AZELEC: 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.
AZELEC
Largest movements
- Cash +€99,515
up €99,515 (+45.8%), from €217,186 to €316,701
mainly Net result for the year (+€106,215) and Other debts (+€31,344)
- Tangible fixed assets -€14,343
down €14,343 (-4.2%), from €339,946 to €325,602
of which Furniture and vehicles: -€8,856
- Receivables within one year -€10,376
down €10,376 (-26.5%), from €39,137 to €28,761
of which Other amounts receivable: -€21,814
- Intangible fixed assets +€8,788
up €8,788 (+30.1%), from €29,174 to €37,962
- Reserves +€82,285
up €82,285 (+19.8%), from €415,547 to €497,832
- Other debts +€31,344
new in 2025: €31,344
- Debts after one year -€27,827
down €27,827 (-17.4%), from €159,517 to €131,690
- Profit (loss) carried forward -€8,551
no longer reported in 2025 (was €8,551)
- Staff costs -€46,836
down €46,836 (-27.7%), from €169,303 to €122,466
- Gross operating margin +€46,101
up €46,101 (+18.1%), from €254,878 to €300,979
- Taxes +€25,796
up €25,796 (+129%), from €19,937 to €45,733
- Depreciation +€6,080
up €6,080 (+38.0%), from €15,987 to €22,067
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 | €663,661 | €746,433 | +€82,772 | +12.5% |
| Fixed assets | 21/28 | €369,119 | €363,564 | -€5,555 | -1.5% |
| Intangible fixed assets | 21 | €29,174 | €37,962 | +€8,788 | +30.1% |
| Tangible fixed assets | 22/27 | €339,946 | €325,602 | -€14,343 | -4.2% |
| Land and buildings | 22 | €319,463 | €313,975 | -€5,488 | -1.7% |
| Furniture and vehicles | 24 | €20,483 | €11,627 | -€8,856 | -43.2% |
| Current assets | 29/58 | €294,542 | €382,869 | +€88,327 | +30.0% |
| Stocks and contracts in progress | 3 | €33,936 | €33,636 | -€300 | -0.9% |
| Stocks | 30/36 | €33,936 | €33,636 | -€300 | -0.9% |
| Amounts receivable within one year | 40/41 | €39,137 | €28,761 | -€10,376 | -26.5% |
| Trade receivables | 40 | €2,699 | €14,138 | +€11,438 | +424% |
| Other amounts receivable | 41 | €36,438 | €14,624 | -€21,814 | -59.9% |
| Cash at bank and in hand | 54/58 | €217,186 | €316,701 | +€99,515 | +45.8% |
| Deferred charges and accrued income | 490/1 | €4,283 | €3,770 | -€513 | -12.0% |
| Total equity and liabilities | 10/49 | €663,661 | €746,433 | +€82,772 | +12.5% |
| Equity | 10/15 | €443,098 | €516,832 | +€73,734 | +16.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €415,547 | €497,832 | +€82,285 | +19.8% |
| Distributable reserves | 133 | €415,547 | €497,832 | +€82,285 | +19.8% |
| Profit (loss) carried forward | 14 | €8,551 | - | -€8,551 | |
| Amounts payable | 17/49 | €220,563 | €229,601 | +€9,038 | +4.1% |
| Amounts payable after more than one year | 17 | €159,517 | €131,690 | -€27,827 | -17.4% |
| Financial debts | 170/4 | €159,517 | €131,690 | -€27,827 | -17.4% |
| Amounts payable within one year | 42/48 | €61,046 | €97,910 | +€36,865 | +60.4% |
| Financial debts | 43 | €27,324 | €32,827 | +€5,503 | +20.1% |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Other loans | 439 | €27,324 | €27,827 | +€503 | +1.8% |
| Trade debts | 44 | €6,801 | €1,142 | -€5,658 | -83.2% |
| Suppliers | 440/4 | €6,801 | €1,142 | -€5,658 | -83.2% |
| Taxes, remuneration and social security | 45 | €26,921 | €32,597 | +€5,676 | +21.1% |
| Taxes | 450/3 | €15,402 | €24,572 | +€9,170 | +59.5% |
| Remuneration and social security | 454/9 | €11,519 | €8,025 | -€3,493 | -30.3% |
| Other amounts payable | 47/48 | - | €31,344 | +€31,344 | |
| Remuneration, social security and pensions | 62 | €169,303 | €122,466 | -€46,836 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,987 | €22,067 | +€6,080 | +38.0% |
| Other operating charges | 640/8 | €1,103 | €1,744 | +€641 | +58.1% |
| Gross operating margin | 9900 | €254,878 | €300,979 | +€46,101 | +18.1% |
| Operating profit (loss) | 9901 | €68,485 | €154,702 | +€86,217 | +126% |
| Financial income | 75/76B | €2,190 | €1,881 | -€308 | -14.1% |
| Recurring financial income | 75 | €2,190 | €1,881 | -€308 | -14.1% |
| Financial charges | 65/66B | €4,718 | €4,635 | -€83 | -1.7% |
| Recurring financial charges | 65 | €4,718 | €4,635 | -€83 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €65,957 | €151,948 | +€85,991 | +130% |
| Income taxes | 67/77 | €19,937 | €45,733 | +€25,796 | +129% |
| Profit (loss) for the period | 9904 | €46,020 | €106,215 | +€60,195 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €46,020 | €106,215 | +€60,195 | +131% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.