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
- Receivables within one year +€18,098
up €18,098 (+65.0%), from €27,863 to €45,961
- Tangible fixed assets -€14,890
down €14,890 (-9.3%), from €160,015 to €145,125
- Cash +€3,172
up €3,172 (+185.1%), from €1,713 to €4,885
mainly Net result for the year (+€19,693) and Depreciation (+€14,890)
- Deferred charges and accrued income -€2,120
no longer reported in 2025 (was €2,120)
- Profit (loss) carried forward +€19,693
up €19,693 (+8.6%), from -€229,193 to -€209,500
- Debts after one year -€18,200
down €18,200 (-14.4%), from €126,455 to €108,255
- Turnover -€81,288
no longer reported in 2025 (was €81,288)
- Purchases and services -€25,645
no longer reported in 2025 (was €25,645)
- Gross operating margin -€6,082
down €6,082 (-10.9%), from €55,788 to €49,705
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 | €192,677 | €196,937 | +€4,260 | +2.2% |
| Fixed assets | 21/28 | €160,980 | €146,091 | -€14,890 | -9.2% |
| Tangible fixed assets | 22/27 | €160,015 | €145,125 | -€14,890 | -9.3% |
| Land and buildings | 22 | €160,015 | €145,125 | -€14,890 | -9.3% |
| Financial fixed assets | 28 | €966 | €966 | = | 0.0% |
| Current assets | 29/58 | €31,697 | €50,847 | +€19,150 | +60.4% |
| Amounts receivable within one year | 40/41 | €27,863 | €45,961 | +€18,098 | +65.0% |
| Other amounts receivable | 41 | €27,863 | €45,961 | +€18,098 | +65.0% |
| Cash at bank and in hand | 54/58 | €1,713 | €4,885 | +€3,172 | +185.1% |
| Deferred charges and accrued income | 490/1 | €2,120 | - | -€2,120 | |
| Total equity and liabilities | 10/49 | €192,677 | €196,937 | +€4,260 | +2.2% |
| Equity | 10/15 | €23,977 | €43,671 | +€19,693 | +82.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Outside capital | 11 | - | €61,973 | +€61,973 | |
| Share premium | 1100/10 | - | €61,973 | +€61,973 | |
| Reserves | 13 | €191,197 | €191,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €185,000 | €185,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€229,193 | -€209,500 | +€19,693 | +8.6% |
| Amounts payable | 17/49 | €168,700 | €153,267 | -€15,433 | -9.1% |
| Amounts payable after more than one year | 17 | €126,455 | €108,255 | -€18,200 | -14.4% |
| Financial debts | 170/4 | €126,455 | €108,255 | -€18,200 | -14.4% |
| Amounts payable within one year | 42/48 | €42,244 | €45,012 | +€2,767 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €30,320 | €31,200 | +€880 | +2.9% |
| Trade debts | 44 | €11,924 | €13,812 | +€1,887 | +15.8% |
| Suppliers | 440/4 | €11,924 | €13,812 | +€1,887 | +15.8% |
| Turnover | 70 | €81,288 | - | -€81,288 | |
| Goods, raw materials, services and sundry goods | 60/61 | €25,645 | - | -€25,645 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,774 | €14,890 | +€116 | +0.8% |
| Other operating charges | 640/8 | €8,319 | €8,692 | +€373 | +4.5% |
| Gross operating margin | 9900 | €55,788 | €49,705 | -€6,082 | -10.9% |
| Operating profit (loss) | 9901 | €32,695 | €26,124 | -€6,571 | -20.1% |
| Financial income | 75/76B | €641 | €1 | -€641 | -99.9% |
| Recurring financial income | 75 | €641 | €1 | -€641 | -99.9% |
| Financial charges | 65/66B | €7,230 | €6,431 | -€799 | -11.0% |
| Recurring financial charges | 65 | €7,230 | €6,431 | -€799 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €26,106 | €19,693 | -€6,413 | -24.6% |
| Profit (loss) for the period | 9904 | €26,106 | €19,693 | -€6,413 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,106 | €19,693 | -€6,413 | -24.6% |
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 2 October 2026 via checked.be.