Your axle should have looked like #15 in this figure:
http://www.realoem.com/bmw/enUS/showparts?id=0315-USA-01-1977-2474-BMW-R_100_S&diagId=33_0634
There are shoulders machined into the bolt...the figure shows an extra one...I guess I'm not remembering right. But anyway, one of those shoulders should begin to ride on the outside of the bearing on the left side. It can't just keep going in and in. This shoulder and the nut/washer you have on the right side are designed to compress the bearing stack to the proper preload.
http://www.realoem.com/bmw/enUS/showparts?id=0315-USA-01-1977-2474-BMW-R_100_S&diagId=33_0634
There are shoulders machined into the bolt...the figure shows an extra one...I guess I'm not remembering right. But anyway, one of those shoulders should begin to ride on the outside of the bearing on the left side. It can't just keep going in and in. This shoulder and the nut/washer you have on the right side are designed to compress the bearing stack to the proper preload.