AXCES: 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.
AXCES
Largest movements
- Receivables within one year -€102,587
down €102,587 (-54.5%), from €188,248 to €85,661
of which Trade receivables: -€137,416
- Stocks and contracts +€20,742
up €20,742 (+23.0%), from €90,255 to €110,997
- Tangible fixed assets -€7,812
down €7,812 (-15.7%), from €49,724 to €41,913
of which Furniture and vehicles: -€6,789
- Short-term financial debts -€80,000
down €80,000 (-100%), from €80,000 to €0
- Trade debts +€29,062
up €29,062 (+43.4%), from €66,918 to €95,980
- Accrued charges and deferred income -€22,465
down €22,465 (-100%), from €22,465 to €0
- Reserves +€14,493
up €14,493 (+13.7%), from €105,869 to €120,363
- Debts after one year -€13,097
down €13,097 (-56.1%), from €23,347 to €10,250
- Gross operating margin -€99,925
down €99,925 (-37.6%), from €265,845 to €165,920
- Write-downs -€67,562
down €67,562 (-99.2%), from €68,107 to €545
- Other operating charges -€19,420
down €19,420 (-95.6%), from €20,310 to €890
- Depreciation +€8,565
up €8,565 (+67.1%), from €12,767 to €21,332
- Taxes -€6,965
down €6,965 (-46.9%), from €14,862 to €7,897
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 | €366,428 | €276,967 | -€89,461 | -24.4% |
| Fixed assets | 21/28 | €50,091 | €41,979 | -€8,112 | -16.2% |
| Intangible fixed assets | 21 | €366 | €67 | -€300 | -81.8% |
| Tangible fixed assets | 22/27 | €49,724 | €41,913 | -€7,812 | -15.7% |
| Plant, machinery and equipment | 23 | €2,413 | €1,390 | -€1,023 | -42.4% |
| Furniture and vehicles | 24 | €47,312 | €40,523 | -€6,789 | -14.3% |
| Current assets | 29/58 | €316,337 | €234,988 | -€81,349 | -25.7% |
| Stocks and contracts in progress | 3 | €90,255 | €110,997 | +€20,742 | +23.0% |
| Stocks | 30/36 | €90,255 | €110,997 | +€20,742 | +23.0% |
| Amounts receivable within one year | 40/41 | €188,248 | €85,661 | -€102,587 | -54.5% |
| Trade receivables | 40 | €188,248 | €50,832 | -€137,416 | -73.0% |
| Other amounts receivable | 41 | €0 | €34,829 | +€34,829 | |
| Cash at bank and in hand | 54/58 | €37,397 | €35,997 | -€1,400 | -3.7% |
| Deferred charges and accrued income | 490/1 | €437 | €2,333 | +€1,896 | +434% |
| Total equity and liabilities | 10/49 | €366,428 | €276,967 | -€89,461 | -24.4% |
| Equity | 10/15 | €130,869 | €145,363 | +€14,493 | +11.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €105,869 | €120,363 | +€14,493 | +13.7% |
| Distributable reserves | 133 | €105,869 | €120,363 | +€14,493 | +13.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €235,558 | €131,604 | -€103,954 | -44.1% |
| Amounts payable after more than one year | 17 | €23,347 | €10,250 | -€13,097 | -56.1% |
| Financial debts | 170/4 | €23,347 | €10,250 | -€13,097 | -56.1% |
| Amounts payable within one year | 42/48 | €189,747 | €121,354 | -€68,393 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €18,787 | €13,097 | -€5,691 | -30.3% |
| Financial debts | 43 | €80,000 | €0 | -€80,000 | -100% |
| Credit institutions | 430/8 | €80,000 | €0 | -€80,000 | -100% |
| Trade debts | 44 | €66,918 | €95,980 | +€29,062 | +43.4% |
| Suppliers | 440/4 | €66,918 | €95,980 | +€29,062 | +43.4% |
| Taxes, remuneration and social security | 45 | €18,853 | €12,277 | -€6,575 | -34.9% |
| Taxes | 450/3 | €11,942 | €5,166 | -€6,776 | -56.7% |
| Remuneration and social security | 454/9 | €6,910 | €7,111 | +€201 | +2.9% |
| Other amounts payable | 47/48 | €5,188 | €0 | -€5,188 | -100% |
| Accrued charges and deferred income | 492/3 | €22,465 | €0 | -€22,465 | -100% |
| Remuneration, social security and pensions | 62 | €106,749 | €110,842 | +€4,092 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,767 | €21,332 | +€8,565 | +67.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €68,107 | €545 | -€67,562 | -99.2% |
| Other operating charges | 640/8 | €20,310 | €890 | -€19,420 | -95.6% |
| Gross operating margin | 9900 | €265,845 | €165,920 | -€99,925 | -37.6% |
| Operating profit (loss) | 9901 | €57,912 | €32,312 | -€25,600 | -44.2% |
| Financial income | 75/76B | €1,026 | €2,143 | +€1,117 | +109% |
| Recurring financial income | 75 | €1,026 | €2,143 | +€1,117 | +109% |
| Financial charges | 65/66B | €9,459 | €12,065 | +€2,606 | +27.6% |
| Recurring financial charges | 65 | €9,459 | €12,065 | +€2,606 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €49,479 | €22,390 | -€27,089 | -54.7% |
| Income taxes | 67/77 | €14,862 | €7,897 | -€6,965 | -46.9% |
| Profit (loss) for the period | 9904 | €34,617 | €14,493 | -€20,124 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,617 | €14,493 | -€20,124 | -58.1% |
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 30 October 2026 via checked.be.