A.Z.M.: what changed
Two financial 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.
A.Z.M.
Largest movements
- Tangible fixed assets -€38,622
down €38,622 (-98.7%), from €39,120 to €498
- Receivables within one year -€16,565
down €16,565 (-69.6%), from €23,787 to €7,221
- Stocks and contracts -€1,368
down €1,368 (-2.1%), from €64,757 to €63,389
- Trade debts -€23,008
down €23,008 (-61.5%), from €37,391 to €14,383
- Debts after one year -€15,470
no longer reported in 2025 (was €15,470)
- Current portion of long-term debt -€10,170
no longer reported in 2025 (was €10,170)
- Other debts -€4,264
down €4,264 (-21.1%), from €20,242 to €15,978
- Profit (loss) carried forward -€3,025
down €3,025 (-7.2%), from €42,300 to €39,275
- Gross operating margin -€16,338
down €16,338 (-95.8%), from €17,057 to €719
- Depreciation -€16,173
down €16,173 (-98.2%), from €16,462 to €289
- Financial charges -€629
down €629 (-26.5%), from €2,369 to €1,740
- Staff costs -€443
down €443 (-77.5%), from €571 to €128
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.
Derived cash bridge
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 | €136,100 | €78,830 | -€57,270 | -42.1% |
| Fixed assets | 21/28 | €39,120 | €498 | -€38,622 | -98.7% |
| Tangible fixed assets | 22/27 | €39,120 | €498 | -€38,622 | -98.7% |
| Furniture and vehicles | 24 | €39,120 | €498 | -€38,622 | -98.7% |
| Current assets | 29/58 | €96,980 | €78,333 | -€18,648 | -19.2% |
| Stocks and contracts in progress | 3 | €64,757 | €63,389 | -€1,368 | -2.1% |
| Stocks | 30/36 | €64,757 | €63,389 | -€1,368 | -2.1% |
| Amounts receivable within one year | 40/41 | €23,787 | €7,221 | -€16,565 | -69.6% |
| Trade receivables | 40 | €23,787 | €7,221 | -€16,565 | -69.6% |
| Cash at bank and in hand | 54/58 | €7,831 | €7,072 | -€759 | -9.7% |
| Deferred charges and accrued income | 490/1 | €606 | €650 | +€44 | +7.3% |
| Total equity and liabilities | 10/49 | €136,100 | €78,830 | -€57,270 | -42.1% |
| Equity | 10/15 | €50,410 | €47,385 | -€3,025 | -6.0% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,300 | €39,275 | -€3,025 | -7.2% |
| Amounts payable | 17/49 | €85,691 | €31,446 | -€54,245 | -63.3% |
| Amounts payable after more than one year | 17 | €15,470 | - | -€15,470 | |
| Financial debts | 170/4 | €15,470 | - | -€15,470 | |
| Amounts payable within one year | 42/48 | €70,221 | €31,446 | -€38,775 | -55.2% |
| Current portion of amounts payable after more than one year | 42 | €10,170 | - | -€10,170 | |
| Trade debts | 44 | €37,391 | €14,383 | -€23,008 | -61.5% |
| Suppliers | 440/4 | €37,391 | €14,383 | -€23,008 | -61.5% |
| Taxes, remuneration and social security | 45 | €2,418 | €1,085 | -€1,333 | -55.1% |
| Taxes | 450/3 | €2,243 | €1,085 | -€1,158 | -51.6% |
| Remuneration and social security | 454/9 | €175 | - | -€175 | |
| Other amounts payable | 47/48 | €20,242 | €15,978 | -€4,264 | -21.1% |
| Non-recurring operating income | 76A | €3,476 | - | -€3,476 | |
| Remuneration, social security and pensions | 62 | €571 | €128 | -€443 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,462 | €289 | -€16,173 | -98.2% |
| Other operating charges | 640/8 | €579 | €444 | -€135 | -23.4% |
| Non-recurring operating charges | 66A | - | €1,143 | +€1,143 | |
| Gross operating margin | 9900 | €17,057 | €719 | -€16,338 | -95.8% |
| Operating profit (loss) | 9901 | -€555 | -€1,285 | -€730 | -131% |
| Financial income | 75/76B | €0 | €0 | +€0 | +133% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +133% |
| Financial charges | 65/66B | €2,369 | €1,740 | -€629 | -26.5% |
| Recurring financial charges | 65 | €2,369 | €1,740 | -€629 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,924 | -€3,025 | -€101 | -3.5% |
| Income taxes | 67/77 | €150 | -€0 | -€150 | |
| Profit (loss) for the period | 9904 | -€3,074 | -€3,025 | +€49 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,074 | -€3,025 | +€49 | +1.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.