AXEL BRONCHART: 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.
AXEL BRONCHART
Largest movements
- Current investments -€373,623
down €373,623 (-84.9%), from €439,884 to €66,262
- Tangible fixed assets +€198,466
up €198,466 (+30.0%), from €662,073 to €860,538
of which Land and buildings: +€219,876
- Receivables within one year +€39,922
up €39,922 (+396.1%), from €10,078 to €50,000
of which Trade receivables: +€50,000
- Other debts -€277,069
no longer reported in 2025 (was €277,069)
- Reserves +€82,345
up €82,345 (+13.2%), from €625,216 to €707,562
of which Distributable reserves: +€95,568
- Debts after one year +€57,852
up €57,852 (+57.2%), from €101,074 to €158,926
- Tax, wage and social debts -€18,402
down €18,402 (-39.5%), from €46,567 to €28,165
of which Taxes: -€15,682
- Provisions +€11,429
new in 2025: €11,429
- Gross operating margin +€214,294
up €214,294 (+660.9%), from €32,425 to €246,719
- Depreciation +€81,099
up €81,099 (+166.8%), from €48,613 to €129,711
- Financial income -€40,627
down €40,627 (-83.4%), from €48,689 to €8,062
- Taxes +€8,451
up €8,451 (+59.9%), from €14,113 to €22,564
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 | €1,123,579 | €988,561 | -€135,018 | -12.0% |
| Fixed assets | 21/28 | €662,073 | €860,538 | +€198,466 | +30.0% |
| Tangible fixed assets | 22/27 | €662,073 | €860,538 | +€198,466 | +30.0% |
| Land and buildings | 22 | €461,569 | €681,445 | +€219,876 | +47.6% |
| Plant, machinery and equipment | 23 | €83,940 | €58,213 | -€25,727 | -30.6% |
| Furniture and vehicles | 24 | €36,552 | €38,558 | +€2,006 | +5.5% |
| Other tangible fixed assets | 26 | €80,012 | €82,323 | +€2,311 | +2.9% |
| Current assets | 29/58 | €461,507 | €128,023 | -€333,484 | -72.3% |
| Amounts receivable within one year | 40/41 | €10,078 | €50,000 | +€39,922 | +396.1% |
| Trade receivables | 40 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 41 | €10,078 | - | -€10,078 | |
| Current investments | 50/53 | €439,884 | €66,262 | -€373,623 | -84.9% |
| Cash at bank and in hand | 54/58 | €4,057 | €6,603 | +€2,545 | +62.7% |
| Deferred charges and accrued income | 490/1 | €7,487 | €5,159 | -€2,329 | -31.1% |
| Total equity and liabilities | 10/49 | €1,123,579 | €988,561 | -€135,018 | -12.0% |
| Equity | 10/15 | €643,816 | €726,162 | +€82,345 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €625,216 | €707,562 | +€82,345 | +13.2% |
| Tax-exempt reserves | 132 | €64,940 | €51,717 | -€13,223 | -20.4% |
| Distributable reserves | 133 | €560,276 | €655,845 | +€95,568 | +17.1% |
| Provisions and deferred taxes | 16 | - | €11,429 | +€11,429 | |
| Deferred taxes | 168 | - | €11,429 | +€11,429 | |
| Amounts payable | 17/49 | €479,763 | €250,970 | -€228,793 | -47.7% |
| Amounts payable after more than one year | 17 | €101,074 | €158,926 | +€57,852 | +57.2% |
| Financial debts | 170/4 | €101,074 | €158,926 | +€57,852 | +57.2% |
| Amounts payable within one year | 42/48 | €377,491 | €92,044 | -€285,447 | -75.6% |
| Current portion of amounts payable after more than one year | 42 | €30,393 | €37,957 | +€7,564 | +24.9% |
| Trade debts | 44 | €23,463 | €25,922 | +€2,460 | +10.5% |
| Suppliers | 440/4 | €23,463 | €25,922 | +€2,460 | +10.5% |
| Taxes, remuneration and social security | 45 | €46,567 | €28,165 | -€18,402 | -39.5% |
| Taxes | 450/3 | €43,847 | €28,165 | -€15,682 | -35.8% |
| Remuneration and social security | 454/9 | €2,719 | - | -€2,719 | |
| Other amounts payable | 47/48 | €277,069 | - | -€277,069 | |
| Accrued charges and deferred income | 492/3 | €1,197 | - | -€1,197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,613 | €129,711 | +€81,099 | +166.8% |
| Other operating charges | 640/8 | €3,970 | €4,638 | +€668 | +16.8% |
| Gross operating margin | 9900 | €32,425 | €246,719 | +€214,294 | +660.9% |
| Operating profit (loss) | 9901 | -€20,158 | €112,370 | +€132,527 | |
| Financial income | 75/76B | €48,689 | €8,062 | -€40,627 | -83.4% |
| Recurring financial income | 75 | €48,689 | €8,062 | -€40,627 | -83.4% |
| Financial charges | 65/66B | €3,794 | €4,094 | +€300 | +7.9% |
| Recurring financial charges | 65 | €3,794 | €4,094 | +€300 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €24,738 | €116,338 | +€91,600 | +370.3% |
| Transfer from deferred taxes | 780 | - | €331 | +€331 | |
| Transfer to deferred taxes | 680 | - | €11,760 | +€11,760 | |
| Income taxes | 67/77 | €14,113 | €22,564 | +€8,451 | +59.9% |
| Profit (loss) for the period | 9904 | €10,625 | €82,345 | +€71,720 | +675.0% |
| Transfer from tax-exempt reserves | 789 | €67,360 | €60,264 | -€7,096 | -10.5% |
| Transfer to tax-exempt reserves | 689 | - | €47,041 | +€47,041 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,985 | €95,568 | +€17,583 | +22.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.