Azaert: 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.
Azaert
Largest movements
- Financial fixed assets +€7.5m
new in 2025: €7.5m
- Receivables within one year -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Tangible fixed assets -€237,891
down €237,891 (-13.5%), from €1.8m to €1.5m
- Other debts +€5.1m
new in 2025: €5.1m
- Debts after one year +€764,665
up €764,665 (+59.4%), from €1.3m to €2.1m
- Revaluation surpluses -€124,658
down €124,658 (-8.0%), from €1.6m to €1.4m
- Profit (loss) carried forward +€103,068
up €103,068, from -€103,068 to €0
- Financial charges +€77,612
up €77,612 (+280%), from €27,763 to €105,375
- Taxes +€54,727
up €54,727 (+3,338%), from €1,640 to €56,366
- Gross operating margin -€50,702
down €50,702 (-8.0%), from €636,358 to €585,656
- Financial income -€21,636
down €21,636 (-99.9%), from €21,654 to €18
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 | €2,994,880 | €9,044,053 | +€6.0m | +202% |
| Fixed assets | 21/28 | €1,758,195 | €9,020,304 | +€7.3m | +413% |
| Tangible fixed assets | 22/27 | €1,758,195 | €1,520,304 | -€237,891 | -13.5% |
| Land and buildings | 22 | €1,758,195 | €1,520,304 | -€237,891 | -13.5% |
| Financial fixed assets | 28 | - | €7,500,000 | +€7.5m | |
| Current assets | 29/58 | €1,236,685 | €23,749 | -€1.2m | -98.1% |
| Amounts receivable within one year | 40/41 | €1,221,192 | €0 | -€1.2m | -100% |
| Other amounts receivable | 41 | €1,221,192 | €0 | -€1.2m | -100% |
| Cash at bank and in hand | 54/58 | €15,493 | €23,749 | +€8,256 | +53.3% |
| Total equity and liabilities | 10/49 | €2,994,880 | €9,044,053 | +€6.0m | +202% |
| Equity | 10/15 | €1,544,444 | €1,574,629 | +€30,185 | +2.0% |
| Contributions | 10/11 | €63,808 | €63,808 | = | 0.0% |
| Capital | 10 | €63,808 | €63,808 | = | 0.0% |
| Issued capital | 100 | €63,808 | €63,808 | = | 0.0% |
| Revaluation surpluses | 12 | €1,562,500 | €1,437,842 | -€124,658 | -8.0% |
| Reserves | 13 | €21,204 | €72,979 | +€51,774 | +244% |
| Non-distributable reserves | 130/1 | €2,454 | €2,454 | = | 0.0% |
| Legal reserve | 130 | €2,454 | €2,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | - | €51,774 | +€51,774 | |
| Profit (loss) carried forward | 14 | -€103,068 | €0 | +€103,068 | |
| Amounts payable | 17/49 | €1,450,437 | €7,469,424 | +€6.0m | +415% |
| Amounts payable after more than one year | 17 | €1,287,273 | €2,051,938 | +€764,665 | +59.4% |
| Financial debts | 170/4 | €1,287,273 | €2,051,938 | +€764,665 | +59.4% |
| Amounts payable within one year | 42/48 | €161,664 | €5,411,562 | +€5.2m | +3,247% |
| Current portion of amounts payable after more than one year | 42 | €161,002 | €222,158 | +€61,156 | +38.0% |
| Trade debts | 44 | €272 | €2,534 | +€2,261 | +831% |
| Suppliers | 440/4 | €272 | €2,534 | +€2,261 | +831% |
| Taxes, remuneration and social security | 45 | €390 | €56,366 | +€55,977 | +14,369% |
| Taxes | 450/3 | €390 | €56,366 | +€55,977 | +14,369% |
| Other amounts payable | 47/48 | - | €5,130,505 | +€5.1m | |
| Accrued charges and deferred income | 492/3 | €1,500 | €5,923 | +€4,423 | +295% |
| Non-recurring operating income | 76A | €187,500 | €124,658 | -€62,842 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,498 | €237,891 | +€4,393 | +1.9% |
| Other operating charges | 640/8 | €30,106 | €31,198 | +€1,093 | +3.6% |
| Gross operating margin | 9900 | €636,358 | €585,656 | -€50,702 | -8.0% |
| Operating profit (loss) | 9901 | €372,754 | €316,566 | -€56,188 | -15.1% |
| Financial income | 75/76B | €21,654 | €18 | -€21,636 | -99.9% |
| Recurring financial income | 75 | €21,654 | €18 | -€21,636 | -99.9% |
| Financial charges | 65/66B | €27,763 | €105,375 | +€77,612 | +280% |
| Recurring financial charges | 65 | €27,763 | €105,375 | +€77,612 | +280% |
| Profit (loss) for the period before taxes | 9903 | €366,646 | €211,209 | -€155,436 | -42.4% |
| Income taxes | 67/77 | €1,640 | €56,366 | +€54,727 | +3,338% |
| Profit (loss) for the period | 9904 | €365,006 | €154,843 | -€210,163 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €365,006 | €154,843 | -€210,163 | -57.6% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.