Azaer: 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.
Azaer
Largest movements
- Financial fixed assets -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€48,061
up €48,061 (+113%), from €42,604 to €90,666
mainly Investment in fixed assets (net) (+€96,767) and Net result for the year (+€23,537)
- Tangible fixed assets -€14,354
down €14,354 (-22.5%), from €63,887 to €49,533
of which Furniture and vehicles: -€14,037
- Other debts -€60,995
down €60,995 (-79.4%), from €76,865 to €15,870
- Debts after one year -€13,341
down €13,341 (-35.2%), from €37,854 to €24,514
- Reserves +€8,537
up €8,537 (+10.3%), from €82,857 to €91,394
- Gross operating margin -€14,183
down €14,183 (-22.8%), from €62,245 to €48,062
- Taxes -€7,971
down €7,971 (-65.2%), from €12,228 to €4,257
- Depreciation +€714
up €714 (+4.1%), from €17,259 to €17,972
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 | €226,364 | €160,192 | -€66,172 | -29.2% |
| Formation expenses | 20 | €385 | - | -€385 | |
| Fixed assets | 21/28 | €163,887 | €49,533 | -€114,354 | -69.8% |
| Tangible fixed assets | 22/27 | €63,887 | €49,533 | -€14,354 | -22.5% |
| Furniture and vehicles | 24 | €61,344 | €47,307 | -€14,037 | -22.9% |
| Other tangible fixed assets | 26 | €2,543 | €2,226 | -€318 | -12.5% |
| Financial fixed assets | 28 | €100,000 | - | -€100,000 | |
| Current assets | 29/58 | €62,092 | €110,659 | +€48,568 | +78.2% |
| Amounts receivable within one year | 40/41 | €17,897 | €18,398 | +€500 | +2.8% |
| Trade receivables | 40 | €15,125 | €12,100 | -€3,025 | -20.0% |
| Other amounts receivable | 41 | €2,772 | €6,298 | +€3,525 | +127% |
| Cash at bank and in hand | 54/58 | €42,604 | €90,666 | +€48,061 | +113% |
| Deferred charges and accrued income | 490/1 | €1,590 | €1,596 | +€6 | +0.4% |
| Total equity and liabilities | 10/49 | €226,364 | €160,192 | -€66,172 | -29.2% |
| Equity | 10/15 | €90,357 | €98,894 | +€8,537 | +9.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €82,857 | €91,394 | +€8,537 | +10.3% |
| Distributable reserves | 133 | €82,857 | €91,394 | +€8,537 | +10.3% |
| Amounts payable | 17/49 | €136,007 | €61,299 | -€74,709 | -54.9% |
| Amounts payable after more than one year | 17 | €37,854 | €24,514 | -€13,341 | -35.2% |
| Financial debts | 170/4 | €37,854 | €24,514 | -€13,341 | -35.2% |
| Amounts payable within one year | 42/48 | €98,153 | €36,785 | -€61,368 | -62.5% |
| Current portion of amounts payable after more than one year | 42 | €12,876 | €13,341 | +€464 | +3.6% |
| Trade debts | 44 | €1,231 | €1,589 | +€357 | +29.0% |
| Suppliers | 440/4 | €1,231 | €1,589 | +€357 | +29.0% |
| Taxes, remuneration and social security | 45 | €7,180 | €5,985 | -€1,195 | -16.6% |
| Taxes | 450/3 | €7,180 | €5,985 | -€1,195 | -16.6% |
| Other amounts payable | 47/48 | €76,865 | €15,870 | -€60,995 | -79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,259 | €17,972 | +€714 | +4.1% |
| Other operating charges | 640/8 | €1,668 | €1,214 | -€454 | -27.2% |
| Gross operating margin | 9900 | €62,245 | €48,062 | -€14,183 | -22.8% |
| Operating profit (loss) | 9901 | €43,319 | €28,876 | -€14,443 | -33.3% |
| Financial income | 75/76B | €978 | €784 | -€194 | -19.9% |
| Recurring financial income | 75 | €978 | €784 | -€194 | -19.9% |
| Financial charges | 65/66B | €2,281 | €1,866 | -€415 | -18.2% |
| Recurring financial charges | 65 | €2,281 | €1,866 | -€415 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €42,016 | €27,794 | -€14,222 | -33.8% |
| Income taxes | 67/77 | €12,228 | €4,257 | -€7,971 | -65.2% |
| Profit (loss) for the period | 9904 | €29,789 | €23,537 | -€6,252 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,789 | €23,537 | -€6,252 | -21.0% |
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 28 October 2026 via checked.be.