AZAR: 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.
AZAR
Largest movements
- Tangible fixed assets -€318,088
down €318,088 (-13.9%), from €2.3m to €2.0m
of which Land and buildings: -€355,234
- Stocks and contracts +€232,869
new in 2025: €232,869
- Receivables within one year +€130,646
up €130,646 (+54.0%), from €242,030 to €372,676
of which Other amounts receivable: +€239,061
- Debts after one year -€449,353
down €449,353 (-36.0%), from €1.2m to €798,624
- Reserves +€262,212
up €262,212 (+110.9%), from €236,430 to €498,642
of which Tax-exempt reserves: +€262,212
- Short-term financial debts +€184,924
up €184,924 (+242236.9%), from €76 to €185,000
of which Credit institutions: +€185,000
- Provisions +€76,661
up €76,661 (+114.2%), from €67,156 to €143,817
of which Deferred taxes: +€87,404
- Gross operating margin +€216,261
up €216,261 (+82.2%), from €262,953 to €479,213
- Taxes -€34,333
down €34,333 (-54.2%), from €63,357 to €29,024
- Depreciation -€20,463
down €20,463 (-19.5%), from €105,052 to €84,589
- Financial income +€7,072
up €7,072 (+138.9%), from €5,091 to €12,163
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 | €2,560,345 | €2,601,672 | +€41,327 | +1.6% |
| Fixed assets | 21/28 | €2,287,343 | €1,969,255 | -€318,088 | -13.9% |
| Tangible fixed assets | 22/27 | €2,286,043 | €1,967,955 | -€318,088 | -13.9% |
| Land and buildings | 22 | €1,812,326 | €1,457,092 | -€355,234 | -19.6% |
| Furniture and vehicles | 24 | €53,498 | €35,009 | -€18,489 | -34.6% |
| Other tangible fixed assets | 26 | €420,219 | €475,854 | +€55,635 | +13.2% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €273,002 | €632,417 | +€359,415 | +131.7% |
| Stocks and contracts in progress | 3 | - | €232,869 | +€232,869 | |
| Stocks | 30/36 | - | €232,869 | +€232,869 | |
| Amounts receivable within one year | 40/41 | €242,030 | €372,676 | +€130,646 | +54.0% |
| Trade receivables | 40 | €125,875 | €17,460 | -€108,415 | -86.1% |
| Other amounts receivable | 41 | €116,155 | €355,216 | +€239,061 | +205.8% |
| Cash at bank and in hand | 54/58 | €23,004 | €23,638 | +€634 | +2.8% |
| Deferred charges and accrued income | 490/1 | €7,969 | €3,234 | -€4,734 | -59.4% |
| Total equity and liabilities | 10/49 | €2,560,345 | €2,601,672 | +€41,327 | +1.6% |
| Equity | 10/15 | €1,018,921 | €1,259,811 | +€240,890 | +23.6% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €236,430 | €498,642 | +€262,212 | +110.9% |
| Non-distributable reserves | 130/1 | €11,860 | €11,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,860 | €11,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €262,212 | +€262,212 | |
| Distributable reserves | 133 | €224,570 | €224,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | €663,891 | €642,569 | -€21,322 | -3.2% |
| Provisions and deferred taxes | 16 | €67,156 | €143,817 | +€76,661 | +114.2% |
| Provisions for liabilities and charges | 160/5 | €21,525 | €10,782 | -€10,743 | -49.9% |
| Other liabilities and charges | 164/5 | €21,525 | €10,782 | -€10,743 | -49.9% |
| Deferred taxes | 168 | €45,631 | €133,035 | +€87,404 | +191.5% |
| Amounts payable | 17/49 | €1,474,268 | €1,198,044 | -€276,224 | -18.7% |
| Amounts payable after more than one year | 17 | €1,247,976 | €798,624 | -€449,353 | -36.0% |
| Financial debts | 170/4 | €1,247,976 | €798,624 | -€449,353 | -36.0% |
| Amounts payable within one year | 42/48 | €226,292 | €396,593 | +€170,301 | +75.3% |
| Current portion of amounts payable after more than one year | 42 | €141,709 | €133,450 | -€8,259 | -5.8% |
| Financial debts | 43 | €76 | €185,000 | +€184,924 | +242236.9% |
| Credit institutions | 430/8 | - | €185,000 | +€185,000 | |
| Other loans | 439 | €76 | - | -€76 | |
| Trade debts | 44 | €5,738 | €4,039 | -€1,698 | -29.6% |
| Suppliers | 440/4 | €5,738 | €4,039 | -€1,698 | -29.6% |
| Advances received on contracts in progress | 46 | - | €9,750 | +€9,750 | |
| Taxes, remuneration and social security | 45 | €51,442 | €32,706 | -€18,736 | -36.4% |
| Taxes | 450/3 | €51,442 | €32,706 | -€18,736 | -36.4% |
| Other amounts payable | 47/48 | €27,327 | €31,648 | +€4,321 | +15.8% |
| Accrued charges and deferred income | 492/3 | - | €2,828 | +€2,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,052 | €84,589 | -€20,463 | -19.5% |
| Other operating charges | 640/8 | €15,606 | €15,847 | +€241 | +1.5% |
| Gross operating margin | 9900 | €262,953 | €479,213 | +€216,261 | +82.2% |
| Operating profit (loss) | 9901 | €142,295 | €378,777 | +€236,482 | +166.2% |
| Financial income | 75/76B | €5,091 | €12,163 | +€7,072 | +138.9% |
| Recurring financial income | 75 | €5,091 | €12,163 | +€7,072 | +138.9% |
| Financial charges | 65/66B | €35,432 | €33,622 | -€1,810 | -5.1% |
| Recurring financial charges | 65 | €35,432 | €33,622 | -€1,810 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €111,954 | €357,318 | +€245,364 | +219.2% |
| Transfer to deferred taxes | 680 | - | €87,404 | +€87,404 | |
| Income taxes | 67/77 | €63,357 | €29,024 | -€34,333 | -54.2% |
| Profit (loss) for the period | 9904 | €48,597 | €240,890 | +€192,293 | +395.7% |
| Transfer to tax-exempt reserves | 689 | - | €262,212 | +€262,212 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,597 | -€21,322 | -€69,919 |
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 2 October 2026 via checked.be.