operating charges | 640/8 | €5,116 | €5,292 | +€176 | +3.4% |
| Gross operating margin | 9900 | €333,221 | €378,009 | +€44,788 | +13.4% |
| Operating profit (loss) | 9901 | €85,363 | €106,379 | +€21,016 | +24.6% |
| Financial income | 75/76B | €3,114 | €1,377 | -€1,737 | -55.8% |
| Recurring financial income | 75 | €3,114 | €1,377 | -€1,737 | -55.8% |
| Financial charges | 65/66B | €1,859 | €1,816 | -€43 | -2.3% |
| Recurring financial charges | 65 | €1,859 | €1,816 | -€43 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €86,618 | €105,940 | +€19,322 | +22.3% |
| Income taxes | 67/77 | €18,913 | €23,391 | +€4,478 | +23.7% |
| Profit (loss) for the period | 9904 | €67,705 | €82,549 | +€14,844 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,705 | €82,549 | +€14,844 | +21.9% |
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 25 October 2026 via checked.be.