AZAD: 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.
AZAD
Largest movements
- Receivables within one year -€21,969
down €21,969 (-32.5%), from €67,507 to €45,539
of which Other amounts receivable: -€22,644
- Cash -€4,052
down €4,052 (-100.0%), from €4,052 to €0
mainly Net result for the year (-€23,487) and Tax, wage and social debts (-€8,885)
- Tangible fixed assets +€853
new in 2025: €853
- Profit (loss) carried forward -€23,487
down €23,487 (-61.1%), from €38,440 to €14,954
- Tax, wage and social debts -€8,885
down €8,885 (-100.0%), from €8,885 to €0
- Short-term financial debts +€4,998
new in 2025: €4,998
- Trade debts +€1,778
new in 2025: €1,778
- Gross operating margin -€41,030
down €41,030, from €17,366 to -€23,663
- Taxes -€3,792
down €3,792 (-100.0%), from €3,792 to €0
- Depreciation +€355
up €355 (+710480.0%), from €0 to €355
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 | €72,776 | €47,182 | -€25,594 | -35.2% |
| Fixed assets | 21/28 | €790 | €1,643 | +€853 | +108.0% |
| Tangible fixed assets | 22/27 | - | €853 | +€853 | |
| Furniture and vehicles | 24 | - | €853 | +€853 | |
| Financial fixed assets | 28 | €790 | €790 | = | 0.0% |
| Current assets | 29/58 | €71,986 | €45,539 | -€26,447 | -36.7% |
| Amounts receivable within one year | 40/41 | €67,507 | €45,539 | -€21,969 | -32.5% |
| Trade receivables | 40 | €30,169 | €30,845 | +€675 | +2.2% |
| Other amounts receivable | 41 | €37,338 | €14,694 | -€22,644 | -60.6% |
| Cash at bank and in hand | 54/58 | €4,052 | €0 | -€4,052 | -100.0% |
| Deferred charges and accrued income | 490/1 | €427 | €0 | -€427 | -100.0% |
| Total equity and liabilities | 10/49 | €72,776 | €47,182 | -€25,594 | -35.2% |
| Equity | 10/15 | €63,891 | €40,405 | -€23,487 | -36.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €6,859 | €6,859 | = | 0.0% |
| Distributable reserves | 133 | €6,859 | €6,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,440 | €14,954 | -€23,487 | -61.1% |
| Amounts payable | 17/49 | €8,885 | €6,777 | -€2,108 | -23.7% |
| Amounts payable within one year | 42/48 | €8,885 | €6,777 | -€2,108 | -23.7% |
| Financial debts | 43 | - | €4,998 | +€4,998 | |
| Credit institutions | 430/8 | - | €4,998 | +€4,998 | |
| Trade debts | 44 | - | €1,778 | +€1,778 | |
| Suppliers | 440/4 | - | €1,778 | +€1,778 | |
| Taxes, remuneration and social security | 45 | €8,885 | €0 | -€8,885 | -100.0% |
| Taxes | 450/3 | €8,885 | €0 | -€8,885 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €355 | +€355 | +710480.0% |
| Other operating charges | 640/8 | €594 | €708 | +€114 | +19.2% |
| Gross operating margin | 9900 | €17,366 | -€23,663 | -€41,030 | |
| Operating profit (loss) | 9901 | €16,772 | -€24,727 | -€41,499 | |
| Financial income | 75/76B | €1,896 | €2,000 | +€104 | +5.5% |
| Recurring financial income | 75 | €1,896 | €2,000 | +€104 | +5.5% |
| Financial charges | 65/66B | €883 | €760 | -€123 | -14.0% |
| Recurring financial charges | 65 | €883 | €760 | -€123 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €17,785 | -€23,487 | -€41,272 | |
| Income taxes | 67/77 | €3,792 | €0 | -€3,792 | -100.0% |
| Profit (loss) for the period | 9904 | €13,993 | -€23,487 | -€37,480 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,993 | -€23,487 | -€37,480 |
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 5 October 2026 via checked.be.