I take it that is the sprocket side. As others have mentioned, you have 2 bearings with a spacer between them on this side. That is probably what you are seeing. The axle runs through the spacer and on the inner race of the inside bearing. The outer spacer is turned down and runs on the inner race of the outer bearing.
Looking at the diagrams can help too! See item 33 on the attached image. The 2 bearings and washer between will all push out together when driven from the other side.
Note: The other side with the single bearing (same as item 16) is retained with a circlip.
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