Azert: 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.
Azert
Largest movements
- Cash +€16,937
up €16,937 (+20.7%), from €81,725 to €98,662
mainly Other debts (+€184,274) and Net result for the year (+€34,021)
- Tangible fixed assets -€14,803
down €14,803 (-4.9%), from €303,202 to €288,399
of which Land and buildings: -€14,215
- Other debts +€184,274
up €184,274 (+945.3%), from €19,493 to €203,767
- Reserves -€170,977
down €170,977 (-96.9%), from €176,482 to €5,505
of which Distributable reserves: -€170,977
- Debts after one year -€19,097
down €19,097 (-12.2%), from €156,000 to €136,902
- Accrued charges and deferred income +€5,183
up €5,183 (+341.9%), from €1,516 to €6,699
- Gross operating margin +€18,539
up €18,539 (+33.3%), from €55,698 to €74,237
- Financial charges +€5,522
up €5,522 (+102.7%), from €5,375 to €10,896
- Taxes +€5,223
up €5,223 (+74.9%), from €6,973 to €12,196
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.
Cash bridge derived
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 | €403,517 | €406,950 | +€3,434 | +0.9% |
| Fixed assets | 21/28 | €303,202 | €288,399 | -€14,803 | -4.9% |
| Tangible fixed assets | 22/27 | €303,202 | €288,399 | -€14,803 | -4.9% |
| Land and buildings | 22 | €287,978 | €273,763 | -€14,215 | -4.9% |
| Furniture and vehicles | 24 | €514 | €2,195 | +€1,681 | +327.0% |
| Other tangible fixed assets | 26 | €14,710 | €12,441 | -€2,269 | -15.4% |
| Current assets | 29/58 | €100,315 | €118,551 | +€18,237 | +18.2% |
| Amounts receivable within one year | 40/41 | €16,108 | €17,119 | +€1,011 | +6.3% |
| Trade receivables | 40 | €15,081 | €16,092 | +€1,011 | +6.7% |
| Other amounts receivable | 41 | €1,027 | €1,027 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,725 | €98,662 | +€16,937 | +20.7% |
| Deferred charges and accrued income | 490/1 | €2,482 | €2,770 | +€289 | +11.6% |
| Total equity and liabilities | 10/49 | €403,517 | €406,950 | +€3,434 | +0.9% |
| Equity | 10/15 | €195,082 | €24,105 | -€170,977 | -87.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,482 | €5,505 | -€170,977 | -96.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €5,505 | €5,505 | = | 0.0% |
| Distributable reserves | 133 | €170,977 | €0 | -€170,977 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €208,435 | €382,845 | +€174,410 | +83.7% |
| Amounts payable after more than one year | 17 | €156,000 | €136,902 | -€19,097 | -12.2% |
| Financial debts | 170/4 | €156,000 | €136,902 | -€19,097 | -12.2% |
| Amounts payable within one year | 42/48 | €50,919 | €239,244 | +€188,324 | +369.8% |
| Current portion of amounts payable after more than one year | 42 | €20,273 | €19,097 | -€1,175 | -5.8% |
| Trade debts | 44 | €1,029 | €4,201 | +€3,172 | +308.3% |
| Suppliers | 440/4 | €1,029 | €4,201 | +€3,172 | +308.3% |
| Taxes, remuneration and social security | 45 | €10,125 | €12,178 | +€2,053 | +20.3% |
| Taxes | 450/3 | €10,125 | €12,178 | +€2,053 | +20.3% |
| Other amounts payable | 47/48 | €19,493 | €203,767 | +€184,274 | +945.3% |
| Accrued charges and deferred income | 492/3 | €1,516 | €6,699 | +€5,183 | +341.9% |
| Non-recurring operating income | 76A | €10,881 | €0 | -€10,881 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,790 | €17,236 | +€447 | +2.7% |
| Other operating charges | 640/8 | €855 | €400 | -€455 | -53.2% |
| Gross operating margin | 9900 | €55,698 | €74,237 | +€18,539 | +33.3% |
| Operating profit (loss) | 9901 | €38,054 | €56,601 | +€18,547 | +48.7% |
| Financial income | 75/76B | €730 | €513 | -€217 | -29.8% |
| Recurring financial income | 75 | €730 | €513 | -€217 | -29.8% |
| Financial charges | 65/66B | €5,375 | €10,896 | +€5,522 | +102.7% |
| Recurring financial charges | 65 | €5,375 | €10,896 | +€5,522 | +102.7% |
| Profit (loss) for the period before taxes | 9903 | €33,409 | €46,217 | +€12,808 | +38.3% |
| Income taxes | 67/77 | €6,973 | €12,196 | +€5,223 | +74.9% |
| Profit (loss) for the period | 9904 | €26,436 | €34,021 | +€7,585 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,436 | €34,021 | +€7,585 | +28.7% |
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 11 October 2026 via checked.be.