AZ SHUTTLE BELGIUM: 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 SHUTTLE BELGIUM
Largest movements
- Receivables within one year -€271,697
down €271,697 (-49.5%), from €548,882 to €277,185
of which Trade receivables: -€369,131
- Tangible fixed assets +€18,231
up €18,231 (+172%), from €10,584 to €28,815
of which Other tangible fixed assets: +€21,721
- Cash -€7,691
down €7,691 (-38.0%), from €20,247 to €12,556
- Financial fixed assets +€6,000
up €6,000 (+150%), from €4,000 to €10,000
- Trade debts -€262,786
down €262,786 (-60.7%), from €433,063 to €170,277
- Other debts -€13,789
down €13,789 (-23.6%), from €58,332 to €44,543
- Tax, wage and social debts +€10,778
up €10,778 (+29.0%), from €37,147 to €47,926
of which Remuneration and social security: +€9,373
- Accrued charges and deferred income +€8,256
new in 2025: €8,256
- Staff costs +€132,545
up €132,545 (+55.7%), from €237,779 to €370,324
- Gross operating margin +€131,059
up €131,059 (+46.9%), from €279,291 to €410,350
- Other operating charges +€10,950
up €10,950 (+186%), from €5,885 to €16,835
- Taxes +€10,902
new in 2025: €10,902
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 | €584,115 | €329,816 | -€254,300 | -43.5% |
| Fixed assets | 21/28 | €14,584 | €38,815 | +€24,231 | +166% |
| Tangible fixed assets | 22/27 | €10,584 | €28,815 | +€18,231 | +172% |
| Furniture and vehicles | 24 | €10,584 | €7,094 | -€3,490 | -33.0% |
| Other tangible fixed assets | 26 | - | €21,721 | +€21,721 | |
| Financial fixed assets | 28 | €4,000 | €10,000 | +€6,000 | +150% |
| Current assets | 29/58 | €569,532 | €291,001 | -€278,531 | -48.9% |
| Amounts receivable within one year | 40/41 | €548,882 | €277,185 | -€271,697 | -49.5% |
| Trade receivables | 40 | €523,836 | €154,705 | -€369,131 | -70.5% |
| Other amounts receivable | 41 | €25,046 | €122,480 | +€97,435 | +389% |
| Cash at bank and in hand | 54/58 | €20,247 | €12,556 | -€7,691 | -38.0% |
| Deferred charges and accrued income | 490/1 | €403 | €1,260 | +€857 | +213% |
| Total equity and liabilities | 10/49 | €584,115 | €329,816 | -€254,300 | -43.5% |
| Equity | 10/15 | €55,573 | €58,814 | +€3,241 | +5.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €25,000 | +€25,000 | |
| Reserves not available under the articles | 1311 | - | €25,000 | +€25,000 | |
| Distributable reserves | 133 | €25,000 | - | -€25,000 | |
| Profit (loss) carried forward | 14 | €5,573 | €8,814 | +€3,241 | +58.1% |
| Amounts payable | 17/49 | €528,542 | €271,001 | -€257,540 | -48.7% |
| Amounts payable within one year | 42/48 | €528,542 | €262,746 | -€265,796 | -50.3% |
| Trade debts | 44 | €433,063 | €170,277 | -€262,786 | -60.7% |
| Suppliers | 440/4 | €433,063 | €170,277 | -€262,786 | -60.7% |
| Taxes, remuneration and social security | 45 | €37,147 | €47,926 | +€10,778 | +29.0% |
| Taxes | 450/3 | €8,372 | €9,778 | +€1,405 | +16.8% |
| Remuneration and social security | 454/9 | €28,775 | €38,148 | +€9,373 | +32.6% |
| Other amounts payable | 47/48 | €58,332 | €44,543 | -€13,789 | -23.6% |
| Accrued charges and deferred income | 492/3 | - | €8,256 | +€8,256 | |
| Remuneration, social security and pensions | 62 | €237,779 | €370,324 | +€132,545 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,375 | €4,402 | +€26 | +0.6% |
| Other operating charges | 640/8 | €5,885 | €16,835 | +€10,950 | +186% |
| Gross operating margin | 9900 | €279,291 | €410,350 | +€131,059 | +46.9% |
| Operating profit (loss) | 9901 | €31,252 | €18,790 | -€12,462 | -39.9% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €679 | €4,647 | +€3,968 | +584% |
| Recurring financial charges | 65 | €679 | €4,647 | +€3,968 | +584% |
| Profit (loss) for the period before taxes | 9903 | €30,573 | €14,143 | -€16,431 | -53.7% |
| Income taxes | 67/77 | - | €10,902 | +€10,902 | |
| Profit (loss) for the period | 9904 | €30,573 | €3,241 | -€27,333 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,573 | €3,241 | -€27,333 | -89.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.