Axfin-A: 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.
Axfin-A
Largest movements
- Tangible fixed assets +€459,299
up €459,299 (+18.7%), from €2.5m to €2.9m
of which Land and buildings: +€454,315
- Intangible fixed assets -€109,641
down €109,641 (-22.9%), from €477,923 to €368,282
- Debts after one year +€526,806
up €526,806 (+36.4%), from €1.4m to €2.0m
- Other debts -€397,949
down €397,949 (-63.2%), from €629,385 to €231,436
- Reserves +€252,498
up €252,498 (+35.7%), from €708,239 to €960,737
of which Distributable reserves: +€253,198
- Current portion of long-term debt -€57,360
down €57,360 (-21.0%), from €273,630 to €216,270
- Financial income +€100,161
up €100,161 (+100%), from €100,000 to €200,161
- Depreciation +€81,039
up €81,039 (+36.7%), from €220,758 to €301,797
- Staff costs +€80,808
up €80,808 (+20.6%), from €391,939 to €472,747
- Gross operating margin +€20,064
up €20,064 (+2.2%), from €914,243 to €934,306
- Taxes -€10,908
down €10,908 (-23.4%), from €46,648 to €35,741
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 | €3,191,169 | €3,540,398 | +€349,229 | +10.9% |
| Fixed assets | 21/28 | €3,076,891 | €3,426,549 | +€349,658 | +11.4% |
| Intangible fixed assets | 21 | €477,923 | €368,282 | -€109,641 | -22.9% |
| Tangible fixed assets | 22/27 | €2,451,884 | €2,911,183 | +€459,299 | +18.7% |
| Land and buildings | 22 | €2,287,035 | €2,741,350 | +€454,315 | +19.9% |
| Plant, machinery and equipment | 23 | €22,910 | €17,276 | -€5,634 | -24.6% |
| Furniture and vehicles | 24 | €124,323 | €134,941 | +€10,618 | +8.5% |
| Other tangible fixed assets | 26 | €17,616 | €17,616 | = | 0.0% |
| Financial fixed assets | 28 | €147,085 | €147,085 | = | 0.0% |
| Current assets | 29/58 | €114,277 | €113,848 | -€429 | -0.4% |
| Amounts receivable within one year | 40/41 | €75,468 | €94,634 | +€19,166 | +25.4% |
| Trade receivables | 40 | €72,141 | €77,048 | +€4,906 | +6.8% |
| Other amounts receivable | 41 | €3,327 | €17,586 | +€14,259 | +429% |
| Cash at bank and in hand | 54/58 | €21,115 | €1,169 | -€19,946 | -94.5% |
| Deferred charges and accrued income | 490/1 | €17,695 | €18,046 | +€351 | +2.0% |
| Total equity and liabilities | 10/49 | €3,191,169 | €3,540,398 | +€349,229 | +10.9% |
| Equity | 10/15 | €728,239 | €980,737 | +€252,498 | +34.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €708,239 | €960,737 | +€252,498 | +35.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,042 | €31,342 | -€700 | -2.2% |
| Distributable reserves | 133 | €674,197 | €927,396 | +€253,198 | +37.6% |
| Provisions and deferred taxes | 16 | €5,368 | €5,135 | -€233 | -4.3% |
| Deferred taxes | 168 | €5,368 | €5,135 | -€233 | -4.3% |
| Amounts payable | 17/49 | €2,457,561 | €2,554,525 | +€96,964 | +3.9% |
| Amounts payable after more than one year | 17 | €1,448,194 | €1,975,000 | +€526,806 | +36.4% |
| Financial debts | 170/4 | €1,448,194 | €1,975,000 | +€526,806 | +36.4% |
| Amounts payable within one year | 42/48 | €975,794 | €544,422 | -€431,372 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €273,630 | €216,270 | -€57,360 | -21.0% |
| Financial debts | 43 | - | €813 | +€813 | |
| Credit institutions | 430/8 | - | €813 | +€813 | |
| Trade debts | 44 | €33,669 | €52,377 | +€18,708 | +55.6% |
| Suppliers | 440/4 | €33,669 | €52,377 | +€18,708 | +55.6% |
| Taxes, remuneration and social security | 45 | €39,110 | €43,527 | +€4,416 | +11.3% |
| Remuneration and social security | 454/9 | €39,110 | €43,527 | +€4,416 | +11.3% |
| Other amounts payable | 47/48 | €629,385 | €231,436 | -€397,949 | -63.2% |
| Accrued charges and deferred income | 492/3 | €33,573 | €35,103 | +€1,530 | +4.6% |
| Non-recurring operating income | 76A | €10,230 | - | -€10,230 | |
| Remuneration, social security and pensions | 62 | €391,939 | €472,747 | +€80,808 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,758 | €301,797 | +€81,039 | +36.7% |
| Other operating charges | 640/8 | €13,761 | €17,288 | +€3,527 | +25.6% |
| Gross operating margin | 9900 | €914,243 | €934,306 | +€20,064 | +2.2% |
| Operating profit (loss) | 9901 | €287,785 | €142,474 | -€145,310 | -50.5% |
| Financial income | 75/76B | €100,000 | €200,161 | +€100,161 | +100% |
| Recurring financial income | 75 | €100,000 | €200,161 | +€100,161 | +100% |
| Financial charges | 65/66B | €53,518 | €54,630 | +€1,112 | +2.1% |
| Recurring financial charges | 65 | €53,518 | €54,630 | +€1,112 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €334,267 | €288,005 | -€46,261 | -13.8% |
| Transfer from deferred taxes | 780 | €233 | €233 | = | 0.0% |
| Income taxes | 67/77 | €46,648 | €35,741 | -€10,908 | -23.4% |
| Profit (loss) for the period | 9904 | €287,852 | €252,498 | -€35,354 | -12.3% |
| Transfer from tax-exempt reserves | 789 | €700 | €700 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €288,552 | €253,198 | -€35,354 | -12.3% |
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 27 October 2026 via checked.be.