AZ-INVEST & CONSTRUCT: 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.
AZ-INVEST & CONSTRUCT
Largest movements
- Receivables within one year +€186,299
up €186,299 (+13.8%), from €1.3m to €1.5m
of which Other amounts receivable: +€159,468
- Tangible fixed assets -€127,928
down €127,928 (-30.2%), from €423,534 to €295,606
of which Land and buildings: -€123,334
- Other debts +€416,939
up €416,939 (+47.1%), from €885,931 to €1.3m
- Trade debts -€159,958
down €159,958 (-42.8%), from €373,812 to €213,855
- Debts after one year -€140,971
no longer reported in 2025 (was €140,971)
- Current portion of long-term debt -€68,056
no longer reported in 2025 (was €68,056)
- Tax, wage and social debts +€31,708
up €31,708 (+47.2%), from €67,198 to €98,905
of which Taxes: +€17,558
- Gross operating margin +€428,249
up €428,249 (+348%), from €123,116 to €551,366
- Staff costs -€79,852
down €79,852 (-25.2%), from €317,206 to €237,355
- Financial charges +€11,266
up €11,266 (+55.1%), from €20,455 to €31,721
- Taxes +€5,882
new in 2025: €5,882
- Depreciation -€5,857
down €5,857 (-15.0%), from €38,942 to €33,086
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,987,149 | €2,039,575 | +€52,427 | +2.6% |
| Fixed assets | 21/28 | €454,597 | €326,669 | -€127,928 | -28.1% |
| Tangible fixed assets | 22/27 | €423,534 | €295,606 | -€127,928 | -30.2% |
| Land and buildings | 22 | €411,934 | €288,600 | -€123,334 | -29.9% |
| Furniture and vehicles | 24 | €11,600 | €7,006 | -€4,595 | -39.6% |
| Financial fixed assets | 28 | €31,063 | €31,063 | = | 0.0% |
| Current assets | 29/58 | €1,532,552 | €1,712,906 | +€180,355 | +11.8% |
| Stocks and contracts in progress | 3 | €180,000 | €180,000 | = | 0.0% |
| Contracts in progress | 37 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,345,577 | €1,531,876 | +€186,299 | +13.8% |
| Trade receivables | 40 | €199,522 | €226,353 | +€26,831 | +13.4% |
| Other amounts receivable | 41 | €1,146,055 | €1,305,523 | +€159,468 | +13.9% |
| Cash at bank and in hand | 54/58 | €6,482 | €1,031 | -€5,451 | -84.1% |
| Deferred charges and accrued income | 490/1 | €493 | - | -€493 | |
| Total equity and liabilities | 10/49 | €1,987,149 | €2,039,575 | +€52,427 | +2.6% |
| Equity | 10/15 | €50,105 | €59,080 | +€8,975 | +17.9% |
| Contributions | 10/11 | €225,300 | €225,300 | = | 0.0% |
| Capital | 10 | €225,300 | €225,300 | = | 0.0% |
| Issued capital | 100 | €225,300 | €225,300 | = | 0.0% |
| Reserves | 13 | €38,630 | €38,630 | = | 0.0% |
| Distributable reserves | 133 | €38,630 | €38,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€213,825 | -€204,850 | +€8,975 | +4.2% |
| Amounts payable | 17/49 | €1,937,044 | €1,980,496 | +€43,451 | +2.2% |
| Amounts payable after more than one year | 17 | €140,971 | - | -€140,971 | |
| Financial debts | 170/4 | €140,971 | - | -€140,971 | |
| Amounts payable within one year | 42/48 | €1,796,073 | €1,980,496 | +€184,423 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €68,056 | - | -€68,056 | |
| Financial debts | 43 | €74,077 | €49,866 | -€24,210 | -32.7% |
| Credit institutions | 430/8 | €74,077 | €49,866 | -€24,210 | -32.7% |
| Trade debts | 44 | €373,812 | €213,855 | -€159,958 | -42.8% |
| Suppliers | 440/4 | €373,812 | €213,855 | -€159,958 | -42.8% |
| Advances received on contracts in progress | 46 | €327,000 | €315,000 | -€12,000 | -3.7% |
| Taxes, remuneration and social security | 45 | €67,198 | €98,905 | +€31,708 | +47.2% |
| Taxes | 450/3 | €3,963 | €21,521 | +€17,558 | +443% |
| Remuneration and social security | 454/9 | €63,235 | €77,385 | +€14,150 | +22.4% |
| Other amounts payable | 47/48 | €885,931 | €1,302,869 | +€416,939 | +47.1% |
| Non-recurring operating income | 76A | - | €607,055 | +€607,055 | |
| Remuneration, social security and pensions | 62 | €317,206 | €237,355 | -€79,852 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,942 | €33,086 | -€5,857 | -15.0% |
| Other operating charges | 640/8 | €15,872 | €20,238 | +€4,366 | +27.5% |
| Non-recurring operating charges | 66A | €1,821 | €254 | -€1,567 | -86.1% |
| Gross operating margin | 9900 | €123,116 | €551,366 | +€428,249 | +348% |
| Operating profit (loss) | 9901 | -€250,726 | €260,433 | +€511,159 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €20,455 | €31,721 | +€11,266 | +55.1% |
| Recurring financial charges | 65 | €20,455 | €31,721 | +€11,266 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | -€271,181 | €228,713 | +€499,893 | |
| Income taxes | 67/77 | - | €5,882 | +€5,882 | |
| Profit (loss) for the period | 9904 | -€271,181 | €222,830 | +€494,011 | |
| Profit (loss) for the period to be appropriated | 9905 | -€271,181 | €222,830 | +€494,011 |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.