AZADEH: 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.
AZADEH
Largest movements
- Receivables within one year -€115,963
down €115,963 (-91.3%), from €127,036 to €11,073
- Tangible fixed assets -€30,479
down €30,479 (-5.3%), from €574,340 to €543,862
of which Land and buildings: -€34,249
- Reserves -€146,646
down €146,646 (-20.7%), from €709,480 to €562,834
of which Distributable reserves: -€112,966
- Other debts +€67,414
new in 2025: €67,414
- Debts after one year -€53,795
down €53,795 (-20.1%), from €267,618 to €213,823
- Trade debts -€34,542
down €34,542 (-94.7%), from €36,492 to €1,950
- Turnover +€391,638
new in 2025: €391,638
- Purchases and services +€161,823
new in 2025: €161,823
- Taxes +€13,756
up €13,756 (+22.5%), from €61,168 to €74,924
- Gross operating margin +€3,960
up €3,960 (+1.6%), from €250,450 to €254,410
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 | €1,084,315 | €924,892 | -€159,423 | -14.7% |
| Fixed assets | 21/28 | €574,390 | €543,912 | -€30,479 | -5.3% |
| Tangible fixed assets | 22/27 | €574,340 | €543,862 | -€30,479 | -5.3% |
| Land and buildings | 22 | €566,304 | €532,055 | -€34,249 | -6.0% |
| Plant, machinery and equipment | 23 | €7,417 | €11,398 | +€3,981 | +53.7% |
| Furniture and vehicles | 24 | €619 | €409 | -€211 | -34.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €509,925 | €380,980 | -€128,945 | -25.3% |
| Amounts receivable after more than one year | 29 | €160,000 | €160,000 | = | 0.0% |
| Other amounts receivable | 291 | €160,000 | €160,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €127,036 | €11,073 | -€115,963 | -91.3% |
| Other amounts receivable | 41 | €127,036 | €11,073 | -€115,963 | -91.3% |
| Current investments | 50/53 | €319 | - | -€319 | |
| Cash at bank and in hand | 54/58 | €63,467 | €56,861 | -€6,606 | -10.4% |
| Deferred charges and accrued income | 490/1 | €159,103 | €153,046 | -€6,057 | -3.8% |
| Total equity and liabilities | 10/49 | €1,084,315 | €924,892 | -€159,423 | -14.7% |
| Equity | 10/15 | €709,650 | €563,004 | -€146,646 | -20.7% |
| Reserves | 13 | €709,480 | €562,834 | -€146,646 | -20.7% |
| Tax-exempt reserves | 132 | €33,680 | - | -€33,680 | |
| Distributable reserves | 133 | €675,800 | €562,834 | -€112,966 | -16.7% |
| Profit (loss) carried forward | 14 | €170 | €170 | = | 0.0% |
| Amounts payable | 17/49 | €374,666 | €361,888 | -€12,777 | -3.4% |
| Amounts payable after more than one year | 17 | €267,618 | €213,823 | -€53,795 | -20.1% |
| Financial debts | 170/4 | €267,618 | €213,823 | -€53,795 | -20.1% |
| Amounts payable within one year | 42/48 | €107,048 | €148,066 | +€41,018 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €54,516 | €53,795 | -€721 | -1.3% |
| Trade debts | 44 | €36,492 | €1,950 | -€34,542 | -94.7% |
| Suppliers | 440/4 | €36,492 | €1,950 | -€34,542 | -94.7% |
| Taxes, remuneration and social security | 45 | €16,040 | €24,907 | +€8,867 | +55.3% |
| Taxes | 450/3 | €16,040 | €24,907 | +€8,867 | +55.3% |
| Other amounts payable | 47/48 | - | €67,414 | +€67,414 | |
| Turnover | 70 | - | €391,638 | +€391,638 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €161,823 | +€161,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,599 | €37,878 | +€279 | +0.7% |
| Other operating charges | 640/8 | €3,643 | €3,758 | +€115 | +3.2% |
| Gross operating margin | 9900 | €250,450 | €254,410 | +€3,960 | +1.6% |
| Operating profit (loss) | 9901 | €209,207 | €212,773 | +€3,566 | +1.7% |
| Financial income | 75/76B | €8,117 | €8,983 | +€867 | +10.7% |
| Recurring financial income | 75 | €8,117 | €8,983 | +€867 | +10.7% |
| Financial charges | 65/66B | €9,385 | €8,578 | -€807 | -8.6% |
| Recurring financial charges | 65 | €9,385 | €8,578 | -€807 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €207,939 | €213,178 | +€5,239 | +2.5% |
| Income taxes | 67/77 | €61,168 | €74,924 | +€13,756 | +22.5% |
| Profit (loss) for the period | 9904 | €146,771 | €138,254 | -€8,517 | -5.8% |
| Transfer from tax-exempt reserves | 789 | €21,050 | €33,680 | +€12,630 | +60.0% |
| Transfer to tax-exempt reserves | 689 | €33,680 | - | -€33,680 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,141 | €171,934 | +€37,793 | +28.2% |
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 3 October 2026 via checked.be.