AXO: 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.
AXO
Largest movements
- Stocks and contracts +€390,911
up €390,911 (+63.4%), from €616,343 to €1.0m
of which Contracts in progress: +€421,339
- Receivables within one year +€347,565
up €347,565 (+29.7%), from €1.2m to €1.5m
of which Trade receivables: +€247,504
- Tangible fixed assets +€148,715
up €148,715 (+20.4%), from €730,742 to €879,457
of which Furniture and vehicles: +€203,719
- Cash -€146,794
down €146,794 (-11.1%), from €1.3m to €1.2m
mainly Stocks and contracts (-€390,911) and Receivables within one year (-€347,565)
- Trade debts +€536,463
up €536,463 (+58.7%), from €913,664 to €1.5m
- Advances received -€261,460
no longer reported in 2025 (was €261,460)
- Reserves +€258,820
up €258,820 (+17.1%), from €1.5m to €1.8m
of which Distributable reserves: +€174,620
- Other debts +€71,014
up €71,014 (+46.8%), from €151,678 to €222,692
- Tax, wage and social debts +€54,170
up €54,170 (+31.5%), from €172,184 to €226,355
of which Remuneration and social security: +€58,595
- Gross operating margin -€315,377
down €315,377 (-11.1%), from €2.8m to €2.5m
- Staff costs +€199,457
up €199,457 (+15.3%), from €1.3m to €1.5m
- Taxes -€156,521
down €156,521 (-44.3%), from €353,109 to €196,588
- Financial charges +€67,074
up €67,074 (+320%), from €20,980 to €88,054
- Provisions -€32,307
down €32,307 (-48.8%), from €66,215 to €33,907
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 | €3,993,406 | €4,770,311 | +€776,905 | +19.5% |
| Fixed assets | 21/28 | €857,320 | €1,016,414 | +€159,094 | +18.6% |
| Tangible fixed assets | 22/27 | €730,742 | €879,457 | +€148,715 | +20.4% |
| Land and buildings | 22 | €547,500 | €513,750 | -€33,750 | -6.2% |
| Plant, machinery and equipment | 23 | €113,170 | €94,040 | -€19,130 | -16.9% |
| Furniture and vehicles | 24 | €67,947 | €271,666 | +€203,719 | +300% |
| Assets under construction and advance payments | 27 | €2,124 | - | -€2,124 | |
| Financial fixed assets | 28 | €126,578 | €136,957 | +€10,379 | +8.2% |
| Current assets | 29/58 | €3,136,086 | €3,753,897 | +€617,811 | +19.7% |
| Stocks and contracts in progress | 3 | €616,343 | €1,007,254 | +€390,911 | +63.4% |
| Stocks | 30/36 | €81,962 | €51,534 | -€30,428 | -37.1% |
| Contracts in progress | 37 | €534,381 | €955,720 | +€421,339 | +78.8% |
| Amounts receivable within one year | 40/41 | €1,170,828 | €1,518,393 | +€347,565 | +29.7% |
| Trade receivables | 40 | €1,167,775 | €1,415,279 | +€247,504 | +21.2% |
| Other amounts receivable | 41 | €3,053 | €103,114 | +€100,060 | +3,277% |
| Cash at bank and in hand | 54/58 | €1,322,986 | €1,176,192 | -€146,794 | -11.1% |
| Deferred charges and accrued income | 490/1 | €25,928 | €52,058 | +€26,130 | +101% |
| Total equity and liabilities | 10/49 | €3,993,406 | €4,770,311 | +€776,905 | +19.5% |
| Equity | 10/15 | €1,722,357 | €1,981,178 | +€258,820 | +15.0% |
| Contributions | 10/11 | €205,155 | €205,155 | = | 0.0% |
| Capital | 10 | €205,155 | €205,155 | = | 0.0% |
| Issued capital | 100 | €205,155 | €205,155 | = | 0.0% |
| Reserves | 13 | €1,517,202 | €1,776,023 | +€258,820 | +17.1% |
| Non-distributable reserves | 130/1 | €20,752 | €20,752 | = | 0.0% |
| Legal reserve | 130 | €20,752 | €20,752 | = | 0.0% |
| Tax-exempt reserves | 132 | €673,600 | €757,800 | +€84,200 | +12.5% |
| Distributable reserves | 133 | €822,851 | €997,471 | +€174,620 | +21.2% |
| Provisions and deferred taxes | 16 | €70,875 | €104,782 | +€33,907 | +47.8% |
| Provisions for liabilities and charges | 160/5 | €70,875 | €104,782 | +€33,907 | +47.8% |
| Other liabilities and charges | 164/5 | €70,875 | €104,782 | +€33,907 | +47.8% |
| Amounts payable | 17/49 | €2,200,174 | €2,684,351 | +€484,177 | +22.0% |
| Amounts payable after more than one year | 17 | €584,313 | €611,806 | +€27,493 | +4.7% |
| Financial debts | 170/4 | €584,313 | €611,806 | +€27,493 | +4.7% |
| Amounts payable within one year | 42/48 | €1,615,860 | €2,072,545 | +€456,685 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €75,625 | €100,872 | +€25,246 | +33.4% |
| Financial debts | 43 | €41,250 | €72,500 | +€31,250 | +75.8% |
| Other loans | 439 | €41,250 | €72,500 | +€31,250 | +75.8% |
| Trade debts | 44 | €913,664 | €1,450,127 | +€536,463 | +58.7% |
| Suppliers | 440/4 | €913,664 | €1,450,127 | +€536,463 | +58.7% |
| Advances received on contracts in progress | 46 | €261,460 | - | -€261,460 | |
| Taxes, remuneration and social security | 45 | €172,184 | €226,355 | +€54,170 | +31.5% |
| Taxes | 450/3 | €108,394 | €103,970 | -€4,424 | -4.1% |
| Remuneration and social security | 454/9 | €63,790 | €122,385 | +€58,595 | +91.9% |
| Other amounts payable | 47/48 | €151,678 | €222,692 | +€71,014 | +46.8% |
| Non-recurring operating income | 76A | €100,751 | €413 | -€100,338 | -99.6% |
| Remuneration, social security and pensions | 62 | €1,302,029 | €1,501,486 | +€199,457 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,028 | €111,312 | +€13,284 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,916 | +€26,916 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €66,215 | €33,907 | -€32,307 | -48.8% |
| Other operating charges | 640/8 | €27,275 | €12,293 | -€14,981 | -54.9% |
| Non-recurring operating charges | 66A | - | €675 | +€675 | |
| Gross operating margin | 9900 | €2,829,925 | €2,514,548 | -€315,377 | -11.1% |
| Operating profit (loss) | 9901 | €1,336,377 | €827,957 | -€508,420 | -38.0% |
| Financial income | 75/76B | €9,478 | €15,505 | +€6,027 | +63.6% |
| Recurring financial income | 75 | €9,478 | €15,505 | +€6,027 | +63.6% |
| Non-recurring financial income | 76B | €9,478 | €15,505 | +€6,027 | +63.6% |
| Financial charges | 65/66B | €20,980 | €88,054 | +€67,074 | +320% |
| Recurring financial charges | 65 | €20,980 | €88,054 | +€67,074 | +320% |
| Profit (loss) for the period before taxes | 9903 | €1,324,876 | €755,409 | -€569,468 | -43.0% |
| Income taxes | 67/77 | €353,109 | €196,588 | -€156,521 | -44.3% |
| Profit (loss) for the period | 9904 | €971,767 | €558,820 | -€412,947 | -42.5% |
| Transfer from tax-exempt reserves | 789 | - | €126,300 | +€126,300 | |
| Transfer to tax-exempt reserves | 689 | €252,600 | €210,500 | -€42,100 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €719,167 | €474,620 | -€244,547 | -34.0% |
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 16 October 2026 via checked.be.