Azero: 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.
Azero
Largest movements
- Receivables within one year -€8,870
down €8,870 (-90.9%), from €9,756 to €886
- Tangible fixed assets -€8,195
down €8,195 (-33.2%), from €24,649 to €16,455
- Cash +€1,260
up €1,260 (+2.6%), from €48,547 to €49,806
mainly Current portion of long-term debt (+€9,662) and Receivables within one year (+€8,870)
- Other debts -€21,374
down €21,374 (-90.9%), from €23,512 to €2,138
- Current portion of long-term debt +€9,662
new in 2025: €9,662
- Tax, wage and social debts -€9,158
down €9,158 (-57.7%), from €15,871 to €6,713
- Debts after one year +€3,304
new in 2025: €3,304
- Reserves +€1,884
up €1,884 (+4.3%), from €44,258 to €46,142
- Gross operating margin -€27,174
down €27,174 (-66.7%), from €40,759 to €13,585
- Taxes -€5,790
down €5,790 (-83.6%), from €6,922 to €1,132
- Financial charges +€1,829
up €1,829 (+4,147%), from €44 to €1,873
- Depreciation +€474
up €474 (+6.1%), from €7,720 to €8,195
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 | €85,101 | €69,319 | -€15,782 | -18.5% |
| Fixed assets | 21/28 | €24,649 | €16,455 | -€8,195 | -33.2% |
| Tangible fixed assets | 22/27 | €24,649 | €16,455 | -€8,195 | -33.2% |
| Furniture and vehicles | 24 | €24,649 | €16,455 | -€8,195 | -33.2% |
| Current assets | 29/58 | €60,451 | €52,864 | -€7,587 | -12.6% |
| Amounts receivable within one year | 40/41 | €9,756 | €886 | -€8,870 | -90.9% |
| Trade receivables | 40 | €9,756 | €886 | -€8,870 | -90.9% |
| Cash at bank and in hand | 54/58 | €48,547 | €49,806 | +€1,260 | +2.6% |
| Deferred charges and accrued income | 490/1 | €2,149 | €2,172 | +€23 | +1.1% |
| Total equity and liabilities | 10/49 | €85,101 | €69,319 | -€15,782 | -18.5% |
| Equity | 10/15 | €44,358 | €46,242 | +€1,884 | +4.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €44,258 | €46,142 | +€1,884 | +4.3% |
| Distributable reserves | 133 | €44,258 | €46,142 | +€1,884 | +4.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €40,743 | €23,077 | -€17,666 | -43.4% |
| Amounts payable after more than one year | 17 | - | €3,304 | +€3,304 | |
| Financial debts | 170/4 | - | €3,304 | +€3,304 | |
| Amounts payable within one year | 42/48 | €40,743 | €19,773 | -€20,971 | -51.5% |
| Current portion of amounts payable after more than one year | 42 | - | €9,662 | +€9,662 | |
| Financial debts | 43 | - | €10 | +€10 | |
| Other loans | 439 | - | €10 | +€10 | |
| Trade debts | 44 | €1,360 | €1,251 | -€110 | -8.1% |
| Suppliers | 440/4 | €1,360 | €1,251 | -€110 | -8.1% |
| Taxes, remuneration and social security | 45 | €15,871 | €6,713 | -€9,158 | -57.7% |
| Taxes | 450/3 | €15,871 | €6,713 | -€9,158 | -57.7% |
| Other amounts payable | 47/48 | €23,512 | €2,138 | -€21,374 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,720 | €8,195 | +€474 | +6.1% |
| Other operating charges | 640/8 | €547 | €501 | -€46 | -8.4% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100% |
| Gross operating margin | 9900 | €40,759 | €13,585 | -€27,174 | -66.7% |
| Operating profit (loss) | 9901 | €32,242 | €4,889 | -€27,353 | -84.8% |
| Financial charges | 65/66B | €44 | €1,873 | +€1,829 | +4,147% |
| Recurring financial charges | 65 | €44 | €1,873 | +€1,829 | +4,147% |
| Profit (loss) for the period before taxes | 9903 | €32,198 | €3,016 | -€29,181 | -90.6% |
| Income taxes | 67/77 | €6,922 | €1,132 | -€5,790 | -83.6% |
| Profit (loss) for the period | 9904 | €25,276 | €1,884 | -€23,391 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,276 | €1,884 | -€23,391 | -92.5% |
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 17 October 2026 via checked.be.