AZARO: 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.
What changed
AZARO
NACE 47.716, Retail sale of clothing and accessories for women, men, children and babies (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,527
2024 · €35,171-€22,644
Equity
€658,243
2024 · €645,716+€12,527
Cash
€32,096
2024 · €41,289-€9,193
Balance sheet total
€2.1m
2024 · €2.0m+€110,873
Largest movements
Assets
- Receivables within one year +€222,792
up €222,792 (+30.9%), from €720,617 to €943,409
of which Other amounts receivable: +€223,289
- Stocks and contracts -€65,937
down €65,937 (-19.7%), from €335,339 to €269,402
- Tangible fixed assets -€25,470
down €25,470 (-3.0%), from €855,922 to €830,452
of which Land and buildings: -€18,158
Equity and liabilities
- Trade debts +€192,903
up €192,903 (+77.4%), from €249,355 to €442,258
- Short-term financial debts -€150,000
down €150,000 (-23.1%), from €650,000 to €500,000
- Debts after one year +€92,087
up €92,087 (+51.0%), from €180,390 to €272,477
- Current portion of long-term debt -€62,750
down €62,750 (-51.2%), from €122,537 to €59,787
Income statement
- Gross operating margin +€43,933
up €43,933 (+8.2%), from €534,994 to €578,927
- Write-downs +€28,448
up €28,448 (+637.7%), from €4,461 to €32,909
- Financial income -€17,923
down €17,923 (-74.4%), from €24,087 to €6,164
- Financial charges +€17,065
up €17,065 (+36.5%), from €46,800 to €63,865
- Taxes -€14,244
down €14,244 (-38.7%), from €36,788 to €22,544
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.
Result 2024
€35,171
Gross operating margin
+€43,933
Staff costs
-€7,972
Depreciation
-€7,850
Write-downs
-€28,448
Other operating charges
-€42
Financial income
-€17,923
Financial charges
-€17,065
Taxes
+€14,244
Deferred taxes and other
-€1,522
Result 2025
€12,527
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.
From operations
+€208,876
Investment
-€97,406
Financing
-€120,663
Cash 2024
€41,289
From operations (derived)
+€208,876
Net result for the year
+€12,527
Depreciation
+€122,876
Stocks and contracts
+€65,937
Receivables within one year
-€222,792
Deferred charges and accrued income
+€11,321
Provisions
-€8,329
Trade debts
+€192,903
Tax, wage and social debts
+€11,006
Other debts
+€17,162
Accrued charges and deferred income
+€6,267
Investment (derived)
-€97,406
Investment in fixed assets (net)
-€97,406
Financing
-€120,663
Debts after one year
+€92,087
Current portion of long-term debt
-€62,750
Short-term financial debts
-€150,000
Contributions, distributions and other
+€0
Cash 2025
€32,096
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,978,474 | €2,089,347 | +€110,873 | +5.6% |
| Fixed assets | 21/28 | €865,222 | €839,752 | -€25,470 | -2.9% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €855,922 | €830,452 | -€25,470 | -3.0% |
| Land and buildings | 22 | €286,144 | €267,986 | -€18,158 | -6.3% |
| Plant, machinery and equipment | 23 | €58,644 | €49,807 | -€8,837 | -15.1% |
| Furniture and vehicles | 24 | - | €8,943 | +€8,943 | |
| Other tangible fixed assets | 26 | €511,134 | €503,716 | -€7,418 | -1.5% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €1,113,252 | €1,249,594 | +€136,342 | +12.2% |
| Stocks and contracts in progress | 3 | €335,339 | €269,402 | -€65,937 | -19.7% |
| Stocks | 30/36 | €335,339 | €269,402 | -€65,937 | -19.7% |
| Amounts receivable within one year | 40/41 | €720,617 | €943,409 | +€222,792 | +30.9% |
| Trade receivables | 40 | €5,871 | €5,374 | -€497 | -8.5% |
| Other amounts receivable | 41 | €714,746 | €938,035 | +€223,289 | +31.2% |
| Cash at bank and in hand | 54/58 | €41,289 | €32,096 | -€9,193 | -22.3% |
| Deferred charges and accrued income | 490/1 | €16,007 | €4,686 | -€11,321 | -70.7% |
| Total equity and liabilities | 10/49 | €1,978,474 | €2,089,347 | +€110,873 | +5.6% |
| Equity | 10/15 | €645,716 | €658,243 | +€12,527 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,429 | €91,956 | +€12,527 | +15.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,569 | €52,582 | -€24,987 | -32.2% |
| Distributable reserves | 133 | - | €37,514 | +€37,514 | |
| Profit (loss) carried forward | 14 | €547,687 | €547,687 | -€0 | 0.0% |
| Provisions and deferred taxes | 16 | €25,856 | €17,527 | -€8,329 | -32.2% |
| Deferred taxes | 168 | €25,856 | €17,527 | -€8,329 | -32.2% |
| Amounts payable | 17/49 | €1,306,902 | €1,413,576 | +€106,674 | +8.2% |
| Amounts payable after more than one year | 17 | €180,390 | €272,477 | +€92,087 | +51.0% |
| Financial debts | 170/4 | €180,390 | €272,477 | +€92,087 | +51.0% |
| Amounts payable within one year | 42/48 | €1,126,512 | €1,134,833 | +€8,321 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €122,537 | €59,787 | -€62,750 | -51.2% |
| Financial debts | 43 | €650,000 | €500,000 | -€150,000 | -23.1% |
| Credit institutions | 430/8 | €650,000 | €500,000 | -€150,000 | -23.1% |
| Trade debts | 44 | €249,355 | €442,258 | +€192,903 | +77.4% |
| Suppliers | 440/4 | €249,355 | €442,258 | +€192,903 | +77.4% |
| Taxes, remuneration and social security | 45 | €103,515 | €114,521 | +€11,006 | +10.6% |
| Taxes | 450/3 | €74,458 | €64,938 | -€9,520 | -12.8% |
| Remuneration and social security | 454/9 | €29,057 | €49,583 | +€20,526 | +70.6% |
| Other amounts payable | 47/48 | €1,105 | €18,267 | +€17,162 | +1553.1% |
| Accrued charges and deferred income | 492/3 | - | €6,267 | +€6,267 | |
| Non-recurring operating income | 76A | €93 | - | -€93 | |
| Remuneration, social security and pensions | 62 | €322,294 | €330,266 | +€7,972 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,026 | €122,876 | +€7,850 | +6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,461 | €32,909 | +€28,448 | +637.7% |
| Other operating charges | 640/8 | €8,392 | €8,434 | +€42 | +0.5% |
| Gross operating margin | 9900 | €534,994 | €578,927 | +€43,933 | +8.2% |
| Operating profit (loss) | 9901 | €84,821 | €84,442 | -€379 | -0.4% |
| Financial income | 75/76B | €24,087 | €6,164 | -€17,923 | -74.4% |
| Recurring financial income | 75 | €24,087 | €6,164 | -€17,923 | -74.4% |
| Financial charges | 65/66B | €46,800 | €63,865 | +€17,065 | +36.5% |
| Recurring financial charges | 65 | €46,800 | €63,865 | +€17,065 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €62,108 | €26,742 | -€35,366 | -56.9% |
| Transfer from deferred taxes | 780 | €9,851 | €8,329 | -€1,522 | -15.4% |
| Income taxes | 67/77 | €36,788 | €22,544 | -€14,244 | -38.7% |
| Profit (loss) for the period | 9904 | €35,171 | €12,527 | -€22,644 | -64.4% |
| Transfer from tax-exempt reserves | 789 | €29,554 | €24,987 | -€4,567 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,725 | €37,514 | -€27,211 | -42.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.