axabio: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Receivables within one year +€661,939
up €661,939 (+517%), from €128,123 to €790,061
of which Other amounts receivable: +€489,574
- Intangible fixed assets +€437,302
up €437,302 (+145%), from €301,178 to €738,480
- Tangible fixed assets -€420,995
down €420,995 (-16.0%), from €2.6m to €2.2m
of which Plant, machinery and equipment: -€426,375
- Stocks and contracts +€183,465
up €183,465 (+585%), from €31,360 to €214,825
- Cash -€87,604
down €87,604 (-98.5%), from €88,972 to €1,368
mainly Net result for the year (-€2.4m) and Investment in fixed assets (net) (-€888,725)
- Profit (loss) carried forward -€2.4m
down €2.4m (-103%), from -€2.3m to -€4.7m
- Debts after one year +€2.1m
up €2.1m (+102%), from €2.1m to €4.2m
- Investment grants +€913,753
new in 2025: €913,753
- Tax, wage and social debts +€76,119
up €76,119 (+310%), from €24,546 to €100,666
of which Remuneration and social security: +€76,116
- Trade debts +€63,002
up €63,002 (+21.8%), from €288,437 to €351,439
- Staff costs +€499,922
up €499,922 (+78.7%), from €635,211 to €1.1m
- Goods and materials +€433,719
up €433,719 (+450%), from €96,450 to €530,169
of which Purchases: +€585,824
- Turnover +€339,732
up €339,732 (+762%), from €44,560 to €384,292
- Other operating income +€230,606
up €230,606 (+1,205%), from €19,133 to €249,739
- Financial income +€228,301
up €228,301 (+59,997%), from €381 to €228,682
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,194,469 | €3,979,432 | +€784,964 | +24.6% |
| Fixed assets | 21/28 | €2,939,757 | €2,956,064 | +€16,307 | +0.6% |
| Intangible fixed assets | 21 | €301,178 | €738,480 | +€437,302 | +145% |
| Tangible fixed assets | 22/27 | €2,638,579 | €2,217,584 | -€420,995 | -16.0% |
| Plant, machinery and equipment | 23 | €2,630,240 | €2,203,865 | -€426,375 | -16.2% |
| Furniture and vehicles | 24 | €8,339 | €13,719 | +€5,380 | +64.5% |
| Current assets | 29/58 | €254,712 | €1,023,368 | +€768,657 | +302% |
| Stocks and contracts in progress | 3 | €31,360 | €214,825 | +€183,465 | +585% |
| Stocks | 30/36 | €31,360 | €214,825 | +€183,465 | +585% |
| Raw materials and consumables | 30/31 | €31,360 | €214,825 | +€183,465 | +585% |
| Amounts receivable within one year | 40/41 | €128,123 | €790,061 | +€661,939 | +517% |
| Trade receivables | 40 | €35,200 | €207,564 | +€172,364 | +490% |
| Other amounts receivable | 41 | €92,923 | €582,498 | +€489,574 | +527% |
| Cash at bank and in hand | 54/58 | €88,972 | €1,368 | -€87,604 | -98.5% |
| Deferred charges and accrued income | 490/1 | €6,257 | €17,114 | +€10,857 | +174% |
| Total equity and liabilities | 10/49 | €3,194,469 | €3,979,432 | +€784,964 | +24.6% |
| Equity | 10/15 | €803,595 | -€652,510 | -€1.5m | |
| Contributions | 10/11 | €3,070,448 | €3,070,448 | = | 0.0% |
| Capital | 10 | €3,070,448 | €3,070,448 | = | 0.0% |
| Issued capital | 100 | €3,070,448 | €3,070,448 | = | 0.0% |
| Reserves | 13 | €43,946 | €43,946 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,820 | €21,820 | = | 0.0% |
| Legal reserve | 130 | €21,820 | €21,820 | = | 0.0% |
| Distributable reserves | 133 | €22,126 | €22,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,310,798 | -€4,680,656 | -€2.4m | -103% |
| Investment grants | 15 | - | €913,753 | +€913,753 | |
| Amounts payable | 17/49 | €2,390,874 | €4,631,942 | +€2.2m | +93.7% |
| Amounts payable after more than one year | 17 | €2,065,577 | €4,169,001 | +€2.1m | +102% |
| Financial debts | 170/4 | €2,065,577 | €4,169,001 | +€2.1m | +102% |
| Other loans | 174 | €2,065,577 | €4,169,001 | +€2.1m | +102% |
| Amounts payable within one year | 42/48 | €325,297 | €462,941 | +€137,644 | +42.3% |
| Financial debts | 43 | €10,024 | €10,836 | +€812 | +8.1% |
| Credit institutions | 430/8 | €10,024 | €10,836 | +€812 | +8.1% |
| Trade debts | 44 | €288,437 | €351,439 | +€63,002 | +21.8% |
| Suppliers | 440/4 | €288,437 | €351,439 | +€63,002 | +21.8% |
| Taxes, remuneration and social security | 45 | €24,546 | €100,666 | +€76,119 | +310% |
| Taxes | 450/3 | - | €3 | +€3 | |
| Remuneration and social security | 454/9 | €24,546 | €100,662 | +€76,116 | +310% |
| Other amounts payable | 47/48 | €2,290 | €0 | -€2,290 | -100% |
| Operating income | 70/76A | €323,175 | €1,355,534 | +€1.0m | +319% |
| Turnover | 70 | €44,560 | €384,292 | +€339,732 | +762% |
| Own construction capitalised | 72 | €257,474 | €555,957 | +€298,483 | +116% |
| Other operating income | 74 | €19,133 | €249,739 | +€230,606 | +1,205% |
| Non-recurring operating income | 76A | €2,008 | €165,545 | +€163,537 | +8,144% |
| Operating charges | 60/66A | €2,595,509 | €3,835,713 | +€1.2m | +47.8% |
| Goods for resale, raw materials and consumables | 60 | €96,450 | €530,169 | +€433,719 | +450% |
| Purchases | 600/8 | €127,810 | €713,635 | +€585,824 | +458% |
| Change in stocks: decrease (increase) | 609 | -€31,360 | -€183,465 | -€152,105 | -485% |
| Services and other goods | 61 | €1,135,422 | €1,296,935 | +€161,513 | +14.2% |
| Remuneration, social security and pensions | 62 | €635,211 | €1,135,134 | +€499,922 | +78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €725,114 | €872,418 | +€147,304 | +20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,175 | €0 | -€2,175 | -100% |
| Other operating charges | 640/8 | €1,137 | €1,057 | -€80 | -7.0% |
| Operating profit (loss) | 9901 | -€2,272,334 | -€2,480,179 | -€207,845 | -9.1% |
| Financial income | 75/76B | €381 | €228,682 | +€228,301 | +59,997% |
| Recurring financial income | 75 | €381 | €228,682 | +€228,301 | +59,997% |
| Other financial income | 752/9 | €381 | €228,682 | +€228,301 | +59,997% |
| Financial charges | 65/66B | €38,845 | €118,360 | +€79,515 | +205% |
| Recurring financial charges | 65 | €38,845 | €118,360 | +€79,515 | +205% |
| Debt charges | 650 | €36,835 | €115,872 | +€79,037 | +215% |
| Other financial charges | 652/9 | €2,010 | €2,488 | +€478 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,310,798 | -€2,369,857 | -€59,059 | -2.6% |
| Profit (loss) for the period | 9904 | -€2,310,798 | -€2,369,857 | -€59,059 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,310,798 | -€2,369,857 | -€59,059 | -2.6% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- -€652,510
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€738,480
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€1.4m
Capitalised earnings
- 2025
- -€2,369,857
- excluding non-recurring income and charges
- -€2,535,403
- 2024
- -€2,310,798
- excluding non-recurring income and charges
- -€2,312,806
- Average result, excluding non-recurring income and charges
- -€2,424,105
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€1,607,761
- Net financial debt
- €4,178,469
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.