AXUS: 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.
What changed
AXUS
NACE 77.110, Renting and leasing of cars and light motor vehicles
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€72.5m
2024 · €97.6m-€25.1m
Equity
€682.0m
2024 · €172.5m+€509.5m
Cash
€1.2m
2024 · €5.8m-€4.6m
Balance sheet total
€3.85bn
2024 · €1.72bn+€2.13bn
Largest movements
Assets
- Tangible fixed assets +€1.61bn
up €1.61bn (+110.3%), from €1.46bn to €3.07bn
of which Other tangible fixed assets: +€1.61bn
- Financial fixed assets +€360.5m
up €360.5m (+371.7%), from €97.0m to €457.5m
of which Affiliated companies: +€360.0m
- Deferred charges and accrued income +€68.4m
up €68.4m (+176.3%), from €38.8m to €107.2m
- Receivables within one year +€63.8m
up €63.8m (+64.7%), from €98.5m to €162.3m
of which Other amounts receivable: +€43.3m
Equity and liabilities
- Debts after one year +€986.0m
up €986.0m (+107.4%), from €918.0m to €1.90bn
- Profit (loss) carried forward +€466.8m
up €466.8m (+415.4%), from €112.4m to €579.2m
- Current portion of long-term debt +€341.0m
up €341.0m (+93.4%), from €365.0m to €706.0m
- Trade debts +€127.0m
up €127.0m (+264.2%), from €48.1m to €175.1m
- Short-term financial debts +€84.2m
up €84.2m (+67.9%), from €124.1m to €208.3m
of which Other loans: +€81.5m
Income statement
- Turnover +€742.3m
up €742.3m (+69.9%), from €1.06bn to €1.80bn
- Depreciation +€356.1m
up €356.1m (+126.6%), from €281.4m to €637.5m
- Goods and materials +€249.0m
up €249.0m (+88.4%), from €281.8m to €530.8m
of which Purchases: +€208.6m
- Services and other goods +€135.2m
up €135.2m (+40.3%), from €335.1m to €470.2m
- Other operating income +€44.7m
up €44.7m (+144.1%), from €31.0m to €75.7m
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
€97.6m
Turnover
+€742.3m
Other operating income
+€44.7m
Goods and materials
-€249.0m
Services and other goods
-€135.2m
Staff costs
-€27.6m
Depreciation
-€356.1m
Write-downs
-€2.4m
Provisions
-€3.4m
Other operating charges
-€1.0m
Financial income
+€41,378
Financial charges
-€42.4m
Taxes
+€5.1m
Result 2025
€72.5m
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.
From operations
+€753.5m
Investment
-€2.61bn
Financing
+€1.85bn
Cash 2024
€5.8m
From operations (derived)
+€753.5m
Net result for the year
+€72.5m
Depreciation
+€637.5m
Receivables after one year
-€9.9m
Stocks and contracts
-€25.4m
Receivables within one year
-€63.8m
Deferred charges and accrued income
-€68.4m
Provisions
+€41.7m
Trade debts
+€127.0m
Tax, wage and social debts
+€7.4m
Smaller working-capital items
-€559,127
Accrued charges and deferred income
+€35.4m
Investment (derived)
-€2.61bn
Investment in fixed assets (net)
-€2.61bn
Financing
+€1.85bn
Debts after one year
+€986.0m
Current portion of long-term debt
+€341.0m
Short-term financial debts
+€84.2m
Contributions, distributions and other
+€437.0m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,722,425,064 | €3,854,155,078 | +€2.13bn | +123.8% |
| Fixed assets | 21/28 | €1,555,498,857 | €3,524,382,469 | +€1.97bn | +126.6% |
| Intangible fixed assets | 21 | €766,591 | €840,833 | +€74,241 | +9.7% |
| Tangible fixed assets | 22/27 | €1,457,744,716 | €3,066,014,672 | +€1.61bn | +110.3% |
| Furniture and vehicles | 24 | €1,470,081 | €1,252,122 | -€217,959 | -14.8% |
| Other tangible fixed assets | 26 | €1,456,274,635 | €3,064,760,699 | +€1.61bn | +110.5% |
| Assets under construction and advance payments | 27 | - | €1,850 | +€1,850 | |
| Financial fixed assets | 28 | €96,987,550 | €457,526,965 | +€360.5m | +371.7% |
| Affiliated companies | 280/1 | €96,719,121 | €456,706,873 | +€360.0m | +372.2% |
| Participating interests | 280 | €31,621 | €31,621 | = | 0.0% |
| Amounts receivable | 281 | €96,687,500 | €456,675,252 | +€360.0m | +372.3% |
| Other financial fixed assets | 284/8 | €268,429 | €820,091 | +€551,663 | +205.5% |
| Amounts receivable and cash guarantees | 285/8 | €268,429 | €820,091 | +€551,663 | +205.5% |
| Current assets | 29/58 | €166,926,207 | €329,772,609 | +€162.8m | +97.6% |
| Amounts receivable after more than one year | 29 | €9,242,425 | €19,154,772 | +€9.9m | +107.2% |
| Trade receivables | 290 | €9,242,425 | €19,154,772 | +€9.9m | +107.2% |
| Stocks and contracts in progress | 3 | €14,551,816 | €39,982,537 | +€25.4m | +174.8% |
| Stocks | 30/36 | €14,551,816 | €39,982,537 | +€25.4m | +174.8% |
| Goods purchased for resale | 34 | €14,551,816 | €39,982,537 | +€25.4m | +174.8% |
| Amounts receivable within one year | 40/41 | €98,536,767 | €162,295,627 | +€63.8m | +64.7% |
| Trade receivables | 40 | €74,183,798 | €94,620,315 | +€20.4m | +27.5% |
| Other amounts receivable | 41 | €24,352,969 | €67,675,312 | +€43.3m | +177.9% |
| Cash at bank and in hand | 54/58 | €5,804,602 | €1,165,517 | -€4.6m | -79.9% |
| Deferred charges and accrued income | 490/1 | €38,790,598 | €107,174,157 | +€68.4m | +176.3% |
| Total equity and liabilities | 10/49 | €1,722,425,064 | €3,854,155,078 | +€2.13bn | +123.8% |
| Equity | 10/15 | €172,470,460 | €681,980,415 | +€509.5m | +295.4% |
| Contributions | 10/11 | €47,400,000 | €86,159,619 | +€38.8m | +81.8% |
| Capital | 10 | €47,400,000 | €86,159,619 | +€38.8m | +81.8% |
| Issued capital | 100 | €47,400,000 | €86,159,619 | +€38.8m | +81.8% |
| Reserves | 13 | €12,697,594 | €16,669,464 | +€4.0m | +31.3% |
| Non-distributable reserves | 130/1 | €4,740,000 | €8,615,962 | +€3.9m | +81.8% |
| Legal reserve | 130 | €4,740,000 | €8,615,962 | +€3.9m | +81.8% |
| Tax-exempt reserves | 132 | €5,704,056 | €5,799,964 | +€95,908 | +1.7% |
| Distributable reserves | 133 | €2,253,538 | €2,253,538 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,372,866 | €579,151,332 | +€466.8m | +415.4% |
| Provisions and deferred taxes | 16 | €797,497 | €42,512,557 | +€41.7m | +5230.7% |
| Provisions for liabilities and charges | 160/5 | €797,497 | €42,512,557 | +€41.7m | +5230.7% |
| Major repairs and maintenance | 162 | €521,979 | €1,902,902 | +€1.4m | +264.6% |
| Other liabilities and charges | 164/5 | €275,518 | €40,609,656 | +€40.3m | +14639.4% |
| Amounts payable | 17/49 | €1,549,157,107 | €3,129,662,106 | +€1.58bn | +102.0% |
| Amounts payable after more than one year | 17 | €918,000,000 | €1,904,000,000 | +€986.0m | +107.4% |
| Financial debts | 170/4 | €918,000,000 | €1,904,000,000 | +€986.0m | +107.4% |
| Other loans | 174 | €918,000,000 | €1,904,000,000 | +€986.0m | +107.4% |
| Amounts payable within one year | 42/48 | €556,260,699 | €1,115,390,788 | +€559.1m | +100.5% |
| Current portion of amounts payable after more than one year | 42 | €365,000,000 | €706,000,000 | +€341.0m | +93.4% |
| Financial debts | 43 | €124,084,611 | €208,330,343 | +€84.2m | +67.9% |
| Credit institutions | 430/8 | €787 | €2,724,326 | +€2.7m | +346286.1% |
| Other loans | 439 | €124,083,824 | €205,606,017 | +€81.5m | +65.7% |
| Trade debts | 44 | €48,065,280 | €175,064,020 | +€127.0m | +264.2% |
| Suppliers | 440/4 | €48,065,280 | €175,064,020 | +€127.0m | +264.2% |
| Advances received on contracts in progress | 46 | - | €1,737,274 | +€1.7m | |
| Taxes, remuneration and social security | 45 | €12,365,337 | €19,810,080 | +€7.4m | +60.2% |
| Taxes | 450/3 | €3,800,865 | €1,389,801 | -€2.4m | -63.4% |
| Remuneration and social security | 454/9 | €8,564,472 | €18,420,279 | +€9.9m | +115.1% |
| Other amounts payable | 47/48 | €6,745,472 | €4,449,071 | -€2.3m | -34.0% |
| Accrued charges and deferred income | 492/3 | €74,896,408 | €110,271,318 | +€35.4m | +47.2% |
| Operating income | 70/76A | €1,093,336,357 | €1,880,274,578 | +€786.9m | +72.0% |
| Turnover | 70 | €1,062,344,117 | €1,804,609,703 | +€742.3m | +69.9% |
| Other operating income | 74 | €30,992,240 | €75,664,875 | +€44.7m | +144.1% |
| Operating charges | 60/66A | €956,778,455 | €1,731,507,750 | +€774.7m | +81.0% |
| Goods for resale, raw materials and consumables | 60 | €281,762,237 | €530,763,627 | +€249.0m | +88.4% |
| Purchases | 600/8 | €287,571,330 | €496,137,449 | +€208.6m | +72.5% |
| Change in stocks: decrease (increase) | 609 | -€5,809,093 | €34,626,178 | +€40.4m | |
| Services and other goods | 61 | €335,051,724 | €470,237,552 | +€135.2m | +40.3% |
| Remuneration, social security and pensions | 62 | €32,742,510 | €60,341,133 | +€27.6m | +84.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281,395,380 | €637,533,837 | +€356.1m | +126.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,794,222 | €5,169,232 | +€2.4m | +85.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€258,238 | €3,138,040 | +€3.4m | |
| Other operating charges | 640/8 | €23,290,620 | €24,324,329 | +€1.0m | +4.4% |
| Operating profit (loss) | 9901 | €136,557,902 | €148,766,828 | +€12.2m | +8.9% |
| Financial income | 75/76B | €46,098,133 | €46,139,510 | +€41,378 | +0.1% |
| Recurring financial income | 75 | €45,881,057 | €38,440,850 | -€7.4m | -16.2% |
| Income from financial fixed assets | 750 | €21,153,096 | €23,007,439 | +€1.9m | +8.8% |
| Income from current assets | 751 | €97,444 | €7,921,970 | +€7.8m | +8029.8% |
| Other financial income | 752/9 | €24,630,517 | €7,511,441 | -€17.1m | -69.5% |
| Non-recurring financial income | 76B | €217,076 | €7,698,660 | +€7.5m | +3446.5% |
| Financial charges | 65/66B | €63,780,028 | €106,229,533 | +€42.4m | +66.6% |
| Recurring financial charges | 65 | €63,780,028 | €106,229,533 | +€42.4m | +66.6% |
| Debt charges | 650 | €35,542,386 | €96,914,287 | +€61.4m | +172.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,886,878 | €1,345,014 | -€541,864 | -28.7% |
| Other financial charges | 652/9 | €26,350,765 | €7,970,232 | -€18.4m | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €118,876,006 | €88,676,806 | -€30.2m | -25.4% |
| Income taxes | 67/77 | €21,235,219 | €16,157,766 | -€5.1m | -23.9% |
| Taxes | 670/3 | €22,454,260 | €16,157,766 | -€6.3m | -28.0% |
| Tax adjustments and reversals of tax provisions | 77 | €1,219,041 | - | -€1.2m | |
| Profit (loss) for the period | 9904 | €97,640,786 | €72,519,040 | -€25.1m | -25.7% |
| Transfer to tax-exempt reserves | 689 | - | €95,908 | +€95,908 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,640,786 | €72,423,132 | -€25.2m | -25.8% |
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.