Ax’well: 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’well
Largest movements
- Cash -€172,858
down €172,858 (-37.9%), from €456,211 to €283,353
mainly Trade debts (-€183,946) and Investment in fixed assets (net) (-€134,637)
- Receivables within one year +€75,278
up €75,278 (+22.8%), from €330,345 to €405,624
of which Trade receivables: +€73,260
- Intangible fixed assets -€75,030
down €75,030 (-10.5%), from €714,795 to €639,765
- Tangible fixed assets +€26,237
up €26,237 (+223%), from €11,741 to €37,978
of which Other tangible fixed assets: +€19,735
- Trade debts -€183,946
down €183,946 (-53.1%), from €346,440 to €162,494
- Profit (loss) carried forward +€144,818
up €144,818 (+75.6%), from €191,595 to €336,413
- Debts after one year -€114,824
down €114,824 (-21.1%), from €545,364 to €430,539
of which Financial debts: -€99,253
- Tax, wage and social debts +€19,593
up €19,593 (+12.2%), from €161,214 to €180,807
of which Taxes: +€15,432
- Staff costs +€156,632
up €156,632 (+106%), from €148,231 to €304,863
- Gross operating margin +€148,243
up €148,243 (+21.2%), from €697,933 to €846,176
- Depreciation +€16,077
up €16,077 (+9.6%), from €167,353 to €183,430
- Write-downs +€10,198
new in 2025: €10,198
- Other operating charges +€9,794
up €9,794 (+4,744%), from €206 to €10,000
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 | €1,544,714 | €1,413,733 | -€130,980 | -8.5% |
| Fixed assets | 21/28 | €726,536 | €677,743 | -€48,793 | -6.7% |
| Intangible fixed assets | 21 | €714,795 | €639,765 | -€75,030 | -10.5% |
| Tangible fixed assets | 22/27 | €11,741 | €37,978 | +€26,237 | +223% |
| Furniture and vehicles | 24 | €11,741 | €18,244 | +€6,502 | +55.4% |
| Other tangible fixed assets | 26 | - | €19,735 | +€19,735 | |
| Current assets | 29/58 | €818,178 | €735,990 | -€82,188 | -10.0% |
| Amounts receivable within one year | 40/41 | €330,345 | €405,624 | +€75,278 | +22.8% |
| Trade receivables | 40 | €330,222 | €403,482 | +€73,260 | +22.2% |
| Other amounts receivable | 41 | €123 | €2,142 | +€2,018 | +1,636% |
| Cash at bank and in hand | 54/58 | €456,211 | €283,353 | -€172,858 | -37.9% |
| Deferred charges and accrued income | 490/1 | €31,621 | €47,014 | +€15,392 | +48.7% |
| Total equity and liabilities | 10/49 | €1,544,714 | €1,413,733 | -€130,980 | -8.5% |
| Equity | 10/15 | €291,595 | €436,413 | +€144,818 | +49.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,595 | €336,413 | +€144,818 | +75.6% |
| Amounts payable | 17/49 | €1,253,119 | €977,320 | -€275,798 | -22.0% |
| Amounts payable after more than one year | 17 | €545,364 | €430,539 | -€114,824 | -21.1% |
| Financial debts | 170/4 | €340,188 | €240,936 | -€99,253 | -29.2% |
| Other amounts payable | 178/9 | €205,175 | €189,604 | -€15,572 | -7.6% |
| Amounts payable within one year | 42/48 | €707,108 | €546,327 | -€160,781 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €100,399 | €103,003 | +€2,604 | +2.6% |
| Trade debts | 44 | €346,440 | €162,494 | -€183,946 | -53.1% |
| Suppliers | 440/4 | €346,440 | €162,494 | -€183,946 | -53.1% |
| Advances received on contracts in progress | 46 | €2,850 | €0 | -€2,850 | -100% |
| Taxes, remuneration and social security | 45 | €161,214 | €180,807 | +€19,593 | +12.2% |
| Taxes | 450/3 | €133,640 | €149,072 | +€15,432 | +11.5% |
| Remuneration and social security | 454/9 | €27,574 | €31,735 | +€4,161 | +15.1% |
| Other amounts payable | 47/48 | €96,206 | €100,024 | +€3,818 | +4.0% |
| Accrued charges and deferred income | 492/3 | €647 | €454 | -€193 | -29.8% |
| Remuneration, social security and pensions | 62 | €148,231 | €304,863 | +€156,632 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,353 | €183,430 | +€16,077 | +9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,198 | +€10,198 | |
| Other operating charges | 640/8 | €206 | €10,000 | +€9,794 | +4,744% |
| Gross operating margin | 9900 | €697,933 | €846,176 | +€148,243 | +21.2% |
| Operating profit (loss) | 9901 | €382,143 | €337,685 | -€44,457 | -11.6% |
| Financial income | 75/76B | €806 | €2,498 | +€1,692 | +210% |
| Recurring financial income | 75 | €806 | €2,498 | +€1,692 | +210% |
| Financial charges | 65/66B | €28,923 | €21,996 | -€6,926 | -23.9% |
| Recurring financial charges | 65 | €28,923 | €21,996 | -€6,926 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €354,026 | €318,187 | -€35,839 | -10.1% |
| Income taxes | 67/77 | €66,431 | €73,369 | +€6,939 | +10.4% |
| Profit (loss) for the period | 9904 | €287,595 | €244,818 | -€42,777 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €287,595 | €244,818 | -€42,777 | -14.9% |
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 19 October 2026 via checked.be.