AxSeP-T: what changed
Two fiscal 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.
AxSeP-T
Largest movements
- Tangible fixed assets +€356,742
up €356,742 (+1392.8%), from €25,613 to €382,355
of which Land and buildings: +€337,805
- Cash +€94,581
up €94,581 (+83.8%), from €112,873 to €207,453
mainly Debts after one year (+€295,787) and Net result for the year (+€76,203)
- Receivables within one year -€36,246
down €36,246 (-50.6%), from €71,688 to €35,442
of which Other amounts receivable: -€35,606
- Debts after one year +€295,787
up €295,787 (+3803.8%), from €7,776 to €303,563
- Reserves +€76,203
up €76,203 (+53.4%), from €142,802 to €219,005
- Tax, wage and social debts +€22,661
up €22,661 (+56.1%), from €40,365 to €63,027
- Current portion of long-term debt +€17,620
up €17,620 (+135.9%), from €12,968 to €30,589
- Depreciation +€56,403
up €56,403 (+5607.9%), from €1,006 to €57,408
- Gross operating margin +€21,958
up €21,958 (+14.8%), from €148,108 to €170,065
- Financial charges +€7,270
up €7,270 (+216.5%), from €3,358 to €10,629
- Taxes -€5,623
down €5,623 (-17.4%), from €32,325 to €26,702
- Financial income +€2,143
up €2,143 (+260.0%), from €824 to €2,967
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 | €212,442 | €629,195 | +€416,752 | +196.2% |
| Fixed assets | 21/28 | €25,613 | €382,355 | +€356,742 | +1392.8% |
| Tangible fixed assets | 22/27 | €25,613 | €382,355 | +€356,742 | +1392.8% |
| Land and buildings | 22 | - | €337,805 | +€337,805 | |
| Furniture and vehicles | 24 | €5,669 | €7,843 | +€2,174 | +38.3% |
| Other tangible fixed assets | 26 | €19,944 | €36,706 | +€16,762 | +84.0% |
| Current assets | 29/58 | €186,829 | €246,840 | +€60,011 | +32.1% |
| Amounts receivable within one year | 40/41 | €71,688 | €35,442 | -€36,246 | -50.6% |
| Trade receivables | 40 | €640 | €0 | -€640 | -100.0% |
| Other amounts receivable | 41 | €71,048 | €35,442 | -€35,606 | -50.1% |
| Cash at bank and in hand | 54/58 | €112,873 | €207,453 | +€94,581 | +83.8% |
| Deferred charges and accrued income | 490/1 | €2,268 | €3,944 | +€1,676 | +73.9% |
| Total equity and liabilities | 10/49 | €212,442 | €629,195 | +€416,752 | +196.2% |
| Equity | 10/15 | €147,802 | €224,005 | +€76,203 | +51.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €142,802 | €219,005 | +€76,203 | +53.4% |
| Distributable reserves | 133 | €142,802 | €219,005 | +€76,203 | +53.4% |
| Amounts payable | 17/49 | €64,640 | €405,190 | +€340,550 | +526.8% |
| Amounts payable after more than one year | 17 | €7,776 | €303,563 | +€295,787 | +3803.8% |
| Financial debts | 170/4 | €7,776 | €303,563 | +€295,787 | +3803.8% |
| Amounts payable within one year | 42/48 | €56,864 | €100,402 | +€43,538 | +76.6% |
| Current portion of amounts payable after more than one year | 42 | €12,968 | €30,589 | +€17,620 | +135.9% |
| Trade debts | 44 | €3,531 | €6,787 | +€3,256 | +92.2% |
| Suppliers | 440/4 | €3,531 | €6,787 | +€3,256 | +92.2% |
| Taxes, remuneration and social security | 45 | €40,365 | €63,027 | +€22,661 | +56.1% |
| Taxes | 450/3 | €40,365 | €63,027 | +€22,661 | +56.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €1,225 | +€1,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,006 | €57,408 | +€56,403 | +5607.9% |
| Other operating charges | 640/8 | €1,520 | €2,091 | +€571 | +37.6% |
| Gross operating margin | 9900 | €148,108 | €170,065 | +€21,958 | +14.8% |
| Operating profit (loss) | 9901 | €145,582 | €110,566 | -€35,016 | -24.1% |
| Financial income | 75/76B | €824 | €2,967 | +€2,143 | +260.0% |
| Recurring financial income | 75 | €824 | €2,967 | +€2,143 | +260.0% |
| Financial charges | 65/66B | €3,358 | €10,629 | +€7,270 | +216.5% |
| Recurring financial charges | 65 | €3,358 | €10,629 | +€7,270 | +216.5% |
| Profit (loss) for the period before taxes | 9903 | €143,048 | €102,905 | -€40,143 | -28.1% |
| Income taxes | 67/77 | €32,325 | €26,702 | -€5,623 | -17.4% |
| Profit (loss) for the period | 9904 | €110,723 | €76,203 | -€34,521 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,723 | €76,203 | -€34,521 | -31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.