AX'L MANAGEMENT: 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'L MANAGEMENT
Largest movements
- Receivables within one year -€70,249
down €70,249 (-24.7%), from €284,276 to €214,027
- Cash +€35,622
up €35,622 (+69.3%), from €51,378 to €87,001
mainly Net result for the year (+€164,685) and Receivables within one year (+€70,249)
- Tangible fixed assets +€34,642
up €34,642 (+358%), from €9,685 to €44,326
- Debts after one year -€87,314
down €87,314 (-39.3%), from €221,990 to €134,676
- Other debts +€69,345
up €69,345 (+50.5%), from €137,255 to €206,600
- Reserves +€13,852
up €13,852 (+2.0%), from €684,739 to €698,591
- Financial income +€20,772
up €20,772 (+15.0%), from €138,302 to €159,074
- Taxes +€2,893
up €2,893 (+14.1%), from €20,554 to €23,447
- Financial charges -€2,188
down €2,188 (-25.9%), from €8,434 to €6,246
- Gross operating margin +€477
up €477 (+1.1%), from €41,939 to €42,416
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 | €1,145,857 | €1,145,711 | -€146 | 0.0% |
| Fixed assets | 21/28 | €809,710 | €844,351 | +€34,642 | +4.3% |
| Tangible fixed assets | 22/27 | €9,685 | €44,326 | +€34,642 | +358% |
| Furniture and vehicles | 24 | €9,685 | €44,326 | +€34,642 | +358% |
| Financial fixed assets | 28 | €800,025 | €800,025 | = | 0.0% |
| Current assets | 29/58 | €336,147 | €301,359 | -€34,788 | -10.3% |
| Amounts receivable within one year | 40/41 | €284,276 | €214,027 | -€70,249 | -24.7% |
| Other amounts receivable | 41 | €284,276 | €214,027 | -€70,249 | -24.7% |
| Cash at bank and in hand | 54/58 | €51,378 | €87,001 | +€35,622 | +69.3% |
| Deferred charges and accrued income | 490/1 | €493 | €332 | -€161 | -32.7% |
| Total equity and liabilities | 10/49 | €1,145,857 | €1,145,711 | -€146 | 0.0% |
| Equity | 10/15 | €690,939 | €704,791 | +€13,852 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €684,739 | €698,591 | +€13,852 | +2.0% |
| Distributable reserves | 133 | €684,739 | €698,591 | +€13,852 | +2.0% |
| Amounts payable | 17/49 | €454,917 | €440,920 | -€13,998 | -3.1% |
| Amounts payable after more than one year | 17 | €221,990 | €134,676 | -€87,314 | -39.3% |
| Financial debts | 170/4 | €221,990 | €134,676 | -€87,314 | -39.3% |
| Amounts payable within one year | 42/48 | €232,928 | €306,231 | +€73,303 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €85,388 | €87,314 | +€1,925 | +2.3% |
| Trade debts | 44 | €2,185 | €2,317 | +€133 | +6.1% |
| Suppliers | 440/4 | €2,185 | €2,317 | +€133 | +6.1% |
| Taxes, remuneration and social security | 45 | €8,100 | €10,000 | +€1,900 | +23.5% |
| Taxes | 450/3 | €5,600 | €7,500 | +€1,900 | +33.9% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €137,255 | €206,600 | +€69,345 | +50.5% |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,792 | €5,520 | -€273 | -4.7% |
| Other operating charges | 640/8 | €1,601 | €1,593 | -€8 | -0.5% |
| Gross operating margin | 9900 | €41,939 | €42,416 | +€477 | +1.1% |
| Operating profit (loss) | 9901 | €34,546 | €35,304 | +€758 | +2.2% |
| Financial income | 75/76B | €138,302 | €159,074 | +€20,772 | +15.0% |
| Recurring financial income | 75 | €138,302 | €159,074 | +€20,772 | +15.0% |
| Financial charges | 65/66B | €8,434 | €6,246 | -€2,188 | -25.9% |
| Recurring financial charges | 65 | €8,434 | €6,246 | -€2,188 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €164,414 | €188,132 | +€23,718 | +14.4% |
| Income taxes | 67/77 | €20,554 | €23,447 | +€2,893 | +14.1% |
| Profit (loss) for the period | 9904 | €143,860 | €164,685 | +€20,825 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €143,860 | €164,685 | +€20,825 | +14.5% |
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.