AZ 45: 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.
AZ 45
Largest movements
- Receivables within one year +€8,592
up €8,592 (+85.3%), from €10,071 to €18,663
- Cash +€6,029
up €6,029 (+132.6%), from €4,546 to €10,575
mainly Other debts (+€6,000) and Trade debts (+€4,533)
- Deferred charges and accrued income +€705
new in 2025: €705
- Other debts +€6,000
new in 2025: €6,000
- Trade debts +€4,533
up €4,533 (+109.5%), from €4,139 to €8,673
- Profit (loss) carried forward +€3,435
up €3,435 (+644.6%), from €533 to €3,968
- Accrued charges and deferred income +€2,500
new in 2025: €2,500
- Advances received -€1,295
no longer reported in 2025 (was €1,295)
- Gross operating margin +€29,063
up €29,063 (+50.7%), from €57,350 to €86,413
- Staff costs +€22,845
up €22,845 (+41.7%), from €54,742 to €77,587
- Other operating charges +€3,185
up €3,185 (+642.5%), from €496 to €3,681
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 | €17,172 | €32,208 | +€15,037 | +87.6% |
| Fixed assets | 21/28 | €2,554 | €2,265 | -€289 | -11.3% |
| Tangible fixed assets | 22/27 | €2,554 | €2,265 | -€289 | -11.3% |
| Other tangible fixed assets | 26 | €2,554 | €2,265 | -€289 | -11.3% |
| Current assets | 29/58 | €14,617 | €29,943 | +€15,326 | +104.8% |
| Amounts receivable within one year | 40/41 | €10,071 | €18,663 | +€8,592 | +85.3% |
| Other amounts receivable | 41 | €10,071 | €18,663 | +€8,592 | +85.3% |
| Cash at bank and in hand | 54/58 | €4,546 | €10,575 | +€6,029 | +132.6% |
| Deferred charges and accrued income | 490/1 | - | €705 | +€705 | |
| Total equity and liabilities | 10/49 | €17,172 | €32,208 | +€15,037 | +87.6% |
| Equity | 10/15 | €2,033 | €5,468 | +€3,435 | +169.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €533 | €3,968 | +€3,435 | +644.6% |
| Amounts payable | 17/49 | €15,139 | €26,740 | +€11,601 | +76.6% |
| Amounts payable within one year | 42/48 | €15,139 | €24,240 | +€9,101 | +60.1% |
| Trade debts | 44 | €4,139 | €8,673 | +€4,533 | +109.5% |
| Suppliers | 440/4 | €4,139 | €8,673 | +€4,533 | +109.5% |
| Advances received on contracts in progress | 46 | €1,295 | - | -€1,295 | |
| Taxes, remuneration and social security | 45 | €9,704 | €9,568 | -€137 | -1.4% |
| Taxes | 450/3 | €7,901 | €4,485 | -€3,415 | -43.2% |
| Remuneration and social security | 454/9 | €1,804 | €5,082 | +€3,279 | +181.8% |
| Other amounts payable | 47/48 | - | €6,000 | +€6,000 | |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €54,742 | €77,587 | +€22,845 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338 | €289 | -€49 | -14.5% |
| Other operating charges | 640/8 | €496 | €3,681 | +€3,185 | +642.5% |
| Gross operating margin | 9900 | €57,350 | €86,413 | +€29,063 | +50.7% |
| Operating profit (loss) | 9901 | €1,773 | €4,855 | +€3,082 | +173.8% |
| Financial income | 75/76B | €16 | €27 | +€11 | +69.5% |
| Recurring financial income | 75 | €16 | €27 | +€11 | +69.5% |
| Financial charges | 65/66B | €1,123 | €1,447 | +€324 | +28.9% |
| Recurring financial charges | 65 | €1,123 | €1,447 | +€324 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €666 | €3,435 | +€2,769 | +415.7% |
| Income taxes | 67/77 | €133 | - | -€133 | |
| Profit (loss) for the period | 9904 | €533 | €3,435 | +€2,902 | +544.6% |
| Profit (loss) for the period to be appropriated | 9905 | €533 | €3,435 | +€2,902 | +544.6% |
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 29 September 2026 via checked.be.