DAXI: 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.
DAXI
Largest movements
- Financial fixed assets -€794,473
down €794,473 (-100.0%), from €794,737 to €263
- Stocks and contracts -€616,376
down €616,376 (-65.0%), from €948,353 to €331,977
of which Stocks: -€806,444
- Cash +€547,972
up €547,972 (+267.6%), from €204,739 to €752,711
mainly Advances received (+€768,403) and Stocks and contracts (+€616,376)
- Receivables within one year +€478,516
up €478,516 (+33.6%), from €1.4m to €1.9m
of which Trade receivables: +€545,094
- Tangible fixed assets +€276,669
up €276,669 (+163.8%), from €168,876 to €445,545
of which Leasing and similar rights: +€312,463
- Advances received +€768,403
up €768,403 (+2171.9%), from €35,379 to €803,781
- Short-term financial debts -€416,920
no longer reported in 2025 (was €416,920)
- Debts after one year +€350,106
up €350,106 (+390.3%), from €89,711 to €439,818
- Reserves -€350,000
down €350,000 (-85.4%), from €409,990 to €59,990
of which Distributable reserves: -€350,000
- Trade debts -€316,517
down €316,517 (-21.3%), from €1.5m to €1.2m
- Financial charges +€1.1m
up €1.1m (+1351.6%), from €79,132 to €1.1m
- Gross operating margin +€706,389
up €706,389 (+142.2%), from €496,901 to €1.2m
- Depreciation +€114,778
up €114,778 (+179.9%), from €63,786 to €178,565
- Staff costs -€33,613
down €33,613 (-6.9%), from €485,970 to €452,357
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 | €3,652,836 | €3,439,362 | -€213,475 | -5.8% |
| Fixed assets | 21/28 | €1,065,868 | €445,809 | -€620,059 | -58.2% |
| Intangible fixed assets | 21 | €102,256 | - | -€102,256 | |
| Tangible fixed assets | 22/27 | €168,876 | €445,545 | +€276,669 | +163.8% |
| Plant, machinery and equipment | 23 | €19,375 | €75,954 | +€56,580 | +292.0% |
| Furniture and vehicles | 24 | €16,132 | €2,373 | -€13,759 | -85.3% |
| Leasing and similar rights | 25 | €54,755 | €367,218 | +€312,463 | +570.7% |
| Assets under construction and advance payments | 27 | €78,614 | - | -€78,614 | |
| Financial fixed assets | 28 | €794,737 | €263 | -€794,473 | -100.0% |
| Current assets | 29/58 | €2,586,968 | €2,993,553 | +€406,585 | +15.7% |
| Stocks and contracts in progress | 3 | €948,353 | €331,977 | -€616,376 | -65.0% |
| Stocks | 30/36 | €806,444 | - | -€806,444 | |
| Contracts in progress | 37 | €141,909 | €331,977 | +€190,068 | +133.9% |
| Amounts receivable within one year | 40/41 | €1,425,205 | €1,903,721 | +€478,516 | +33.6% |
| Trade receivables | 40 | €1,308,650 | €1,853,744 | +€545,094 | +41.7% |
| Other amounts receivable | 41 | €116,555 | €49,977 | -€66,578 | -57.1% |
| Cash at bank and in hand | 54/58 | €204,739 | €752,711 | +€547,972 | +267.6% |
| Deferred charges and accrued income | 490/1 | €8,671 | €5,144 | -€3,528 | -40.7% |
| Total equity and liabilities | 10/49 | €3,652,836 | €3,439,362 | -€213,475 | -5.8% |
| Equity | 10/15 | €1,396,155 | €820,325 | -€575,830 | -41.2% |
| Contributions | 10/11 | €947,048 | €947,048 | = | 0.0% |
| Capital | 10 | €947,048 | €947,048 | = | 0.0% |
| Issued capital | 100 | €947,048 | €947,048 | = | 0.0% |
| Reserves | 13 | €409,990 | €59,990 | -€350,000 | -85.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,990 | €34,990 | = | 0.0% |
| Distributable reserves | 133 | €350,000 | - | -€350,000 | |
| Profit (loss) carried forward | 14 | €39,117 | -€186,713 | -€225,830 | |
| Amounts payable | 17/49 | €2,256,682 | €2,619,037 | +€362,355 | +16.1% |
| Amounts payable after more than one year | 17 | €89,711 | €439,818 | +€350,106 | +390.3% |
| Financial debts | 170/4 | €89,711 | €439,818 | +€350,106 | +390.3% |
| Amounts payable within one year | 42/48 | €2,099,307 | €2,157,910 | +€58,603 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €31,185 | €84,796 | +€53,611 | +171.9% |
| Financial debts | 43 | €416,920 | - | -€416,920 | |
| Credit institutions | 430/8 | €416,920 | - | -€416,920 | |
| Trade debts | 44 | €1,486,159 | €1,169,641 | -€316,517 | -21.3% |
| Suppliers | 440/4 | €1,486,159 | €1,169,641 | -€316,517 | -21.3% |
| Advances received on contracts in progress | 46 | €35,379 | €803,781 | +€768,403 | +2171.9% |
| Taxes, remuneration and social security | 45 | €127,469 | €99,692 | -€27,778 | -21.8% |
| Taxes | 450/3 | €61,517 | €49,695 | -€11,822 | -19.2% |
| Remuneration and social security | 454/9 | €65,952 | €49,996 | -€15,956 | -24.2% |
| Other amounts payable | 47/48 | €2,196 | - | -€2,196 | |
| Accrued charges and deferred income | 492/3 | €67,663 | €21,309 | -€46,354 | -68.5% |
| Non-recurring operating income | 76A | - | €70,799 | +€70,799 | |
| Remuneration, social security and pensions | 62 | €485,970 | €452,357 | -€33,613 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,786 | €178,565 | +€114,778 | +179.9% |
| Other operating charges | 640/8 | €3,478 | €3,366 | -€111 | -3.2% |
| Non-recurring operating charges | 66A | €30,905 | €347 | -€30,558 | -98.9% |
| Gross operating margin | 9900 | €496,901 | €1,203,290 | +€706,389 | +142.2% |
| Operating profit (loss) | 9901 | -€87,237 | €568,657 | +€655,894 | |
| Financial income | 75/76B | €1,730 | €4,311 | +€2,581 | +149.2% |
| Recurring financial income | 75 | €1,730 | €4,311 | +€2,581 | +149.2% |
| Financial charges | 65/66B | €79,132 | €1,148,696 | +€1.1m | +1351.6% |
| Recurring financial charges | 65 | €79,132 | €1,148,696 | +€1.1m | +1351.6% |
| Profit (loss) for the period before taxes | 9903 | -€164,639 | -€575,728 | -€411,089 | -249.7% |
| Income taxes | 67/77 | -€8,351 | €102 | +€8,453 | |
| Profit (loss) for the period | 9904 | -€156,288 | -€575,830 | -€419,542 | -268.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,288 | -€575,830 | -€419,542 | -268.4% |
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.