AXS: 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.
AXS
Largest movements
- Current investments +€1.8m
up €1.8m (+20.6%), from €8.6m to €10.4m
- Cash -€1.1m
down €1.1m (-74.2%), from €1.5m to €398,023
mainly Current investments (-€1.8m) and Receivables within one year (-€147,916)
- Stocks and contracts -€269,362
down €269,362 (-62.3%), from €432,118 to €162,757
- Tangible fixed assets -€223,340
down €223,340 (-4.3%), from €5.2m to €5.0m
of which Land and buildings: -€184,343
- Trade debts +€282,068
up €282,068 (+38.3%), from €735,809 to €1.0m
- Gross operating margin -€453,512
down €453,512 (-22.4%), from €2.0m to €1.6m
- Financial income -€154,091
down €154,091 (-44.7%), from €344,722 to €190,632
- Taxes -€133,628
down €133,628 (-48.7%), from €274,670 to €141,043
- Staff costs -€24,025
down €24,025 (-1.9%), from €1.3m to €1.3m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,850,955 | €17,134,132 | +€283,177 | +1.7% |
| Fixed assets | 21/28 | €5,218,518 | €4,995,177 | -€223,340 | -4.3% |
| Intangible fixed assets | 21 | €1,698 | €1,698 | = | 0.0% |
| Tangible fixed assets | 22/27 | €5,216,820 | €4,993,480 | -€223,340 | -4.3% |
| Land and buildings | 22 | €4,723,227 | €4,538,885 | -€184,343 | -3.9% |
| Plant, machinery and equipment | 23 | €59,838 | €53,122 | -€6,716 | -11.2% |
| Furniture and vehicles | 24 | €429,193 | €396,912 | -€32,281 | -7.5% |
| Assets under construction and advance payments | 27 | €4,562 | €4,562 | = | 0.0% |
| Current assets | 29/58 | €11,632,437 | €12,138,954 | +€506,517 | +4.4% |
| Stocks and contracts in progress | 3 | €432,118 | €162,757 | -€269,362 | -62.3% |
| Stocks | 30/36 | €432,118 | €162,757 | -€269,362 | -62.3% |
| Amounts receivable within one year | 40/41 | €1,011,569 | €1,159,484 | +€147,916 | +14.6% |
| Trade receivables | 40 | €981,875 | €989,625 | +€7,750 | +0.8% |
| Other amounts receivable | 41 | €29,694 | €169,860 | +€140,166 | +472.0% |
| Current investments | 50/53 | €8,628,676 | €10,408,554 | +€1.8m | +20.6% |
| Cash at bank and in hand | 54/58 | €1,543,394 | €398,023 | -€1.1m | -74.2% |
| Deferred charges and accrued income | 490/1 | €16,679 | €10,136 | -€6,544 | -39.2% |
| Total equity and liabilities | 10/49 | €16,850,955 | €17,134,132 | +€283,177 | +1.7% |
| Equity | 10/15 | €15,724,819 | €15,827,007 | +€102,188 | +0.6% |
| 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 | €15,624,819 | €15,727,007 | +€102,188 | +0.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €15,614,819 | €15,717,007 | +€102,188 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,126,136 | €1,307,125 | +€180,989 | +16.1% |
| Amounts payable within one year | 42/48 | €1,126,136 | €1,307,125 | +€180,989 | +16.1% |
| Trade debts | 44 | €735,809 | €1,017,877 | +€282,068 | +38.3% |
| Suppliers | 440/4 | €735,809 | €1,017,877 | +€282,068 | +38.3% |
| Taxes, remuneration and social security | 45 | €387,246 | €286,167 | -€101,079 | -26.1% |
| Taxes | 450/3 | €224,354 | €128,812 | -€95,542 | -42.6% |
| Remuneration and social security | 454/9 | €162,893 | €157,356 | -€5,537 | -3.4% |
| Other amounts payable | 47/48 | €3,080 | €3,080 | = | 0.0% |
| Non-recurring operating income | 76A | €10,263 | €11,000 | +€737 | +7.2% |
| Remuneration, social security and pensions | 62 | €1,284,469 | €1,260,444 | -€24,025 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,001 | €235,427 | -€13,574 | -5.5% |
| Other operating charges | 640/8 | €11,005 | €12,081 | +€1,076 | +9.8% |
| Gross operating margin | 9900 | €2,022,467 | €1,568,955 | -€453,512 | -22.4% |
| Operating profit (loss) | 9901 | €477,992 | €61,004 | -€416,989 | -87.2% |
| Financial income | 75/76B | €344,722 | €190,632 | -€154,091 | -44.7% |
| Recurring financial income | 75 | €344,722 | €190,632 | -€154,091 | -44.7% |
| Financial charges | 65/66B | €9,958 | €8,405 | -€1,553 | -15.6% |
| Recurring financial charges | 65 | €9,958 | €8,405 | -€1,553 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €812,757 | €243,230 | -€569,526 | -70.1% |
| Income taxes | 67/77 | €274,670 | €141,043 | -€133,628 | -48.7% |
| Profit (loss) for the period | 9904 | €538,086 | €102,188 | -€435,898 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €538,086 | €102,188 | -€435,898 | -81.0% |
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 9 October 2026 via checked.be.