Axepharma: 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.
Axepharma
Largest movements
- Cash +€78,548
up €78,548 (+79.4%), from €98,978 to €177,525
mainly Net result for the year (+€65,629) and Other debts (+€61,247)
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Receivables within one year +€23,667
up €23,667 (+29.4%), from €80,382 to €104,049
of which Trade receivables: +€21,214
- Stocks and contracts +€8,692
up €8,692 (+6.8%), from €127,629 to €136,321
- Other debts +€61,247
up €61,247 (+275.5%), from €22,235 to €83,482
- Gross operating margin +€6,788
up €6,788 (+4.7%), from €145,052 to €151,840
- Staff costs -€3,174
down €3,174 (-6.1%), from €52,425 to €49,250
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 | €388,765 | €442,129 | +€53,364 | +13.7% |
| Fixed assets | 21/28 | €5,967 | €8,260 | +€2,293 | +38.4% |
| Tangible fixed assets | 22/27 | €5,767 | €8,060 | +€2,293 | +39.8% |
| Plant, machinery and equipment | 23 | €4,577 | €3,174 | -€1,403 | -30.6% |
| Furniture and vehicles | 24 | €1,190 | €4,886 | +€3,696 | +310.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €382,798 | €433,869 | +€51,071 | +13.3% |
| Stocks and contracts in progress | 3 | €127,629 | €136,321 | +€8,692 | +6.8% |
| Stocks | 30/36 | €127,629 | €136,321 | +€8,692 | +6.8% |
| Amounts receivable within one year | 40/41 | €80,382 | €104,049 | +€23,667 | +29.4% |
| Trade receivables | 40 | €73,087 | €94,301 | +€21,214 | +29.0% |
| Other amounts receivable | 41 | €7,296 | €9,748 | +€2,453 | +33.6% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €98,978 | €177,525 | +€78,548 | +79.4% |
| Deferred charges and accrued income | 490/1 | €15,810 | €15,974 | +€164 | +1.0% |
| Total equity and liabilities | 10/49 | €388,765 | €442,129 | +€53,364 | +13.7% |
| Equity | 10/15 | €309,856 | €310,130 | +€274 | +0.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €299,856 | €300,130 | +€274 | +0.1% |
| Distributable reserves | 133 | €299,856 | €300,130 | +€274 | +0.1% |
| Amounts payable | 17/49 | €78,910 | €131,999 | +€53,090 | +67.3% |
| Amounts payable within one year | 42/48 | €77,160 | €130,494 | +€53,334 | +69.1% |
| Current portion of amounts payable after more than one year | 42 | €1,645 | - | -€1,645 | |
| Trade debts | 44 | €45,039 | €41,212 | -€3,827 | -8.5% |
| Suppliers | 440/4 | €45,039 | €41,212 | -€3,827 | -8.5% |
| Taxes, remuneration and social security | 45 | €8,242 | €5,801 | -€2,441 | -29.6% |
| Remuneration and social security | 454/9 | €8,242 | €5,801 | -€2,441 | -29.6% |
| Other amounts payable | 47/48 | €22,235 | €83,482 | +€61,247 | +275.5% |
| Accrued charges and deferred income | 492/3 | €1,750 | €1,505 | -€245 | -14.0% |
| Remuneration, social security and pensions | 62 | €52,425 | €49,250 | -€3,174 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,563 | €2,332 | -€232 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,380 | €3,286 | -€94 | -2.8% |
| Other operating charges | 640/8 | €803 | €996 | +€193 | +24.1% |
| Gross operating margin | 9900 | €145,052 | €151,840 | +€6,788 | +4.7% |
| Operating profit (loss) | 9901 | €85,882 | €95,976 | +€10,094 | +11.8% |
| Financial income | 75/76B | €2,261 | €1,295 | -€965 | -42.7% |
| Recurring financial income | 75 | €2,261 | €1,295 | -€965 | -42.7% |
| Financial charges | 65/66B | €13,783 | €14,166 | +€383 | +2.8% |
| Recurring financial charges | 65 | €13,783 | €14,166 | +€383 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €74,359 | €83,105 | +€8,746 | +11.8% |
| Income taxes | 67/77 | €16,172 | €17,476 | +€1,305 | +8.1% |
| Profit (loss) for the period | 9904 | €58,188 | €65,629 | +€7,441 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,188 | €65,629 | +€7,441 | +12.8% |
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 29 September 2026 via checked.be.