D'AXE: 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.
D'AXE
Largest movements
- Receivables within one year -€33,567
down €33,567 (-45.3%), from €74,043 to €40,477
of which Trade receivables: -€30,509
- Stocks and contracts +€3,875
new in 2025: €3,875
- Tangible fixed assets +€3,676
up €3,676 (+4.3%), from €85,760 to €89,436
of which Plant, machinery and equipment: +€9,318
- Cash +€3,383
up €3,383 (+75.6%), from €4,474 to €7,857
mainly Receivables within one year (+€33,567) and Depreciation (+€26,610)
- Tax, wage and social debts -€27,325
down €27,325 (-94.2%), from €28,996 to €1,670
- Trade debts +€5,819
up €5,819 (+69.0%), from €8,430 to €14,249
- Other debts -€2,737
down €2,737 (-3.7%), from €73,917 to €71,180
- Gross operating margin -€77,713
down €77,713 (-72.6%), from €107,058 to €29,346
- Taxes -€23,957
down €23,957 (-99.0%), from €24,189 to €232
- Other operating charges -€8,885
down €8,885 (-90.7%), from €9,798 to €913
- Depreciation +€8,846
up €8,846 (+49.8%), from €17,764 to €26,610
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 | €166,011 | €143,224 | -€22,787 | -13.7% |
| Fixed assets | 21/28 | €86,723 | €90,066 | +€3,343 | +3.9% |
| Intangible fixed assets | 21 | €963 | €630 | -€333 | -34.6% |
| Tangible fixed assets | 22/27 | €85,760 | €89,436 | +€3,676 | +4.3% |
| Land and buildings | 22 | €13,115 | €12,441 | -€674 | -5.1% |
| Plant, machinery and equipment | 23 | €52,049 | €61,367 | +€9,318 | +17.9% |
| Furniture and vehicles | 24 | €20,595 | €15,627 | -€4,968 | -24.1% |
| Current assets | 29/58 | €79,288 | €53,158 | -€26,130 | -33.0% |
| Stocks and contracts in progress | 3 | - | €3,875 | +€3,875 | |
| Stocks | 30/36 | - | €3,875 | +€3,875 | |
| Amounts receivable within one year | 40/41 | €74,043 | €40,477 | -€33,567 | -45.3% |
| Trade receivables | 40 | €70,639 | €40,129 | -€30,509 | -43.2% |
| Other amounts receivable | 41 | €3,405 | €347 | -€3,058 | -89.8% |
| Cash at bank and in hand | 54/58 | €4,474 | €7,857 | +€3,383 | +75.6% |
| Deferred charges and accrued income | 490/1 | €770 | €949 | +€179 | +23.3% |
| Total equity and liabilities | 10/49 | €166,011 | €143,224 | -€22,787 | -13.7% |
| Equity | 10/15 | €54,669 | €56,124 | +€1,456 | +2.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €51,669 | €53,124 | +€1,456 | +2.8% |
| Distributable reserves | 133 | €51,669 | €53,124 | +€1,456 | +2.8% |
| Amounts payable | 17/49 | €111,342 | €87,099 | -€24,243 | -21.8% |
| Amounts payable within one year | 42/48 | €111,342 | €87,099 | -€24,243 | -21.8% |
| Trade debts | 44 | €8,430 | €14,249 | +€5,819 | +69.0% |
| Suppliers | 440/4 | €8,430 | €14,249 | +€5,819 | +69.0% |
| Taxes, remuneration and social security | 45 | €28,996 | €1,670 | -€27,325 | -94.2% |
| Taxes | 450/3 | €28,996 | €1,670 | -€27,325 | -94.2% |
| Other amounts payable | 47/48 | €73,917 | €71,180 | -€2,737 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,764 | €26,610 | +€8,846 | +49.8% |
| Other operating charges | 640/8 | €9,798 | €913 | -€8,885 | -90.7% |
| Non-recurring operating charges | 66A | €3,500 | €0 | -€3,500 | -100.0% |
| Gross operating margin | 9900 | €107,058 | €29,346 | -€77,713 | -72.6% |
| Operating profit (loss) | 9901 | €75,997 | €1,823 | -€74,174 | -97.6% |
| Financial income | 75/76B | €2 | €7 | +€5 | +205.3% |
| Recurring financial income | 75 | €2 | €7 | +€5 | +205.3% |
| Financial charges | 65/66B | €142 | €142 | +€0 | 0.0% |
| Recurring financial charges | 65 | €142 | €142 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €75,857 | €1,688 | -€74,170 | -97.8% |
| Income taxes | 67/77 | €24,189 | €232 | -€23,957 | -99.0% |
| Profit (loss) for the period | 9904 | €51,669 | €1,456 | -€50,213 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,669 | €1,456 | -€50,213 | -97.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.