AXFIN-B: 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-B
Largest movements
- Receivables within one year -€69,466
down €69,466 (-20.8%), from €333,481 to €264,015
of which Other amounts receivable: -€72,902
- Cash -€54,307
down €54,307 (-75.5%), from €71,905 to €17,598
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€88,276)
- Intangible fixed assets -€44,295
down €44,295 (-26.9%), from €164,494 to €120,198
- Tangible fixed assets +€10,908
up €10,908 (+3.0%), from €358,071 to €368,978
of which Land and buildings: +€8,512
- Reserves -€89,498
down €89,498 (-35.4%), from €252,676 to €163,178
of which Distributable reserves: -€89,498
- Debts after one year -€76,113
down €76,113 (-17.2%), from €443,762 to €367,650
- Other debts +€23,075
new in 2025: €23,075
- Tax, wage and social debts -€17,599
down €17,599 (-30.6%), from €57,496 to €39,897
of which Taxes: -€20,966
- Gross operating margin -€37,706
down €37,706 (-5.2%), from €727,791 to €690,084
- Taxes -€20,476
down €20,476 (-28.8%), from €70,996 to €50,520
- Depreciation +€16,476
up €16,476 (+15.1%), from €108,938 to €125,414
- Staff costs +€11,275
up €11,275 (+3.0%), from €375,325 to €386,601
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €935,609 | €777,612 | -€157,998 | -16.9% |
| Fixed assets | 21/28 | €526,314 | €489,177 | -€37,138 | -7.1% |
| Intangible fixed assets | 21 | €164,494 | €120,198 | -€44,295 | -26.9% |
| Tangible fixed assets | 22/27 | €358,071 | €368,978 | +€10,908 | +3.0% |
| Land and buildings | 22 | €143,010 | €151,521 | +€8,512 | +6.0% |
| Plant, machinery and equipment | 23 | €18,516 | €14,169 | -€4,347 | -23.5% |
| Furniture and vehicles | 24 | €173,335 | €180,313 | +€6,978 | +4.0% |
| Other tangible fixed assets | 26 | €23,210 | €22,975 | -€235 | -1.0% |
| Financial fixed assets | 28 | €3,750 | - | -€3,750 | |
| Current assets | 29/58 | €409,295 | €288,435 | -€120,860 | -29.5% |
| Amounts receivable within one year | 40/41 | €333,481 | €264,015 | -€69,466 | -20.8% |
| Trade receivables | 40 | €93,724 | €97,160 | +€3,435 | +3.7% |
| Other amounts receivable | 41 | €239,757 | €166,855 | -€72,902 | -30.4% |
| Cash at bank and in hand | 54/58 | €71,905 | €17,598 | -€54,307 | -75.5% |
| Deferred charges and accrued income | 490/1 | €3,908 | €6,821 | +€2,913 | +74.5% |
| Total equity and liabilities | 10/49 | €935,609 | €777,612 | -€157,998 | -16.9% |
| Equity | 10/15 | €314,099 | €224,601 | -€89,498 | -28.5% |
| Contributions | 10/11 | €61,423 | €61,423 | = | 0.0% |
| Reserves | 13 | €252,676 | €163,178 | -€89,498 | -35.4% |
| Non-distributable reserves | 130/1 | €1,762 | €1,762 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,762 | €1,762 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,684 | €5,684 | = | 0.0% |
| Distributable reserves | 133 | €245,231 | €155,733 | -€89,498 | -36.5% |
| Amounts payable | 17/49 | €621,511 | €553,011 | -€68,500 | -11.0% |
| Amounts payable after more than one year | 17 | €443,762 | €367,650 | -€76,113 | -17.2% |
| Financial debts | 170/4 | €443,762 | €367,650 | -€76,113 | -17.2% |
| Amounts payable within one year | 42/48 | €177,748 | €185,361 | +€7,613 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €97,765 | €105,180 | +€7,415 | +7.6% |
| Trade debts | 44 | €22,487 | €17,209 | -€5,278 | -23.5% |
| Suppliers | 440/4 | €22,487 | €17,209 | -€5,278 | -23.5% |
| Taxes, remuneration and social security | 45 | €57,496 | €39,897 | -€17,599 | -30.6% |
| Taxes | 450/3 | €20,966 | - | -€20,966 | |
| Remuneration and social security | 454/9 | €36,530 | €39,897 | +€3,366 | +9.2% |
| Other amounts payable | 47/48 | - | €23,075 | +€23,075 | |
| Remuneration, social security and pensions | 62 | €375,325 | €386,601 | +€11,275 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,938 | €125,414 | +€16,476 | +15.1% |
| Other operating charges | 640/8 | €8,150 | €8,360 | +€211 | +2.6% |
| Gross operating margin | 9900 | €727,791 | €690,084 | -€37,706 | -5.2% |
| Operating profit (loss) | 9901 | €235,378 | €169,709 | -€65,668 | -27.9% |
| Financial income | 75/76B | €111 | €1,064 | +€953 | +863% |
| Recurring financial income | 75 | €111 | €1,064 | +€953 | +863% |
| Financial charges | 65/66B | €9,232 | €9,752 | +€520 | +5.6% |
| Recurring financial charges | 65 | €9,232 | €9,752 | +€520 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €226,256 | €161,022 | -€65,235 | -28.8% |
| Income taxes | 67/77 | €70,996 | €50,520 | -€20,476 | -28.8% |
| Profit (loss) for the period | 9904 | €155,261 | €110,502 | -€44,759 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €155,261 | €110,502 | -€44,759 | -28.8% |
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 29 October 2026 via checked.be.