AX Projects: 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 Projects
Largest movements
- Cash -€12,207
down €12,207 (-37.9%), from €32,204 to €19,997
mainly Trade debts (-€24,044) and Deferred charges and accrued income (-€600)
- Receivables within one year -€658
down €658 (-6.2%), from €10,668 to €10,009
of which Trade receivables: -€1,593
- Deferred charges and accrued income +€600
up €600 (+153%), from €393 to €993
- Trade debts -€24,044
down €24,044 (-86.1%), from €27,938 to €3,894
- Other debts +€5,083
up €5,083 (+379%), from €1,343 to €6,426
- Reserves +€3,158
up €3,158 (+170%), from €1,860 to €5,018
- Tax, wage and social debts +€3,109
up €3,109 (+73.7%), from €4,220 to €7,328
of which Remuneration and social security: +€2,800
- Gross operating margin -€3,126
down €3,126 (-39.1%), from €7,999 to €4,873
- Financial income -€857
down €857 (-99.6%), from €860 to €3
- Depreciation +€387
up €387 (+943%), from €41 to €428
- Taxes +€316
new in 2025: €316
- Financial charges +€241
up €241 (+226%), from €106 to €347
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 | €45,364 | €32,670 | -€12,694 | -28.0% |
| Fixed assets | 21/28 | €2,099 | €1,671 | -€428 | -20.4% |
| Tangible fixed assets | 22/27 | €2,099 | €1,671 | -€428 | -20.4% |
| Furniture and vehicles | 24 | €2,099 | €1,671 | -€428 | -20.4% |
| Current assets | 29/58 | €43,265 | €30,999 | -€12,266 | -28.4% |
| Amounts receivable within one year | 40/41 | €10,668 | €10,009 | -€658 | -6.2% |
| Trade receivables | 40 | €10,668 | €9,075 | -€1,593 | -14.9% |
| Other amounts receivable | 41 | - | €934 | +€934 | |
| Cash at bank and in hand | 54/58 | €32,204 | €19,997 | -€12,207 | -37.9% |
| Deferred charges and accrued income | 490/1 | €393 | €993 | +€600 | +153% |
| Total equity and liabilities | 10/49 | €45,364 | €32,670 | -€12,694 | -28.0% |
| Equity | 10/15 | €11,864 | €15,022 | +€3,158 | +26.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €5,018 | +€3,158 | +170% |
| Distributable reserves | 133 | €1,860 | €5,018 | +€3,158 | +170% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Amounts payable | 17/49 | €33,500 | €17,648 | -€15,852 | -47.3% |
| Amounts payable within one year | 42/48 | €33,500 | €17,648 | -€15,852 | -47.3% |
| Trade debts | 44 | €27,938 | €3,894 | -€24,044 | -86.1% |
| Suppliers | 440/4 | €27,938 | €3,894 | -€24,044 | -86.1% |
| Taxes, remuneration and social security | 45 | €4,220 | €7,328 | +€3,109 | +73.7% |
| Taxes | 450/3 | €4,220 | €4,528 | +€309 | +7.3% |
| Remuneration and social security | 454/9 | - | €2,800 | +€2,800 | |
| Other amounts payable | 47/48 | €1,343 | €6,426 | +€5,083 | +379% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €428 | +€387 | +943% |
| Other operating charges | 640/8 | €513 | €628 | +€114 | +22.3% |
| Gross operating margin | 9900 | €7,999 | €4,873 | -€3,126 | -39.1% |
| Operating profit (loss) | 9901 | €7,445 | €3,818 | -€3,627 | -48.7% |
| Financial income | 75/76B | €860 | €3 | -€857 | -99.6% |
| Recurring financial income | 75 | €860 | €3 | -€857 | -99.6% |
| Financial charges | 65/66B | €106 | €347 | +€241 | +226% |
| Recurring financial charges | 65 | €106 | €347 | +€241 | +226% |
| Profit (loss) for the period before taxes | 9903 | €8,198 | €3,473 | -€4,725 | -57.6% |
| Income taxes | 67/77 | - | €316 | +€316 | |
| Profit (loss) for the period | 9904 | €8,198 | €3,158 | -€5,041 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,198 | €3,158 | -€5,041 | -61.5% |
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 22 October 2026 via checked.be.