AZ Advisory: 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 Advisory
Largest movements
- Cash +€105,409
up €105,409 (+178.2%), from €59,155 to €164,563
mainly Net result for the year (+€95,227) and Tax, wage and social debts (+€27,751)
- Tangible fixed assets +€8,352
up €8,352 (+2.1%), from €397,389 to €405,741
of which Land and buildings: +€9,767
- Reserves +€95,227
up €95,227 (+58.6%), from €162,448 to €257,675
- Tax, wage and social debts +€27,751
up €27,751 (+95.1%), from €29,188 to €56,939
- Debts after one year -€9,339
down €9,339 (-3.5%), from €270,200 to €260,861
- Gross operating margin +€38,978
up €38,978 (+33.9%), from €114,813 to €153,791
- Financial charges +€7,892
up €7,892 (+81.6%), from €9,667 to €17,559
- Depreciation +€7,067
up €7,067 (+126.9%), from €5,567 to €12,634
- Taxes +€6,063
up €6,063 (+29.6%), from €20,491 to €26,555
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 | €474,966 | €592,966 | +€118,000 | +24.8% |
| Fixed assets | 21/28 | €397,389 | €405,741 | +€8,352 | +2.1% |
| Tangible fixed assets | 22/27 | €397,389 | €405,741 | +€8,352 | +2.1% |
| Land and buildings | 22 | €391,844 | €401,611 | +€9,767 | +2.5% |
| Furniture and vehicles | 24 | €5,545 | €4,130 | -€1,415 | -25.5% |
| Current assets | 29/58 | €77,577 | €187,225 | +€109,648 | +141.3% |
| Amounts receivable within one year | 40/41 | €18,422 | €22,662 | +€4,239 | +23.0% |
| Trade receivables | 40 | €18,422 | €21,588 | +€3,165 | +17.2% |
| Other amounts receivable | 41 | - | €1,074 | +€1,074 | |
| Cash at bank and in hand | 54/58 | €59,155 | €164,563 | +€105,409 | +178.2% |
| Total equity and liabilities | 10/49 | €474,966 | €592,966 | +€118,000 | +24.8% |
| Equity | 10/15 | €164,948 | €260,175 | +€95,227 | +57.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €162,448 | €257,675 | +€95,227 | +58.6% |
| Distributable reserves | 133 | €162,448 | €257,675 | +€95,227 | +58.6% |
| Amounts payable | 17/49 | €310,019 | €332,791 | +€22,772 | +7.3% |
| Amounts payable after more than one year | 17 | €270,200 | €260,861 | -€9,339 | -3.5% |
| Financial debts | 170/4 | €270,200 | €260,861 | -€9,339 | -3.5% |
| Amounts payable within one year | 42/48 | €39,819 | €71,930 | +€32,111 | +80.6% |
| Current portion of amounts payable after more than one year | 42 | €8,918 | €9,339 | +€421 | +4.7% |
| Trade debts | 44 | €1,624 | €5,652 | +€4,029 | +248.1% |
| Suppliers | 440/4 | €1,624 | €5,652 | +€4,029 | +248.1% |
| Taxes, remuneration and social security | 45 | €29,188 | €56,939 | +€27,751 | +95.1% |
| Taxes | 450/3 | €29,188 | €56,939 | +€27,751 | +95.1% |
| Other amounts payable | 47/48 | €90 | - | -€90 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,567 | €12,634 | +€7,067 | +126.9% |
| Other operating charges | 640/8 | €544 | €1,815 | +€1,271 | +233.7% |
| Gross operating margin | 9900 | €114,813 | €153,791 | +€38,978 | +33.9% |
| Operating profit (loss) | 9901 | €108,701 | €139,341 | +€30,640 | +28.2% |
| Financial charges | 65/66B | €9,667 | €17,559 | +€7,892 | +81.6% |
| Recurring financial charges | 65 | €9,667 | €17,559 | +€7,892 | +81.6% |
| Profit (loss) for the period before taxes | 9903 | €99,034 | €121,782 | +€22,748 | +23.0% |
| Income taxes | 67/77 | €20,491 | €26,555 | +€6,063 | +29.6% |
| Profit (loss) for the period | 9904 | €78,543 | €95,227 | +€16,684 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,543 | €95,227 | +€16,684 | +21.2% |
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 6 October 2026 via checked.be.