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 +€16,875
up €16,875 (+11.3%), from €149,528 to €166,403
- Reserves +€19,883
up €19,883 (+8.2%), from €243,709 to €263,592
- Profit (loss) carried forward -€7,185
no longer reported in 2025 (was €7,185)
- Gross operating margin +€2,273
up €2,273 (+10.6%), from €21,546 to €23,819
- Financial income +€1,684
up €1,684 (+29.6%), from €5,691 to €7,375
- Taxes +€1,270
new in 2025: €1,270
- Depreciation +€349
up €349 (+2.9%), from €12,138 to €12,486
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 | €622,720 | €638,797 | +€16,078 | +2.6% |
| Fixed assets | 21/28 | €419,844 | €417,593 | -€2,251 | -0.5% |
| Tangible fixed assets | 22/27 | €419,844 | €417,593 | -€2,251 | -0.5% |
| Land and buildings | 22 | €419,844 | €417,593 | -€2,251 | -0.5% |
| Current assets | 29/58 | €202,875 | €221,204 | +€18,329 | +9.0% |
| Amounts receivable within one year | 40/41 | €149,528 | €166,403 | +€16,875 | +11.3% |
| Other amounts receivable | 41 | €149,528 | €166,403 | +€16,875 | +11.3% |
| Cash at bank and in hand | 54/58 | €51,639 | €53,039 | +€1,400 | +2.7% |
| Deferred charges and accrued income | 490/1 | €1,709 | €1,762 | +€54 | +3.2% |
| Total equity and liabilities | 10/49 | €622,720 | €638,797 | +€16,078 | +2.6% |
| Equity | 10/15 | €619,294 | €631,992 | +€12,699 | +2.1% |
| Contributions | 10/11 | €250,200 | €250,200 | = | 0.0% |
| Revaluation surpluses | 12 | €118,200 | €118,200 | = | 0.0% |
| Reserves | 13 | €243,709 | €263,592 | +€19,883 | +8.2% |
| Distributable reserves | 133 | €243,709 | €263,592 | +€19,883 | +8.2% |
| Profit (loss) carried forward | 14 | €7,185 | - | -€7,185 | |
| Amounts payable | 17/49 | €3,426 | €6,805 | +€3,379 | +98.6% |
| Amounts payable after more than one year | 17 | €250 | €250 | = | 0.0% |
| Other amounts payable | 178/9 | €250 | €250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,176 | €6,555 | +€3,379 | +106.4% |
| Trade debts | 44 | €3,176 | €5,285 | +€2,109 | +66.4% |
| Suppliers | 440/4 | €3,176 | €5,285 | +€2,109 | +66.4% |
| Taxes, remuneration and social security | 45 | - | €1,270 | +€1,270 | |
| Taxes | 450/3 | - | €1,270 | +€1,270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,138 | €12,486 | +€349 | +2.9% |
| Other operating charges | 640/8 | €4,513 | €4,523 | +€10 | +0.2% |
| Gross operating margin | 9900 | €21,546 | €23,819 | +€2,273 | +10.6% |
| Operating profit (loss) | 9901 | €4,895 | €6,810 | +€1,915 | +39.1% |
| Financial income | 75/76B | €5,691 | €7,375 | +€1,684 | +29.6% |
| Recurring financial income | 75 | €5,691 | €7,375 | +€1,684 | +29.6% |
| Financial charges | 65/66B | €205 | €217 | +€11 | +5.4% |
| Recurring financial charges | 65 | €205 | €217 | +€11 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €10,381 | €13,968 | +€3,587 | +34.6% |
| Income taxes | 67/77 | - | €1,270 | +€1,270 | |
| Profit (loss) for the period | 9904 | €10,381 | €12,699 | +€2,318 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,381 | €12,699 | +€2,318 | +22.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.