AX: what changed
Two fiscal 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.
AX
Largest movements
- Receivables within one year -€178,418
down €178,418 (-59.2%), from €301,288 to €122,869
of which Trade receivables: -€112,348
- Receivables after one year +€161,200
up €161,200 (+10.0%), from €1.6m to €1.8m
- Cash -€108,671
down €108,671 (-51.3%), from €211,709 to €103,038
mainly Other debts (-€300,476) and Receivables after one year (-€161,200)
- Other debts -€300,476
down €300,476 (-58.6%), from €512,822 to €212,346
- Reserves +€159,000
up €159,000 (+8.9%), from €1.8m to €2.0m
of which Distributable reserves: +€159,000
- Gross operating margin -€93,694
down €93,694 (-53.1%), from €176,374 to €82,680
- Financial income +€50,573
up €50,573 (+45.4%), from €111,466 to €162,039
- Taxes -€8,558
down €8,558 (-12.8%), from €66,850 to €58,293
- Depreciation -€2,740
down €2,740 (-10.8%), from €25,267 to €22,527
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.
Cash bridge derived
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 | €2,412,697 | €2,279,550 | -€133,147 | -5.5% |
| Fixed assets | 21/28 | €272,303 | €267,670 | -€4,633 | -1.7% |
| Tangible fixed assets | 22/27 | €272,303 | €267,670 | -€4,633 | -1.7% |
| Plant, machinery and equipment | 23 | - | €1,847 | +€1,847 | |
| Furniture and vehicles | 24 | €62,472 | €42,234 | -€20,238 | -32.4% |
| Other tangible fixed assets | 26 | €209,831 | €223,589 | +€13,758 | +6.6% |
| Current assets | 29/58 | €2,140,393 | €2,011,880 | -€128,513 | -6.0% |
| Amounts receivable after more than one year | 29 | €1,612,000 | €1,773,200 | +€161,200 | +10.0% |
| Other amounts receivable | 291 | €1,612,000 | €1,773,200 | +€161,200 | +10.0% |
| Amounts receivable within one year | 40/41 | €301,288 | €122,869 | -€178,418 | -59.2% |
| Trade receivables | 40 | €226,460 | €114,112 | -€112,348 | -49.6% |
| Other amounts receivable | 41 | €74,828 | €8,757 | -€66,070 | -88.3% |
| Cash at bank and in hand | 54/58 | €211,709 | €103,038 | -€108,671 | -51.3% |
| Deferred charges and accrued income | 490/1 | €15,397 | €12,773 | -€2,624 | -17.0% |
| Total equity and liabilities | 10/49 | €2,412,697 | €2,279,550 | -€133,147 | -5.5% |
| Equity | 10/15 | €1,814,902 | €1,973,902 | +€159,000 | +8.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,796,352 | €1,955,352 | +€159,000 | +8.9% |
| Tax-exempt reserves | 132 | €757 | €757 | = | 0.0% |
| Distributable reserves | 133 | €1,795,595 | €1,954,595 | +€159,000 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €597,794 | €305,647 | -€292,147 | -48.9% |
| Amounts payable within one year | 42/48 | €597,794 | €305,647 | -€292,147 | -48.9% |
| Financial debts | 43 | €2,090 | €4,801 | +€2,711 | +129.7% |
| Credit institutions | 430/8 | €2,090 | €4,801 | +€2,711 | +129.7% |
| Trade debts | 44 | €192 | €8,365 | +€8,173 | +4259.2% |
| Suppliers | 440/4 | €192 | €8,365 | +€8,173 | +4259.2% |
| Advances received on contracts in progress | 46 | €450 | €0 | -€450 | -100.0% |
| Taxes, remuneration and social security | 45 | €82,241 | €80,136 | -€2,105 | -2.6% |
| Taxes | 450/3 | €82,241 | €80,136 | -€2,105 | -2.6% |
| Other amounts payable | 47/48 | €512,822 | €212,346 | -€300,476 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,267 | €22,527 | -€2,740 | -10.8% |
| Other operating charges | 640/8 | €3,708 | €4,305 | +€598 | +16.1% |
| Gross operating margin | 9900 | €176,374 | €82,680 | -€93,694 | -53.1% |
| Operating profit (loss) | 9901 | €147,400 | €55,848 | -€91,551 | -62.1% |
| Financial income | 75/76B | €111,466 | €162,039 | +€50,573 | +45.4% |
| Recurring financial income | 75 | €111,466 | €162,039 | +€50,573 | +45.4% |
| Financial charges | 65/66B | €279 | €595 | +€315 | +113.0% |
| Recurring financial charges | 65 | €279 | €595 | +€315 | +113.0% |
| Profit (loss) for the period before taxes | 9903 | €258,586 | €217,293 | -€41,294 | -16.0% |
| Income taxes | 67/77 | €66,850 | €58,293 | -€8,558 | -12.8% |
| Profit (loss) for the period | 9904 | €191,736 | €159,000 | -€32,736 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €191,736 | €159,000 | -€32,736 | -17.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.