AXYBEL: 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.
AXYBEL
Largest movements
- Stocks and contracts -€95,831
down €95,831 (-14.0%), from €682,577 to €586,746
- Receivables within one year -€42,465
down €42,465 (-19.5%), from €217,862 to €175,397
of which Trade receivables: -€44,069
- Cash +€37,613
up €37,613 (+29.8%), from €126,357 to €163,970
mainly Stocks and contracts (+€95,831) and Receivables within one year (+€42,465)
- Profit (loss) carried forward -€47,126
down €47,126 (-7.4%), from €634,302 to €587,176
- Trade debts -€32,634
down €32,634 (-18.7%), from €174,688 to €142,053
- Tax, wage and social debts -€16,284
down €16,284 (-30.5%), from €53,428 to €37,144
of which Remuneration and social security: -€13,168
- Staff costs -€71,971
down €71,971 (-38.6%), from €186,369 to €114,398
- Write-downs +€12,318
new in 2025: €12,318
- Gross operating margin -€11,558
down €11,558 (-10.2%), from €113,255 to €101,698
- Financial income -€5,923
down €5,923 (-77.9%), from €7,600 to €1,677
of which Financial income: -€5,806
- Financial charges +€5,666
up €5,666 (+80.2%), from €7,060 to €12,726
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 | €1,068,259 | €965,575 | -€102,684 | -9.6% |
| Fixed assets | 21/28 | €30,452 | €30,044 | -€407 | -1.3% |
| Intangible fixed assets | 21 | - | €1,752 | +€1,752 | |
| Tangible fixed assets | 22/27 | €6,328 | €4,168 | -€2,159 | -34.1% |
| Plant, machinery and equipment | 23 | €2,259 | €1,252 | -€1,006 | -44.6% |
| Furniture and vehicles | 24 | €2,303 | €2,916 | +€613 | +26.6% |
| Other tangible fixed assets | 26 | €1,766 | - | -€1,766 | |
| Financial fixed assets | 28 | €24,124 | €24,124 | = | 0.0% |
| Current assets | 29/58 | €1,037,807 | €935,530 | -€102,276 | -9.9% |
| Stocks and contracts in progress | 3 | €682,577 | €586,746 | -€95,831 | -14.0% |
| Stocks | 30/36 | €682,577 | €586,746 | -€95,831 | -14.0% |
| Amounts receivable within one year | 40/41 | €217,862 | €175,397 | -€42,465 | -19.5% |
| Trade receivables | 40 | €217,824 | €173,755 | -€44,069 | -20.2% |
| Other amounts receivable | 41 | €39 | €1,643 | +€1,604 | +4153.3% |
| Cash at bank and in hand | 54/58 | €126,357 | €163,970 | +€37,613 | +29.8% |
| Deferred charges and accrued income | 490/1 | €11,010 | €9,417 | -€1,593 | -14.5% |
| Total equity and liabilities | 10/49 | €1,068,259 | €965,575 | -€102,684 | -9.6% |
| Equity | 10/15 | €702,502 | €655,376 | -€47,126 | -6.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €634,302 | €587,176 | -€47,126 | -7.4% |
| Amounts payable | 17/49 | €365,756 | €310,198 | -€55,558 | -15.2% |
| Amounts payable within one year | 42/48 | €353,400 | €304,198 | -€49,202 | -13.9% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €174,688 | €142,053 | -€32,634 | -18.7% |
| Suppliers | 440/4 | €174,688 | €142,053 | -€32,634 | -18.7% |
| Taxes, remuneration and social security | 45 | €53,428 | €37,144 | -€16,284 | -30.5% |
| Taxes | 450/3 | €40,260 | €37,144 | -€3,116 | -7.7% |
| Remuneration and social security | 454/9 | €13,168 | - | -€13,168 | |
| Other amounts payable | 47/48 | €284 | - | -€284 | |
| Accrued charges and deferred income | 492/3 | €12,356 | €6,001 | -€6,355 | -51.4% |
| Non-recurring operating income | 76A | - | €3,300 | +€3,300 | |
| Remuneration, social security and pensions | 62 | €186,369 | €114,398 | -€71,971 | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,520 | €5,235 | -€1,285 | -19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,318 | +€12,318 | |
| Other operating charges | 640/8 | €2,590 | €4,488 | +€1,898 | +73.3% |
| Gross operating margin | 9900 | €113,255 | €101,698 | -€11,558 | -10.2% |
| Operating profit (loss) | 9901 | -€82,225 | -€34,742 | +€47,483 | +57.7% |
| Financial income | 75/76B | €7,600 | €1,677 | -€5,923 | -77.9% |
| Recurring financial income | 75 | €7,483 | €1,677 | -€5,806 | -77.6% |
| Non-recurring financial income | 76B | €117 | - | -€117 | |
| Financial charges | 65/66B | €7,060 | €12,726 | +€5,666 | +80.2% |
| Recurring financial charges | 65 | €7,060 | €12,726 | +€5,666 | +80.2% |
| Profit (loss) for the period before taxes | 9903 | -€81,685 | -€45,790 | +€35,895 | +43.9% |
| Income taxes | 67/77 | €1,401 | €1,336 | -€65 | -4.6% |
| Profit (loss) for the period | 9904 | -€83,086 | -€47,126 | +€35,960 | +43.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,086 | -€47,126 | +€35,960 | +43.3% |
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.