Axpeco: 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.
Axpeco
Largest movements
- Cash +€41,268
up €41,268 (+361%), from €11,439 to €52,707
mainly Net result for the year (+€47,710) and Other debts (+€503)
- Receivables within one year +€2,439
up €2,439 (+34.8%), from €7,008 to €9,446
of which Trade receivables: +€2,640
- Tangible fixed assets +€1,509
new in 2025: €1,509
- Reserves +€47,710
up €47,710 (+505%), from €9,445 to €57,156
- Trade debts -€1,633
no longer reported in 2025 (was €1,633)
- Tax, wage and social debts -€1,383
down €1,383 (-29.0%), from €4,763 to €3,379
- Gross operating margin +€48,445
up €48,445 (+385%), from €12,579 to €61,024
- Taxes +€9,954
up €9,954 (+465%), from €2,139 to €12,093
- Other operating charges -€1,017
down €1,017 (-54.5%), from €1,866 to €849
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 | €18,841 | €64,038 | +€45,197 | +240% |
| Fixed assets | 21/28 | - | €1,509 | +€1,509 | |
| Tangible fixed assets | 22/27 | - | €1,509 | +€1,509 | |
| Furniture and vehicles | 24 | - | €1,509 | +€1,509 | |
| Current assets | 29/58 | €18,841 | €62,529 | +€43,688 | +232% |
| Amounts receivable after more than one year | 29 | - | €67 | +€67 | |
| Other amounts receivable | 291 | - | €67 | +€67 | |
| Amounts receivable within one year | 40/41 | €7,008 | €9,446 | +€2,439 | +34.8% |
| Trade receivables | 40 | €6,806 | €9,446 | +€2,640 | +38.8% |
| Other amounts receivable | 41 | €201 | - | -€201 | |
| Cash at bank and in hand | 54/58 | €11,439 | €52,707 | +€41,268 | +361% |
| Deferred charges and accrued income | 490/1 | €395 | €308 | -€87 | -22.1% |
| Total equity and liabilities | 10/49 | €18,841 | €64,038 | +€45,197 | +240% |
| Equity | 10/15 | €12,445 | €60,156 | +€47,710 | +383% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,445 | €57,156 | +€47,710 | +505% |
| Distributable reserves | 133 | €9,445 | €57,156 | +€47,710 | +505% |
| Amounts payable | 17/49 | €6,396 | €3,882 | -€2,513 | -39.3% |
| Amounts payable within one year | 42/48 | €6,396 | €3,882 | -€2,513 | -39.3% |
| Trade debts | 44 | €1,633 | - | -€1,633 | |
| Suppliers | 440/4 | €1,633 | - | -€1,633 | |
| Taxes, remuneration and social security | 45 | €4,763 | €3,379 | -€1,383 | -29.0% |
| Taxes | 450/3 | €4,763 | €3,379 | -€1,383 | -29.0% |
| Other amounts payable | 47/48 | - | €503 | +€503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €317 | +€317 | |
| Other operating charges | 640/8 | €1,866 | €849 | -€1,017 | -54.5% |
| Gross operating margin | 9900 | €12,579 | €61,024 | +€48,445 | +385% |
| Operating profit (loss) | 9901 | €10,713 | €59,858 | +€49,144 | +459% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Non-recurring financial income | 76B | - | €1 | +€1 | |
| Financial charges | 65/66B | €179 | €55 | -€124 | -69.1% |
| Recurring financial charges | 65 | €179 | €55 | -€124 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €10,534 | €59,803 | +€49,269 | +468% |
| Income taxes | 67/77 | €2,139 | €12,093 | +€9,954 | +465% |
| Profit (loss) for the period | 9904 | €8,395 | €47,710 | +€39,315 | +468% |
| Profit (loss) for the period to be appropriated | 9905 | €8,395 | €47,710 | +€39,315 | +468% |
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.