Azelis Group: 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.
What changed
Azelis Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.6m
2024 · €7.2m-€566,707
Equity
€6.07bn
2024 · €6.11bn-€48.4m
Cash
€364,492
2024 · €153,172+€211,320
Balance sheet total
€6.15bn
2024 · €6.19bn-€35.6m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Turnover +€6.1m
up €6.1m (+8.3%), from €73.3m to €79.4m
- Financial charges +€2.5m
up €2.5m (+1,091%), from €224,865 to €2.7m
- Provisions +€1.5m
up €1.5m (+2,780%), from €54,404 to €1.6m
- Services and other goods +€1.3m
up €1.3m (+4.2%), from €31.2m to €32.5m
- Taxes +€979,358
up €979,358 (+49.5%), from €2.0m to €3.0m
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
€7.2m
Turnover
+€6.1m
Other operating income
+€142,464
Services and other goods
-€1.3m
Staff costs
-€255,235
Depreciation
+€64,213
Provisions
-€1.5m
Other operating charges
+€472,169
Other operating items
+€261,288
Financial income
-€1.1m
Financial charges
-€2.5m
Taxes
-€979,358
Result 2025
€6.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€49.5m
Investment
-€3.8m
Financing
-€45.5m
Cash 2024
€153,172
From operations (derived)
+€49.5m
Net result for the year
+€6.6m
Depreciation
+€22.7m
Receivables within one year
+€17.3m
Deferred charges and accrued income
-€523,221
Provisions
+€1.6m
Trade debts
+€2.9m
Tax, wage and social debts
-€1.0m
Other debts
-€287,977
Accrued charges and deferred income
+€95,106
Investment (derived)
-€3.8m
Investment in fixed assets (net)
-€4.1m
Current investments
+€316,158
Financing
-€45.5m
Debts after one year
+€9.5m
Contributions, distributions and other
-€55.0m
Not broken down
-€2
Cash 2025
€364,492
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,189,871,484 | €6,154,321,409 | -€35.6m | -0.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €6,121,302,563 | €6,102,656,665 | -€18.6m | -0.3% |
| Intangible fixed assets | 21 | €256,212,947 | €237,458,422 | -€18.8m | -7.3% |
| Tangible fixed assets | 22/27 | €562,110 | €666,558 | +€104,448 | +18.6% |
| Furniture and vehicles | 24 | €468,080 | €450,473 | -€17,607 | -3.8% |
| Other tangible fixed assets | 26 | €34,733 | €156,789 | +€122,056 | +351% |
| Assets under construction and advance payments | 27 | €59,296 | €59,296 | = | 0.0% |
| Financial fixed assets | 28 | €5,864,527,506 | €5,864,531,685 | +€4,179 | 0.0% |
| Affiliated companies | 280/1 | €5,864,400,606 | €5,864,400,606 | = | 0.0% |
| Participating interests | 280 | €5,864,400,606 | €5,864,400,606 | = | 0.0% |
| Other financial fixed assets | 284/8 | €126,900 | €131,079 | +€4,179 | +3.3% |
| Amounts receivable and cash guarantees | 285/8 | €126,900 | €131,079 | +€4,179 | +3.3% |
| Current assets | 29/58 | €68,568,921 | €51,664,743 | -€16.9m | -24.7% |
| Amounts receivable within one year | 40/41 | €54,187,329 | €36,864,768 | -€17.3m | -32.0% |
| Trade receivables | 40 | €26,242,525 | €30,130,544 | +€3.9m | +14.8% |
| Other amounts receivable | 41 | €27,944,804 | €6,734,224 | -€21.2m | -75.9% |
| Current investments | 50/53 | €8,914,102 | €8,597,944 | -€316,158 | -3.5% |
| Own shares | 50 | €8,914,102 | €8,597,944 | -€316,158 | -3.5% |
| Cash at bank and in hand | 54/58 | €153,172 | €364,492 | +€211,320 | +138% |
| Deferred charges and accrued income | 490/1 | €5,314,318 | €5,837,539 | +€523,221 | +9.8% |
| Total equity and liabilities | 10/49 | €6,189,871,484 | €6,154,321,409 | -€35.6m | -0.6% |
| Equity | 10/15 | €6,113,475,696 | €6,065,112,263 | -€48.4m | -0.8% |
| Contributions | 10/11 | €5,879,999,963 | €5,879,999,963 | = | 0.0% |
| Capital | 10 | €5,879,999,963 | €5,879,999,963 | = | 0.0% |
| Issued capital | 100 | €5,879,999,963 | €5,879,999,963 | = | 0.0% |
| Reserves | 13 | €233,475,733 | €185,112,300 | -€48.4m | -20.7% |
| Non-distributable reserves | 130/1 | €9,762,663 | €9,778,522 | +€15,859 | +0.2% |
| Legal reserve | 130 | €848,561 | €1,180,578 | +€332,017 | +39.1% |
| Own shares acquired | 1312 | €8,914,102 | €8,597,944 | -€316,158 | -3.5% |
| Distributable reserves | 133 | €223,713,070 | €175,333,778 | -€48.4m | -21.6% |
| Provisions and deferred taxes | 16 | €5,629,841 | €7,196,616 | +€1.6m | +27.8% |
| Provisions for liabilities and charges | 160/5 | €5,629,841 | €7,196,616 | +€1.6m | +27.8% |
| Other liabilities and charges | 164/5 | €5,629,841 | €7,196,616 | +€1.6m | +27.8% |
| Amounts payable | 17/49 | €70,765,947 | €82,012,530 | +€11.2m | +15.9% |
| Amounts payable after more than one year | 17 | - | €9,525,139 | +€9.5m | |
| Financial debts | 170/4 | - | €9,525,139 | +€9.5m | |
| Other loans | 174 | - | €9,525,139 | +€9.5m | |
| Amounts payable within one year | 42/48 | €70,727,334 | €72,353,673 | +€1.6m | +2.3% |
| Financial debts | 43 | €45,000 | €45,000 | = | 0.0% |
| Other loans | 439 | €45,000 | €45,000 | = | 0.0% |
| Trade debts | 44 | €10,063,822 | €12,994,740 | +€2.9m | +29.1% |
| Suppliers | 440/4 | €10,063,822 | €12,994,740 | +€2.9m | +29.1% |
| Taxes, remuneration and social security | 45 | €5,306,687 | €4,290,085 | -€1.0m | -19.2% |
| Taxes | 450/3 | €1,729,596 | €2,080,469 | +€350,873 | +20.3% |
| Remuneration and social security | 454/9 | €3,577,091 | €2,209,616 | -€1.4m | -38.2% |
| Other amounts payable | 47/48 | €55,311,825 | €55,023,848 | -€287,977 | -0.5% |
| Accrued charges and deferred income | 492/3 | €38,613 | €133,719 | +€95,106 | +246% |
| Operating income | 70/76A | €75,107,563 | €81,627,047 | +€6.5m | +8.7% |
| Turnover | 70 | €73,264,128 | €79,379,858 | +€6.1m | +8.3% |
| Own construction capitalised | 72 | €1,205,365 | €1,466,653 | +€261,288 | +21.7% |
| Other operating income | 74 | €638,071 | €780,535 | +€142,464 | +22.3% |
| Operating charges | 60/66A | €67,252,642 | €69,782,676 | +€2.5m | +3.8% |
| Services and other goods | 61 | €31,228,314 | €32,527,124 | +€1.3m | +4.2% |
| Remuneration, social security and pensions | 62 | €12,603,181 | €12,858,416 | +€255,235 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,807,363 | €22,743,150 | -€64,213 | -0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €54,404 | €1,566,775 | +€1.5m | +2,780% |
| Other operating charges | 640/8 | €559,380 | €87,211 | -€472,169 | -84.4% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Operating profit (loss) | 9901 | €7,854,922 | €11,844,370 | +€4.0m | +50.8% |
| Recurring financial income | 75 | €1,553,695 | €429,587 | -€1.1m | -72.4% |
| Income from financial fixed assets | 750 | €0 | €0 | = | |
| Income from current assets | 751 | €1,457,657 | €407,239 | -€1.1m | -72.1% |
| Other financial income | 752/9 | €96,038 | €22,348 | -€73,690 | -76.7% |
| Financial charges | 65/66B | €224,865 | €2,677,554 | +€2.5m | +1,091% |
| Recurring financial charges | 65 | €224,865 | €2,677,554 | +€2.5m | +1,091% |
| Debt charges | 650 | €173,551 | €472,673 | +€299,122 | +172% |
| Other financial charges | 652/9 | €51,314 | €2,204,881 | +€2.2m | +4,197% |
| Profit (loss) for the period before taxes | 9903 | €9,183,752 | €9,596,403 | +€412,651 | +4.5% |
| Income taxes | 67/77 | €1,976,712 | €2,956,070 | +€979,358 | +49.5% |
| Taxes | 670/3 | €1,976,712 | €2,956,070 | +€979,358 | +49.5% |
| Profit (loss) for the period | 9904 | €7,207,040 | €6,640,333 | -€566,707 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,207,040 | €6,640,333 | -€566,707 | -7.9% |
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 15 October 2026 via checked.be.