ARAXAL: 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.
ARAXAL
Largest movements
- Financial fixed assets -€4.1m
down €4.1m (-61.8%), from €6.6m to €2.5m
- Intangible fixed assets +€1.4m
new in 2025: €1.4m
- Receivables within one year -€84,022
down €84,022 (-79.0%), from €106,314 to €22,292
of which Trade receivables: -€81,000
- Reserves -€1.7m
down €1.7m (-38.5%), from €4.4m to €2.7m
of which Distributable reserves: -€1.7m
- Contributions -€793,117
down €793,117 (-38.6%), from €2.1m to €1.3m
- Other debts -€125,347
down €125,347 (-54.4%), from €230,519 to €105,172
- Profit (loss) carried forward -€95,631
new in 2025: -€95,631
- Gross operating margin -€135,923
down €135,923 (-99.0%), from €137,287 to €1,363
- Staff costs -€36,887
down €36,887 (-30.6%), from €120,518 to €83,631
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 | €6,723,498 | €3,975,173 | -€2.7m | -40.9% |
| Fixed assets | 21/28 | €6,592,021 | €3,943,169 | -€2.6m | -40.2% |
| Intangible fixed assets | 21 | - | €1,417,938 | +€1.4m | |
| Tangible fixed assets | 22/27 | €32,918 | €20,557 | -€12,361 | -37.6% |
| Furniture and vehicles | 24 | €32,918 | €20,557 | -€12,361 | -37.6% |
| Financial fixed assets | 28 | €6,559,102 | €2,504,674 | -€4.1m | -61.8% |
| Current assets | 29/58 | €131,478 | €32,004 | -€99,474 | -75.7% |
| Amounts receivable within one year | 40/41 | €106,314 | €22,292 | -€84,022 | -79.0% |
| Trade receivables | 40 | €83,250 | €2,250 | -€81,000 | -97.3% |
| Other amounts receivable | 41 | €23,064 | €20,042 | -€3,022 | -13.1% |
| Cash at bank and in hand | 54/58 | €24,081 | €8,567 | -€15,514 | -64.4% |
| Deferred charges and accrued income | 490/1 | €1,082 | €1,145 | +€63 | +5.8% |
| Total equity and liabilities | 10/49 | €6,723,498 | €3,975,173 | -€2.7m | -40.9% |
| Equity | 10/15 | €6,432,463 | €3,857,453 | -€2.6m | -40.0% |
| Contributions | 10/11 | €2,057,140 | €1,264,023 | -€793,117 | -38.6% |
| Reserves | 13 | €4,375,323 | €2,689,061 | -€1.7m | -38.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €4,375,323 | €2,689,061 | -€1.7m | -38.5% |
| Profit (loss) carried forward | 14 | - | -€95,631 | -€95,631 | |
| Amounts payable | 17/49 | €291,035 | €117,720 | -€173,316 | -59.6% |
| Amounts payable after more than one year | 17 | €12,211 | €0 | -€12,211 | -100% |
| Financial debts | 170/4 | €12,211 | €0 | -€12,211 | -100% |
| Amounts payable within one year | 42/48 | €278,825 | €117,720 | -€161,105 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €15,824 | €12,211 | -€3,614 | -22.8% |
| Trade debts | 44 | €2,696 | €337 | -€2,359 | -87.5% |
| Suppliers | 440/4 | €2,696 | €337 | -€2,359 | -87.5% |
| Taxes, remuneration and social security | 45 | €29,785 | €0 | -€29,785 | -100% |
| Taxes | 450/3 | €7,016 | €0 | -€7,016 | -100% |
| Remuneration and social security | 454/9 | €22,769 | €0 | -€22,769 | -100% |
| Other amounts payable | 47/48 | €230,519 | €105,172 | -€125,347 | -54.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €120,518 | €83,631 | -€36,887 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,361 | €12,361 | = | 0.0% |
| Other operating charges | 640/8 | €269 | €285 | +€16 | +5.8% |
| Gross operating margin | 9900 | €137,287 | €1,363 | -€135,923 | -99.0% |
| Operating profit (loss) | 9901 | €4,137 | -€94,914 | -€99,052 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,226 | €716 | -€509 | -41.6% |
| Recurring financial charges | 65 | €1,226 | €716 | -€509 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €2,912 | -€95,631 | -€98,542 | |
| Income taxes | 67/77 | €1,316 | €0 | -€1,316 | -100% |
| Profit (loss) for the period | 9904 | €1,595 | -€95,631 | -€97,226 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,595 | -€95,631 | -€97,226 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.