Axelleration: 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.
Axelleration
Largest movements
- Tangible fixed assets +€770,091
up €770,091 (+6,241%), from €12,340 to €782,431
of which Leasing and similar rights: +€558,446
- Cash -€77,414
down €77,414 (-73.2%), from €105,735 to €28,321
mainly Investment in fixed assets (net) (-€792,696) and Trade debts (-€2,413)
- Debts after one year +€526,500
new in 2025: €526,500
- Reserves +€80,488
up €80,488 (+78.3%), from €102,730 to €183,218
- Tax, wage and social debts +€37,250
up €37,250 (+94.2%), from €39,525 to €76,776
- Current portion of long-term debt +€30,719
new in 2025: €30,719
- Other debts +€13,031
new in 2025: €13,031
- Depreciation +€21,115
up €21,115 (+1,417%), from €1,490 to €22,606
- Financial charges +€11,703
up €11,703 (+600%), from €1,951 to €13,654
- Gross operating margin +€3,776
up €3,776 (+2.7%), from €139,474 to €143,250
- Taxes -€2,144
down €2,144 (-7.3%), from €29,257 to €27,113
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 | €148,723 | €834,299 | +€685,577 | +461% |
| Fixed assets | 21/28 | €12,340 | €782,431 | +€770,091 | +6,241% |
| Tangible fixed assets | 22/27 | €12,340 | €782,431 | +€770,091 | +6,241% |
| Furniture and vehicles | 24 | €12,340 | €9,424 | -€2,916 | -23.6% |
| Leasing and similar rights | 25 | - | €558,446 | +€558,446 | |
| Other tangible fixed assets | 26 | - | €214,561 | +€214,561 | |
| Current assets | 29/58 | €136,383 | €51,869 | -€84,514 | -62.0% |
| Amounts receivable within one year | 40/41 | €23,332 | €22,183 | -€1,150 | -4.9% |
| Trade receivables | 40 | €23,332 | €22,183 | -€1,150 | -4.9% |
| Current investments | 50/53 | €6,000 | €0 | -€6,000 | -100% |
| Cash at bank and in hand | 54/58 | €105,735 | €28,321 | -€77,414 | -73.2% |
| Deferred charges and accrued income | 490/1 | €1,315 | €1,365 | +€50 | +3.8% |
| Total equity and liabilities | 10/49 | €148,723 | €834,299 | +€685,577 | +461% |
| Equity | 10/15 | €106,230 | €186,718 | +€80,488 | +75.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €102,730 | €183,218 | +€80,488 | +78.3% |
| Distributable reserves | 133 | €102,730 | €183,218 | +€80,488 | +78.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €42,493 | €647,581 | +€605,088 | +1,424% |
| Amounts payable after more than one year | 17 | - | €526,500 | +€526,500 | |
| Financial debts | 170/4 | - | €526,500 | +€526,500 | |
| Amounts payable within one year | 42/48 | €42,493 | €121,081 | +€78,588 | +185% |
| Current portion of amounts payable after more than one year | 42 | - | €30,719 | +€30,719 | |
| Trade debts | 44 | €2,967 | €555 | -€2,413 | -81.3% |
| Suppliers | 440/4 | €2,967 | €555 | -€2,413 | -81.3% |
| Taxes, remuneration and social security | 45 | €39,525 | €76,776 | +€37,250 | +94.2% |
| Taxes | 450/3 | €39,525 | €76,776 | +€37,250 | +94.2% |
| Other amounts payable | 47/48 | - | €13,031 | +€13,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,490 | €22,606 | +€21,115 | +1,417% |
| Other operating charges | 640/8 | - | €66 | +€66 | |
| Gross operating margin | 9900 | €139,474 | €143,250 | +€3,776 | +2.7% |
| Operating profit (loss) | 9901 | €137,984 | €120,579 | -€17,405 | -12.6% |
| Financial income | 75/76B | - | €677 | +€677 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Non-recurring financial income | 76B | - | €672 | +€672 | |
| Financial charges | 65/66B | €1,951 | €13,654 | +€11,703 | +600% |
| Recurring financial charges | 65 | €1,951 | €13,654 | +€11,703 | +600% |
| Profit (loss) for the period before taxes | 9903 | €136,033 | €107,602 | -€28,431 | -20.9% |
| Income taxes | 67/77 | €29,257 | €27,113 | -€2,144 | -7.3% |
| Profit (loss) for the period | 9904 | €106,776 | €80,488 | -€26,287 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €106,776 | €80,488 | -€26,287 | -24.6% |
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 16 October 2026 via checked.be.