AXEOR: 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.
AXEOR
Largest movements
- Tangible fixed assets -€2,522
down €2,522 (-41.0%), from €6,146 to €3,623
- Deferred charges and accrued income -€1,798
no longer reported in 2025 (was €1,798)
- Receivables within one year -€1,741
down €1,741 (-24.0%), from €7,241 to €5,500
of which Other amounts receivable: -€1,741
- Cash -€813
no longer reported in 2025 (was €813)
mainly Net result for the year (-€13,326) and Tax, wage and social debts (-€3,038)
- Profit (loss) carried forward -€13,326
down €13,326 (-66.4%), from -€20,064 to -€33,390
- Short-term financial debts +€5,017
new in 2025: €5,017
- Trade debts +€4,273
up €4,273 (+80.6%), from €5,301 to €9,574
- Tax, wage and social debts -€3,038
down €3,038 (-25.0%), from €12,161 to €9,123
- Advances received +€200
new in 2025: €200
- Gross operating margin +€13,697
up €13,697 (+59.4%), from -€23,074 to -€9,378
- Other operating charges -€1,159
down €1,159 (-73.7%), from €1,572 to €413
- Financial charges +€534
up €534 (+122.9%), from €434 to €968
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 | €15,998 | €9,123 | -€6,875 | -43.0% |
| Fixed assets | 21/28 | €6,146 | €3,623 | -€2,522 | -41.0% |
| Tangible fixed assets | 22/27 | €6,146 | €3,623 | -€2,522 | -41.0% |
| Furniture and vehicles | 24 | €6,146 | €3,623 | -€2,522 | -41.0% |
| Current assets | 29/58 | €9,852 | €5,500 | -€4,352 | -44.2% |
| Amounts receivable within one year | 40/41 | €7,241 | €5,500 | -€1,741 | -24.0% |
| Trade receivables | 40 | €5,500 | €5,500 | = | 0.0% |
| Other amounts receivable | 41 | €1,741 | - | -€1,741 | |
| Cash at bank and in hand | 54/58 | €813 | - | -€813 | |
| Deferred charges and accrued income | 490/1 | €1,798 | - | -€1,798 | |
| Total equity and liabilities | 10/49 | €15,998 | €9,123 | -€6,875 | -43.0% |
| Equity | 10/15 | -€1,464 | -€14,790 | -€13,326 | -910.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,064 | -€33,390 | -€13,326 | -66.4% |
| Amounts payable | 17/49 | €17,462 | €23,913 | +€6,451 | +36.9% |
| Amounts payable within one year | 42/48 | €17,462 | €23,913 | +€6,451 | +36.9% |
| Financial debts | 43 | - | €5,017 | +€5,017 | |
| Other loans | 439 | - | €5,017 | +€5,017 | |
| Trade debts | 44 | €5,301 | €9,574 | +€4,273 | +80.6% |
| Suppliers | 440/4 | €5,301 | €9,574 | +€4,273 | +80.6% |
| Advances received on contracts in progress | 46 | - | €200 | +€200 | |
| Taxes, remuneration and social security | 45 | €12,161 | €9,123 | -€3,038 | -25.0% |
| Taxes | 450/3 | €12,161 | €9,123 | -€3,038 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,522 | €2,522 | = | 0.0% |
| Other operating charges | 640/8 | €1,572 | €413 | -€1,159 | -73.7% |
| Non-recurring operating charges | 66A | - | €45 | +€45 | |
| Gross operating margin | 9900 | -€23,074 | -€9,378 | +€13,697 | +59.4% |
| Operating profit (loss) | 9901 | -€27,169 | -€12,358 | +€14,811 | +54.5% |
| Financial charges | 65/66B | €434 | €968 | +€534 | +122.9% |
| Recurring financial charges | 65 | €434 | €968 | +€534 | +122.9% |
| Profit (loss) for the period before taxes | 9903 | -€27,603 | -€13,326 | +€14,277 | +51.7% |
| Profit (loss) for the period | 9904 | -€27,603 | -€13,326 | +€14,277 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,603 | -€13,326 | +€14,277 | +51.7% |
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 10 October 2026 via checked.be.