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 -€39,097
down €39,097 (-3.2%), from €1.2m to €1.2m
of which Land and buildings: -€38,651
- Cash -€33,289
down €33,289 (-45.0%), from €73,952 to €40,662
mainly Net result for the year (-€22,644) and Other debts (-€20,082)
- Other debts -€20,082
down €20,082 (-9.3%), from €216,704 to €196,622
- Debts after one year -€19,795
down €19,795 (-5.6%), from €352,813 to €333,018
of which Financial debts: -€17,795
- Reserves -€17,916
down €17,916 (-2.9%), from €620,264 to €602,348
- Depreciation +€7,194
up €7,194 (+22.6%), from €31,903 to €39,097
- Gross operating margin +€4,487
up €4,487 (+24.3%), from €18,494 to €22,981
- Other operating charges -€2,747
down €2,747 (-33.8%), from €8,125 to €5,378
- Financial income -€970
down €970 (-57.7%), from €1,679 to €710
- Taxes -€504
no longer reported in 2024 (was €504)
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,286,071 | €1,213,479 | -€72,591 | -5.6% |
| Fixed assets | 21/28 | €1,211,914 | €1,172,817 | -€39,097 | -3.2% |
| Tangible fixed assets | 22/27 | €1,211,914 | €1,172,817 | -€39,097 | -3.2% |
| Land and buildings | 22 | €1,211,468 | €1,172,817 | -€38,651 | -3.2% |
| Furniture and vehicles | 24 | €445 | - | -€445 | |
| Current assets | 29/58 | €74,157 | €40,662 | -€33,495 | -45.2% |
| Amounts receivable within one year | 40/41 | €205 | - | -€205 | |
| Trade receivables | 40 | €205 | - | -€205 | |
| Cash at bank and in hand | 54/58 | €73,952 | €40,662 | -€33,289 | -45.0% |
| Total equity and liabilities | 10/49 | €1,286,071 | €1,213,479 | -€72,591 | -5.6% |
| Equity | 10/15 | €487,366 | €464,722 | -€22,644 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €620,264 | €602,348 | -€17,916 | -2.9% |
| Tax-exempt reserves | 132 | €620,264 | €602,348 | -€17,916 | -2.9% |
| Profit (loss) carried forward | 14 | -€151,498 | -€156,226 | -€4,729 | -3.1% |
| Provisions and deferred taxes | 16 | €207,115 | €201,323 | -€5,792 | -2.8% |
| Deferred taxes | 168 | €207,115 | €201,323 | -€5,792 | -2.8% |
| Amounts payable | 17/49 | €591,590 | €547,435 | -€44,155 | -7.5% |
| Amounts payable after more than one year | 17 | €352,813 | €333,018 | -€19,795 | -5.6% |
| Financial debts | 170/4 | €350,813 | €333,018 | -€17,795 | -5.1% |
| Other amounts payable | 178/9 | €2,000 | - | -€2,000 | |
| Amounts payable within one year | 42/48 | €238,767 | €214,417 | -€24,350 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €17,176 | €17,795 | +€619 | +3.6% |
| Trade debts | 44 | €4,887 | - | -€4,887 | |
| Suppliers | 440/4 | €4,887 | - | -€4,887 | |
| Other amounts payable | 47/48 | €216,704 | €196,622 | -€20,082 | -9.3% |
| Accrued charges and deferred income | 492/3 | €10 | - | -€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,903 | €39,097 | +€7,194 | +22.6% |
| Other operating charges | 640/8 | €8,125 | €5,378 | -€2,747 | -33.8% |
| Gross operating margin | 9900 | €18,494 | €22,981 | +€4,487 | +24.3% |
| Operating profit (loss) | 9901 | -€21,534 | -€21,495 | +€40 | +0.2% |
| Financial income | 75/76B | €1,679 | €710 | -€970 | -57.7% |
| Recurring financial income | 75 | €1,679 | €710 | -€970 | -57.7% |
| Financial charges | 65/66B | €7,908 | €7,652 | -€256 | -3.2% |
| Recurring financial charges | 65 | €7,908 | €7,652 | -€256 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,763 | -€28,436 | -€674 | -2.4% |
| Transfer from deferred taxes | 780 | €5,792 | €5,792 | = | 0.0% |
| Income taxes | 67/77 | €504 | - | -€504 | |
| Profit (loss) for the period | 9904 | -€22,475 | -€22,644 | -€170 | -0.8% |
| Transfer from tax-exempt reserves | 789 | €17,916 | €17,916 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,559 | -€4,729 | -€170 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2023 and 30 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.