AX CAPITAL: 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.
AX CAPITAL
Largest movements
- Receivables within one year -€160,125
down €160,125 (-79.2%), from €202,284 to €42,160
of which Other amounts receivable: -€128,877
- Cash -€61,967
down €61,967 (-95.8%), from €64,708 to €2,741
mainly Other debts (-€88,754) and Stocks and contracts (-€47,900)
- Stocks and contracts +€47,900
up €47,900 (+18.2%), from €262,875 to €310,775
- Other debts -€88,754
down €88,754 (-47.0%), from €189,000 to €100,246
- Debts after one year -€47,834
down €47,834 (-23.4%), from €204,156 to €156,322
of which Financial debts: -€47,834
- Trade debts -€30,183
down €30,183 (-100%), from €30,183 to €0
- Tax, wage and social debts -€5,891
down €5,891 (-100%), from €5,891 to €0
- Financial charges +€11,804
up €11,804 (+4,888%), from €242 to €12,046
- Gross operating margin +€3,771
up €3,771 (+87.2%), from €4,323 to €8,094
- Taxes -€1,114
down €1,114 (-100%), from €1,114 to €0
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 | €529,868 | €355,676 | -€174,192 | -32.9% |
| Current assets | 29/58 | €529,868 | €355,676 | -€174,192 | -32.9% |
| Stocks and contracts in progress | 3 | €262,875 | €310,775 | +€47,900 | +18.2% |
| Stocks | 30/36 | €262,875 | €310,775 | +€47,900 | +18.2% |
| Amounts receivable within one year | 40/41 | €202,284 | €42,160 | -€160,125 | -79.2% |
| Trade receivables | 40 | €31,247 | €0 | -€31,247 | -100% |
| Other amounts receivable | 41 | €171,037 | €42,160 | -€128,877 | -75.4% |
| Cash at bank and in hand | 54/58 | €64,708 | €2,741 | -€61,967 | -95.8% |
| Total equity and liabilities | 10/49 | €529,868 | €355,676 | -€174,192 | -32.9% |
| Equity | 10/15 | €54,793 | €51,274 | -€3,519 | -6.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,793 | €45,274 | -€3,519 | -7.2% |
| Amounts payable | 17/49 | €475,074 | €304,402 | -€170,673 | -35.9% |
| Amounts payable after more than one year | 17 | €204,156 | €156,322 | -€47,834 | -23.4% |
| Financial debts | 170/4 | €204,156 | €156,322 | -€47,834 | -23.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €270,919 | €148,080 | -€122,839 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €45,844 | €47,834 | +€1,990 | +4.3% |
| Trade debts | 44 | €30,183 | €0 | -€30,183 | -100% |
| Suppliers | 440/4 | €30,183 | €0 | -€30,183 | -100% |
| Taxes, remuneration and social security | 45 | €5,891 | €0 | -€5,891 | -100% |
| Taxes | 450/3 | €5,891 | €0 | -€5,891 | -100% |
| Other amounts payable | 47/48 | €189,000 | €100,246 | -€88,754 | -47.0% |
| Other operating charges | 640/8 | €387 | €401 | +€14 | +3.5% |
| Gross operating margin | 9900 | €4,323 | €8,094 | +€3,771 | +87.2% |
| Operating profit (loss) | 9901 | €3,936 | €7,693 | +€3,757 | +95.5% |
| Financial income | 75/76B | €762 | €833 | +€71 | +9.3% |
| Recurring financial income | 75 | €762 | €833 | +€71 | +9.3% |
| Financial charges | 65/66B | €242 | €12,046 | +€11,804 | +4,888% |
| Recurring financial charges | 65 | €242 | €12,046 | +€11,804 | +4,888% |
| Profit (loss) for the period before taxes | 9903 | €4,457 | -€3,519 | -€7,976 | |
| Income taxes | 67/77 | €1,114 | €0 | -€1,114 | -100% |
| Profit (loss) for the period | 9904 | €3,343 | -€3,519 | -€6,862 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,343 | -€3,519 | -€6,862 |
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.