AXEL: 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.
AXEL
Largest movements
- Tangible fixed assets +€27,048
up €27,048 (+5.8%), from €464,418 to €491,466
of which Plant, machinery and equipment: +€26,510
- Other debts +€26,470
up €26,470 (+7.9%), from €333,917 to €360,387
- Depreciation +€647
up €647 (+21.0%), from €3,082 to €3,729
- Gross operating margin +€269
up €269 (+5.1%), from €5,304 to €5,573
- Financial charges -€61
down €61 (-99.5%), from €61 to €0
- Other operating charges +€58
up €58 (+3.2%), from €1,839 to €1,898
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 | €503,097 | €528,698 | +€25,601 | +5.1% |
| Fixed assets | 21/28 | €464,418 | €491,466 | +€27,048 | +5.8% |
| Tangible fixed assets | 22/27 | €464,418 | €491,466 | +€27,048 | +5.8% |
| Land and buildings | 22 | €452,828 | €452,828 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,590 | €38,100 | +€26,510 | +228.7% |
| Furniture and vehicles | 24 | - | €538 | +€538 | |
| Current assets | 29/58 | €38,679 | €37,232 | -€1,447 | -3.7% |
| Stocks and contracts in progress | 3 | €17,054 | €17,054 | = | 0.0% |
| Stocks | 30/36 | €17,054 | €17,054 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,886 | €18,387 | -€1,499 | -7.5% |
| Trade receivables | 40 | €1,428 | - | -€1,428 | |
| Other amounts receivable | 41 | €18,458 | €18,387 | -€71 | -0.4% |
| Cash at bank and in hand | 54/58 | €103 | €103 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €1,636 | €1,687 | +€52 | +3.2% |
| Total equity and liabilities | 10/49 | €503,097 | €528,698 | +€25,601 | +5.1% |
| Equity | 10/15 | €156,632 | €156,275 | -€358 | -0.2% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Revaluation surpluses | 12 | €404,312 | €404,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€346,838 | -€347,195 | -€358 | -0.1% |
| Amounts payable | 17/49 | €346,465 | €372,424 | +€25,959 | +7.5% |
| Amounts payable within one year | 42/48 | €346,465 | €372,424 | +€25,959 | +7.5% |
| Financial debts | 43 | €9,458 | €9,348 | -€110 | -1.2% |
| Credit institutions | 430/8 | €9,458 | €9,348 | -€110 | -1.2% |
| Trade debts | 44 | €3,090 | €2,688 | -€402 | -13.0% |
| Suppliers | 440/4 | €3,090 | €2,688 | -€402 | -13.0% |
| Other amounts payable | 47/48 | €333,917 | €360,387 | +€26,470 | +7.9% |
| Non-recurring operating income | 76A | €71 | - | -€71 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,082 | €3,729 | +€647 | +21.0% |
| Other operating charges | 640/8 | €1,839 | €1,898 | +€58 | +3.2% |
| Non-recurring operating charges | 66A | - | €303 | +€303 | |
| Gross operating margin | 9900 | €5,304 | €5,573 | +€269 | +5.1% |
| Operating profit (loss) | 9901 | €382 | -€358 | -€740 | |
| Financial charges | 65/66B | €61 | €0 | -€61 | -99.5% |
| Recurring financial charges | 65 | €61 | €0 | -€61 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | €321 | -€358 | -€679 | |
| Profit (loss) for the period | 9904 | €321 | -€358 | -€679 | |
| Profit (loss) for the period to be appropriated | 9905 | €321 | -€358 | -€679 |
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 6 October 2026 via checked.be.