AXELLE: what changed
Two fiscal 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
- Financial fixed assets -€28,500
down €28,500 (-100.0%), from €28,500 to €0
- Receivables within one year +€20,540
up €20,540 (+37.5%), from €54,797 to €75,337
of which Other amounts receivable: +€38,841
- Receivables after one year -€14,380
down €14,380 (-100.0%), from €14,380 to €0
- Cash -€6,024
down €6,024 (-82.5%), from €7,305 to €1,281
mainly Receivables within one year (-€20,540) and Other debts (-€18,703)
- Reserves +€55,983
new in 2025: €55,983
- Profit (loss) carried forward -€54,082
down €54,082 (-100.0%), from €54,082 to €0
- Other debts -€18,703
down €18,703 (-88.5%), from €21,144 to €2,441
- Short-term financial debts -€7,530
down €7,530 (-75.0%), from €10,038 to €2,508
- Tax, wage and social debts -€2,094
down €2,094 (-15.3%), from €13,665 to €11,571
of which Remuneration and social security: -€4,927
- Gross operating margin -€83,143
down €83,143 (-92.4%), from €89,992 to €6,850
- Staff costs -€59,980
down €59,980, from €58,454 to -€1,525
- Taxes -€2,007
down €2,007 (-43.0%), from €4,666 to €2,659
- Financial charges +€1,064
up €1,064 (+154.5%), from €688 to €1,752
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.
Cash bridge derived
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 | €108,372 | €80,129 | -€28,243 | -26.1% |
| Fixed assets | 21/28 | €31,670 | €3,510 | -€28,160 | -88.9% |
| Tangible fixed assets | 22/27 | €3,170 | €3,510 | +€340 | +10.7% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,170 | €3,510 | +€340 | +10.7% |
| Financial fixed assets | 28 | €28,500 | €0 | -€28,500 | -100.0% |
| Current assets | 29/58 | €76,702 | €76,619 | -€83 | -0.1% |
| Amounts receivable after more than one year | 29 | €14,380 | €0 | -€14,380 | -100.0% |
| Other amounts receivable | 291 | €14,380 | €0 | -€14,380 | -100.0% |
| Stocks and contracts in progress | 3 | €220 | €0 | -€220 | -100.0% |
| Stocks | 30/36 | €220 | €0 | -€220 | -100.0% |
| Amounts receivable within one year | 40/41 | €54,797 | €75,337 | +€20,540 | +37.5% |
| Trade receivables | 40 | €47,463 | €29,162 | -€18,301 | -38.6% |
| Other amounts receivable | 41 | €7,334 | €46,176 | +€38,841 | +529.6% |
| Cash at bank and in hand | 54/58 | €7,305 | €1,281 | -€6,024 | -82.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €108,372 | €80,129 | -€28,243 | -26.1% |
| Equity | 10/15 | €59,082 | €60,983 | +€1,901 | +3.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €55,983 | +€55,983 | |
| Distributable reserves | 133 | - | €55,983 | +€55,983 | |
| Profit (loss) carried forward | 14 | €54,082 | €0 | -€54,082 | -100.0% |
| Amounts payable | 17/49 | €49,290 | €19,146 | -€30,144 | -61.2% |
| Amounts payable within one year | 42/48 | €49,290 | €19,146 | -€30,144 | -61.2% |
| Financial debts | 43 | €10,038 | €2,508 | -€7,530 | -75.0% |
| Credit institutions | 430/8 | €10,038 | €2,508 | -€7,530 | -75.0% |
| Trade debts | 44 | €4,443 | €2,626 | -€1,817 | -40.9% |
| Suppliers | 440/4 | €4,443 | €2,626 | -€1,817 | -40.9% |
| Taxes, remuneration and social security | 45 | €13,665 | €11,571 | -€2,094 | -15.3% |
| Taxes | 450/3 | €6,738 | €9,571 | +€2,833 | +42.0% |
| Remuneration and social security | 454/9 | €6,927 | €2,000 | -€4,927 | -71.1% |
| Other amounts payable | 47/48 | €21,144 | €2,441 | -€18,703 | -88.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,303 | €782 | -€521 | -40.0% |
| Remuneration, social security and pensions | 62 | €58,454 | -€1,525 | -€59,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,443 | €1,499 | +€56 | +3.9% |
| Other operating charges | 640/8 | €1,083 | €696 | -€388 | -35.8% |
| Non-recurring operating charges | 66A | €9,800 | €0 | -€9,800 | -100.0% |
| Gross operating margin | 9900 | €89,992 | €6,850 | -€83,143 | -92.4% |
| Operating profit (loss) | 9901 | €19,212 | €6,180 | -€13,032 | -67.8% |
| Financial income | 75/76B | €36 | €131 | +€96 | +269.1% |
| Recurring financial income | 75 | €36 | €131 | +€96 | +269.1% |
| Financial charges | 65/66B | €688 | €1,752 | +€1,064 | +154.5% |
| Recurring financial charges | 65 | €688 | €1,752 | +€1,064 | +154.5% |
| Profit (loss) for the period before taxes | 9903 | €18,559 | €4,559 | -€14,000 | -75.4% |
| Income taxes | 67/77 | €4,666 | €2,659 | -€2,007 | -43.0% |
| Profit (loss) for the period | 9904 | €13,893 | €1,901 | -€11,993 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,893 | €1,901 | -€11,993 | -86.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.