AX INV: 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 INV
Largest movements
- Tangible fixed assets -€18,452
down €18,452 (-24.7%), from €74,722 to €56,271
of which Leasing and similar rights: -€17,762
- Receivables within one year -€6,474
down €6,474 (-58.7%), from €11,030 to €4,556
of which Trade receivables: -€3,782
- Profit (loss) carried forward +€50,419
up €50,419 (+26.8%), from -€188,203 to -€137,784
- Other debts -€43,182
down €43,182 (-23.5%), from €183,819 to €140,637
- Debts after one year -€24,886
down €24,886 (-51.2%), from €48,588 to €23,701
- Trade debts -€12,430
down €12,430 (-95.1%), from €13,071 to €641
- Current portion of long-term debt +€5,228
up €5,228 (+23.4%), from €22,349 to €27,577
- Gross operating margin +€52,533
up €52,533 (+235%), from €22,370 to €74,903
- Financial charges -€5,023
down €5,023 (-50.6%), from €9,929 to €4,906
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 | €85,823 | €61,333 | -€24,491 | -28.5% |
| Fixed assets | 21/28 | €74,722 | €56,271 | -€18,452 | -24.7% |
| Tangible fixed assets | 22/27 | €74,722 | €56,271 | -€18,452 | -24.7% |
| Plant, machinery and equipment | 23 | €3,485 | €2,984 | -€501 | -14.4% |
| Furniture and vehicles | 24 | €188 | €0 | -€188 | -100% |
| Leasing and similar rights | 25 | €71,049 | €53,287 | -€17,762 | -25.0% |
| Current assets | 29/58 | €11,101 | €5,062 | -€6,039 | -54.4% |
| Amounts receivable within one year | 40/41 | €11,030 | €4,556 | -€6,474 | -58.7% |
| Trade receivables | 40 | €6,781 | €2,998 | -€3,782 | -55.8% |
| Other amounts receivable | 41 | €4,249 | €1,558 | -€2,692 | -63.3% |
| Cash at bank and in hand | 54/58 | €71 | €506 | +€435 | +611% |
| Total equity and liabilities | 10/49 | €85,823 | €61,333 | -€24,491 | -28.5% |
| Equity | 10/15 | -€182,003 | -€131,584 | +€50,419 | +27.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,203 | -€137,784 | +€50,419 | +26.8% |
| Amounts payable | 17/49 | €267,827 | €192,916 | -€74,910 | -28.0% |
| Amounts payable after more than one year | 17 | €48,588 | €23,701 | -€24,886 | -51.2% |
| Financial debts | 170/4 | €48,588 | €23,701 | -€24,886 | -51.2% |
| Amounts payable within one year | 42/48 | €219,239 | €169,215 | -€50,024 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €22,349 | €27,577 | +€5,228 | +23.4% |
| Trade debts | 44 | €13,071 | €641 | -€12,430 | -95.1% |
| Suppliers | 440/4 | €13,071 | €641 | -€12,430 | -95.1% |
| Taxes, remuneration and social security | 45 | - | €360 | +€360 | |
| Taxes | 450/3 | - | €360 | +€360 | |
| Other amounts payable | 47/48 | €183,819 | €140,637 | -€43,182 | -23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,511 | €18,452 | -€59 | -0.3% |
| Other operating charges | 640/8 | €772 | €1,126 | +€354 | +45.9% |
| Gross operating margin | 9900 | €22,370 | €74,903 | +€52,533 | +235% |
| Operating profit (loss) | 9901 | €3,087 | €55,325 | +€52,238 | +1,692% |
| Financial charges | 65/66B | €9,929 | €4,906 | -€5,023 | -50.6% |
| Recurring financial charges | 65 | €9,929 | €4,906 | -€5,023 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,841 | €50,419 | +€57,261 | |
| Profit (loss) for the period | 9904 | -€6,841 | €50,419 | +€57,261 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,841 | €50,419 | +€57,261 |
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 18 October 2026 via checked.be.