AXEL COMHAIRE: 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 COMHAIRE
Largest movements
- Cash +€111,155
up €111,155 (+57.8%), from €192,179 to €303,335
mainly Net result for the year (+€126,536) and Tax, wage and social debts (+€46,581)
- Intangible fixed assets -€18,000
down €18,000 (-66.7%), from €27,000 to €9,000
- Receivables within one year +€16,092
up €16,092 (+116%), from €13,893 to €29,984
of which Trade receivables: +€20,767
- Reserves +€125,703
up €125,703 (+6,758%), from €1,860 to €127,563
- Other debts -€62,135
down €62,135 (-30.8%), from €201,600 to €139,465
- Tax, wage and social debts +€46,581
up €46,581 (+262%), from €17,759 to €64,340
- Gross operating margin +€126,324
up €126,324 (+162%), from €77,901 to €204,225
- Taxes +€43,180
up €43,180 (+391%), from €11,056 to €54,236
- Other operating charges -€2,548
down €2,548 (-74.4%), from €3,427 to €878
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.
Derived cash bridge
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 | €243,550 | €352,660 | +€109,110 | +44.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €27,000 | €9,000 | -€18,000 | -66.7% |
| Intangible fixed assets | 21 | €27,000 | €9,000 | -€18,000 | -66.7% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €216,550 | €343,660 | +€127,110 | +58.7% |
| Amounts receivable within one year | 40/41 | €13,893 | €29,984 | +€16,092 | +116% |
| Trade receivables | 40 | €274 | €21,040 | +€20,767 | +7,588% |
| Other amounts receivable | 41 | €13,619 | €8,944 | -€4,675 | -34.3% |
| Cash at bank and in hand | 54/58 | €192,179 | €303,335 | +€111,155 | +57.8% |
| Deferred charges and accrued income | 490/1 | €10,477 | €10,341 | -€137 | -1.3% |
| Total equity and liabilities | 10/49 | €243,550 | €352,660 | +€109,110 | +44.8% |
| Equity | 10/15 | €20,460 | €146,163 | +€125,703 | +614% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €127,563 | +€125,703 | +6,758% |
| Distributable reserves | 133 | €1,860 | €127,563 | +€125,703 | +6,758% |
| Amounts payable | 17/49 | €223,090 | €206,497 | -€16,592 | -7.4% |
| Amounts payable within one year | 42/48 | €223,090 | €206,497 | -€16,592 | -7.4% |
| Financial debts | 43 | €1 | €135 | +€134 | +13,525% |
| Credit institutions | 430/8 | €1 | €135 | +€134 | +13,525% |
| Trade debts | 44 | €3,730 | €2,558 | -€1,172 | -31.4% |
| Suppliers | 440/4 | €3,730 | €2,558 | -€1,172 | -31.4% |
| Taxes, remuneration and social security | 45 | €17,759 | €64,340 | +€46,581 | +262% |
| Taxes | 450/3 | €17,759 | €64,340 | +€46,581 | +262% |
| Other amounts payable | 47/48 | €201,600 | €139,465 | -€62,135 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,637 | €18,000 | -€637 | -3.4% |
| Other operating charges | 640/8 | €3,427 | €878 | -€2,548 | -74.4% |
| Non-recurring operating charges | 66A | €170 | €127 | -€43 | -25.5% |
| Gross operating margin | 9900 | €77,901 | €204,225 | +€126,324 | +162% |
| Operating profit (loss) | 9901 | €55,667 | €185,220 | +€129,553 | +233% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,887 | €4,448 | +€560 | +14.4% |
| Recurring financial charges | 65 | €3,887 | €4,448 | +€560 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €51,779 | €180,772 | +€128,992 | +249% |
| Income taxes | 67/77 | €11,056 | €54,236 | +€43,180 | +391% |
| Profit (loss) for the period | 9904 | €40,724 | €126,536 | +€85,812 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €40,724 | €126,536 | +€85,812 | +211% |
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 21 October 2026 via checked.be.