AZAFEA MANAGEMENT: 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.
AZAFEA MANAGEMENT
Largest movements
- Receivables within one year +€57,697
up €57,697 (+341.5%), from €16,897 to €74,594
of which Other amounts receivable: +€57,597
- Financial fixed assets +€49,000
up €49,000 (+143.5%), from €34,147 to €83,147
- Deferred charges and accrued income -€9,311
down €9,311 (-28.3%), from €32,858 to €23,547
- Tangible fixed assets -€6,571
down €6,571 (-27.0%), from €24,334 to €17,763
- Profit (loss) carried forward +€82,482
up €82,482 (+649.6%), from €12,698 to €95,180
- Other debts +€40,746
new in 2025: €40,746
- Current portion of long-term debt -€21,699
down €21,699 (-81.6%), from €26,586 to €4,887
- Debts after one year -€4,887
down €4,887 (-31.6%), from €15,447 to €10,559
- Trade debts -€3,113
down €3,113 (-65.7%), from €4,736 to €1,623
- Gross operating margin +€69,832
up €69,832 (+147.3%), from €47,398 to €117,230
- Taxes +€18,601
up €18,601 (+169.6%), from €10,970 to €29,570
- Financial income +€10,932
up €10,932 (+670.8%), from €1,630 to €12,562
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,236 | €199,051 | +€90,815 | +83.9% |
| Fixed assets | 21/28 | €58,481 | €100,910 | +€42,429 | +72.6% |
| Tangible fixed assets | 22/27 | €24,334 | €17,763 | -€6,571 | -27.0% |
| Furniture and vehicles | 24 | €24,334 | €17,763 | -€6,571 | -27.0% |
| Financial fixed assets | 28 | €34,147 | €83,147 | +€49,000 | +143.5% |
| Current assets | 29/58 | €49,756 | €98,141 | +€48,386 | +97.2% |
| Amounts receivable within one year | 40/41 | €16,897 | €74,594 | +€57,697 | +341.5% |
| Trade receivables | 40 | - | €100 | +€100 | |
| Other amounts receivable | 41 | €16,897 | €74,494 | +€57,597 | +340.9% |
| Deferred charges and accrued income | 490/1 | €32,858 | €23,547 | -€9,311 | -28.3% |
| Total equity and liabilities | 10/49 | €108,236 | €199,051 | +€90,815 | +83.9% |
| Equity | 10/15 | €19,248 | €101,730 | +€82,482 | +428.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €350 | €350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €350 | €350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €350 | €350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,698 | €95,180 | +€82,482 | +649.6% |
| Amounts payable | 17/49 | €88,989 | €97,322 | +€8,333 | +9.4% |
| Amounts payable after more than one year | 17 | €15,447 | €10,559 | -€4,887 | -31.6% |
| Financial debts | 170/4 | €15,447 | €10,559 | -€4,887 | -31.6% |
| Amounts payable within one year | 42/48 | €72,478 | €86,762 | +€14,284 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €26,586 | €4,887 | -€21,699 | -81.6% |
| Financial debts | 43 | €22,013 | €21,936 | -€78 | -0.4% |
| Credit institutions | 430/8 | €10,013 | €9,936 | -€78 | -0.8% |
| Other loans | 439 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €4,736 | €1,623 | -€3,113 | -65.7% |
| Suppliers | 440/4 | €4,736 | €1,623 | -€3,113 | -65.7% |
| Taxes, remuneration and social security | 45 | €19,143 | €17,570 | -€1,573 | -8.2% |
| Taxes | 450/3 | €19,143 | €17,570 | -€1,573 | -8.2% |
| Other amounts payable | 47/48 | - | €40,746 | +€40,746 | |
| Accrued charges and deferred income | 492/3 | €1,064 | - | -€1,064 | |
| Non-recurring operating income | 76A | €183 | - | -€183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,571 | €6,571 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,523 | €4,677 | +€1,154 | +32.8% |
| Gross operating margin | 9900 | €47,398 | €117,230 | +€69,832 | +147.3% |
| Operating profit (loss) | 9901 | €37,304 | €105,982 | +€68,678 | +184.1% |
| Financial income | 75/76B | €1,630 | €12,562 | +€10,932 | +670.8% |
| Recurring financial income | 75 | €1,630 | €12,562 | +€10,932 | +670.8% |
| Financial charges | 65/66B | €5,651 | €6,492 | +€841 | +14.9% |
| Recurring financial charges | 65 | €5,651 | €6,492 | +€841 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €33,283 | €112,052 | +€78,769 | +236.7% |
| Income taxes | 67/77 | €10,970 | €29,570 | +€18,601 | +169.6% |
| Profit (loss) for the period | 9904 | €22,313 | €82,482 | +€60,169 | +269.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,313 | €82,482 | +€60,169 | +269.7% |
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 11 October 2026 via checked.be.