AXAL: what changed
Two fiscal 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.
AXAL
Largest movements
- Tangible fixed assets +€151,702
up €151,702 (+35.9%), from €422,880 to €574,582
of which Land and buildings: +€162,409
- Stocks and contracts +€17,737
up €17,737 (+180.0%), from €9,851 to €27,589
- Receivables within one year -€14,904
down €14,904 (-32.1%), from €46,477 to €31,574
of which Trade receivables: -€12,862
- Reserves +€106,471
up €106,471 (+147.8%), from €72,039 to €178,510
- Debts after one year +€70,219
up €70,219 (+26.3%), from €266,830 to €337,049
- Other debts -€36,519
down €36,519 (-28.2%), from €129,519 to €92,999
- Current portion of long-term debt +€17,828
up €17,828 (+105.2%), from €16,953 to €34,781
- Gross operating margin +€54,643
up €54,643 (+40.5%), from €134,950 to €189,592
- Depreciation +€21,645
up €21,645 (+275.1%), from €7,869 to €29,513
- Other operating charges +€18,803
up €18,803 (+993.9%), from €1,892 to €20,695
- Taxes +€2,235
up €2,235 (+8.2%), from €27,136 to €29,371
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.
Cash bridge derived
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 | €571,281 | €718,702 | +€147,421 | +25.8% |
| Fixed assets | 21/28 | €444,338 | €593,839 | +€149,502 | +33.6% |
| Intangible fixed assets | 21 | €21,458 | €19,258 | -€2,200 | -10.3% |
| Tangible fixed assets | 22/27 | €422,880 | €574,582 | +€151,702 | +35.9% |
| Land and buildings | 22 | €321,570 | €483,979 | +€162,409 | +50.5% |
| Plant, machinery and equipment | 23 | €30,723 | €30,536 | -€188 | -0.6% |
| Furniture and vehicles | 24 | €70,587 | €60,067 | -€10,520 | -14.9% |
| Current assets | 29/58 | €126,944 | €124,863 | -€2,080 | -1.6% |
| Stocks and contracts in progress | 3 | €9,851 | €27,589 | +€17,737 | +180.0% |
| Stocks | 30/36 | €9,851 | €27,589 | +€17,737 | +180.0% |
| Amounts receivable within one year | 40/41 | €46,477 | €31,574 | -€14,904 | -32.1% |
| Trade receivables | 40 | €42,720 | €29,857 | -€12,862 | -30.1% |
| Other amounts receivable | 41 | €3,758 | €1,716 | -€2,041 | -54.3% |
| Cash at bank and in hand | 54/58 | €70,171 | €63,625 | -€6,547 | -9.3% |
| Deferred charges and accrued income | 490/1 | €444 | €2,076 | +€1,633 | +368.2% |
| Total equity and liabilities | 10/49 | €571,281 | €718,702 | +€147,421 | +25.8% |
| Equity | 10/15 | €73,539 | €180,010 | +€106,471 | +144.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €72,039 | €178,510 | +€106,471 | +147.8% |
| Distributable reserves | 133 | €72,039 | €178,510 | +€106,471 | +147.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €497,742 | €538,692 | +€40,950 | +8.2% |
| Amounts payable after more than one year | 17 | €266,830 | €337,049 | +€70,219 | +26.3% |
| Financial debts | 170/4 | €266,830 | €337,049 | +€70,219 | +26.3% |
| Amounts payable within one year | 42/48 | €230,912 | €201,643 | -€29,269 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €16,953 | €34,781 | +€17,828 | +105.2% |
| Financial debts | 43 | - | €193 | +€193 | |
| Credit institutions | 430/8 | - | €193 | +€193 | |
| Trade debts | 44 | €42,481 | €38,295 | -€4,186 | -9.9% |
| Suppliers | 440/4 | €42,481 | €38,295 | -€4,186 | -9.9% |
| Taxes, remuneration and social security | 45 | €41,960 | €35,375 | -€6,584 | -15.7% |
| Taxes | 450/3 | €32,210 | €35,375 | +€3,166 | +9.8% |
| Remuneration and social security | 454/9 | €9,750 | €0 | -€9,750 | -100.0% |
| Other amounts payable | 47/48 | €129,519 | €92,999 | -€36,519 | -28.2% |
| Remuneration, social security and pensions | 62 | €198 | €250 | +€52 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,869 | €29,513 | +€21,645 | +275.1% |
| Other operating charges | 640/8 | €1,892 | €20,695 | +€18,803 | +993.9% |
| Gross operating margin | 9900 | €134,950 | €189,592 | +€54,643 | +40.5% |
| Operating profit (loss) | 9901 | €124,991 | €139,134 | +€14,143 | +11.3% |
| Financial income | 75/76B | €9 | €98 | +€88 | +928.5% |
| Recurring financial income | 75 | €9 | €98 | +€88 | +928.5% |
| Financial charges | 65/66B | €826 | €2,556 | +€1,730 | +209.5% |
| Recurring financial charges | 65 | €826 | €2,556 | +€1,730 | +209.5% |
| Profit (loss) for the period before taxes | 9903 | €124,175 | €136,676 | +€12,501 | +10.1% |
| Income taxes | 67/77 | €27,136 | €29,371 | +€2,235 | +8.2% |
| Profit (loss) for the period | 9904 | €97,039 | €107,305 | +€10,266 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €97,039 | €107,305 | +€10,266 | +10.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.