Axelod: 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.
Axelod
Largest movements
- Receivables within one year -€99,578
down €99,578 (-89.4%), from €111,426 to €11,848
of which Other amounts receivable: -€78,828
- Cash +€55,709
up €55,709 (+254%), from €21,933 to €77,642
mainly Net result for the year (+€1.2m) and Receivables within one year (+€99,578)
- Current investments +€22,022
new in 2025: €22,022
- Profit (loss) carried forward +€1.2m
up €1.2m (+272,354%), from €427 to €1.2m
- Other debts -€1.1m
down €1.1m (-97.9%), from €1.1m to €22,985
- Debts after one year -€100,000
down €100,000 (-20.0%), from €500,000 to €400,000
- Accrued charges and deferred income -€34,490
down €34,490 (-93.2%), from €36,990 to €2,500
- Tax, wage and social debts +€20,317
up €20,317 (+399%), from €5,089 to €25,406
- Financial income +€1.1m
up €1.1m (+40,934%), from €2,734 to €1.1m
- Gross operating margin +€34,746
up €34,746 (+51.3%), from €67,708 to €102,455
- Financial charges -€25,984
down €25,984 (-44.2%), from €58,767 to €32,783
- Taxes +€15,359
up €15,359 (+893%), from €1,720 to €17,079
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 | €1,665,221 | €1,631,506 | -€33,715 | -2.0% |
| Fixed assets | 21/28 | €1,529,034 | €1,519,122 | -€9,912 | -0.6% |
| Tangible fixed assets | 22/27 | €29,034 | €19,122 | -€9,912 | -34.1% |
| Plant, machinery and equipment | 23 | €1,703 | €1,256 | -€447 | -26.2% |
| Furniture and vehicles | 24 | €27,331 | €17,866 | -€9,465 | -34.6% |
| Financial fixed assets | 28 | €1,500,000 | €1,500,000 | = | 0.0% |
| Current assets | 29/58 | €136,187 | €112,384 | -€23,803 | -17.5% |
| Amounts receivable within one year | 40/41 | €111,426 | €11,848 | -€99,578 | -89.4% |
| Trade receivables | 40 | €30,958 | €10,208 | -€20,750 | -67.0% |
| Other amounts receivable | 41 | €80,468 | €1,640 | -€78,828 | -98.0% |
| Current investments | 50/53 | - | €22,022 | +€22,022 | |
| Cash at bank and in hand | 54/58 | €21,933 | €77,642 | +€55,709 | +254% |
| Deferred charges and accrued income | 490/1 | €2,828 | €872 | -€1,957 | -69.2% |
| Total equity and liabilities | 10/49 | €1,665,221 | €1,631,506 | -€33,715 | -2.0% |
| Equity | 10/15 | €10,427 | €1,174,004 | +€1.2m | +11,159% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €427 | €1,164,004 | +€1.2m | +272,354% |
| Amounts payable | 17/49 | €1,654,794 | €457,502 | -€1.2m | -72.4% |
| Amounts payable after more than one year | 17 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Financial debts | 170/4 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Amounts payable within one year | 42/48 | €1,117,804 | €55,002 | -€1.1m | -95.1% |
| Trade debts | 44 | €11,540 | €6,611 | -€4,929 | -42.7% |
| Suppliers | 440/4 | €11,540 | €6,611 | -€4,929 | -42.7% |
| Taxes, remuneration and social security | 45 | €5,089 | €25,406 | +€20,317 | +399% |
| Taxes | 450/3 | €5,089 | €25,406 | +€20,317 | +399% |
| Other amounts payable | 47/48 | €1,101,175 | €22,985 | -€1.1m | -97.9% |
| Accrued charges and deferred income | 492/3 | €36,990 | €2,500 | -€34,490 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,900 | €9,912 | +€1,012 | +11.4% |
| Other operating charges | 640/8 | €628 | €1,039 | +€411 | +65.4% |
| Gross operating margin | 9900 | €67,708 | €102,455 | +€34,746 | +51.3% |
| Operating profit (loss) | 9901 | €58,181 | €91,504 | +€33,323 | +57.3% |
| Financial income | 75/76B | €2,734 | €1,121,934 | +€1.1m | +40,934% |
| Recurring financial income | 75 | €2,734 | €1,121,934 | +€1.1m | +40,934% |
| Financial charges | 65/66B | €58,767 | €32,783 | -€25,984 | -44.2% |
| Recurring financial charges | 65 | €58,767 | €32,783 | -€25,984 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €2,148 | €1,180,656 | +€1.2m | +54,877% |
| Income taxes | 67/77 | €1,720 | €17,079 | +€15,359 | +893% |
| Profit (loss) for the period | 9904 | €427 | €1,163,576 | +€1.2m | +272,254% |
| Profit (loss) for the period to be appropriated | 9905 | €427 | €1,163,576 | +€1.2m | +272,254% |
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 31 October 2026 via checked.be.