AXSE: 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.
AXSE
Largest movements
- Tangible fixed assets +€88,704
up €88,704 (+28.8%), from €308,341 to €397,045
- Receivables within one year -€17,385
down €17,385 (-21.2%), from €82,016 to €64,631
of which Trade receivables: -€22,416
- Other debts +€106,135
up €106,135 (+5,667%), from €1,873 to €108,008
- Advances received -€38,500
down €38,500 (-98.7%), from €39,000 to €500
- Reserves +€33,649
up €33,649 (+5.5%), from €610,410 to €644,059
of which Distributable reserves: +€33,649
- Trade debts -€21,778
down €21,778 (-73.3%), from €29,700 to €7,922
- Tax, wage and social debts -€10,222
down €10,222 (-35.2%), from €29,020 to €18,797
- Gross operating margin -€52,506
down €52,506 (-18.9%), from €277,964 to €225,457
- Financial income +€22,379
up €22,379 (+153%), from €14,580 to €36,960
of which Non-recurring financial income: +€22,654
- Taxes -€18,453
down €18,453 (-31.5%), from €58,506 to €40,053
- Depreciation +€13,926
up €13,926 (+25.7%), from €54,140 to €68,066
- Financial charges +€6,880
up €6,880 (+264%), from €2,602 to €9,482
of which Financial charges: +€5,485
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 | €761,729 | €835,062 | +€73,333 | +9.6% |
| Fixed assets | 21/28 | €308,341 | €397,045 | +€88,704 | +28.8% |
| Tangible fixed assets | 22/27 | €308,341 | €397,045 | +€88,704 | +28.8% |
| Land and buildings | 22 | €188,509 | €214,723 | +€26,213 | +13.9% |
| Plant, machinery and equipment | 23 | €38,268 | €32,994 | -€5,274 | -13.8% |
| Furniture and vehicles | 24 | €34,244 | €62,773 | +€28,529 | +83.3% |
| Other tangible fixed assets | 26 | €47,319 | €86,555 | +€39,236 | +82.9% |
| Current assets | 29/58 | €453,388 | €438,017 | -€15,371 | -3.4% |
| Amounts receivable within one year | 40/41 | €82,016 | €64,631 | -€17,385 | -21.2% |
| Trade receivables | 40 | €73,969 | €51,553 | -€22,416 | -30.3% |
| Other amounts receivable | 41 | €8,047 | €13,078 | +€5,032 | +62.5% |
| Current investments | 50/53 | €30,794 | €26,525 | -€4,269 | -13.9% |
| Cash at bank and in hand | 54/58 | €333,085 | €338,809 | +€5,724 | +1.7% |
| Deferred charges and accrued income | 490/1 | €7,493 | €8,052 | +€559 | +7.5% |
| Total equity and liabilities | 10/49 | €761,729 | €835,062 | +€73,333 | +9.6% |
| Equity | 10/15 | €622,810 | €662,659 | +€39,849 | +6.4% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €610,410 | €644,059 | +€33,649 | +5.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €591,660 | €625,309 | +€33,649 | +5.7% |
| Amounts payable | 17/49 | €138,920 | €172,404 | +€33,484 | +24.1% |
| Amounts payable after more than one year | 17 | €36,447 | €32,235 | -€4,212 | -11.6% |
| Financial debts | 170/4 | €36,447 | €32,235 | -€4,212 | -11.6% |
| Amounts payable within one year | 42/48 | €101,894 | €138,668 | +€36,775 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €2,301 | €3,440 | +€1,140 | +49.5% |
| Trade debts | 44 | €29,700 | €7,922 | -€21,778 | -73.3% |
| Suppliers | 440/4 | €29,700 | €7,922 | -€21,778 | -73.3% |
| Advances received on contracts in progress | 46 | €39,000 | €500 | -€38,500 | -98.7% |
| Taxes, remuneration and social security | 45 | €29,020 | €18,797 | -€10,222 | -35.2% |
| Taxes | 450/3 | €29,020 | €18,797 | -€10,222 | -35.2% |
| Other amounts payable | 47/48 | €1,873 | €108,008 | +€106,135 | +5,667% |
| Accrued charges and deferred income | 492/3 | €579 | €1,500 | +€921 | +159% |
| Non-recurring operating income | 76A | €27,761 | - | -€27,761 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,140 | €68,066 | +€13,926 | +25.7% |
| Other operating charges | 640/8 | €2,982 | €5,167 | +€2,185 | +73.3% |
| Non-recurring operating charges | 66A | €260 | - | -€260 | |
| Gross operating margin | 9900 | €277,964 | €225,457 | -€52,506 | -18.9% |
| Operating profit (loss) | 9901 | €220,582 | €152,224 | -€68,358 | -31.0% |
| Financial income | 75/76B | €14,580 | €36,960 | +€22,379 | +153% |
| Recurring financial income | 75 | €2,548 | €2,273 | -€275 | -10.8% |
| Non-recurring financial income | 76B | €12,032 | €34,687 | +€22,654 | +188% |
| Financial charges | 65/66B | €2,602 | €9,482 | +€6,880 | +264% |
| Recurring financial charges | 65 | €2,602 | €8,087 | +€5,485 | +211% |
| Non-recurring financial charges | 66B | - | €1,395 | +€1,395 | |
| Profit (loss) for the period before taxes | 9903 | €232,560 | €179,702 | -€52,858 | -22.7% |
| Income taxes | 67/77 | €58,506 | €40,053 | -€18,453 | -31.5% |
| Profit (loss) for the period | 9904 | €174,054 | €139,649 | -€34,405 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €174,054 | €139,649 | -€34,405 | -19.8% |
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 25 October 2026 via checked.be.