Azalea Vision: 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.
Azalea Vision
Largest movements
- Receivables within one year +€217,170
up €217,170 (+174.7%), from €124,322 to €341,492
of which Trade receivables: +€143,175
- Cash +€171,444
up €171,444 (+19.6%), from €875,703 to €1.0m
mainly Contributions, distributions and other (+€7.2m) and Depreciation (+€3.9m)
- Receivables after one year +€133,655
up €133,655 (+62.3%), from €214,415 to €348,070
- Tangible fixed assets +€33,127
up €33,127 (+174.2%), from €19,022 to €52,149
of which Furniture and vehicles: +€34,298
- Deferred charges and accrued income +€20,481
up €20,481 (+108.3%), from €18,905 to €39,385
- Contributions +€7.2m
up €7.2m (+93.0%), from €7.8m to €15.0m
- Profit (loss) carried forward -€3.3m
down €3.3m (-31.7%), from -€10.3m to -€13.6m
- Current portion of long-term debt -€2.1m
down €2.1m (-100.0%), from €2.1m to €0
- Accrued charges and deferred income -€961,174
down €961,174 (-100.0%), from €961,174 to €0
- Other debts -€337,172
down €337,172 (-99.9%), from €337,444 to €272
- Purchases and services +€3.9m
new in 2025: €3.9m
- Depreciation +€2.7m
up €2.7m (+213.2%), from €1.3m to €3.9m
- Gross operating margin +€1.3m
up €1.3m (+1824.6%), from €71,369 to €1.4m
- Staff costs +€218,328
up €218,328 (+36.1%), from €604,177 to €822,505
- Taxes +€45,209
up €45,209 (+25.3%), from -€178,864 to -€133,655
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 | €1,364,944 | €1,933,754 | +€568,810 | +41.7% |
| Formation expenses | 20 | €18,680 | €6,726 | -€11,954 | -64.0% |
| Fixed assets | 21/28 | €112,919 | €150,933 | +€38,014 | +33.7% |
| Intangible fixed assets | 21 | €56,853 | €61,739 | +€4,887 | +8.6% |
| Tangible fixed assets | 22/27 | €19,022 | €52,149 | +€33,127 | +174.2% |
| Plant, machinery and equipment | 23 | €4,328 | €3,157 | -€1,171 | -27.1% |
| Furniture and vehicles | 24 | €14,694 | €48,993 | +€34,298 | +233.4% |
| Financial fixed assets | 28 | €37,044 | €37,044 | = | 0.0% |
| Current assets | 29/58 | €1,233,345 | €1,776,095 | +€542,750 | +44.0% |
| Amounts receivable after more than one year | 29 | €214,415 | €348,070 | +€133,655 | +62.3% |
| Other amounts receivable | 291 | €214,415 | €348,070 | +€133,655 | +62.3% |
| Amounts receivable within one year | 40/41 | €124,322 | €341,492 | +€217,170 | +174.7% |
| Trade receivables | 40 | €615 | €143,790 | +€143,175 | +23267.9% |
| Other amounts receivable | 41 | €123,707 | €197,702 | +€73,995 | +59.8% |
| Cash at bank and in hand | 54/58 | €875,703 | €1,047,147 | +€171,444 | +19.6% |
| Deferred charges and accrued income | 490/1 | €18,905 | €39,385 | +€20,481 | +108.3% |
| Total equity and liabilities | 10/49 | €1,364,944 | €1,933,754 | +€568,810 | +41.7% |
| Equity | 10/15 | -€2,543,639 | €1,432,395 | +€4.0m | |
| Contributions | 10/11 | €7,795,150 | €15,045,120 | +€7.2m | +93.0% |
| Profit (loss) carried forward | 14 | -€10,338,789 | -€13,612,725 | -€3.3m | -31.7% |
| Amounts payable | 17/49 | €3,908,583 | €501,359 | -€3.4m | -87.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,947,409 | €501,359 | -€2.4m | -83.0% |
| Current portion of amounts payable after more than one year | 42 | €2,100,000 | €0 | -€2.1m | -100.0% |
| Trade debts | 44 | €372,234 | €365,272 | -€6,962 | -1.9% |
| Suppliers | 440/4 | €372,234 | €365,272 | -€6,962 | -1.9% |
| Taxes, remuneration and social security | 45 | €137,731 | €135,815 | -€1,916 | -1.4% |
| Taxes | 450/3 | €0 | €266 | +€266 | |
| Remuneration and social security | 454/9 | €137,731 | €135,549 | -€2,182 | -1.6% |
| Other amounts payable | 47/48 | €337,444 | €272 | -€337,172 | -99.9% |
| Accrued charges and deferred income | 492/3 | €961,174 | €0 | -€961,174 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,863,410 | +€3.9m | |
| Remuneration, social security and pensions | 62 | €604,177 | €822,505 | +€218,328 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,257,773 | €3,939,441 | +€2.7m | +213.2% |
| Other operating charges | 640/8 | €1,724 | €3,515 | +€1,791 | +103.9% |
| Non-recurring operating charges | 66A | - | €5,089 | +€5,089 | |
| Gross operating margin | 9900 | €71,369 | €1,373,582 | +€1.3m | +1824.6% |
| Operating profit (loss) | 9901 | -€1,792,305 | -€3,396,969 | -€1.6m | -89.5% |
| Financial income | 75/76B | €17 | €22,235 | +€22,217 | +127684.5% |
| Recurring financial income | 75 | €17 | €22,235 | +€22,217 | +127684.5% |
| Financial charges | 65/66B | €5,418 | €32,857 | +€27,439 | +506.4% |
| Recurring financial charges | 65 | €3,695 | €32,857 | +€29,162 | +789.2% |
| Non-recurring financial charges | 66B | €1,723 | €0 | -€1,723 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,797,706 | -€3,407,591 | -€1.6m | -89.6% |
| Income taxes | 67/77 | -€178,864 | -€133,655 | +€45,209 | +25.3% |
| Profit (loss) for the period | 9904 | -€1,618,842 | -€3,273,936 | -€1.7m | -102.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,618,842 | -€3,273,936 | -€1.7m | -102.2% |
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 7 October 2026 via checked.be.