AXELLE: 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.
AXELLE
Largest movements
- Receivables within one year +€486,608
up €486,608 (+132%), from €368,256 to €854,864
of which Other amounts receivable: +€383,010
- Intangible fixed assets -€180,290
down €180,290 (-39.1%), from €461,495 to €281,205
- Cash -€147,863
down €147,863 (-82.1%), from €180,100 to €32,237
mainly Receivables within one year (-€486,608) and Contributions, distributions and other (-€180,000)
- Tangible fixed assets -€51,598
down €51,598 (-40.3%), from €128,113 to €76,515
of which Land and buildings: -€32,193
- Other debts +€180,000
new in 2025: €180,000
- Debts after one year -€82,610
down €82,610 (-23.6%), from €349,511 to €266,901
- Trade debts -€67,052
down €67,052 (-37.0%), from €181,344 to €114,291
- Tax, wage and social debts +€56,396
up €56,396, from €0 to €56,396
of which Remuneration and social security: +€56,233
- Current portion of long-term debt -€37,183
down €37,183 (-27.9%), from €133,073 to €95,889
- Gross operating margin +€138,487
up €138,487 (+15.2%), from €913,627 to €1.1m
- Depreciation -€46,110
down €46,110 (-16.7%), from €275,329 to €229,219
- Financial income +€11,671
up €11,671 (+522%), from €2,237 to €13,908
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 | €1,144,356 | €1,255,347 | +€110,991 | +9.7% |
| Fixed assets | 21/28 | €589,777 | €357,720 | -€232,057 | -39.3% |
| Intangible fixed assets | 21 | €461,495 | €281,205 | -€180,290 | -39.1% |
| Tangible fixed assets | 22/27 | €128,113 | €76,515 | -€51,598 | -40.3% |
| Land and buildings | 22 | €79,735 | €47,541 | -€32,193 | -40.4% |
| Plant, machinery and equipment | 23 | €1,665 | €2,304 | +€639 | +38.4% |
| Furniture and vehicles | 24 | €44,381 | €24,338 | -€20,043 | -45.2% |
| Other tangible fixed assets | 26 | €2,332 | €2,332 | = | 0.0% |
| Financial fixed assets | 28 | €169 | €0 | -€169 | -100% |
| Current assets | 29/58 | €554,578 | €897,626 | +€343,048 | +61.9% |
| Amounts receivable within one year | 40/41 | €368,256 | €854,864 | +€486,608 | +132% |
| Trade receivables | 40 | - | €103,598 | +€103,598 | |
| Other amounts receivable | 41 | €368,256 | €751,265 | +€383,010 | +104% |
| Current investments | 50/53 | - | €476 | +€476 | |
| Cash at bank and in hand | 54/58 | €180,100 | €32,237 | -€147,863 | -82.1% |
| Deferred charges and accrued income | 490/1 | €6,222 | €10,050 | +€3,828 | +61.5% |
| Total equity and liabilities | 10/49 | €1,144,356 | €1,255,347 | +€110,991 | +9.7% |
| Equity | 10/15 | €480,428 | €505,344 | +€24,916 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,828 | €461,828 | = | 0.0% |
| Distributable reserves | 133 | €461,828 | €461,828 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €24,916 | +€24,916 | |
| Amounts payable | 17/49 | €663,927 | €750,003 | +€86,075 | +13.0% |
| Amounts payable after more than one year | 17 | €349,511 | €266,901 | -€82,610 | -23.6% |
| Financial debts | 170/4 | €349,511 | €266,901 | -€82,610 | -23.6% |
| Amounts payable within one year | 42/48 | €314,417 | €477,074 | +€162,657 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €133,073 | €95,889 | -€37,183 | -27.9% |
| Financial debts | 43 | - | €30,497 | +€30,497 | |
| Credit institutions | 430/8 | - | €30,497 | +€30,497 | |
| Trade debts | 44 | €181,344 | €114,291 | -€67,052 | -37.0% |
| Suppliers | 440/4 | €181,344 | €114,291 | -€67,052 | -37.0% |
| Taxes, remuneration and social security | 45 | €0 | €56,396 | +€56,396 | |
| Taxes | 450/3 | €0 | €163 | +€163 | |
| Remuneration and social security | 454/9 | - | €56,233 | +€56,233 | |
| Other amounts payable | 47/48 | - | €180,000 | +€180,000 | |
| Accrued charges and deferred income | 492/3 | - | €6,028 | +€6,028 | |
| Remuneration, social security and pensions | 62 | €590,067 | €590,188 | +€121 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,329 | €229,219 | -€46,110 | -16.7% |
| Other operating charges | 640/8 | €2,699 | €1,451 | -€1,249 | -46.3% |
| Non-recurring operating charges | 66A | - | €1,848 | +€1,848 | |
| Gross operating margin | 9900 | €913,627 | €1,052,115 | +€138,487 | +15.2% |
| Operating profit (loss) | 9901 | €45,533 | €229,409 | +€183,876 | +404% |
| Financial income | 75/76B | €2,237 | €13,908 | +€11,671 | +522% |
| Recurring financial income | 75 | €2,237 | €13,908 | +€11,671 | +522% |
| Financial charges | 65/66B | €22,448 | €20,561 | -€1,887 | -8.4% |
| Recurring financial charges | 65 | €22,448 | €20,561 | -€1,887 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €25,322 | €222,756 | +€197,434 | +780% |
| Income taxes | 67/77 | €23,701 | €17,840 | -€5,861 | -24.7% |
| Profit (loss) for the period | 9904 | €1,621 | €204,916 | +€203,295 | +12,542% |
| Profit (loss) for the period to be appropriated | 9905 | €1,621 | €204,916 | +€203,295 | +12,542% |
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 25 October 2026 via checked.be.