AXOR: 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.
What changed
AXOR
NACE 41.003, General construction of other non-residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€91,735
2024 · €136,644-€44,909
Equity
€1.8m
2024 · €1.7m+€91,735
Cash
€179,307
2024 · €595,733-€416,425
Balance sheet total
€12.4m
2024 · €15.9m-€3.5m
Largest movements
Assets
- Receivables within one year -€2.1m
down €2.1m (-38.6%), from €5.5m to €3.4m
of which Other amounts receivable: -€1.4m
- Receivables after one year -€557,905
down €557,905 (-53.5%), from €1.0m to €484,647
- Tangible fixed assets -€478,658
down €478,658 (-6.3%), from €7.6m to €7.1m
- Cash -€416,425
down €416,425 (-69.9%), from €595,733 to €179,307
mainly Debts after one year (-€1.4m) and Tax, wage and social debts (-€1.4m)
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-24.7%), from €5.6m to €4.2m
of which Other amounts payable: -€900,000
- Tax, wage and social debts -€1.4m
down €1.4m (-82.4%), from €1.6m to €290,741
of which Taxes: -€1.3m
- Short-term financial debts -€739,795
down €739,795 (-29.2%), from €2.5m to €1.8m
- Advances received +€615,649
up €615,649 (+754%), from €81,600 to €697,249
- Trade debts -€410,997
down €410,997 (-12.3%), from €3.3m to €2.9m
Income statement
- Turnover -€8.6m
down €8.6m (-35.2%), from €24.4m to €15.8m
- Goods and materials -€5.7m
down €5.7m (-31.2%), from €18.2m to €12.5m
of which Purchases: -€5.7m
- Services and other goods -€891,640
down €891,640 (-38.5%), from €2.3m to €1.4m
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
€136,644
Turnover
-€8.6m
Other operating income
+€242,974
Goods and materials
+€5.7m
Services and other goods
+€891,640
Staff costs
+€109,050
Depreciation
-€57,260
Write-downs
-€64,633
Other operating charges
+€57,645
Other operating items
+€1.5m
Financial income
-€11,112
Financial charges
+€175,715
Taxes
+€16,653
Result 2025
€91,735
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.8m
Investment
-€85,070
Financing
-€2.1m
Cash 2024
€595,733
From operations (derived)
+€1.8m
Net result for the year
+€91,735
Depreciation
+€593,399
Receivables after one year
+€557,905
Stocks and contracts
-€121,659
Receivables within one year
+€2.1m
Deferred charges and accrued income
+€24,620
Trade debts
-€410,997
Tax, wage and social debts
-€1.4m
Advances received
+€615,649
Other debts
-€278,988
Accrued charges and deferred income
-€58,937
Investment (derived)
-€85,070
Investment in fixed assets (net)
-€85,070
Financing
-€2.1m
Debts after one year
-€1.4m
Current portion of long-term debt
+€5,592
Short-term financial debts
-€739,795
Cash 2025
€179,307
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,909,878 | €12,405,956 | -€3.5m | -22.0% |
| Fixed assets | 21/28 | €7,595,492 | €7,087,163 | -€508,329 | -6.7% |
| Intangible fixed assets | 21 | €33,803 | €6,682 | -€27,121 | -80.2% |
| Tangible fixed assets | 22/27 | €7,552,006 | €7,073,348 | -€478,658 | -6.3% |
| Land and buildings | 22 | €6,316,330 | €6,079,665 | -€236,665 | -3.7% |
| Plant, machinery and equipment | 23 | €103,832 | €75,074 | -€28,758 | -27.7% |
| Furniture and vehicles | 24 | €207,065 | €117,724 | -€89,341 | -43.1% |
| Leasing and similar rights | 25 | €771,945 | €648,052 | -€123,894 | -16.0% |
| Assets under construction and advance payments | 27 | €152,833 | €152,833 | = | 0.0% |
| Financial fixed assets | 28 | €9,683 | €7,133 | -€2,550 | -26.3% |
| Other financial fixed assets | 284/8 | €9,683 | €7,133 | -€2,550 | -26.3% |
| Amounts receivable and cash guarantees | 285/8 | €9,683 | €7,133 | -€2,550 | -26.3% |
| Current assets | 29/58 | €8,314,386 | €5,318,793 | -€3.0m | -36.0% |
| Amounts receivable after more than one year | 29 | €1,042,552 | €484,647 | -€557,905 | -53.5% |
| Other amounts receivable | 291 | €1,042,552 | €484,647 | -€557,905 | -53.5% |
| Stocks and contracts in progress | 3 | €838,718 | €960,377 | +€121,659 | +14.5% |
| Stocks | 30/36 | €127,634 | €190,761 | +€63,127 | +49.5% |
| Raw materials and consumables | 30/31 | €127,634 | €190,761 | +€63,127 | +49.5% |
| Contracts in progress | 37 | €711,084 | €769,616 | +€58,532 | +8.2% |
| Amounts receivable within one year | 40/41 | €5,481,434 | €3,363,132 | -€2.1m | -38.6% |
| Trade receivables | 40 | €2,018,608 | €1,322,480 | -€696,129 | -34.5% |
| Other amounts receivable | 41 | €3,462,826 | €2,040,652 | -€1.4m | -41.1% |
| Cash at bank and in hand | 54/58 | €595,733 | €179,307 | -€416,425 | -69.9% |
| Deferred charges and accrued income | 490/1 | €355,950 | €331,330 | -€24,620 | -6.9% |
| Total equity and liabilities | 10/49 | €15,909,878 | €12,405,956 | -€3.5m | -22.0% |
| Equity | 10/15 | €1,744,496 | €1,836,232 | +€91,735 | +5.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,644,496 | €1,736,232 | +€91,735 | +5.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,403 | €37,403 | = | 0.0% |
| Distributable reserves | 133 | €1,597,094 | €1,688,829 | +€91,735 | +5.7% |
| Amounts payable | 17/49 | €14,165,382 | €10,569,724 | -€3.6m | -25.4% |
| Amounts payable after more than one year | 17 | €5,551,161 | €4,181,876 | -€1.4m | -24.7% |
| Financial debts | 170/4 | €4,651,161 | €4,181,876 | -€469,285 | -10.1% |
| Leasing and similar obligations | 172 | €531,900 | €421,195 | -€110,705 | -20.8% |
| Credit institutions | 173 | €4,119,261 | €3,760,682 | -€358,579 | -8.7% |
| Other amounts payable | 178/9 | €900,000 | €0 | -€900,000 | -100% |
| Amounts payable within one year | 42/48 | €8,527,427 | €6,359,991 | -€2.2m | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €527,767 | €533,358 | +€5,592 | +1.1% |
| Financial debts | 43 | €2,530,904 | €1,791,109 | -€739,795 | -29.2% |
| Credit institutions | 430/8 | €2,530,904 | €1,791,109 | -€739,795 | -29.2% |
| Trade debts | 44 | €3,337,199 | €2,926,201 | -€410,997 | -12.3% |
| Suppliers | 440/4 | €3,337,199 | €2,926,201 | -€410,997 | -12.3% |
| Advances received on contracts in progress | 46 | €81,600 | €697,249 | +€615,649 | +754% |
| Taxes, remuneration and social security | 45 | €1,649,637 | €290,741 | -€1.4m | -82.4% |
| Taxes | 450/3 | €1,433,557 | €99,700 | -€1.3m | -93.0% |
| Remuneration and social security | 454/9 | €216,079 | €191,041 | -€25,038 | -11.6% |
| Other amounts payable | 47/48 | €400,322 | €121,334 | -€278,988 | -69.7% |
| Accrued charges and deferred income | 492/3 | €86,793 | €27,857 | -€58,937 | -67.9% |
| Operating income | 70/76A | €24,228,835 | €17,382,052 | -€6.8m | -28.3% |
| Turnover | 70 | €24,432,009 | €15,834,441 | -€8.6m | -35.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€574,870 | €58,532 | +€633,402 | |
| Other operating income | 74 | €371,695 | €614,669 | +€242,974 | +65.4% |
| Non-recurring operating income | 76A | €0 | €874,410 | +€874,410 | |
| Operating charges | 60/66A | €23,608,678 | €16,988,060 | -€6.6m | -28.0% |
| Goods for resale, raw materials and consumables | 60 | €18,242,054 | €12,548,475 | -€5.7m | -31.2% |
| Purchases | 600/8 | €18,271,236 | €12,611,602 | -€5.7m | -31.0% |
| Change in stocks: decrease (increase) | 609 | -€29,182 | -€63,127 | -€33,945 | -116% |
| Services and other goods | 61 | €2,313,117 | €1,421,477 | -€891,640 | -38.5% |
| Remuneration, social security and pensions | 62 | €2,453,105 | €2,344,055 | -€109,050 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €536,139 | €593,399 | +€57,260 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€64,633 | €0 | +€64,633 | |
| Other operating charges | 640/8 | €128,396 | €70,751 | -€57,645 | -44.9% |
| Non-recurring operating charges | 66A | €500 | €9,904 | +€9,404 | +1,881% |
| Operating profit (loss) | 9901 | €620,156 | €393,991 | -€226,165 | -36.5% |
| Financial income | 75/76B | €128,344 | €117,232 | -€11,112 | -8.7% |
| Recurring financial income | 75 | €128,344 | €117,232 | -€11,112 | -8.7% |
| Income from current assets | 751 | €111,487 | €96,880 | -€14,607 | -13.1% |
| Other financial income | 752/9 | €16,857 | €20,352 | +€3,495 | +20.7% |
| Financial charges | 65/66B | €535,438 | €359,723 | -€175,715 | -32.8% |
| Recurring financial charges | 65 | €535,438 | €359,723 | -€175,715 | -32.8% |
| Debt charges | 650 | €330,549 | €287,021 | -€43,528 | -13.2% |
| Other financial charges | 652/9 | €204,889 | €72,702 | -€132,187 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €213,062 | €151,500 | -€61,562 | -28.9% |
| Income taxes | 67/77 | €76,418 | €59,765 | -€16,653 | -21.8% |
| Taxes | 670/3 | €76,418 | €59,765 | -€16,653 | -21.8% |
| Profit (loss) for the period | 9904 | €136,644 | €91,735 | -€44,909 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €136,644 | €91,735 | -€44,909 | -32.9% |
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.