AZENA: 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.
AZENA
Largest movements
- Receivables within one year +€5,860
up €5,860 (+747%), from €785 to €6,645
of which Other amounts receivable: +€3,173
- Cash -€5,285
down €5,285 (-90.4%), from €5,845 to €560
- Formation expenses +€2,599
new in 2025: €2,599
- Tangible fixed assets -€681
down €681 (-29.7%), from €2,297 to €1,615
- Other debts +€7,464
up €7,464 (+148%), from €5,039 to €12,503
- Reserves -€1,860
no longer reported in 2025 (was €1,860)
- Tax, wage and social debts -€1,445
down €1,445 (-38.4%), from €3,764 to €2,319
- Profit (loss) carried forward -€1,372
down €1,372 (-6.5%), from -€21,008 to -€22,380
- Trade debts -€294
down €294 (-43.8%), from €671 to €377
- Gross operating margin -€5,977
down €5,977 (-76.7%), from €7,791 to €1,814
- Depreciation +€3,100
up €3,100 (+302%), from €1,026 to €4,126
- Taxes -€1,872
down €1,872 (-89.2%), from €2,099 to €227
- Financial charges +€151
up €151 (+98.4%), from €153 to €304
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,926 | €11,420 | +€2,494 | +27.9% |
| Formation expenses | 20 | - | €2,599 | +€2,599 | |
| Fixed assets | 21/28 | €2,297 | €1,615 | -€681 | -29.7% |
| Tangible fixed assets | 22/27 | €2,297 | €1,615 | -€681 | -29.7% |
| Furniture and vehicles | 24 | €2,297 | €1,615 | -€681 | -29.7% |
| Current assets | 29/58 | €6,629 | €7,205 | +€576 | +8.7% |
| Amounts receivable within one year | 40/41 | €785 | €6,645 | +€5,860 | +747% |
| Trade receivables | 40 | €785 | €3,472 | +€2,687 | +342% |
| Other amounts receivable | 41 | - | €3,173 | +€3,173 | |
| Cash at bank and in hand | 54/58 | €5,845 | €560 | -€5,285 | -90.4% |
| Total equity and liabilities | 10/49 | €8,926 | €11,420 | +€2,494 | +27.9% |
| Equity | 10/15 | -€548 | -€3,780 | -€3,232 | -590% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | -€21,008 | -€22,380 | -€1,372 | -6.5% |
| Amounts payable | 17/49 | €9,474 | €15,199 | +€5,725 | +60.4% |
| Amounts payable within one year | 42/48 | €9,474 | €15,199 | +€5,725 | +60.4% |
| Trade debts | 44 | €671 | €377 | -€294 | -43.8% |
| Suppliers | 440/4 | €671 | €377 | -€294 | -43.8% |
| Taxes, remuneration and social security | 45 | €3,764 | €2,319 | -€1,445 | -38.4% |
| Taxes | 450/3 | €3,764 | €2,319 | -€1,445 | -38.4% |
| Other amounts payable | 47/48 | €5,039 | €12,503 | +€7,464 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,026 | €4,126 | +€3,100 | +302% |
| Other operating charges | 640/8 | €384 | €399 | +€15 | +3.8% |
| Gross operating margin | 9900 | €7,791 | €1,814 | -€5,977 | -76.7% |
| Operating profit (loss) | 9901 | €6,381 | -€2,711 | -€9,092 | |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €153 | €304 | +€151 | +98.4% |
| Recurring financial charges | 65 | €153 | €304 | +€151 | +98.4% |
| Profit (loss) for the period before taxes | 9903 | €6,228 | -€3,005 | -€9,232 | |
| Income taxes | 67/77 | €2,099 | €227 | -€1,872 | -89.2% |
| Profit (loss) for the period | 9904 | €4,128 | -€3,232 | -€7,360 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,128 | -€3,232 | -€7,360 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.