Ayvazyan Group: 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.
Ayvazyan Group
Largest movements
- Cash +€68,222
up €68,222 (+1,757%), from €3,884 to €72,106
mainly Debts after one year (+€58,248) and Current portion of long-term debt (+€12,752)
- Tangible fixed assets -€7,141
down €7,141 (-27.8%), from €25,672 to €18,531
of which Furniture and vehicles: -€6,705
- Receivables within one year +€3,429
up €3,429 (+659%), from €521 to €3,950
of which Trade receivables: +€2,944
- Debts after one year +€58,248
new in 2025: €58,248
- Other debts -€15,441
down €15,441 (-54.2%), from €28,472 to €13,031
- Current portion of long-term debt +€12,752
new in 2025: €12,752
- Reserves +€5,603
new in 2025: €5,603
- Profit (loss) carried forward +€3,349
no longer reported in 2025 (was -€3,349)
- Gross operating margin +€9,555
up €9,555 (+82.2%), from €11,622 to €21,177
- Other operating charges -€9,228
down €9,228 (-75.7%), from €12,188 to €2,960
- Depreciation +€4,686
up €4,686 (+191%), from €2,455 to €7,141
- Taxes +€1,705
up €1,705 (+1,332%), from €128 to €1,833
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 | €30,892 | €95,402 | +€64,510 | +209% |
| Fixed assets | 21/28 | €25,672 | €18,531 | -€7,141 | -27.8% |
| Tangible fixed assets | 22/27 | €25,672 | €18,531 | -€7,141 | -27.8% |
| Plant, machinery and equipment | 23 | €1,271 | €835 | -€436 | -34.3% |
| Furniture and vehicles | 24 | €24,401 | €17,696 | -€6,705 | -27.5% |
| Current assets | 29/58 | €5,220 | €76,871 | +€71,651 | +1,373% |
| Amounts receivable within one year | 40/41 | €521 | €3,950 | +€3,429 | +659% |
| Trade receivables | 40 | €521 | €3,465 | +€2,944 | +565% |
| Other amounts receivable | 41 | - | €485 | +€485 | |
| Cash at bank and in hand | 54/58 | €3,884 | €72,106 | +€68,222 | +1,757% |
| Deferred charges and accrued income | 490/1 | €816 | €816 | = | 0.0% |
| Total equity and liabilities | 10/49 | €30,892 | €95,402 | +€64,510 | +209% |
| Equity | 10/15 | -€349 | €8,603 | +€8,952 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €5,603 | +€5,603 | |
| Distributable reserves | 133 | - | €5,603 | +€5,603 | |
| Profit (loss) carried forward | 14 | -€3,349 | - | +€3,349 | |
| Amounts payable | 17/49 | €31,241 | €86,800 | +€55,559 | +178% |
| Amounts payable after more than one year | 17 | - | €58,248 | +€58,248 | |
| Financial debts | 170/4 | - | €58,248 | +€58,248 | |
| Amounts payable within one year | 42/48 | €31,241 | €28,551 | -€2,689 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | - | €12,752 | +€12,752 | |
| Trade debts | 44 | €792 | €936 | +€144 | +18.2% |
| Suppliers | 440/4 | €792 | €936 | +€144 | +18.2% |
| Taxes, remuneration and social security | 45 | €1,976 | €1,833 | -€144 | -7.3% |
| Taxes | 450/3 | €1,976 | €1,833 | -€144 | -7.3% |
| Other amounts payable | 47/48 | €28,472 | €13,031 | -€15,441 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,455 | €7,141 | +€4,686 | +191% |
| Other operating charges | 640/8 | €12,188 | €2,960 | -€9,228 | -75.7% |
| Gross operating margin | 9900 | €11,622 | €21,177 | +€9,555 | +82.2% |
| Operating profit (loss) | 9901 | -€3,021 | €11,077 | +€14,098 | |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €209 | €293 | +€83 | +39.8% |
| Recurring financial charges | 65 | €209 | €293 | +€83 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,221 | €10,784 | +€14,005 | |
| Income taxes | 67/77 | €128 | €1,833 | +€1,705 | +1,332% |
| Profit (loss) for the period | 9904 | -€3,349 | €8,952 | +€12,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,349 | €8,952 | +€12,300 |
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 27 October 2026 via checked.be.