AZEVEDO: 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.
AZEVEDO
Largest movements
- Receivables after one year -€23,677
down €23,677 (-6.1%), from €389,365 to €365,688
- Cash -€6,528
no longer reported in 2025 (was €6,528)
mainly Trade debts (-€29,859) and Contributions, distributions and other (-€13,999)
- Trade debts -€29,859
no longer reported in 2025 (was €29,859)
- Tax, wage and social debts -€12,859
down €12,859 (-62.1%), from €20,715 to €7,857
of which Taxes: -€12,608
- Reserves +€9,870
up €9,870 (+11.2%), from €88,101 to €97,970
of which Distributable reserves: +€9,869
- Short-term financial debts +€4,999
up €4,999 (+379%), from €1,319 to €6,318
of which Credit institutions: +€4,698
- Gross operating margin -€8,492
down €8,492 (-17.5%), from €48,654 to €40,161
- Taxes -€4,500
down €4,500 (-26.5%), from €17,000 to €12,500
- Other operating charges -€978
down €978 (-50.1%), from €1,952 to €974
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 | €412,537 | €384,688 | -€27,849 | -6.8% |
| Fixed assets | 21/28 | €1,561 | €1,284 | -€277 | -17.7% |
| Tangible fixed assets | 22/27 | €1,298 | €1,021 | -€277 | -21.3% |
| Furniture and vehicles | 24 | €1,298 | €1,021 | -€277 | -21.3% |
| Financial fixed assets | 28 | €263 | €263 | = | 0.0% |
| Current assets | 29/58 | €410,976 | €383,404 | -€27,572 | -6.7% |
| Amounts receivable after more than one year | 29 | €389,365 | €365,688 | -€23,677 | -6.1% |
| Trade receivables | 290 | €389,365 | €365,688 | -€23,677 | -6.1% |
| Amounts receivable within one year | 40/41 | €10,957 | €13,702 | +€2,744 | +25.0% |
| Trade receivables | 40 | €10,957 | €13,702 | +€2,744 | +25.0% |
| Cash at bank and in hand | 54/58 | €6,528 | - | -€6,528 | |
| Deferred charges and accrued income | 490/1 | €4,126 | €4,015 | -€111 | -2.7% |
| Total equity and liabilities | 10/49 | €412,537 | €384,688 | -€27,849 | -6.8% |
| Equity | 10/15 | €360,644 | €370,514 | +€9,870 | +2.7% |
| Contributions | 10/11 | €6,197 | €6,197 | +€0 | 0.0% |
| Reserves | 13 | €88,101 | €97,970 | +€9,870 | +11.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | +€0 | 0.0% |
| Distributable reserves | 133 | €86,242 | €96,111 | +€9,869 | +11.4% |
| Profit (loss) carried forward | 14 | €266,346 | €266,346 | +€0 | 0.0% |
| Amounts payable | 17/49 | €51,893 | €14,174 | -€37,719 | -72.7% |
| Amounts payable within one year | 42/48 | €51,893 | €14,174 | -€37,719 | -72.7% |
| Financial debts | 43 | €1,319 | €6,318 | +€4,999 | +379% |
| Credit institutions | 430/8 | €1,319 | €6,017 | +€4,698 | +356% |
| Other loans | 439 | - | €301 | +€301 | |
| Trade debts | 44 | €29,859 | - | -€29,859 | |
| Suppliers | 440/4 | €29,859 | - | -€29,859 | |
| Taxes, remuneration and social security | 45 | €20,715 | €7,857 | -€12,859 | -62.1% |
| Taxes | 450/3 | €20,465 | €7,857 | -€12,608 | -61.6% |
| Remuneration and social security | 454/9 | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €920 | €920 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,952 | €974 | -€978 | -50.1% |
| Gross operating margin | 9900 | €48,654 | €40,161 | -€8,492 | -17.5% |
| Operating profit (loss) | 9901 | €45,782 | €38,268 | -€7,514 | -16.4% |
| Financial charges | 65/66B | €1,540 | €1,898 | +€358 | +23.3% |
| Recurring financial charges | 65 | €1,540 | €1,898 | +€358 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €44,242 | €36,369 | -€7,872 | -17.8% |
| Income taxes | 67/77 | €17,000 | €12,500 | -€4,500 | -26.5% |
| Profit (loss) for the period | 9904 | €27,242 | €23,869 | -€3,372 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,242 | €23,869 | -€3,372 | -12.4% |
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.