Axys: 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.
Axys
Largest movements
- Tangible fixed assets +€175,226
up €175,226 (+69.7%), from €251,237 to €426,462
of which Leasing and similar rights: +€183,889
- Cash +€78,578
up €78,578 (+301.5%), from €26,063 to €104,641
mainly Debts after one year (+€137,317) and Trade debts (+€74,768)
- Receivables within one year -€28,430
down €28,430 (-41.7%), from €68,190 to €39,760
of which Other amounts receivable: -€22,194
- Stocks and contracts +€18,669
up €18,669 (+142.3%), from €13,122 to €31,791
- Debts after one year +€137,317
up €137,317 (+71.3%), from €192,508 to €329,825
- Trade debts +€74,768
up €74,768 (+105.0%), from €71,202 to €145,971
- Reserves +€45,064
new in 2025: €45,064
- Other debts -€33,743
down €33,743 (-100.0%), from €33,743 to €0
- Current portion of long-term debt +€22,827
up €22,827 (+66.9%), from €34,118 to €56,946
- Gross operating margin +€43,493
up €43,493 (+129.8%), from €33,520 to €77,013
- Depreciation +€24,600
up €24,600 (+216.8%), from €11,348 to €35,947
- Financial charges +€8,699
up €8,699 (+222.6%), from €3,908 to €12,606
- Taxes +€795
new in 2025: €795
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 | €358,611 | €604,015 | +€245,404 | +68.4% |
| Fixed assets | 21/28 | €251,237 | €426,462 | +€175,226 | +69.7% |
| Tangible fixed assets | 22/27 | €251,237 | €426,462 | +€175,226 | +69.7% |
| Plant, machinery and equipment | 23 | €165,316 | €155,569 | -€9,748 | -5.9% |
| Furniture and vehicles | 24 | €927 | €2,011 | +€1,084 | +117.0% |
| Leasing and similar rights | 25 | €84,994 | €268,883 | +€183,889 | +216.4% |
| Current assets | 29/58 | €107,375 | €177,553 | +€70,178 | +65.4% |
| Stocks and contracts in progress | 3 | €13,122 | €31,791 | +€18,669 | +142.3% |
| Stocks | 30/36 | €13,122 | €31,791 | +€18,669 | +142.3% |
| Amounts receivable within one year | 40/41 | €68,190 | €39,760 | -€28,430 | -41.7% |
| Trade receivables | 40 | €40,130 | €33,895 | -€6,236 | -15.5% |
| Other amounts receivable | 41 | €28,059 | €5,865 | -€22,194 | -79.1% |
| Cash at bank and in hand | 54/58 | €26,063 | €104,641 | +€78,578 | +301.5% |
| Deferred charges and accrued income | 490/1 | - | €1,361 | +€1,361 | |
| Total equity and liabilities | 10/49 | €358,611 | €604,015 | +€245,404 | +68.4% |
| Equity | 10/15 | €25,311 | €52,564 | +€27,253 | +107.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | - | €45,064 | +€45,064 | |
| Distributable reserves | 133 | - | €45,064 | +€45,064 | |
| Profit (loss) carried forward | 14 | €17,811 | €0 | -€17,811 | -100.0% |
| Amounts payable | 17/49 | €333,301 | €551,452 | +€218,151 | +65.5% |
| Amounts payable after more than one year | 17 | €192,508 | €329,825 | +€137,317 | +71.3% |
| Financial debts | 170/4 | €192,508 | €329,825 | +€137,317 | +71.3% |
| Amounts payable within one year | 42/48 | €140,793 | €221,626 | +€80,833 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €34,118 | €56,946 | +€22,827 | +66.9% |
| Financial debts | 43 | €1,729 | €2,931 | +€1,202 | +69.5% |
| Credit institutions | 430/8 | €1,729 | €2,931 | +€1,202 | +69.5% |
| Trade debts | 44 | €71,202 | €145,971 | +€74,768 | +105.0% |
| Suppliers | 440/4 | €71,202 | €145,971 | +€74,768 | +105.0% |
| Taxes, remuneration and social security | 45 | - | €15,779 | +€15,779 | |
| Taxes | 450/3 | - | €15,779 | +€15,779 | |
| Other amounts payable | 47/48 | €33,743 | €0 | -€33,743 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,348 | €35,947 | +€24,600 | +216.8% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €33,520 | €77,013 | +€43,493 | +129.8% |
| Operating profit (loss) | 9901 | €21,723 | €40,604 | +€18,881 | +86.9% |
| Financial income | 75/76B | €18 | €51 | +€33 | +182.9% |
| Recurring financial income | 75 | €18 | €51 | +€33 | +182.9% |
| Financial charges | 65/66B | €3,908 | €12,606 | +€8,699 | +222.6% |
| Recurring financial charges | 65 | €3,908 | €12,606 | +€8,699 | +222.6% |
| Profit (loss) for the period before taxes | 9903 | €17,834 | €28,048 | +€10,215 | +57.3% |
| Income taxes | 67/77 | - | €795 | +€795 | |
| Profit (loss) for the period | 9904 | €17,834 | €27,253 | +€9,420 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,834 | €27,253 | +€9,420 | +52.8% |
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 7 October 2026 via checked.be.