AZ PARTNERS: 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 PARTNERS
Largest movements
- Tangible fixed assets +€233,736
up €233,736 (+31.1%), from €750,388 to €984,124
of which Land and buildings: +€122,701
- Cash +€160,581
new in 2024: €160,581
mainly Trade debts (+€315,208) and Current portion of long-term debt (+€170,946)
- Deferred charges and accrued income +€89,390
up €89,390 (+68.1%), from €131,242 to €220,632
- Receivables within one year +€42,033
up €42,033 (+2.9%), from €1.5m to €1.5m
of which Trade receivables: +€44,571
- Trade debts +€315,208
up €315,208 (+48.8%), from €645,484 to €960,692
- Current portion of long-term debt +€170,946
up €170,946 (+470%), from €36,346 to €207,292
- Profit (loss) carried forward +€73,886
up €73,886 (+19.7%), from €374,273 to €448,159
- Tax, wage and social debts -€35,504
down €35,504 (-23.4%), from €151,427 to €115,923
of which Taxes: -€35,406
- Gross operating margin +€58,322
up €58,322 (+5.1%), from €1.1m to €1.2m
- Depreciation +€44,613
up €44,613 (+47.2%), from €94,437 to €139,050
- Staff costs +€41,233
up €41,233 (+4.4%), from €932,031 to €973,264
- Financial income +€39,093
up €39,093 (+116%), from €33,841 to €72,934
of which Non-recurring financial income: +€39,057
- Financial charges +€20,924
up €20,924 (+80.7%), from €25,914 to €46,838
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,436,695 | €2,950,580 | +€513,885 | +21.1% |
| Fixed assets | 21/28 | €750,636 | €984,372 | +€233,736 | +31.1% |
| Tangible fixed assets | 22/27 | €750,388 | €984,124 | +€233,736 | +31.1% |
| Land and buildings | 22 | €584,676 | €707,377 | +€122,701 | +21.0% |
| Plant, machinery and equipment | 23 | €125,619 | €175,532 | +€49,913 | +39.7% |
| Furniture and vehicles | 24 | €1,350 | €21,642 | +€20,292 | +1,503% |
| Other tangible fixed assets | 26 | €38,743 | €79,573 | +€40,830 | +105% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €1,686,059 | €1,966,208 | +€280,149 | +16.6% |
| Stocks and contracts in progress | 3 | €95,494 | €83,639 | -€11,855 | -12.4% |
| Stocks | 30/36 | €95,494 | €83,639 | -€11,855 | -12.4% |
| Amounts receivable within one year | 40/41 | €1,459,323 | €1,501,356 | +€42,033 | +2.9% |
| Trade receivables | 40 | €652,527 | €697,098 | +€44,571 | +6.8% |
| Other amounts receivable | 41 | €806,796 | €804,258 | -€2,538 | -0.3% |
| Cash at bank and in hand | 54/58 | - | €160,581 | +€160,581 | |
| Deferred charges and accrued income | 490/1 | €131,242 | €220,632 | +€89,390 | +68.1% |
| Total equity and liabilities | 10/49 | €2,436,695 | €2,950,580 | +€513,885 | +21.1% |
| Equity | 10/15 | €861,316 | €922,766 | +€61,450 | +7.1% |
| Contributions | 10/11 | €92,373 | €92,373 | = | 0.0% |
| Reserves | 13 | €356,048 | €343,612 | -€12,436 | -3.5% |
| Tax-exempt reserves | 132 | €161,672 | €149,236 | -€12,436 | -7.7% |
| Distributable reserves | 133 | €194,376 | €194,376 | = | 0.0% |
| Profit (loss) carried forward | 14 | €374,273 | €448,159 | +€73,886 | +19.7% |
| Investment grants | 15 | €38,622 | €38,622 | = | 0.0% |
| Provisions and deferred taxes | 16 | €83,249 | €76,845 | -€6,404 | -7.7% |
| Deferred taxes | 168 | €83,249 | €76,845 | -€6,404 | -7.7% |
| Amounts payable | 17/49 | €1,492,130 | €1,950,969 | +€458,839 | +30.8% |
| Amounts payable after more than one year | 17 | €640,384 | €635,161 | -€5,223 | -0.8% |
| Financial debts | 170/4 | €640,384 | €635,161 | -€5,223 | -0.8% |
| Amounts payable within one year | 42/48 | €851,465 | €1,315,808 | +€464,343 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | €36,346 | €207,292 | +€170,946 | +470% |
| Trade debts | 44 | €645,484 | €960,692 | +€315,208 | +48.8% |
| Suppliers | 440/4 | €645,484 | €960,692 | +€315,208 | +48.8% |
| Taxes, remuneration and social security | 45 | €151,427 | €115,923 | -€35,504 | -23.4% |
| Taxes | 450/3 | €108,255 | €72,849 | -€35,406 | -32.7% |
| Remuneration and social security | 454/9 | €43,172 | €43,074 | -€98 | -0.2% |
| Other amounts payable | 47/48 | €18,208 | €31,901 | +€13,693 | +75.2% |
| Accrued charges and deferred income | 492/3 | €281 | - | -€281 | |
| Remuneration, social security and pensions | 62 | €932,031 | €973,264 | +€41,233 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,437 | €139,050 | +€44,613 | +47.2% |
| Other operating charges | 640/8 | €11,650 | €12,390 | +€740 | +6.4% |
| Gross operating margin | 9900 | €1,147,258 | €1,205,580 | +€58,322 | +5.1% |
| Operating profit (loss) | 9901 | €109,140 | €80,876 | -€28,264 | -25.9% |
| Financial income | 75/76B | €33,841 | €72,934 | +€39,093 | +116% |
| Recurring financial income | 75 | €33,841 | €33,877 | +€36 | +0.1% |
| Non-recurring financial income | 76B | - | €39,057 | +€39,057 | |
| Financial charges | 65/66B | €25,914 | €46,838 | +€20,924 | +80.7% |
| Recurring financial charges | 65 | €25,914 | €46,838 | +€20,924 | +80.7% |
| Profit (loss) for the period before taxes | 9903 | €117,067 | €106,972 | -€10,095 | -8.6% |
| Transfer from deferred taxes | 780 | €6,404 | €6,403 | -€1 | 0.0% |
| Income taxes | 67/77 | €20,005 | €20,025 | +€20 | +0.1% |
| Profit (loss) for the period | 9904 | €103,466 | €93,350 | -€10,116 | -9.8% |
| Transfer from tax-exempt reserves | 789 | €12,436 | €12,436 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,902 | €105,786 | -€10,116 | -8.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.