AXEL PAIRON: 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 PAIRON
Largest movements
- Cash +€93,344
up €93,344 (+69.4%), from €134,433 to €227,777
mainly Current investments (+€41,678) and Net result for the year (+€20,774)
- Current investments -€41,678
down €41,678 (-30.3%), from €137,553 to €95,875
- Stocks and contracts -€20,554
down €20,554 (-13.6%), from €150,808 to €130,254
- Reserves +€20,774
up €20,774 (+6.0%), from €343,846 to €364,620
- Gross operating margin +€25,761
up €25,761 (+91.4%), from -€28,179 to -€2,418
- Taxes +€6,324
up €6,324 (+339%), from €1,864 to €8,188
- Other operating charges -€3,422
down €3,422 (-55.2%), from €6,197 to €2,775
- Financial charges +€2,376
up €2,376 (+65.3%), from €3,638 to €6,014
- Depreciation +€1,360
up €1,360 (+57.5%), from €2,365 to €3,726
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 | €681,250 | €707,031 | +€25,781 | +3.8% |
| Fixed assets | 21/28 | €4,310 | €5,364 | +€1,054 | +24.5% |
| Tangible fixed assets | 22/27 | €1,810 | €2,864 | +€1,054 | +58.2% |
| Plant, machinery and equipment | 23 | €529 | €88 | -€440 | -83.3% |
| Other tangible fixed assets | 26 | €1,282 | €2,776 | +€1,495 | +117% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €676,940 | €701,667 | +€24,727 | +3.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €150,808 | €130,254 | -€20,554 | -13.6% |
| Stocks | 30/36 | €150,808 | €130,254 | -€20,554 | -13.6% |
| Amounts receivable within one year | 40/41 | €44,763 | €42,461 | -€2,301 | -5.1% |
| Trade receivables | 40 | €32,902 | €36,099 | +€3,197 | +9.7% |
| Other amounts receivable | 41 | €11,861 | €6,363 | -€5,499 | -46.4% |
| Current investments | 50/53 | €137,553 | €95,875 | -€41,678 | -30.3% |
| Cash at bank and in hand | 54/58 | €134,433 | €227,777 | +€93,344 | +69.4% |
| Deferred charges and accrued income | 490/1 | €9,383 | €5,300 | -€4,083 | -43.5% |
| Total equity and liabilities | 10/49 | €681,250 | €707,031 | +€25,781 | +3.8% |
| Equity | 10/15 | €367,396 | €388,169 | +€20,774 | +5.7% |
| Contributions | 10/11 | €23,550 | €23,550 | = | 0.0% |
| Reserves | 13 | €343,846 | €364,620 | +€20,774 | +6.0% |
| Distributable reserves | 133 | €343,846 | €364,620 | +€20,774 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €313,855 | €318,862 | +€5,007 | +1.6% |
| Amounts payable within one year | 42/48 | €313,855 | €318,836 | +€4,982 | +1.6% |
| Financial debts | 43 | €3,333 | €0 | -€3,333 | -100% |
| Credit institutions | 430/8 | €3,333 | €0 | -€3,333 | -100% |
| Trade debts | 44 | €2,631 | €4,860 | +€2,229 | +84.7% |
| Suppliers | 440/4 | €2,631 | €4,860 | +€2,229 | +84.7% |
| Advances received on contracts in progress | 46 | €1,800 | €3,300 | +€1,500 | +83.3% |
| Taxes, remuneration and social security | 45 | €2,230 | €24 | -€2,206 | -98.9% |
| Taxes | 450/3 | €2,230 | €24 | -€2,206 | -98.9% |
| Other amounts payable | 47/48 | €303,860 | €310,652 | +€6,792 | +2.2% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €3,726 | +€1,360 | +57.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,197 | €2,775 | -€3,422 | -55.2% |
| Gross operating margin | 9900 | -€28,179 | -€2,418 | +€25,761 | +91.4% |
| Operating profit (loss) | 9901 | -€36,741 | -€8,918 | +€27,823 | +75.7% |
| Financial income | 75/76B | €44,601 | €43,894 | -€707 | -1.6% |
| Recurring financial income | 75 | €44,601 | €43,894 | -€707 | -1.6% |
| Financial charges | 65/66B | €3,638 | €6,014 | +€2,376 | +65.3% |
| Recurring financial charges | 65 | €3,638 | €6,014 | +€2,376 | +65.3% |
| Profit (loss) for the period before taxes | 9903 | €4,221 | €28,962 | +€24,740 | +586% |
| Income taxes | 67/77 | €1,864 | €8,188 | +€6,324 | +339% |
| Profit (loss) for the period | 9904 | €2,358 | €20,774 | +€18,416 | +781% |
| Profit (loss) for the period to be appropriated | 9905 | €2,358 | €20,774 | +€18,416 | +781% |
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 31 October 2026 via checked.be.