AXEM: 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.
AXEM
Largest movements
- Receivables within one year -€11,311
down €11,311 (-27.7%), from €40,763 to €29,451
- Tangible fixed assets -€4,888
down €4,888 (-28.5%), from €17,125 to €12,238
of which Furniture and vehicles: -€4,067
- Intangible fixed assets -€1,349
down €1,349 (-54.9%), from €2,457 to €1,108
- Cash -€969
down €969 (-7.8%), from €12,388 to €11,419
mainly Net result for the year (-€26,429) and Tax, wage and social debts (-€9,795)
- Profit (loss) carried forward -€26,429
down €26,429, from €22,797 to -€3,632
- Other debts +€14,667
up €14,667 (+94.2%), from €15,573 to €30,240
- Tax, wage and social debts -€9,795
down €9,795 (-70.2%), from €13,951 to €4,155
- Accrued charges and deferred income +€2,701
new in 2025: €2,701
- Gross operating margin -€23,004
down €23,004, from €8,573 to -€14,431
- Staff costs -€4,575
down €4,575 (-46.7%), from €9,801 to €5,226
- Depreciation -€2,386
down €2,386 (-27.7%), from €8,622 to €6,236
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 | €73,101 | €55,068 | -€18,032 | -24.7% |
| Fixed assets | 21/28 | €19,950 | €13,714 | -€6,236 | -31.3% |
| Intangible fixed assets | 21 | €2,457 | €1,108 | -€1,349 | -54.9% |
| Tangible fixed assets | 22/27 | €17,125 | €12,238 | -€4,888 | -28.5% |
| Furniture and vehicles | 24 | €10,620 | €6,554 | -€4,067 | -38.3% |
| Leasing and similar rights | 25 | €380 | €241 | -€139 | -36.5% |
| Other tangible fixed assets | 26 | €6,125 | €5,443 | -€682 | -11.1% |
| Financial fixed assets | 28 | €368 | €368 | = | 0.0% |
| Current assets | 29/58 | €53,151 | €41,354 | -€11,796 | -22.2% |
| Amounts receivable within one year | 40/41 | €40,763 | €29,451 | -€11,311 | -27.7% |
| Trade receivables | 40 | €40,763 | €29,451 | -€11,311 | -27.7% |
| Cash at bank and in hand | 54/58 | €12,388 | €11,419 | -€969 | -7.8% |
| Deferred charges and accrued income | 490/1 | - | €484 | +€484 | |
| Total equity and liabilities | 10/49 | €73,101 | €55,068 | -€18,032 | -24.7% |
| Equity | 10/15 | €32,797 | €6,368 | -€26,429 | -80.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,797 | -€3,632 | -€26,429 | |
| Amounts payable | 17/49 | €40,304 | €48,701 | +€8,396 | +20.8% |
| Amounts payable within one year | 42/48 | €40,304 | €45,999 | +€5,695 | +14.1% |
| Financial debts | 43 | €29 | €279 | +€250 | +869.4% |
| Credit institutions | 430/8 | €29 | €279 | +€250 | +869.4% |
| Trade debts | 44 | €10,752 | €11,325 | +€573 | +5.3% |
| Suppliers | 440/4 | €10,752 | €11,325 | +€573 | +5.3% |
| Taxes, remuneration and social security | 45 | €13,951 | €4,155 | -€9,795 | -70.2% |
| Taxes | 450/3 | €13,951 | €4,155 | -€9,795 | -70.2% |
| Other amounts payable | 47/48 | €15,573 | €30,240 | +€14,667 | +94.2% |
| Accrued charges and deferred income | 492/3 | - | €2,701 | +€2,701 | |
| Remuneration, social security and pensions | 62 | €9,801 | €5,226 | -€4,575 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,622 | €6,236 | -€2,386 | -27.7% |
| Other operating charges | 640/8 | - | €121 | +€121 | |
| Gross operating margin | 9900 | €8,573 | -€14,431 | -€23,004 | |
| Operating profit (loss) | 9901 | -€9,850 | -€26,015 | -€16,165 | -164.1% |
| Financial income | 75/76B | €5 | €2 | -€3 | -65.6% |
| Recurring financial income | 75 | €5 | €2 | -€3 | -65.6% |
| Financial charges | 65/66B | €278 | €270 | -€8 | -2.7% |
| Recurring financial charges | 65 | €278 | €270 | -€8 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,123 | -€26,284 | -€16,161 | -159.6% |
| Income taxes | 67/77 | €148 | €145 | -€3 | -2.1% |
| Profit (loss) for the period | 9904 | -€10,271 | -€26,429 | -€16,158 | -157.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,271 | -€26,429 | -€16,158 | -157.3% |
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 5 October 2026 via checked.be.