Axelleon: 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.
Axelleon
Largest movements
- Cash -€99,232
down €99,232 (-19.1%), from €519,079 to €419,847
mainly Contributions, distributions and other (-€136,393) and Receivables within one year (-€86,836)
- Receivables within one year +€86,836
up €86,836 (+148%), from €58,676 to €145,512
of which Other amounts receivable: +€46,439
- Tangible fixed assets -€28,152
down €28,152 (-7.4%), from €382,630 to €354,478
of which Land and buildings: -€20,518
- Current investments +€13,768
up €13,768 (+46.0%), from €29,923 to €43,692
- Other debts +€136,393
new in 2025: €136,393
- Reserves -€119,270
down €119,270 (-14.9%), from €802,658 to €683,388
- Debts after one year -€26,552
down €26,552 (-18.0%), from €147,816 to €121,265
- Tax, wage and social debts -€23,673
no longer reported in 2025 (was €23,673)
- Financial income -€343,485
down €343,485 (-92.9%), from €369,850 to €26,365
- Gross operating margin -€71,455
down €71,455 (-52.7%), from €135,620 to €64,165
- Taxes -€48,013
down €48,013 (-78.9%), from €60,823 to €12,810
- Financial charges +€12,676
up €12,676 (+307%), from €4,132 to €16,808
of which Financial charges: +€9,576
- Depreciation -€2,970
down €2,970 (-6.7%), from €44,648 to €41,678
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 | €1,006,168 | €976,854 | -€29,314 | -2.9% |
| Fixed assets | 21/28 | €394,730 | €363,478 | -€31,252 | -7.9% |
| Tangible fixed assets | 22/27 | €382,630 | €354,478 | -€28,152 | -7.4% |
| Land and buildings | 22 | €291,166 | €270,648 | -€20,518 | -7.0% |
| Plant, machinery and equipment | 23 | €3,097 | €3,481 | +€384 | +12.4% |
| Furniture and vehicles | 24 | €51,315 | €38,841 | -€12,474 | -24.3% |
| Other tangible fixed assets | 26 | €10,908 | €16,173 | +€5,265 | +48.3% |
| Assets under construction and advance payments | 27 | €26,144 | €25,334 | -€809 | -3.1% |
| Financial fixed assets | 28 | €12,100 | €9,000 | -€3,100 | -25.6% |
| Current assets | 29/58 | €611,438 | €613,376 | +€1,939 | +0.3% |
| Amounts receivable within one year | 40/41 | €58,676 | €145,512 | +€86,836 | +148% |
| Trade receivables | 40 | €145 | €40,542 | +€40,396 | +27,821% |
| Other amounts receivable | 41 | €58,531 | €104,970 | +€46,439 | +79.3% |
| Current investments | 50/53 | €29,923 | €43,692 | +€13,768 | +46.0% |
| Cash at bank and in hand | 54/58 | €519,079 | €419,847 | -€99,232 | -19.1% |
| Deferred charges and accrued income | 490/1 | €3,759 | €4,326 | +€567 | +15.1% |
| Total equity and liabilities | 10/49 | €1,006,168 | €976,854 | -€29,314 | -2.9% |
| Equity | 10/15 | €808,858 | €689,588 | -€119,270 | -14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €802,658 | €683,388 | -€119,270 | -14.9% |
| Distributable reserves | 133 | €802,658 | €683,388 | -€119,270 | -14.9% |
| Amounts payable | 17/49 | €197,310 | €287,266 | +€89,956 | +45.6% |
| Amounts payable after more than one year | 17 | €147,816 | €121,265 | -€26,552 | -18.0% |
| Financial debts | 170/4 | €147,816 | €121,265 | -€26,552 | -18.0% |
| Amounts payable within one year | 42/48 | €49,494 | €163,225 | +€113,731 | +230% |
| Current portion of amounts payable after more than one year | 42 | €25,821 | €26,552 | +€731 | +2.8% |
| Trade debts | 44 | - | €281 | +€281 | |
| Suppliers | 440/4 | - | €281 | +€281 | |
| Taxes, remuneration and social security | 45 | €23,673 | - | -€23,673 | |
| Taxes | 450/3 | €23,673 | - | -€23,673 | |
| Other amounts payable | 47/48 | - | €136,393 | +€136,393 | |
| Accrued charges and deferred income | 492/3 | - | €2,776 | +€2,776 | |
| Non-recurring operating income | 76A | €9,000 | - | -€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,648 | €41,678 | -€2,970 | -6.7% |
| Other operating charges | 640/8 | €2,235 | €1,972 | -€263 | -11.8% |
| Non-recurring operating charges | 66A | - | €139 | +€139 | |
| Gross operating margin | 9900 | €135,620 | €64,165 | -€71,455 | -52.7% |
| Operating profit (loss) | 9901 | €88,738 | €20,377 | -€68,361 | -77.0% |
| Financial income | 75/76B | €369,850 | €26,365 | -€343,485 | -92.9% |
| Recurring financial income | 75 | €369,850 | €26,365 | -€343,485 | -92.9% |
| Financial charges | 65/66B | €4,132 | €16,808 | +€12,676 | +307% |
| Recurring financial charges | 65 | €4,132 | €13,708 | +€9,576 | +232% |
| Non-recurring financial charges | 66B | - | €3,100 | +€3,100 | |
| Profit (loss) for the period before taxes | 9903 | €454,455 | €29,933 | -€424,522 | -93.4% |
| Income taxes | 67/77 | €60,823 | €12,810 | -€48,013 | -78.9% |
| Profit (loss) for the period | 9904 | €393,632 | €17,123 | -€376,509 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €393,632 | €17,123 | -€376,509 | -95.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.