AX 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 Management
Largest movements
- Cash +€106,847
up €106,847 (+192%), from €55,773 to €162,620
mainly Other debts (+€224,115) and Net result for the year (+€169,978)
- Receivables within one year +€82,077
up €82,077 (+164%), from €50,167 to €132,245
of which Trade receivables: +€82,158
- Tangible fixed assets -€16,971
down €16,971 (-2.4%), from €714,157 to €697,187
of which Land and buildings: -€16,299
- Other debts +€224,115
up €224,115 (+2,185%), from €10,259 to €234,374
- Profit (loss) carried forward -€106,145
down €106,145 (-100%), from €106,145 to €0
- Tax, wage and social debts +€37,558
up €37,558, from €0 to €37,558
- Accrued charges and deferred income +€25,987
up €25,987 (+812%), from €3,200 to €29,187
- Debts after one year -€23,492
down €23,492 (-4.1%), from €574,533 to €551,041
- Gross operating margin +€85,074
up €85,074 (+46.2%), from €184,054 to €269,129
- Taxes +€21,446
up €21,446 (+72.0%), from €29,785 to €51,231
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 | €841,026 | €1,003,572 | +€162,546 | +19.3% |
| Fixed assets | 21/28 | €714,157 | €697,187 | -€16,971 | -2.4% |
| Tangible fixed assets | 22/27 | €714,157 | €697,187 | -€16,971 | -2.4% |
| Land and buildings | 22 | €708,263 | €691,964 | -€16,299 | -2.3% |
| Plant, machinery and equipment | 23 | €3,898 | €3,403 | -€495 | -12.7% |
| Furniture and vehicles | 24 | €1,996 | €1,820 | -€177 | -8.8% |
| Current assets | 29/58 | €126,868 | €306,385 | +€179,517 | +141% |
| Amounts receivable within one year | 40/41 | €50,167 | €132,245 | +€82,077 | +164% |
| Trade receivables | 40 | €47,872 | €130,030 | +€82,158 | +172% |
| Other amounts receivable | 41 | €2,295 | €2,215 | -€80 | -3.5% |
| Cash at bank and in hand | 54/58 | €55,773 | €162,620 | +€106,847 | +192% |
| Deferred charges and accrued income | 490/1 | €20,928 | €11,520 | -€9,408 | -45.0% |
| Total equity and liabilities | 10/49 | €841,026 | €1,003,572 | +€162,546 | +19.3% |
| Equity | 10/15 | €229,945 | €123,800 | -€106,145 | -46.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €105,250 | €105,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,145 | €0 | -€106,145 | -100% |
| Amounts payable | 17/49 | €611,080 | €879,772 | +€268,692 | +44.0% |
| Amounts payable after more than one year | 17 | €574,533 | €551,041 | -€23,492 | -4.1% |
| Financial debts | 170/4 | €574,533 | €551,041 | -€23,492 | -4.1% |
| Amounts payable within one year | 42/48 | €33,348 | €299,544 | +€266,197 | +798% |
| Current portion of amounts payable after more than one year | 42 | €22,592 | €23,492 | +€900 | +4.0% |
| Financial debts | 43 | €100 | €2,476 | +€2,376 | +2,376% |
| Credit institutions | 430/8 | €100 | €2,476 | +€2,376 | +2,376% |
| Trade debts | 44 | €397 | €1,645 | +€1,248 | +314% |
| Suppliers | 440/4 | €397 | €1,645 | +€1,248 | +314% |
| Taxes, remuneration and social security | 45 | €0 | €37,558 | +€37,558 | |
| Taxes | 450/3 | €0 | €37,558 | +€37,558 | |
| Other amounts payable | 47/48 | €10,259 | €234,374 | +€224,115 | +2,185% |
| Accrued charges and deferred income | 492/3 | €3,200 | €29,187 | +€25,987 | +812% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,849 | €21,261 | +€411 | +2.0% |
| Other operating charges | 640/8 | €1,487 | €3,203 | +€1,716 | +115% |
| Gross operating margin | 9900 | €184,054 | €269,129 | +€85,074 | +46.2% |
| Operating profit (loss) | 9901 | €161,718 | €244,665 | +€82,947 | +51.3% |
| Financial income | 75/76B | €1,733 | €0 | -€1,733 | -100% |
| Recurring financial income | 75 | €1,733 | €0 | -€1,733 | -100% |
| Financial charges | 65/66B | €24,520 | €23,456 | -€1,064 | -4.3% |
| Recurring financial charges | 65 | €24,520 | €23,456 | -€1,064 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €138,931 | €221,209 | +€82,278 | +59.2% |
| Income taxes | 67/77 | €29,785 | €51,231 | +€21,446 | +72.0% |
| Profit (loss) for the period | 9904 | €109,145 | €169,978 | +€60,832 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €109,145 | €169,978 | +€60,832 | +55.7% |
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 14 October 2026 via checked.be.