AXENELOS: 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.
What changed
AXENELOS
NACE 10.120, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,850
2024 · €50,383-€3,532
Equity
€112,934
2024 · €217,150-€104,216
Cash
€200,009
2024 · €168,778+€31,231
Balance sheet total
€470,886
2024 · €444,135+€26,751
Largest movements
Assets
- Cash +€31,231
up €31,231 (+18.5%), from €168,778 to €200,009
mainly Other debts (+€151,723) and Net result for the year (+€46,850)
- Tangible fixed assets -€8,220
down €8,220 (-3.9%), from €211,826 to €203,606
Equity and liabilities
- Other debts +€151,723
up €151,723 (+3,303%), from €4,593 to €156,316
- Reserves -€103,150
down €103,150 (-52.7%), from €195,780 to €92,630
- Debts after one year -€18,815
down €18,815 (-12.7%), from €147,914 to €129,100
- Tax, wage and social debts -€13,615
down €13,615 (-41.5%), from €32,788 to €19,173
of which Remuneration and social security: -€9,575
- Trade debts +€7,745
up €7,745 (+51.0%), from €15,171 to €22,915
Income statement
- Gross operating margin -€18,576
down €18,576 (-6.3%), from €294,496 to €275,920
- Staff costs -€11,054
down €11,054 (-5.6%), from €199,132 to €188,078
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.
Result 2024
€50,383
Gross operating margin
-€18,576
Staff costs
+€11,054
Depreciation
+€848
Write-downs
-€211
Other operating charges
-€173
Other operating items
-€23
Financial income
+€86
Financial charges
+€2,584
Taxes
+€907
Deferred taxes and other
-€28
Result 2025
€46,850
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€209,153
Investment
-€8,226
Financing
-€169,696
Cash 2024
€168,778
From operations (derived)
+€209,153
Net result for the year
+€46,850
Depreciation
+€17,875
Stocks and contracts
-€2,697
Receivables within one year
-€856
Deferred charges and accrued income
-€1,616
Smaller working-capital items
+€108
Trade debts
+€7,745
Tax, wage and social debts
-€13,615
Other debts
+€151,723
Accrued charges and deferred income
+€3,636
Investment (derived)
-€8,226
Investment in fixed assets (net)
-€8,226
Financing
-€169,696
Debts after one year
-€18,815
Current portion of long-term debt
+€185
Contributions, distributions and other
-€151,066
Cash 2025
€200,009
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €444,135 | €470,886 | +€26,751 | +6.0% |
| Fixed assets | 21/28 | €216,374 | €206,725 | -€9,649 | -4.5% |
| Intangible fixed assets | 21 | €3,698 | €2,268 | -€1,430 | -38.7% |
| Tangible fixed assets | 22/27 | €211,826 | €203,606 | -€8,220 | -3.9% |
| Land and buildings | 22 | €201,886 | €200,681 | -€1,205 | -0.6% |
| Plant, machinery and equipment | 23 | €2,038 | €976 | -€1,062 | -52.1% |
| Furniture and vehicles | 24 | €637 | €267 | -€370 | -58.1% |
| Other tangible fixed assets | 26 | €1,607 | - | -€1,607 | |
| Assets under construction and advance payments | 27 | €5,659 | €1,682 | -€3,977 | -70.3% |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €227,761 | €264,162 | +€36,400 | +16.0% |
| Stocks and contracts in progress | 3 | €12,988 | €15,685 | +€2,697 | +20.8% |
| Stocks | 30/36 | €12,988 | €15,685 | +€2,697 | +20.8% |
| Amounts receivable within one year | 40/41 | €42,443 | €43,299 | +€856 | +2.0% |
| Trade receivables | 40 | €40,607 | €26,785 | -€13,822 | -34.0% |
| Other amounts receivable | 41 | €1,836 | €16,514 | +€14,678 | +799% |
| Cash at bank and in hand | 54/58 | €168,778 | €200,009 | +€31,231 | +18.5% |
| Deferred charges and accrued income | 490/1 | €3,552 | €5,168 | +€1,616 | +45.5% |
| Total equity and liabilities | 10/49 | €444,135 | €470,886 | +€26,751 | +6.0% |
| Equity | 10/15 | €217,150 | €112,934 | -€104,216 | -48.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,780 | €92,630 | -€103,150 | -52.7% |
| Distributable reserves | 133 | €195,780 | €92,630 | -€103,150 | -52.7% |
| Profit (loss) carried forward | 14 | €2 | €3 | +€0 | +19.8% |
| Investment grants | 15 | €2,768 | €1,701 | -€1,066 | -38.5% |
| Provisions and deferred taxes | 16 | €3,542 | €3,500 | -€42 | -1.2% |
| Provisions for liabilities and charges | 160/5 | €3,500 | €3,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,500 | €3,500 | = | 0.0% |
| Deferred taxes | 168 | €42 | - | -€42 | |
| Amounts payable | 17/49 | €223,443 | €354,452 | +€131,008 | +58.6% |
| Amounts payable after more than one year | 17 | €147,914 | €129,100 | -€18,815 | -12.7% |
| Financial debts | 170/4 | €147,914 | €129,100 | -€18,815 | -12.7% |
| Amounts payable within one year | 42/48 | €71,882 | €218,070 | +€146,188 | +203% |
| Current portion of amounts payable after more than one year | 42 | €18,630 | €18,815 | +€185 | +1.0% |
| Trade debts | 44 | €15,171 | €22,915 | +€7,745 | +51.0% |
| Suppliers | 440/4 | €15,171 | €22,915 | +€7,745 | +51.0% |
| Advances received on contracts in progress | 46 | €700 | €850 | +€150 | +21.4% |
| Taxes, remuneration and social security | 45 | €32,788 | €19,173 | -€13,615 | -41.5% |
| Taxes | 450/3 | €7,889 | €3,849 | -€4,040 | -51.2% |
| Remuneration and social security | 454/9 | €24,899 | €15,324 | -€9,575 | -38.5% |
| Other amounts payable | 47/48 | €4,593 | €156,316 | +€151,723 | +3,303% |
| Accrued charges and deferred income | 492/3 | €3,647 | €7,283 | +€3,636 | +99.7% |
| Non-recurring operating income | 76A | €3,227 | €446 | -€2,781 | -86.2% |
| Remuneration, social security and pensions | 62 | €199,132 | €188,078 | -€11,054 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,723 | €17,875 | -€848 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €211 | +€211 | |
| Other operating charges | 640/8 | €2,723 | €2,896 | +€173 | +6.4% |
| Non-recurring operating charges | 66A | - | €23 | +€23 | |
| Gross operating margin | 9900 | €294,496 | €275,920 | -€18,576 | -6.3% |
| Operating profit (loss) | 9901 | €73,918 | €66,837 | -€7,081 | -9.6% |
| Financial income | 75/76B | €1,835 | €1,921 | +€86 | +4.7% |
| Recurring financial income | 75 | €1,835 | €1,921 | +€86 | +4.7% |
| Financial charges | 65/66B | €12,158 | €9,575 | -€2,584 | -21.3% |
| Recurring financial charges | 65 | €12,158 | €9,575 | -€2,584 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €63,595 | €59,184 | -€4,411 | -6.9% |
| Transfer from deferred taxes | 780 | €70 | €42 | -€28 | -40.6% |
| Income taxes | 67/77 | €13,282 | €12,375 | -€907 | -6.8% |
| Profit (loss) for the period | 9904 | €50,383 | €46,850 | -€3,532 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,383 | €46,850 | -€3,532 | -7.0% |
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 18 October 2026 via checked.be.