AxH Management: 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.
AxH Management
Largest movements
- Receivables within one year +€55,665
up €55,665 (+457%), from €12,175 to €67,839
of which Trade receivables: +€55,924
- Cash -€7,036
down €7,036 (-14.2%), from €49,439 to €42,404
mainly Contributions, distributions and other (-€64,096) and Receivables within one year (-€55,665)
- Tangible fixed assets -€2,307
down €2,307 (-34.2%), from €6,741 to €4,434
of which Other tangible fixed assets: -€1,768
- Other debts +€43,706
up €43,706 (+39.2%), from €111,596 to €155,302
- Debts after one year -€6,579
down €6,579 (-100%), from €6,579 to €0
- Short-term financial debts +€5,000
new in 2025: €5,000
- Trade debts +€2,220
up €2,220 (+35.7%), from €6,217 to €8,437
- Gross operating margin +€61,582
up €61,582 (+194%), from €31,706 to €93,288
- Taxes +€14,371
up €14,371 (+150%), from €9,610 to €23,982
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 | €164,300 | €210,625 | +€46,325 | +28.2% |
| Fixed assets | 21/28 | €101,741 | €99,434 | -€2,307 | -2.3% |
| Tangible fixed assets | 22/27 | €6,741 | €4,434 | -€2,307 | -34.2% |
| Furniture and vehicles | 24 | €1,024 | €484 | -€540 | -52.7% |
| Other tangible fixed assets | 26 | €5,718 | €3,950 | -€1,768 | -30.9% |
| Financial fixed assets | 28 | €95,000 | €95,000 | = | 0.0% |
| Current assets | 29/58 | €62,558 | €111,191 | +€48,633 | +77.7% |
| Amounts receivable within one year | 40/41 | €12,175 | €67,839 | +€55,665 | +457% |
| Trade receivables | 40 | €11,907 | €67,832 | +€55,924 | +470% |
| Other amounts receivable | 41 | €267 | €8 | -€260 | -97.1% |
| Cash at bank and in hand | 54/58 | €49,439 | €42,404 | -€7,036 | -14.2% |
| Deferred charges and accrued income | 490/1 | €945 | €948 | +€4 | +0.4% |
| Total equity and liabilities | 10/49 | €164,300 | €210,625 | +€46,325 | +28.2% |
| Equity | 10/15 | €25,000 | €25,000 | = | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €139,300 | €185,625 | +€46,325 | +33.3% |
| Amounts payable after more than one year | 17 | €6,579 | €0 | -€6,579 | -100% |
| Financial debts | 170/4 | €6,579 | €0 | -€6,579 | -100% |
| Amounts payable within one year | 42/48 | €131,479 | €183,682 | +€52,203 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €7,093 | €6,579 | -€514 | -7.2% |
| Financial debts | 43 | - | €5,000 | +€5,000 | |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €6,217 | €8,437 | +€2,220 | +35.7% |
| Suppliers | 440/4 | €6,217 | €8,437 | +€2,220 | +35.7% |
| Taxes, remuneration and social security | 45 | €6,573 | €8,364 | +€1,791 | +27.2% |
| Taxes | 450/3 | €6,573 | €8,364 | +€1,791 | +27.2% |
| Other amounts payable | 47/48 | €111,596 | €155,302 | +€43,706 | +39.2% |
| Accrued charges and deferred income | 492/3 | €1,241 | €1,943 | +€702 | +56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,307 | €2,307 | +€0 | 0.0% |
| Other operating charges | 640/8 | €977 | €1,010 | +€33 | +3.3% |
| Gross operating margin | 9900 | €31,706 | €93,288 | +€61,582 | +194% |
| Operating profit (loss) | 9901 | €28,422 | €89,971 | +€61,549 | +217% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,461 | €1,893 | +€432 | +29.6% |
| Recurring financial charges | 65 | €1,461 | €1,893 | +€432 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €26,961 | €88,078 | +€61,117 | +227% |
| Income taxes | 67/77 | €9,610 | €23,982 | +€14,371 | +150% |
| Profit (loss) for the period | 9904 | €17,351 | €64,096 | +€46,745 | +269% |
| Profit (loss) for the period to be appropriated | 9905 | €17,351 | €64,096 | +€46,745 | +269% |
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 15 October 2026 via checked.be.