DEN AXE: 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.
DEN AXE
Largest movements
- Tangible fixed assets -€13,332
down €13,332 (-8.0%), from €166,125 to €152,793
of which Land and buildings: -€7,598
- Receivables within one year +€4,818
up €4,818 (+156.1%), from €3,087 to €7,904
- Other debts -€6,654
down €6,654 (-15.9%), from €41,766 to €35,112
- Reserves -€5,916
down €5,916 (-7.3%), from €80,752 to €74,836
of which Distributable reserves: -€5,916
- Accrued charges and deferred income +€5,000
up €5,000 (+529.2%), from €945 to €5,945
- Gross operating margin +€8,749
up €8,749 (+200.5%), from €4,364 to €13,113
- Financial charges -€606
down €606 (-15.8%), from €3,830 to €3,224
- Other operating charges +€307
up €307 (+14.2%), from €2,167 to €2,474
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 | €170,833 | €163,130 | -€7,703 | -4.5% |
| Fixed assets | 21/28 | €166,125 | €152,793 | -€13,332 | -8.0% |
| Tangible fixed assets | 22/27 | €166,125 | €152,793 | -€13,332 | -8.0% |
| Land and buildings | 22 | €156,971 | €149,373 | -€7,598 | -4.8% |
| Plant, machinery and equipment | 23 | €2,613 | €1,239 | -€1,374 | -52.6% |
| Furniture and vehicles | 24 | €6,540 | €2,180 | -€4,360 | -66.7% |
| Current assets | 29/58 | €4,709 | €10,337 | +€5,629 | +119.5% |
| Amounts receivable within one year | 40/41 | €3,087 | €7,904 | +€4,818 | +156.1% |
| Trade receivables | 40 | €3,087 | €7,904 | +€4,818 | +156.1% |
| Cash at bank and in hand | 54/58 | €255 | €1,185 | +€930 | +364.8% |
| Deferred charges and accrued income | 490/1 | €1,367 | €1,247 | -€119 | -8.7% |
| Total equity and liabilities | 10/49 | €170,833 | €163,130 | -€7,703 | -4.5% |
| Equity | 10/15 | €99,352 | €93,436 | -€5,916 | -6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,752 | €74,836 | -€5,916 | -7.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €78,892 | €72,976 | -€5,916 | -7.5% |
| Provisions and deferred taxes | 16 | €7,000 | €7,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,000 | €7,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €7,000 | €7,000 | = | 0.0% |
| Amounts payable | 17/49 | €64,482 | €62,694 | -€1,788 | -2.8% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,537 | €36,749 | -€6,788 | -15.6% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €1,770 | €1,237 | -€534 | -30.1% |
| Taxes | 450/3 | €1,770 | €1,237 | -€534 | -30.1% |
| Other amounts payable | 47/48 | €41,766 | €35,112 | -€6,654 | -15.9% |
| Accrued charges and deferred income | 492/3 | €945 | €5,945 | +€5,000 | +529.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,332 | €13,332 | = | 0.0% |
| Other operating charges | 640/8 | €2,167 | €2,474 | +€307 | +14.2% |
| Gross operating margin | 9900 | €4,364 | €13,113 | +€8,749 | +200.5% |
| Operating profit (loss) | 9901 | -€11,135 | -€2,692 | +€8,442 | +75.8% |
| Financial charges | 65/66B | €3,830 | €3,224 | -€606 | -15.8% |
| Recurring financial charges | 65 | €3,830 | €3,224 | -€606 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,964 | -€5,916 | +€9,048 | +60.5% |
| Profit (loss) for the period | 9904 | -€14,964 | -€5,916 | +€9,048 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,964 | -€5,916 | +€9,048 | +60.5% |
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 3 October 2026 via checked.be.