AX Project 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 Project Management
Largest movements
- Cash +€14,408
up €14,408 (+95.0%), from €15,159 to €29,567
mainly Net result for the year (+€50,392) and Tax, wage and social debts (+€15,429)
- Receivables within one year -€12,095
down €12,095 (-100.0%), from €12,101 to €5
of which Trade receivables: -€12,100
- Reserves +€50,000
up €50,000 (+202.0%), from €24,750 to €74,750
of which Distributable reserves: +€50,000
- Debts after one year -€35,583
down €35,583 (-9.0%), from €393,856 to €358,272
- Other debts -€21,000
down €21,000 (-44.7%), from €47,000 to €26,000
- Tax, wage and social debts +€15,429
up €15,429 (+250.4%), from €6,161 to €21,590
of which Taxes: +€15,863
- Trade debts -€9,398
down €9,398 (-74.0%), from €12,692 to €3,294
- Turnover -€75,000
no longer reported in 2026 (was €75,000)
- Purchases and services -€41,733
no longer reported in 2026 (was €41,733)
- Gross operating margin +€28,076
up €28,076 (+83.3%), from €33,691 to €61,767
- Financial income +€13,022
up €13,022 (+108.3%), from €12,024 to €25,046
- Financial charges +€10,388
up €10,388 (+88.4%), from €11,755 to €22,143
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €528,592 | €535,754 | +€7,162 | +1.4% |
| Fixed assets | 21/28 | €500,141 | €504,414 | +€4,273 | +0.9% |
| Tangible fixed assets | 22/27 | €141 | €4,414 | +€4,273 | +3031.9% |
| Furniture and vehicles | 24 | €141 | €4,414 | +€4,273 | +3031.9% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €28,451 | €31,340 | +€2,889 | +10.2% |
| Amounts receivable within one year | 40/41 | €12,101 | €5 | -€12,095 | -100.0% |
| Trade receivables | 40 | €12,100 | - | -€12,100 | |
| Other amounts receivable | 41 | €1 | €5 | +€5 | +750.8% |
| Current investments | 50/53 | €750 | €750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,159 | €29,567 | +€14,408 | +95.0% |
| Deferred charges and accrued income | 490/1 | €442 | €1,018 | +€576 | +130.4% |
| Total equity and liabilities | 10/49 | €528,592 | €535,754 | +€7,162 | +1.4% |
| Equity | 10/15 | €27,973 | €78,365 | +€50,392 | +180.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €24,750 | €74,750 | +€50,000 | +202.0% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Own shares acquired | 1312 | €750 | €750 | = | 0.0% |
| Distributable reserves | 133 | €24,000 | €74,000 | +€50,000 | +208.3% |
| Profit (loss) carried forward | 14 | €223 | €615 | +€392 | +175.7% |
| Amounts payable | 17/49 | €500,619 | €457,389 | -€43,230 | -8.6% |
| Amounts payable after more than one year | 17 | €393,856 | €358,272 | -€35,583 | -9.0% |
| Financial debts | 170/4 | €393,856 | €358,272 | -€35,583 | -9.0% |
| Amounts payable within one year | 42/48 | €105,116 | €91,238 | -€13,877 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €39,263 | €40,354 | +€1,092 | +2.8% |
| Trade debts | 44 | €12,692 | €3,294 | -€9,398 | -74.0% |
| Suppliers | 440/4 | €12,692 | €3,294 | -€9,398 | -74.0% |
| Taxes, remuneration and social security | 45 | €6,161 | €21,590 | +€15,429 | +250.4% |
| Taxes | 450/3 | €3,587 | €19,450 | +€15,863 | +442.3% |
| Remuneration and social security | 454/9 | €2,574 | €2,140 | -€434 | -16.9% |
| Other amounts payable | 47/48 | €47,000 | €26,000 | -€21,000 | -44.7% |
| Accrued charges and deferred income | 492/3 | €1,648 | €7,878 | +€6,231 | +378.2% |
| Turnover | 70 | €75,000 | - | -€75,000 | |
| Non-recurring operating income | 76A | €423 | €1,707 | +€1,283 | +303.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €41,733 | - | -€41,733 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,176 | €342 | -€4,835 | -93.4% |
| Other operating charges | 640/8 | €484 | €590 | +€106 | +21.9% |
| Gross operating margin | 9900 | €33,691 | €61,767 | +€28,076 | +83.3% |
| Operating profit (loss) | 9901 | €28,030 | €60,835 | +€32,805 | +117.0% |
| Financial income | 75/76B | €12,024 | €25,046 | +€13,022 | +108.3% |
| Recurring financial income | 75 | €12,024 | €25,046 | +€13,022 | +108.3% |
| Financial charges | 65/66B | €11,755 | €22,143 | +€10,388 | +88.4% |
| Recurring financial charges | 65 | €11,755 | €22,143 | +€10,388 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | €28,299 | €63,738 | +€35,439 | +125.2% |
| Income taxes | 67/77 | €3,326 | €13,346 | +€10,020 | +301.3% |
| Profit (loss) for the period | 9904 | €24,973 | €50,392 | +€25,419 | +101.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,973 | €50,392 | +€25,419 | +101.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.