AXELERO: what changed
AXELERO
Largest movements
- Tangible fixed assets -€442,829
down €442,829 (-32.6%), from €1.4m to €915,090
of which Land and buildings: -€422,711
- Current investments +€402,122
up €402,122 (+73.3%), from €548,424 to €950,546
- Cash +€383,226
up €383,226 (+2,432%), from €15,756 to €398,982
mainly Investment in fixed assets (net) (+€380,756) and Net result for the year (+€313,068)
- Receivables within one year -€127,970
down €127,970 (-100%), from €127,970 to €0
of which Trade receivables: -€127,970
- Deferred charges and accrued income -€57,541
down €57,541 (-91.8%), from €62,701 to €5,160
- Reserves +€145,114
up €145,114 (+13.0%), from €1.1m to €1.3m
- Tax, wage and social debts +€48,654
up €48,654 (+214%), from €22,747 to €71,401
of which Taxes: +€45,809
- Debts after one year -€36,795
down €36,795 (-4.0%), from €929,562 to €892,766
- Gross operating margin +€180,750
up €180,750 (+50.9%), from €355,053 to €535,803
- Taxes +€33,166
up €33,166 (+31.4%), from €105,721 to €138,887
- Other operating charges -€16,575
down €16,575 (-90.4%), from €18,334 to €1,759
- Financial income +€12,699
up €12,699 (+364%), from €3,489 to €16,188
of which Financial income: +€12,699
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,112,771 | €2,269,778 | +€157,008 | +7.4% |
| Fixed assets | 21/28 | €1,357,919 | €915,090 | -€442,829 | -32.6% |
| Tangible fixed assets | 22/27 | €1,357,919 | €915,090 | -€442,829 | -32.6% |
| Land and buildings | 22 | €1,331,916 | €909,206 | -€422,711 | -31.7% |
| Plant, machinery and equipment | 23 | €2,016 | €1,074 | -€942 | -46.7% |
| Furniture and vehicles | 24 | €23,987 | €4,810 | -€19,176 | -79.9% |
| Current assets | 29/58 | €754,851 | €1,354,688 | +€599,837 | +79.5% |
| Amounts receivable within one year | 40/41 | €127,970 | €0 | -€127,970 | -100% |
| Trade receivables | 40 | €127,970 | €0 | -€127,970 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €548,424 | €950,546 | +€402,122 | +73.3% |
| Cash at bank and in hand | 54/58 | €15,756 | €398,982 | +€383,226 | +2,432% |
| Deferred charges and accrued income | 490/1 | €62,701 | €5,160 | -€57,541 | -91.8% |
| Total equity and liabilities | 10/49 | €2,112,771 | €2,269,778 | +€157,008 | +7.4% |
| Equity | 10/15 | €1,119,565 | €1,264,679 | +€145,114 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,113,365 | €1,258,479 | +€145,114 | +13.0% |
| Distributable reserves | 133 | €1,113,365 | €1,258,479 | +€145,114 | +13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €993,206 | €1,005,099 | +€11,893 | +1.2% |
| Amounts payable after more than one year | 17 | €929,562 | €892,766 | -€36,795 | -4.0% |
| Financial debts | 170/4 | €929,562 | €892,766 | -€36,795 | -4.0% |
| Amounts payable within one year | 42/48 | €61,134 | €111,067 | +€49,933 | +81.7% |
| Current portion of amounts payable after more than one year | 42 | €35,529 | €36,795 | +€1,266 | +3.6% |
| Trade debts | 44 | €758 | €720 | -€38 | -5.0% |
| Suppliers | 440/4 | €758 | €720 | -€38 | -5.0% |
| Taxes, remuneration and social security | 45 | €22,747 | €71,401 | +€48,654 | +214% |
| Taxes | 450/3 | €22,747 | €68,555 | +€45,809 | +201% |
| Remuneration and social security | 454/9 | €0 | €2,845 | +€2,845 | |
| Other amounts payable | 47/48 | €2,101 | €2,151 | +€50 | +2.4% |
| Accrued charges and deferred income | 492/3 | €2,510 | €1,266 | -€1,244 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,730 | €62,073 | +€4,343 | +7.5% |
| Other operating charges | 640/8 | €18,334 | €1,759 | -€16,575 | -90.4% |
| Gross operating margin | 9900 | €355,053 | €535,803 | +€180,750 | +50.9% |
| Operating profit (loss) | 9901 | €278,989 | €471,971 | +€192,982 | +69.2% |
| Financial income | 75/76B | €3,489 | €16,188 | +€12,699 | +364% |
| Recurring financial income | 75 | €3,489 | €16,188 | +€12,699 | +364% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €37,246 | €36,204 | -€1,042 | -2.8% |
| Recurring financial charges | 65 | €37,246 | €36,204 | -€1,042 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €245,233 | €451,955 | +€206,723 | +84.3% |
| Income taxes | 67/77 | €105,721 | €138,887 | +€33,166 | +31.4% |
| Profit (loss) for the period | 9904 | €139,511 | €313,068 | +€173,556 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €139,511 | €313,068 | +€173,556 | +124% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.