AZ INVESTMENT: 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 INVESTMENT
Largest movements
- Cash +€68,299
up €68,299 (+24.2%), from €282,288 to €350,587
mainly Net result for the year (+€55,979) and Stocks and contracts (+€25,000)
- Stocks and contracts -€25,000
down €25,000 (-3.5%), from €705,000 to €680,000
- Profit (loss) carried forward +€55,979
up €55,979, from -€35,332 to €20,647
- Trade debts -€20,855
down €20,855 (-99.1%), from €21,036 to €182
- Gross operating margin +€95,841
up €95,841, from -€33,679 to €62,162
- Taxes +€5,237
new in 2025: €5,237
- Other operating charges -€810
down €810 (-91.6%), from €884 to €75
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 | €991,914 | €1,032,258 | +€40,344 | +4.1% |
| Formation expenses | 20 | €1,821 | €1,312 | -€509 | -27.9% |
| Current assets | 29/58 | €990,093 | €1,030,946 | +€40,853 | +4.1% |
| Stocks and contracts in progress | 3 | €705,000 | €680,000 | -€25,000 | -3.5% |
| Stocks | 30/36 | €705,000 | €680,000 | -€25,000 | -3.5% |
| Amounts receivable within one year | 40/41 | €2,805 | €359 | -€2,446 | -87.2% |
| Other amounts receivable | 41 | €2,805 | €359 | -€2,446 | -87.2% |
| Cash at bank and in hand | 54/58 | €282,288 | €350,587 | +€68,299 | +24.2% |
| Total equity and liabilities | 10/49 | €991,914 | €1,032,258 | +€40,344 | +4.1% |
| Equity | 10/15 | €969,668 | €1,025,647 | +€55,979 | +5.8% |
| Contributions | 10/11 | €1,005,000 | €1,005,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,332 | €20,647 | +€55,979 | |
| Amounts payable | 17/49 | €22,246 | €6,611 | -€15,635 | -70.3% |
| Amounts payable within one year | 42/48 | €22,246 | €6,611 | -€15,635 | -70.3% |
| Trade debts | 44 | €21,036 | €182 | -€20,855 | -99.1% |
| Suppliers | 440/4 | €21,036 | €182 | -€20,855 | -99.1% |
| Taxes, remuneration and social security | 45 | - | €5,237 | +€5,237 | |
| Taxes | 450/3 | - | €5,237 | +€5,237 | |
| Other amounts payable | 47/48 | €1,210 | €1,193 | -€18 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €723 | €509 | -€214 | -29.6% |
| Other operating charges | 640/8 | €884 | €75 | -€810 | -91.6% |
| Gross operating margin | 9900 | -€33,679 | €62,162 | +€95,841 | |
| Operating profit (loss) | 9901 | -€35,286 | €61,579 | +€96,865 | |
| Financial charges | 65/66B | €46 | €363 | +€317 | +692% |
| Recurring financial charges | 65 | €46 | €363 | +€317 | +692% |
| Profit (loss) for the period before taxes | 9903 | -€35,332 | €61,216 | +€96,548 | |
| Income taxes | 67/77 | - | €5,237 | +€5,237 | |
| Profit (loss) for the period | 9904 | -€35,332 | €55,979 | +€91,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,332 | €55,979 | +€91,311 |
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 30 October 2026 via checked.be.