AXEL PLAS: 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 PLAS
Largest movements
- Cash -€140,222
down €140,222 (-28.4%), from €493,755 to €353,532
mainly Tax, wage and social debts (-€292,052) and Deferred charges and accrued income (-€3,342)
- Tax, wage and social debts -€292,052
down €292,052 (-93.0%), from €313,973 to €21,920
- Reserves +€61,000
up €61,000 (+1.6%), from €3.9m to €4.0m
of which Distributable reserves: +€61,000
- Current portion of long-term debt +€52,451
new in 2025: €52,451
- Gross operating margin -€42,407
down €42,407 (-29.5%), from €143,761 to €101,355
- Taxes -€23,129
down €23,129 (-35.9%), from €64,509 to €41,380
- Depreciation +€20,240
up €20,240 (+114%), from €17,765 to €38,005
- Other operating charges -€4,342
no longer reported in 2025 (was €4,342)
- Financial income -€3,077
down €3,077 (-6.2%), from €49,721 to €46,644
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 | €5,190,642 | €5,011,523 | -€179,119 | -3.5% |
| Fixed assets | 21/28 | €147,576 | €109,571 | -€38,005 | -25.8% |
| Tangible fixed assets | 22/27 | €147,576 | €109,571 | -€38,005 | -25.8% |
| Plant, machinery and equipment | 23 | €6,616 | €5,104 | -€1,512 | -22.9% |
| Furniture and vehicles | 24 | €109,384 | €87,263 | -€22,122 | -20.2% |
| Other tangible fixed assets | 26 | €31,576 | €17,204 | -€14,371 | -45.5% |
| Current assets | 29/58 | €5,043,066 | €4,901,952 | -€141,114 | -2.8% |
| Amounts receivable after more than one year | 29 | €1,763,388 | €1,763,388 | = | 0.0% |
| Other amounts receivable | 291 | €1,763,388 | €1,763,388 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,239 | €28,005 | -€4,234 | -13.1% |
| Trade receivables | 40 | €28,005 | €28,005 | = | 0.0% |
| Other amounts receivable | 41 | €4,234 | - | -€4,234 | |
| Current investments | 50/53 | €2,747,302 | €2,747,302 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €493,755 | €353,532 | -€140,222 | -28.4% |
| Deferred charges and accrued income | 490/1 | €6,382 | €9,724 | +€3,342 | +52.4% |
| Total equity and liabilities | 10/49 | €5,190,642 | €5,011,523 | -€179,119 | -3.5% |
| Equity | 10/15 | €4,845,776 | €4,907,295 | +€61,519 | +1.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €3,911,860 | €3,972,860 | +€61,000 | +1.6% |
| Non-distributable reserves | 130/1 | €13,860 | €13,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,860 | €13,860 | = | 0.0% |
| Distributable reserves | 133 | €3,898,000 | €3,959,000 | +€61,000 | +1.6% |
| Profit (loss) carried forward | 14 | €921,416 | €921,935 | +€519 | +0.1% |
| Amounts payable | 17/49 | €344,866 | €104,228 | -€240,638 | -69.8% |
| Amounts payable within one year | 42/48 | €344,866 | €104,228 | -€240,638 | -69.8% |
| Current portion of amounts payable after more than one year | 42 | - | €52,451 | +€52,451 | |
| Trade debts | 44 | €7,758 | €7,895 | +€138 | +1.8% |
| Suppliers | 440/4 | €7,758 | €7,895 | +€138 | +1.8% |
| Taxes, remuneration and social security | 45 | €313,973 | €21,920 | -€292,052 | -93.0% |
| Taxes | 450/3 | €313,973 | €21,920 | -€292,052 | -93.0% |
| Other amounts payable | 47/48 | €23,136 | €21,962 | -€1,174 | -5.1% |
| Non-recurring operating income | 76A | €16,000 | - | -€16,000 | |
| Remuneration, social security and pensions | 62 | €901 | €1,215 | +€313 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,765 | €38,005 | +€20,240 | +114% |
| Other operating charges | 640/8 | €4,342 | - | -€4,342 | |
| Gross operating margin | 9900 | €143,761 | €101,355 | -€42,407 | -29.5% |
| Operating profit (loss) | 9901 | €120,753 | €62,135 | -€58,618 | -48.5% |
| Financial income | 75/76B | €49,721 | €46,644 | -€3,077 | -6.2% |
| Recurring financial income | 75 | €49,721 | €46,644 | -€3,077 | -6.2% |
| Financial charges | 65/66B | €4,461 | €5,880 | +€1,419 | +31.8% |
| Recurring financial charges | 65 | €4,461 | €5,880 | +€1,419 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €166,013 | €102,899 | -€63,114 | -38.0% |
| Income taxes | 67/77 | €64,509 | €41,380 | -€23,129 | -35.9% |
| Profit (loss) for the period | 9904 | €101,504 | €61,519 | -€39,985 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,504 | €61,519 | -€39,985 | -39.4% |
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 24 October 2026 via checked.be.