AXE - IMMO: 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.
AXE - IMMO
Largest movements
- Stocks and contracts +€131,161
new in 2025: €131,161
- Tangible fixed assets -€122,165
down €122,165 (-11.3%), from €1.1m to €956,403
of which Land and buildings: -€67,222
- Cash -€37,832
down €37,832 (-19.4%), from €194,888 to €157,056
mainly Stocks and contracts (-€131,161) and Debts after one year (-€92,292)
- Receivables within one year +€23,450
up €23,450 (+107%), from €21,901 to €45,351
of which Trade receivables: +€23,450
- Debts after one year -€92,292
down €92,292 (-13.9%), from €662,451 to €570,159
of which Financial debts: -€97,261
- Reserves +€80,000
up €80,000 (+33.1%), from €242,000 to €322,000
of which Distributable reserves: +€80,000
- Trade debts -€20,604
down €20,604 (-55.1%), from €37,410 to €16,806
- Tax, wage and social debts +€17,167
up €17,167 (+47.3%), from €36,276 to €53,442
of which Taxes: +€18,098
- Staff costs +€21,078
up €21,078 (+47.2%), from €44,697 to €65,776
- Depreciation -€16,119
down €16,119 (-13.8%), from €116,805 to €100,686
- Gross operating margin +€6,341
up €6,341 (+2.0%), from €310,402 to €316,743
- Financial charges -€4,310
down €4,310 (-14.3%), from €30,092 to €25,782
- Other operating charges +€3,689
up €3,689 (+848%), from €435 to €4,124
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 | €1,300,684 | €1,298,724 | -€1,960 | -0.2% |
| Fixed assets | 21/28 | €1,079,328 | €957,163 | -€122,165 | -11.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,078,568 | €956,403 | -€122,165 | -11.3% |
| Land and buildings | 22 | €950,128 | €882,906 | -€67,222 | -7.1% |
| Plant, machinery and equipment | 23 | €23,644 | €17,666 | -€5,978 | -25.3% |
| Furniture and vehicles | 24 | €104,796 | €55,830 | -€48,966 | -46.7% |
| Financial fixed assets | 28 | €760 | €760 | = | 0.0% |
| Current assets | 29/58 | €221,356 | €341,561 | +€120,205 | +54.3% |
| Stocks and contracts in progress | 3 | - | €131,161 | +€131,161 | |
| Stocks | 30/36 | - | €131,161 | +€131,161 | |
| Amounts receivable within one year | 40/41 | €21,901 | €45,351 | +€23,450 | +107% |
| Trade receivables | 40 | €21,826 | €45,276 | +€23,450 | +107% |
| Other amounts receivable | 41 | €75 | €75 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,888 | €157,056 | -€37,832 | -19.4% |
| Deferred charges and accrued income | 490/1 | €4,568 | €7,994 | +€3,426 | +75.0% |
| Total equity and liabilities | 10/49 | €1,300,684 | €1,298,724 | -€1,960 | -0.2% |
| Equity | 10/15 | €388,455 | €473,143 | +€84,688 | +21.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | - | €20,460 | +€20,460 | |
| Other | 1109/19 | - | €20,460 | +€20,460 | |
| Reserves | 13 | €242,000 | €322,000 | +€80,000 | +33.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €242,000 | €322,000 | +€80,000 | +33.1% |
| Profit (loss) carried forward | 14 | €125,995 | €130,683 | +€4,688 | +3.7% |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Amounts payable | 17/49 | €912,229 | €825,581 | -€86,648 | -9.5% |
| Amounts payable after more than one year | 17 | €662,451 | €570,159 | -€92,292 | -13.9% |
| Financial debts | 170/4 | €611,767 | €514,506 | -€97,261 | -15.9% |
| Other amounts payable | 178/9 | €50,683 | €55,653 | +€4,969 | +9.8% |
| Amounts payable within one year | 42/48 | €249,778 | €249,922 | +€144 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €90,203 | €97,261 | +€7,059 | +7.8% |
| Trade debts | 44 | €37,410 | €16,806 | -€20,604 | -55.1% |
| Suppliers | 440/4 | €37,410 | €16,806 | -€20,604 | -55.1% |
| Taxes, remuneration and social security | 45 | €36,276 | €53,442 | +€17,167 | +47.3% |
| Taxes | 450/3 | €31,234 | €49,332 | +€18,098 | +57.9% |
| Remuneration and social security | 454/9 | €5,042 | €4,111 | -€931 | -18.5% |
| Other amounts payable | 47/48 | €85,890 | €82,413 | -€3,477 | -4.0% |
| Accrued charges and deferred income | 492/3 | - | €5,500 | +€5,500 | |
| Non-recurring operating income | 76A | €908 | €0 | -€908 | -100% |
| Remuneration, social security and pensions | 62 | €44,697 | €65,776 | +€21,078 | +47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,805 | €100,686 | -€16,119 | -13.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,467 | €726 | -€2,740 | -79.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €435 | €4,124 | +€3,689 | +848% |
| Gross operating margin | 9900 | €310,402 | €316,743 | +€6,341 | +2.0% |
| Operating profit (loss) | 9901 | €144,998 | €145,431 | +€433 | +0.3% |
| Financial income | 75/76B | €45 | €115 | +€70 | +157% |
| Recurring financial income | 75 | €45 | €115 | +€70 | +157% |
| Financial charges | 65/66B | €30,092 | €25,782 | -€4,310 | -14.3% |
| Recurring financial charges | 65 | €30,092 | €25,782 | -€4,310 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €114,950 | €119,763 | +€4,813 | +4.2% |
| Income taxes | 67/77 | €32,460 | €35,075 | +€2,616 | +8.1% |
| Profit (loss) for the period | 9904 | €82,491 | €84,688 | +€2,197 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,491 | €84,688 | +€2,197 | +2.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.