A&XL: 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&XL
Largest movements
- Stocks and contracts -€95,198
down €95,198 (-86.5%), from €110,094 to €14,896
- Tangible fixed assets -€35,308
down €35,308 (-28.9%), from €122,353 to €87,045
of which Furniture and vehicles: -€31,758
- Cash +€34,901
up €34,901 (+9.3%), from €374,323 to €409,224
mainly Stocks and contracts (+€95,198) and Other debts (+€69,072)
- Deferred charges and accrued income +€22,435
up €22,435 (+316%), from €7,103 to €29,538
- Receivables within one year +€18,894
up €18,894 (+15.4%), from €122,932 to €141,826
of which Trade receivables: +€47,613
- Trade debts -€173,087
down €173,087 (-93.5%), from €185,178 to €12,091
- Other debts +€69,072
up €69,072 (+151%), from €45,885 to €114,957
- Reserves +€64,159
up €64,159 (+15.2%), from €422,348 to €486,507
of which Distributable reserves: +€64,159
- Debts after one year -€20,520
down €20,520 (-42.7%), from €48,059 to €27,539
- Gross operating margin -€62,857
down €62,857 (-25.6%), from €245,732 to €182,875
- Taxes -€19,780
down €19,780 (-43.8%), from €45,154 to €25,374
- Staff costs +€11,574
up €11,574 (+29.3%), from €39,509 to €51,083
- Depreciation -€10,785
down €10,785 (-23.4%), from €46,093 to €35,308
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 | €736,805 | €682,529 | -€54,276 | -7.4% |
| Fixed assets | 21/28 | €122,353 | €87,045 | -€35,308 | -28.9% |
| Tangible fixed assets | 22/27 | €122,353 | €87,045 | -€35,308 | -28.9% |
| Plant, machinery and equipment | 23 | €20,042 | €16,492 | -€3,550 | -17.7% |
| Furniture and vehicles | 24 | €102,311 | €70,553 | -€31,758 | -31.0% |
| Current assets | 29/58 | €614,452 | €595,484 | -€18,968 | -3.1% |
| Stocks and contracts in progress | 3 | €110,094 | €14,896 | -€95,198 | -86.5% |
| Stocks | 30/36 | €110,094 | €14,896 | -€95,198 | -86.5% |
| Amounts receivable within one year | 40/41 | €122,932 | €141,826 | +€18,894 | +15.4% |
| Trade receivables | 40 | €86,380 | €133,993 | +€47,613 | +55.1% |
| Other amounts receivable | 41 | €36,552 | €7,834 | -€28,719 | -78.6% |
| Cash at bank and in hand | 54/58 | €374,323 | €409,224 | +€34,901 | +9.3% |
| Deferred charges and accrued income | 490/1 | €7,103 | €29,538 | +€22,435 | +316% |
| Total equity and liabilities | 10/49 | €736,805 | €682,529 | -€54,276 | -7.4% |
| Equity | 10/15 | €428,548 | €492,707 | +€64,159 | +15.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €422,348 | €486,507 | +€64,159 | +15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €420,488 | €484,647 | +€64,159 | +15.3% |
| Amounts payable | 17/49 | €308,257 | €189,822 | -€118,435 | -38.4% |
| Amounts payable after more than one year | 17 | €48,059 | €27,539 | -€20,520 | -42.7% |
| Financial debts | 170/4 | €48,059 | €27,539 | -€20,520 | -42.7% |
| Amounts payable within one year | 42/48 | €260,198 | €162,283 | -€97,915 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €21,604 | €20,520 | -€1,084 | -5.0% |
| Trade debts | 44 | €185,178 | €12,091 | -€173,087 | -93.5% |
| Suppliers | 440/4 | €185,178 | €12,091 | -€173,087 | -93.5% |
| Taxes, remuneration and social security | 45 | €7,531 | €14,715 | +€7,183 | +95.4% |
| Taxes | 450/3 | €4,057 | €1,640 | -€2,416 | -59.6% |
| Remuneration and social security | 454/9 | €3,475 | €13,074 | +€9,600 | +276% |
| Other amounts payable | 47/48 | €45,885 | €114,957 | +€69,072 | +151% |
| Non-recurring operating income | 76A | €3,320 | - | -€3,320 | |
| Remuneration, social security and pensions | 62 | €39,509 | €51,083 | +€11,574 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,093 | €35,308 | -€10,785 | -23.4% |
| Other operating charges | 640/8 | €697 | €261 | -€436 | -62.6% |
| Gross operating margin | 9900 | €245,732 | €182,875 | -€62,857 | -25.6% |
| Operating profit (loss) | 9901 | €159,432 | €96,222 | -€63,210 | -39.6% |
| Financial income | 75/76B | €2 | €2 | +€0 | +1.3% |
| Recurring financial income | 75 | €2 | €2 | +€0 | +1.3% |
| Financial charges | 65/66B | €4,974 | €5,025 | +€51 | +1.0% |
| Recurring financial charges | 65 | €4,974 | €5,025 | +€51 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €154,460 | €91,199 | -€63,261 | -41.0% |
| Income taxes | 67/77 | €45,154 | €25,374 | -€19,780 | -43.8% |
| Profit (loss) for the period | 9904 | €109,305 | €65,825 | -€43,480 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,305 | €65,825 | -€43,480 | -39.8% |
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 21 October 2026 via checked.be.