AZEC: 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.
AZEC
Largest movements
- Receivables within one year +€66,912
up €66,912 (+78.2%), from €85,529 to €152,441
of which Trade receivables: +€77,209
- Cash -€36,542
down €36,542 (-93.3%), from €39,181 to €2,639
mainly Receivables within one year (-€66,912) and Trade debts (-€51,043)
- Tangible fixed assets +€16,901
up €16,901 (+30.5%), from €55,352 to €72,254
of which Plant, machinery and equipment: +€21,679
- Reserves +€93,492
up €93,492 (+169%), from €55,297 to €148,790
of which Distributable reserves: +€93,492
- Trade debts -€51,043
down €51,043 (-52.1%), from €98,003 to €46,960
- Tax, wage and social debts +€7,000
new in 2025: €7,000
- Financial income +€67,574
up €67,574 (+530%), from €12,755 to €80,329
of which Non-recurring financial income: +€77,728
- Gross operating margin -€67,420
down €67,420 (-67.9%), from €99,285 to €31,865
- Staff costs -€12,277
no longer reported in 2025 (was €12,277)
- Other operating charges -€11,198
down €11,198 (-96.3%), from €11,632 to €435
- Taxes +€9,392
up €9,392 (+8,643%), from €109 to €9,501
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 | €180,880 | €227,374 | +€46,495 | +25.7% |
| Fixed assets | 21/28 | €55,352 | €72,254 | +€16,901 | +30.5% |
| Tangible fixed assets | 22/27 | €55,352 | €72,254 | +€16,901 | +30.5% |
| Land and buildings | 22 | €55,352 | €48,067 | -€7,285 | -13.2% |
| Plant, machinery and equipment | 23 | - | €21,679 | +€21,679 | |
| Other tangible fixed assets | 26 | - | €2,508 | +€2,508 | |
| Current assets | 29/58 | €125,527 | €155,121 | +€29,593 | +23.6% |
| Amounts receivable within one year | 40/41 | €85,529 | €152,441 | +€66,912 | +78.2% |
| Trade receivables | 40 | €5,429 | €82,637 | +€77,209 | +1,422% |
| Other amounts receivable | 41 | €80,100 | €69,804 | -€10,297 | -12.9% |
| Cash at bank and in hand | 54/58 | €39,181 | €2,639 | -€36,542 | -93.3% |
| Deferred charges and accrued income | 490/1 | €818 | €41 | -€777 | -95.0% |
| Total equity and liabilities | 10/49 | €180,880 | €227,374 | +€46,495 | +25.7% |
| Equity | 10/15 | €74,297 | €167,790 | +€93,492 | +126% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €55,297 | €148,790 | +€93,492 | +169% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €53,397 | €146,890 | +€93,492 | +175% |
| Amounts payable | 17/49 | €106,582 | €59,585 | -€46,997 | -44.1% |
| Amounts payable within one year | 42/48 | €104,915 | €59,585 | -€45,330 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €1,912 | €625 | -€1,287 | -67.3% |
| Trade debts | 44 | €98,003 | €46,960 | -€51,043 | -52.1% |
| Suppliers | 440/4 | €98,003 | €46,960 | -€51,043 | -52.1% |
| Taxes, remuneration and social security | 45 | - | €7,000 | +€7,000 | |
| Taxes | 450/3 | - | €7,000 | +€7,000 | |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,667 | - | -€1,667 | |
| Non-recurring operating income | 76A | €50,109 | - | -€50,109 | |
| Remuneration, social security and pensions | 62 | €12,277 | - | -€12,277 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,254 | €8,490 | +€1,236 | +17.0% |
| Other operating charges | 640/8 | €11,632 | €435 | -€11,198 | -96.3% |
| Gross operating margin | 9900 | €99,285 | €31,865 | -€67,420 | -67.9% |
| Operating profit (loss) | 9901 | €68,121 | €22,941 | -€45,180 | -66.3% |
| Financial income | 75/76B | €12,755 | €80,329 | +€67,574 | +530% |
| Recurring financial income | 75 | €12,755 | €2,601 | -€10,154 | -79.6% |
| Non-recurring financial income | 76B | - | €77,728 | +€77,728 | |
| Financial charges | 65/66B | €6,579 | €277 | -€6,302 | -95.8% |
| Recurring financial charges | 65 | €2,308 | €277 | -€2,032 | -88.0% |
| Non-recurring financial charges | 66B | €4,270 | - | -€4,270 | |
| Profit (loss) for the period before taxes | 9903 | €74,297 | €102,993 | +€28,696 | +38.6% |
| Income taxes | 67/77 | €109 | €9,501 | +€9,392 | +8,643% |
| Profit (loss) for the period | 9904 | €74,189 | €93,492 | +€19,303 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,189 | €93,492 | +€19,303 | +26.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.