AXE D'OR: 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.
AXE D'OR
Largest movements
- Tangible fixed assets +€568,426
up €568,426 (+39.4%), from €1.4m to €2.0m
of which Land and buildings: +€562,966
- Stocks and contracts -€187,225
no longer reported in 2025 (was €187,225)
- Receivables within one year +€186,471
up €186,471 (+1868.9%), from €9,978 to €196,449
- Cash -€63,207
down €63,207 (-27.8%), from €227,045 to €163,838
mainly Investment in fixed assets (net) (-€626,370) and Other debts (-€568,752)
- Reserves +€790,363
up €790,363 (+2998.3%), from €26,360 to €816,723
- Other debts -€568,752
down €568,752 (-66.0%), from €861,366 to €292,614
- Profit (loss) carried forward +€149,777
up €149,777 (+227.9%), from €65,729 to €215,506
- Contributions +€64,195
up €64,195 (+345.1%), from €18,600 to €82,795
- Trade debts +€52,509
up €52,509 (+815.5%), from €6,439 to €58,948
- Depreciation -€31,949
down €31,949 (-35.5%), from €89,893 to €57,944
- Financial charges +€30,491
up €30,491 (+188.6%), from €16,165 to €46,656
- Gross operating margin +€20,185
up €20,185 (+92.6%), from €21,797 to €41,981
- Other operating charges +€2,015
up €2,015 (+54.2%), from €3,717 to €5,733
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 | €1,868,320 | €2,372,634 | +€504,314 | +27.0% |
| Fixed assets | 21/28 | €1,443,246 | €2,011,672 | +€568,426 | +39.4% |
| Tangible fixed assets | 22/27 | €1,443,246 | €2,011,672 | +€568,426 | +39.4% |
| Land and buildings | 22 | €1,443,246 | €2,006,212 | +€562,966 | +39.0% |
| Plant, machinery and equipment | 23 | - | €2,111 | +€2,111 | |
| Furniture and vehicles | 24 | - | €3,349 | +€3,349 | |
| Current assets | 29/58 | €425,074 | €360,962 | -€64,111 | -15.1% |
| Stocks and contracts in progress | 3 | €187,225 | - | -€187,225 | |
| Stocks | 30/36 | €187,225 | - | -€187,225 | |
| Amounts receivable within one year | 40/41 | €9,978 | €196,449 | +€186,471 | +1868.9% |
| Other amounts receivable | 41 | €9,978 | €196,449 | +€186,471 | +1868.9% |
| Cash at bank and in hand | 54/58 | €227,045 | €163,838 | -€63,207 | -27.8% |
| Deferred charges and accrued income | 490/1 | €826 | €675 | -€151 | -18.2% |
| Total equity and liabilities | 10/49 | €1,868,320 | €2,372,634 | +€504,314 | +27.0% |
| Equity | 10/15 | €110,689 | €1,115,024 | +€1.0m | +907.4% |
| Contributions | 10/11 | €18,600 | €82,795 | +€64,195 | +345.1% |
| Reserves | 13 | €26,360 | €816,723 | +€790,363 | +2998.3% |
| Distributable reserves | 133 | €26,360 | €816,723 | +€790,363 | +2998.3% |
| Profit (loss) carried forward | 14 | €65,729 | €215,506 | +€149,777 | +227.9% |
| Amounts payable | 17/49 | €1,757,631 | €1,257,610 | -€500,021 | -28.4% |
| Amounts payable after more than one year | 17 | €858,537 | €859,136 | +€598 | +0.1% |
| Financial debts | 170/4 | €858,537 | €859,136 | +€598 | +0.1% |
| Amounts payable within one year | 42/48 | €899,094 | €396,489 | -€502,605 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €31,289 | €43,594 | +€12,306 | +39.3% |
| Financial debts | 43 | - | €1,333 | +€1,333 | |
| Credit institutions | 430/8 | - | €1,333 | +€1,333 | |
| Trade debts | 44 | €6,439 | €58,948 | +€52,509 | +815.5% |
| Suppliers | 440/4 | €6,439 | €58,948 | +€52,509 | +815.5% |
| Other amounts payable | 47/48 | €861,366 | €292,614 | -€568,752 | -66.0% |
| Accrued charges and deferred income | 492/3 | - | €1,985 | +€1,985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,893 | €57,944 | -€31,949 | -35.5% |
| Other operating charges | 640/8 | €3,717 | €5,733 | +€2,015 | +54.2% |
| Gross operating margin | 9900 | €21,797 | €41,981 | +€20,185 | +92.6% |
| Operating profit (loss) | 9901 | -€71,814 | -€21,695 | +€50,119 | +69.8% |
| Financial charges | 65/66B | €16,165 | €46,656 | +€30,491 | +188.6% |
| Recurring financial charges | 65 | €16,165 | €46,656 | +€30,491 | +188.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,979 | -€68,351 | +€19,628 | +22.3% |
| Profit (loss) for the period | 9904 | -€87,979 | -€68,351 | +€19,628 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,979 | -€68,351 | +€19,628 | +22.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.