AXIOSI: 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.
What changed
AXIOSI
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€189,265
2024 · €740,595-€551,330
Equity
€42.1m
2024 · €31.9m+€10.2m
Cash
€16.9m
2024 · €17.9m-€931,194
Balance sheet total
€853.3m
2024 · €662.8m+€190.5m
Largest movements
Assets
- Receivables within one year +€191.4m
up €191.4m (+29.7%), from €644.9m to €836.3m
of which Trade receivables: +€201.3m
Equity and liabilities
- Short-term financial debts +€180.8m
up €180.8m (+28.7%), from €628.8m to €809.5m
of which Credit institutions: +€157.0m
- Contributions +€10.0m
up €10.0m (+33.3%), from €30.0m to €40.0m
Income statement
- Financial charges +€11.4m
up €11.4m (+14.0%), from €81.3m to €92.7m
- Financial income +€11.1m
up €11.1m (+13.6%), from €81.9m to €93.0m
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.
Result 2024
€740,595
Write-downs
-€390,970
Other operating charges
-€39,157
Other operating items
+€84,027
Financial income
+€11.1m
Financial charges
-€11.4m
Taxes
+€68,296
Result 2025
€189,265
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.
From operations
-€191.7m
Investment
€0
Financing
+€190.8m
Cash 2024
€17.9m
From operations (derived)
-€191.7m
Net result for the year
+€189,265
Receivables within one year
-€191.4m
Smaller working-capital items
-€470,534
Financing
+€190.8m
Short-term financial debts
+€180.8m
Contributions, distributions and other
+€10.0m
Cash 2025
€16.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €662,775,916 | €853,259,720 | +€190.5m | +28.7% |
| Current assets | 29/58 | €662,775,916 | €853,259,720 | +€190.5m | +28.7% |
| Amounts receivable within one year | 40/41 | €644,897,056 | €836,312,054 | +€191.4m | +29.7% |
| Trade receivables | 40 | €620,059,802 | €821,363,945 | +€201.3m | +32.5% |
| Other amounts receivable | 41 | €24,837,254 | €14,948,109 | -€9.9m | -39.8% |
| Cash at bank and in hand | 54/58 | €17,878,860 | €16,947,666 | -€931,194 | -5.2% |
| Total equity and liabilities | 10/49 | €662,775,916 | €853,259,720 | +€190.5m | +28.7% |
| Equity | 10/15 | €31,917,049 | €42,106,314 | +€10.2m | +31.9% |
| Contributions | 10/11 | €30,000,000 | €40,000,000 | +€10.0m | +33.3% |
| Capital | 10 | €30,000,000 | €40,000,000 | +€10.0m | +33.3% |
| Issued capital | 100 | €30,000,000 | €40,000,000 | +€10.0m | +33.3% |
| Reserves | 13 | €122,510 | €131,973 | +€9,463 | +7.7% |
| Non-distributable reserves | 130/1 | €122,510 | €131,973 | +€9,463 | +7.7% |
| Legal reserve | 130 | €122,510 | €131,973 | +€9,463 | +7.7% |
| Profit (loss) carried forward | 14 | €1,794,539 | €1,974,340 | +€179,802 | +10.0% |
| Amounts payable | 17/49 | €630,858,867 | €811,153,406 | +€180.3m | +28.6% |
| Amounts payable within one year | 42/48 | €629,608,981 | €810,353,566 | +€180.7m | +28.7% |
| Financial debts | 43 | €628,753,213 | €809,518,286 | +€180.8m | +28.7% |
| Credit institutions | 430/8 | €578,062,060 | €735,081,484 | +€157.0m | +27.2% |
| Other loans | 439 | €50,691,153 | €74,436,802 | +€23.7m | +46.8% |
| Trade debts | 44 | €855,768 | €835,280 | -€20,488 | -2.4% |
| Suppliers | 440/4 | €855,768 | €835,280 | -€20,488 | -2.4% |
| Accrued charges and deferred income | 492/3 | €1,249,886 | €799,840 | -€450,045 | -36.0% |
| Operating income | 70/76A | €300,000 | €390,000 | +€90,000 | +30.0% |
| Other operating income | 74 | €300,000 | €390,000 | +€90,000 | +30.0% |
| Operating charges | 60/66A | -€96,305 | €339,796 | +€436,101 | |
| Services and other goods | 61 | €19,089 | €25,062 | +€5,973 | +31.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€250,267 | €140,703 | +€390,970 | |
| Other operating charges | 640/8 | €134,874 | €174,031 | +€39,157 | +29.0% |
| Operating profit (loss) | 9901 | €396,305 | €50,204 | -€346,101 | -87.3% |
| Financial income | 75/76B | €81,880,404 | €93,013,027 | +€11.1m | +13.6% |
| Recurring financial income | 75 | €81,880,404 | €93,013,027 | +€11.1m | +13.6% |
| Income from current assets | 751 | €33,448,507 | €28,645,166 | -€4.8m | -14.4% |
| Other financial income | 752/9 | €48,431,897 | €64,367,861 | +€15.9m | +32.9% |
| Financial charges | 65/66B | €81,289,249 | €92,695,397 | +€11.4m | +14.0% |
| Recurring financial charges | 65 | €81,289,249 | €92,695,397 | +€11.4m | +14.0% |
| Debt charges | 650 | €31,921,146 | €27,666,505 | -€4.3m | -13.3% |
| Other financial charges | 652/9 | €49,368,103 | €65,028,892 | +€15.7m | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €987,460 | €367,833 | -€619,626 | -62.7% |
| Income taxes | 67/77 | €246,865 | €178,568 | -€68,296 | -27.7% |
| Taxes | 670/3 | €246,865 | €258,251 | +€11,386 | +4.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €79,683 | +€79,683 | |
| Profit (loss) for the period | 9904 | €740,595 | €189,265 | -€551,330 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €740,595 | €189,265 | -€551,330 | -74.4% |
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 6 October 2026 via checked.be.