AZARO: 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.
AZARO
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-97.8%), from €1.4m to €30,354
- Current investments +€1.0m
up €1.0m (+242,374%), from €427 to €1.0m
- Tangible fixed assets -€192,795
down €192,795 (-16.2%), from €1.2m to €997,268
of which Plant, machinery and equipment: -€140,024
- Cash +€179,946
up €179,946 (+402%), from €44,805 to €224,751
mainly Stocks and contracts (+€1.3m) and Other debts (+€457,565)
- Receivables within one year -€72,086
down €72,086 (-19.8%), from €363,262 to €291,176
of which Trade receivables: -€64,429
- Contributions -€660,301
down €660,301 (-99.2%), from €665,301 to €5,000
- Other debts +€457,565
up €457,565 (+145%), from €316,596 to €774,161
- Debts after one year -€185,550
down €185,550 (-36.4%), from €509,490 to €323,941
- Trade debts -€171,793
down €171,793 (-98.7%), from €173,989 to €2,196
- Reserves +€140,926
up €140,926 (+12.6%), from €1.1m to €1.3m
of which Tax-exempt reserves: +€207,219
- Gross operating margin -€616,937
down €616,937 (-67.6%), from €913,059 to €296,122
- Staff costs -€542,205
down €542,205 (-97.1%), from €558,216 to €16,010
- Depreciation -€86,108
down €86,108 (-62.1%), from €138,681 to €52,573
- Financial income +€44,554
up €44,554 (+221%), from €20,178 to €64,731
- Financial charges +€27,505
up €27,505 (+55.0%), from €50,054 to €77,559
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 | €3,020,973 | €2,591,310 | -€429,663 | -14.2% |
| Fixed assets | 21/28 | €1,191,172 | €998,377 | -€192,795 | -16.2% |
| Tangible fixed assets | 22/27 | €1,190,063 | €997,268 | -€192,795 | -16.2% |
| Land and buildings | 22 | €995,456 | €965,841 | -€29,615 | -3.0% |
| Plant, machinery and equipment | 23 | €151,909 | €11,885 | -€140,024 | -92.2% |
| Furniture and vehicles | 24 | €42,699 | €19,542 | -€23,157 | -54.2% |
| Financial fixed assets | 28 | €1,108 | €1,108 | = | 0.0% |
| Current assets | 29/58 | €1,829,802 | €1,592,934 | -€236,868 | -12.9% |
| Stocks and contracts in progress | 3 | €1,370,450 | €30,354 | -€1.3m | -97.8% |
| Stocks | 30/36 | €1,370,450 | €30,354 | -€1.3m | -97.8% |
| Amounts receivable within one year | 40/41 | €363,262 | €291,176 | -€72,086 | -19.8% |
| Trade receivables | 40 | €76,529 | €12,100 | -€64,429 | -84.2% |
| Other amounts receivable | 41 | €286,733 | €279,076 | -€7,657 | -2.7% |
| Current investments | 50/53 | €427 | €1,035,483 | +€1.0m | +242,374% |
| Cash at bank and in hand | 54/58 | €44,805 | €224,751 | +€179,946 | +402% |
| Deferred charges and accrued income | 490/1 | €50,858 | €11,169 | -€39,689 | -78.0% |
| Total equity and liabilities | 10/49 | €3,020,973 | €2,591,310 | -€429,663 | -14.2% |
| Equity | 10/15 | €1,780,936 | €1,261,561 | -€519,375 | -29.2% |
| Contributions | 10/11 | €665,301 | €5,000 | -€660,301 | -99.2% |
| Reserves | 13 | €1,115,635 | €1,256,561 | +€140,926 | +12.6% |
| Non-distributable reserves | 130/1 | €66,530 | €0 | -€66,530 | -100% |
| Reserves not available under the articles | 1311 | €66,530 | €0 | -€66,530 | -100% |
| Tax-exempt reserves | 132 | €28,400 | €235,619 | +€207,219 | +730% |
| Distributable reserves | 133 | €1,020,705 | €1,020,942 | +€237 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €69,073 | +€69,073 | |
| Deferred taxes | 168 | - | €69,073 | +€69,073 | |
| Amounts payable | 17/49 | €1,240,037 | €1,260,676 | +€20,639 | +1.7% |
| Amounts payable after more than one year | 17 | €509,490 | €323,941 | -€185,550 | -36.4% |
| Financial debts | 170/4 | €509,490 | €323,941 | -€185,550 | -36.4% |
| Amounts payable within one year | 42/48 | €709,800 | €908,156 | +€198,356 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €179,244 | €125,939 | -€53,305 | -29.7% |
| Trade debts | 44 | €173,989 | €2,196 | -€171,793 | -98.7% |
| Suppliers | 440/4 | €173,989 | €2,196 | -€171,793 | -98.7% |
| Taxes, remuneration and social security | 45 | €39,972 | €5,860 | -€34,112 | -85.3% |
| Taxes | 450/3 | €11,880 | €5,860 | -€6,020 | -50.7% |
| Remuneration and social security | 454/9 | €28,092 | €0 | -€28,092 | -100% |
| Other amounts payable | 47/48 | €316,596 | €774,161 | +€457,565 | +145% |
| Accrued charges and deferred income | 492/3 | €20,747 | €28,579 | +€7,832 | +37.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €558,216 | €16,010 | -€542,205 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,681 | €52,573 | -€86,108 | -62.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €26,028 | €26,677 | +€649 | +2.5% |
| Non-recurring operating charges | 66A | - | €35,735 | +€35,735 | |
| Gross operating margin | 9900 | €913,059 | €296,122 | -€616,937 | -67.6% |
| Operating profit (loss) | 9901 | €190,135 | €165,126 | -€25,009 | -13.2% |
| Financial income | 75/76B | €20,178 | €64,731 | +€44,554 | +221% |
| Recurring financial income | 75 | €20,178 | €64,731 | +€44,554 | +221% |
| Financial charges | 65/66B | €50,054 | €77,559 | +€27,505 | +55.0% |
| Recurring financial charges | 65 | €50,054 | €77,559 | +€27,505 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €160,258 | €152,298 | -€7,960 | -5.0% |
| Income taxes | 67/77 | €49,633 | €45,986 | -€3,647 | -7.3% |
| Profit (loss) for the period | 9904 | €110,625 | €106,312 | -€4,313 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €110,625 | €106,312 | -€4,313 | -3.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.