Axel Smits: 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 Smits
Largest movements
- Current investments +€884,161
up €884,161 (+382%), from €231,434 to €1.1m
- Cash -€479,177
down €479,177 (-86.0%), from €557,034 to €77,857
mainly Current investments (-€884,161) and Other debts (-€172,964)
- Tangible fixed assets +€94,079
up €94,079 (+23.2%), from €406,153 to €500,233
of which Furniture and vehicles: +€96,313
- Receivables within one year +€31,301
up €31,301 (+84.0%), from €37,248 to €68,549
of which Other amounts receivable: +€30,270
- Reserves +€693,120
up €693,120 (+66.9%), from €1.0m to €1.7m
of which Distributable reserves: +€693,120
- Other debts -€172,964
down €172,964 (-80.8%), from €214,029 to €41,065
- Gross operating margin -€266,176
down €266,176 (-20.1%), from €1.3m to €1.1m
- Taxes -€93,738
down €93,738 (-29.5%), from €318,204 to €224,466
- Financial income +€22,346
up €22,346 (+173%), from €12,885 to €35,230
- Other operating charges -€17,560
down €17,560 (-69.9%), from €25,107 to €7,547
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 | €1,437,430 | €1,956,402 | +€518,972 | +36.1% |
| Fixed assets | 21/28 | €406,153 | €500,233 | +€94,079 | +23.2% |
| Tangible fixed assets | 22/27 | €406,153 | €500,233 | +€94,079 | +23.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €6,310 | €4,076 | -€2,234 | -35.4% |
| Furniture and vehicles | 24 | €395,714 | €492,027 | +€96,313 | +24.3% |
| Other tangible fixed assets | 26 | €4,130 | €4,130 | = | 0.0% |
| Current assets | 29/58 | €1,031,277 | €1,456,169 | +€424,893 | +41.2% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,248 | €68,549 | +€31,301 | +84.0% |
| Trade receivables | 40 | €0 | €1,032 | +€1,032 | |
| Other amounts receivable | 41 | €37,248 | €67,518 | +€30,270 | +81.3% |
| Current investments | 50/53 | €231,434 | €1,115,595 | +€884,161 | +382% |
| Cash at bank and in hand | 54/58 | €557,034 | €77,857 | -€479,177 | -86.0% |
| Deferred charges and accrued income | 490/1 | €15,560 | €4,168 | -€11,393 | -73.2% |
| Total equity and liabilities | 10/49 | €1,437,430 | €1,956,402 | +€518,972 | +36.1% |
| Equity | 10/15 | €1,154,657 | €1,847,777 | +€693,120 | +60.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €1,036,057 | €1,729,177 | +€693,120 | +66.9% |
| Non-distributable reserves | 130/1 | €11,860 | €11,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,860 | €11,860 | = | 0.0% |
| Distributable reserves | 133 | €1,024,197 | €1,717,317 | +€693,120 | +67.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €282,773 | €108,626 | -€174,147 | -61.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €282,773 | €108,626 | -€174,147 | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €7,982 | €0 | -€7,982 | -100% |
| Financial debts | 43 | €2 | €331 | +€329 | +16,521% |
| Credit institutions | 430/8 | €2 | €331 | +€329 | +16,521% |
| Trade debts | 44 | €5,726 | €4,368 | -€1,357 | -23.7% |
| Suppliers | 440/4 | €5,726 | €4,368 | -€1,357 | -23.7% |
| Taxes, remuneration and social security | 45 | €55,034 | €62,861 | +€7,827 | +14.2% |
| Taxes | 450/3 | €55,034 | €62,861 | +€7,827 | +14.2% |
| Other amounts payable | 47/48 | €214,029 | €41,065 | -€172,964 | -80.8% |
| Non-recurring operating income | 76A | €123,639 | €0 | -€123,639 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,432 | €50,732 | -€3,701 | -6.8% |
| Other operating charges | 640/8 | €25,107 | €7,547 | -€17,560 | -69.9% |
| Non-recurring operating charges | 66A | €43,561 | €110,852 | +€67,291 | +154% |
| Gross operating margin | 9900 | €1,327,127 | €1,060,951 | -€266,176 | -20.1% |
| Operating profit (loss) | 9901 | €1,204,027 | €891,821 | -€312,206 | -25.9% |
| Financial income | 75/76B | €12,885 | €35,230 | +€22,346 | +173% |
| Recurring financial income | 75 | €12,885 | €35,230 | +€22,346 | +173% |
| Financial charges | 65/66B | €2,273 | €9,466 | +€7,193 | +317% |
| Recurring financial charges | 65 | €2,273 | €9,466 | +€7,193 | +317% |
| Profit (loss) for the period before taxes | 9903 | €1,214,639 | €917,585 | -€297,054 | -24.5% |
| Income taxes | 67/77 | €318,204 | €224,466 | -€93,738 | -29.5% |
| Profit (loss) for the period | 9904 | €896,435 | €693,120 | -€203,315 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €896,435 | €693,120 | -€203,315 | -22.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.