AXIS: 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.
AXIS
Largest movements
- Receivables after one year +€1.1m
up €1.1m (+81.4%), from €1.4m to €2.5m
- Cash -€582,915
down €582,915 (-86.7%), from €672,344 to €89,430
mainly Receivables after one year (-€1.1m) and Debts after one year (-€29,380)
- Receivables within one year -€264,817
down €264,817 (-61.3%), from €431,874 to €167,058
of which Other amounts receivable: -€293,884
- Current investments -€65,000
down €65,000 (-76.5%), from €85,000 to €20,000
- Reserves +€168,422
up €168,422 (+4.7%), from €3.6m to €3.7m
- Gross operating margin +€64,839
up €64,839 (+41.4%), from €156,789 to €221,628
- Financial income +€37,438
up €37,438 (+63.7%), from €58,775 to €96,213
- Taxes +€26,687
up €26,687 (+93.9%), from €28,415 to €55,102
- Financial charges +€6,075
up €6,075 (+11.7%), from €51,862 to €57,937
- Depreciation +€2,868
up €2,868 (+9.8%), from €29,378 to €32,246
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 | €5,008,386 | €5,167,173 | +€158,787 | +3.2% |
| Fixed assets | 21/28 | €2,464,657 | €2,439,936 | -€24,721 | -1.0% |
| Tangible fixed assets | 22/27 | €473,176 | €440,930 | -€32,246 | -6.8% |
| Land and buildings | 22 | €379,259 | €370,036 | -€9,222 | -2.4% |
| Furniture and vehicles | 24 | €93,917 | €70,893 | -€23,024 | -24.5% |
| Financial fixed assets | 28 | €1,991,482 | €1,999,007 | +€7,525 | +0.4% |
| Current assets | 29/58 | €2,543,729 | €2,727,237 | +€183,508 | +7.2% |
| Amounts receivable after more than one year | 29 | €1,350,841 | €2,450,749 | +€1.1m | +81.4% |
| Other amounts receivable | 291 | €1,350,841 | €2,450,749 | +€1.1m | +81.4% |
| Amounts receivable within one year | 40/41 | €431,874 | €167,058 | -€264,817 | -61.3% |
| Trade receivables | 40 | €29,584 | €58,652 | +€29,068 | +98.3% |
| Other amounts receivable | 41 | €402,290 | €108,406 | -€293,884 | -73.1% |
| Current investments | 50/53 | €85,000 | €20,000 | -€65,000 | -76.5% |
| Cash at bank and in hand | 54/58 | €672,344 | €89,430 | -€582,915 | -86.7% |
| Deferred charges and accrued income | 490/1 | €3,669 | €0 | -€3,669 | -100% |
| Total equity and liabilities | 10/49 | €5,008,386 | €5,167,173 | +€158,787 | +3.2% |
| Equity | 10/15 | €3,653,298 | €3,821,720 | +€168,422 | +4.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €3,573,298 | €3,741,720 | +€168,422 | +4.7% |
| Distributable reserves | 133 | €3,573,298 | €3,741,720 | +€168,422 | +4.7% |
| Provisions and deferred taxes | 16 | €30,284 | €30,284 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,284 | €30,284 | = | 0.0% |
| Pensions and similar obligations | 160 | €30,284 | €30,284 | = | 0.0% |
| Amounts payable | 17/49 | €1,324,804 | €1,315,169 | -€9,635 | -0.7% |
| Amounts payable after more than one year | 17 | €961,729 | €932,349 | -€29,380 | -3.1% |
| Financial debts | 170/4 | €961,729 | €932,349 | -€29,380 | -3.1% |
| Amounts payable within one year | 42/48 | €348,110 | €328,410 | -€19,701 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €32,463 | €32,905 | +€442 | +1.4% |
| Trade debts | 44 | €25,625 | €14,946 | -€10,679 | -41.7% |
| Suppliers | 440/4 | €25,625 | €14,946 | -€10,679 | -41.7% |
| Taxes, remuneration and social security | 45 | €767 | €14,380 | +€13,613 | +1,774% |
| Taxes | 450/3 | €767 | €14,380 | +€13,613 | +1,774% |
| Other amounts payable | 47/48 | €289,255 | €266,178 | -€23,077 | -8.0% |
| Accrued charges and deferred income | 492/3 | €14,965 | €54,410 | +€39,445 | +264% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,378 | €32,246 | +€2,868 | +9.8% |
| Other operating charges | 640/8 | €3,993 | €4,134 | +€142 | +3.5% |
| Gross operating margin | 9900 | €156,789 | €221,628 | +€64,839 | +41.4% |
| Operating profit (loss) | 9901 | €123,419 | €185,248 | +€61,829 | +50.1% |
| Financial income | 75/76B | €58,775 | €96,213 | +€37,438 | +63.7% |
| Recurring financial income | 75 | €58,775 | €96,213 | +€37,438 | +63.7% |
| Financial charges | 65/66B | €51,862 | €57,937 | +€6,075 | +11.7% |
| Recurring financial charges | 65 | €51,862 | €57,937 | +€6,075 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €130,332 | €223,524 | +€93,192 | +71.5% |
| Income taxes | 67/77 | €28,415 | €55,102 | +€26,687 | +93.9% |
| Profit (loss) for the period | 9904 | €101,917 | €168,422 | +€66,505 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €101,917 | €168,422 | +€66,505 | +65.3% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.