DAXEL: 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.
DAXEL
Largest movements
- Cash +€31,213
up €31,213 (+31.3%), from €99,758 to €130,971
mainly Net result for the year (+€61,380) and Depreciation (+€25,355)
- Tangible fixed assets -€25,355
down €25,355 (-72.0%), from €35,223 to €9,868
- Receivables within one year +€9,098
up €9,098 (+18.8%), from €48,451 to €57,548
of which Trade receivables: +€28,370
- Reserves +€56,198
up €56,198 (+88.7%), from €63,369 to €119,568
- Other debts -€48,727
down €48,727 (-99.4%), from €49,042 to €315
- Tax, wage and social debts +€9,721
up €9,721 (+16.7%), from €58,081 to €67,802
- Other operating charges -€36,629
down €36,629 (-94.3%), from €38,862 to €2,234
- Gross operating margin -€23,215
down €23,215 (-16.9%), from €137,079 to €113,863
- Taxes +€9,157
up €9,157 (+44.7%), from €20,489 to €29,646
- Financial income +€5,263
up €5,263 (+1479.5%), from €356 to €5,619
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 | €197,676 | €213,056 | +€15,381 | +7.8% |
| Fixed assets | 21/28 | €35,223 | €9,868 | -€25,355 | -72.0% |
| Tangible fixed assets | 22/27 | €35,223 | €9,868 | -€25,355 | -72.0% |
| Furniture and vehicles | 24 | €35,223 | €9,868 | -€25,355 | -72.0% |
| Current assets | 29/58 | €162,453 | €203,188 | +€40,735 | +25.1% |
| Amounts receivable within one year | 40/41 | €48,451 | €57,548 | +€9,098 | +18.8% |
| Trade receivables | 40 | €24,667 | €53,037 | +€28,370 | +115.0% |
| Other amounts receivable | 41 | €23,784 | €4,511 | -€19,272 | -81.0% |
| Current investments | 50/53 | €12,404 | €12,404 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €99,758 | €130,971 | +€31,213 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,840 | €2,265 | +€425 | +23.1% |
| Total equity and liabilities | 10/49 | €197,676 | €213,056 | +€15,381 | +7.8% |
| Equity | 10/15 | €88,369 | €144,568 | +€56,198 | +63.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €63,369 | €119,568 | +€56,198 | +88.7% |
| Distributable reserves | 133 | €63,369 | €119,568 | +€56,198 | +88.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,306 | €68,489 | -€40,818 | -37.3% |
| Amounts payable within one year | 42/48 | €108,379 | €68,489 | -€39,891 | -36.8% |
| Trade debts | 44 | €1,257 | €372 | -€885 | -70.4% |
| Suppliers | 440/4 | €1,257 | €372 | -€885 | -70.4% |
| Taxes, remuneration and social security | 45 | €58,081 | €67,802 | +€9,721 | +16.7% |
| Taxes | 450/3 | €58,081 | €67,802 | +€9,721 | +16.7% |
| Other amounts payable | 47/48 | €49,042 | €315 | -€48,727 | -99.4% |
| Accrued charges and deferred income | 492/3 | €927 | €0 | -€927 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,355 | €25,355 | = | 0.0% |
| Other operating charges | 640/8 | €38,862 | €2,234 | -€36,629 | -94.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €137,079 | €113,863 | -€23,215 | -16.9% |
| Operating profit (loss) | 9901 | €72,862 | €86,275 | +€13,413 | +18.4% |
| Financial income | 75/76B | €356 | €5,619 | +€5,263 | +1479.5% |
| Recurring financial income | 75 | €356 | €5,619 | +€5,263 | +1479.5% |
| Financial charges | 65/66B | €182 | €868 | +€686 | +377.6% |
| Recurring financial charges | 65 | €182 | €868 | +€686 | +377.6% |
| Profit (loss) for the period before taxes | 9903 | €73,036 | €91,026 | +€17,990 | +24.6% |
| Income taxes | 67/77 | €20,489 | €29,646 | +€9,157 | +44.7% |
| Profit (loss) for the period | 9904 | €52,547 | €61,380 | +€8,833 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,547 | €61,380 | +€8,833 | +16.8% |
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 4 October 2026 via checked.be.