AZAHAR: 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.
AZAHAR
Largest movements
- Receivables within one year -€15,875
down €15,875 (-39.6%), from €40,109 to €24,234
of which Trade receivables: -€20,268
- Cash +€6,352
up €6,352 (+6.1%), from €103,813 to €110,164
mainly Net result for the year (+€51,406) and Other debts (+€23,044)
- Tangible fixed assets +€3,584
up €3,584 (+108.1%), from €3,316 to €6,900
- Other debts +€23,044
up €23,044 (+56.3%), from €40,899 to €63,943
- Reserves -€15,500
down €15,500 (-21.4%), from €72,500 to €57,000
- Trade debts -€7,683
down €7,683 (-78.2%), from €9,830 to €2,147
- Tax, wage and social debts -€5,541
down €5,541 (-46.1%), from €12,031 to €6,490
of which Remuneration and social security: -€4,203
- Gross operating margin +€8,024
up €8,024 (+13.4%), from €60,047 to €68,071
- Depreciation -€4,980
down €4,980 (-72.4%), from €6,881 to €1,900
- Taxes +€1,446
up €1,446 (+11.9%), from €12,161 to €13,607
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 | €147,260 | €141,580 | -€5,680 | -3.9% |
| Fixed assets | 21/28 | €3,316 | €6,900 | +€3,584 | +108.1% |
| Tangible fixed assets | 22/27 | €3,316 | €6,900 | +€3,584 | +108.1% |
| Furniture and vehicles | 24 | €3,316 | €6,900 | +€3,584 | +108.1% |
| Current assets | 29/58 | €143,944 | €134,680 | -€9,264 | -6.4% |
| Amounts receivable within one year | 40/41 | €40,109 | €24,234 | -€15,875 | -39.6% |
| Trade receivables | 40 | €39,270 | €19,002 | -€20,268 | -51.6% |
| Other amounts receivable | 41 | €839 | €5,232 | +€4,393 | +523.7% |
| Cash at bank and in hand | 54/58 | €103,813 | €110,164 | +€6,352 | +6.1% |
| Deferred charges and accrued income | 490/1 | €22 | €282 | +€260 | +1187.7% |
| Total equity and liabilities | 10/49 | €147,260 | €141,580 | -€5,680 | -3.9% |
| Equity | 10/15 | €84,500 | €69,000 | -€15,500 | -18.3% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €72,500 | €57,000 | -€15,500 | -21.4% |
| Distributable reserves | 133 | €72,500 | €57,000 | -€15,500 | -21.4% |
| Amounts payable | 17/49 | €62,760 | €72,580 | +€9,820 | +15.6% |
| Amounts payable within one year | 42/48 | €62,760 | €72,580 | +€9,820 | +15.6% |
| Trade debts | 44 | €9,830 | €2,147 | -€7,683 | -78.2% |
| Suppliers | 440/4 | €9,830 | €2,147 | -€7,683 | -78.2% |
| Taxes, remuneration and social security | 45 | €12,031 | €6,490 | -€5,541 | -46.1% |
| Taxes | 450/3 | €6,216 | €4,878 | -€1,338 | -21.5% |
| Remuneration and social security | 454/9 | €5,815 | €1,612 | -€4,203 | -72.3% |
| Other amounts payable | 47/48 | €40,899 | €63,943 | +€23,044 | +56.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,881 | €1,900 | -€4,980 | -72.4% |
| Other operating charges | 640/8 | €64 | €707 | +€643 | +1007.7% |
| Gross operating margin | 9900 | €60,047 | €68,071 | +€8,024 | +13.4% |
| Operating profit (loss) | 9901 | €53,103 | €65,464 | +€12,361 | +23.3% |
| Financial income | 75/76B | €249 | €0 | -€249 | -100.0% |
| Recurring financial income | 75 | €249 | €0 | -€249 | -100.0% |
| Financial charges | 65/66B | €291 | €451 | +€160 | +55.0% |
| Recurring financial charges | 65 | €291 | €451 | +€160 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €53,061 | €65,013 | +€11,952 | +22.5% |
| Income taxes | 67/77 | €12,161 | €13,607 | +€1,446 | +11.9% |
| Profit (loss) for the period | 9904 | €40,899 | €51,406 | +€10,506 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,899 | €51,406 | +€10,506 | +25.7% |
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.