AZELFZEN: 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.
AZELFZEN
Largest movements
- Cash -€1.1m
down €1.1m (-95.7%), from €1.2m to €50,637
mainly Investment in fixed assets (net) (-€688,681) and Contributions, distributions and other (-€300,000)
- Tangible fixed assets +€609,786
up €609,786 (+599%), from €101,837 to €711,622
of which Land and buildings: +€622,802
- Current investments +€220,596
up €220,596 (+110%), from €200,000 to €420,596
- Reserves -€436,811
down €436,811 (-66.3%), from €659,050 to €222,239
- Other debts +€263,311
up €263,311 (+1,275%), from €20,652 to €283,963
- Tax, wage and social debts -€105,297
down €105,297 (-90.7%), from €116,098 to €10,802
- Trade debts -€18,522
down €18,522 (-53.0%), from €34,945 to €16,424
- Debts after one year -€15,639
down €15,639 (-2.3%), from €668,037 to €652,398
- Gross operating margin -€259,171
down €259,171, from €211,660 to -€47,511
- Financial income -€103,803
down €103,803 (-92.5%), from €112,251 to €8,448
of which Non-recurring financial income: -€65,518
- Depreciation +€65,609
up €65,609 (+494%), from €13,286 to €78,895
- Taxes -€42,477
down €42,477 (-99.4%), from €42,734 to €257
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 | €1,519,287 | €1,216,246 | -€303,042 | -19.9% |
| Fixed assets | 21/28 | €101,837 | €711,622 | +€609,786 | +599% |
| Tangible fixed assets | 22/27 | €101,837 | €711,622 | +€609,786 | +599% |
| Land and buildings | 22 | - | €622,802 | +€622,802 | |
| Plant, machinery and equipment | 23 | €14,682 | €20,674 | +€5,993 | +40.8% |
| Furniture and vehicles | 24 | €87,155 | €68,146 | -€19,009 | -21.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,417,450 | €504,623 | -€912,827 | -64.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €35,022 | €32,317 | -€2,705 | -7.7% |
| Trade receivables | 40 | €30,951 | €24,926 | -€6,025 | -19.5% |
| Other amounts receivable | 41 | €4,071 | €7,391 | +€3,320 | +81.5% |
| Current investments | 50/53 | €200,000 | €420,596 | +€220,596 | +110% |
| Cash at bank and in hand | 54/58 | €1,180,302 | €50,637 | -€1.1m | -95.7% |
| Deferred charges and accrued income | 490/1 | €2,127 | €1,073 | -€1,054 | -49.5% |
| Total equity and liabilities | 10/49 | €1,519,287 | €1,216,246 | -€303,042 | -19.9% |
| Equity | 10/15 | €659,550 | €222,739 | -€436,811 | -66.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €659,050 | €222,239 | -€436,811 | -66.3% |
| Distributable reserves | 133 | €659,050 | €222,239 | -€436,811 | -66.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €859,738 | €993,507 | +€133,769 | +15.6% |
| Amounts payable after more than one year | 17 | €668,037 | €652,398 | -€15,639 | -2.3% |
| Financial debts | 170/4 | €668,037 | €652,398 | -€15,639 | -2.3% |
| Amounts payable within one year | 42/48 | €191,050 | €340,458 | +€149,408 | +78.2% |
| Current portion of amounts payable after more than one year | 42 | €15,065 | €15,639 | +€573 | +3.8% |
| Trade debts | 44 | €34,945 | €16,424 | -€18,522 | -53.0% |
| Suppliers | 440/4 | €34,945 | €16,424 | -€18,522 | -53.0% |
| Advances received on contracts in progress | 46 | €4,288 | €13,630 | +€9,342 | +218% |
| Taxes, remuneration and social security | 45 | €116,098 | €10,802 | -€105,297 | -90.7% |
| Taxes | 450/3 | €116,098 | €10,802 | -€105,297 | -90.7% |
| Other amounts payable | 47/48 | €20,652 | €283,963 | +€263,311 | +1,275% |
| Accrued charges and deferred income | 492/3 | €651 | €651 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,286 | €78,895 | +€65,609 | +494% |
| Other operating charges | 640/8 | €1,539 | €1,002 | -€537 | -34.9% |
| Gross operating margin | 9900 | €211,660 | -€47,511 | -€259,171 | |
| Operating profit (loss) | 9901 | €196,835 | -€127,408 | -€324,243 | |
| Financial income | 75/76B | €112,251 | €8,448 | -€103,803 | -92.5% |
| Recurring financial income | 75 | €46,733 | €8,448 | -€38,285 | -81.9% |
| Non-recurring financial income | 76B | €65,518 | €0 | -€65,518 | -100% |
| Financial charges | 65/66B | €15,930 | €17,594 | +€1,664 | +10.4% |
| Recurring financial charges | 65 | €15,930 | €17,594 | +€1,664 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €293,156 | -€136,553 | -€429,710 | |
| Income taxes | 67/77 | €42,734 | €257 | -€42,477 | -99.4% |
| Profit (loss) for the period | 9904 | €250,422 | -€136,811 | -€387,233 | |
| Profit (loss) for the period to be appropriated | 9905 | €250,422 | -€136,811 | -€387,233 |
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 23 October 2026 via checked.be.