AXELCO: 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.
AXELCO
Largest movements
- Tangible fixed assets -€36,879
down €36,879 (-3.1%), from €1.2m to €1.1m
of which Land and buildings: -€35,999
- Cash -€27,442
down €27,442 (-37.4%), from €73,318 to €45,876
mainly Net result for the year (-€45,517) and Other debts (-€17,594)
- Profit (loss) carried forward -€45,517
down €45,517 (-7.1%), from -€641,722 to -€687,238
- Gross operating margin +€5,205
up €5,205 (+8.1%), from €63,953 to €69,159
- Financial charges -€939
down €939 (-1.4%), from €65,151 to €64,211
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 | €2,064,590 | €2,000,105 | -€64,485 | -3.1% |
| Fixed assets | 21/28 | €1,845,858 | €1,808,979 | -€36,879 | -2.0% |
| Tangible fixed assets | 22/27 | €1,186,065 | €1,149,186 | -€36,879 | -3.1% |
| Land and buildings | 22 | €1,179,946 | €1,143,947 | -€35,999 | -3.1% |
| Plant, machinery and equipment | 23 | €6,118 | €5,239 | -€880 | -14.4% |
| Financial fixed assets | 28 | €659,793 | €659,793 | = | 0.0% |
| Current assets | 29/58 | €218,732 | €191,126 | -€27,607 | -12.6% |
| Amounts receivable within one year | 40/41 | €145,414 | €145,250 | -€165 | -0.1% |
| Trade receivables | 40 | €145,159 | €145,159 | = | 0.0% |
| Other amounts receivable | 41 | €255 | €91 | -€165 | -64.5% |
| Cash at bank and in hand | 54/58 | €73,318 | €45,876 | -€27,442 | -37.4% |
| Total equity and liabilities | 10/49 | €2,064,590 | €2,000,105 | -€64,485 | -3.1% |
| Equity | 10/15 | €427,020 | €381,503 | -€45,517 | -10.7% |
| Contributions | 10/11 | €1,048,741 | €1,048,741 | = | 0.0% |
| Capital | 10 | €1,042,000 | €1,042,000 | = | 0.0% |
| Issued capital | 100 | €1,042,000 | €1,042,000 | = | 0.0% |
| Contributions outside capital | 11 | €6,741 | €6,741 | = | 0.0% |
| Share premium | 1100/10 | €6,741 | €6,741 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€641,722 | -€687,238 | -€45,517 | -7.1% |
| Amounts payable | 17/49 | €1,637,571 | €1,618,602 | -€18,969 | -1.2% |
| Amounts payable within one year | 42/48 | €1,637,571 | €1,618,602 | -€18,969 | -1.2% |
| Trade debts | 44 | €4,358 | €3,180 | -€1,178 | -27.0% |
| Suppliers | 440/4 | €4,358 | €3,180 | -€1,178 | -27.0% |
| Taxes, remuneration and social security | 45 | €594 | €397 | -€197 | -33.2% |
| Taxes | 450/3 | €594 | €397 | -€197 | -33.2% |
| Other amounts payable | 47/48 | €1,632,619 | €1,615,025 | -€17,594 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,879 | €36,879 | = | 0.0% |
| Other operating charges | 640/8 | €13,550 | €13,633 | +€82 | +0.6% |
| Gross operating margin | 9900 | €63,953 | €69,159 | +€5,205 | +8.1% |
| Operating profit (loss) | 9901 | €13,524 | €18,647 | +€5,123 | +37.9% |
| Financial income | 75/76B | €15 | €48 | +€33 | +220% |
| Recurring financial income | 75 | €15 | €48 | +€33 | +220% |
| Financial charges | 65/66B | €65,151 | €64,211 | -€939 | -1.4% |
| Recurring financial charges | 65 | €65,151 | €64,211 | -€939 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€51,612 | -€45,517 | +€6,095 | +11.8% |
| Profit (loss) for the period | 9904 | -€51,612 | -€45,517 | +€6,095 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,612 | -€45,517 | +€6,095 | +11.8% |
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 18 October 2026 via checked.be.