AZHAR-BOUFDAN: 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.
AZHAR-BOUFDAN
Largest movements
- Receivables within one year +€41,681
up €41,681 (+55.2%), from €75,544 to €117,225
of which Other amounts receivable: +€34,069
- Tangible fixed assets +€5,719
up €5,719 (+591%), from €968 to €6,688
- Profit (loss) carried forward +€30,611
up €30,611 (+26.5%), from €115,681 to €146,292
- Trade debts +€14,305
up €14,305 (+62.3%), from €22,951 to €37,255
- Staff costs +€7,309
up €7,309 (+70.6%), from €10,353 to €17,662
- Financial charges -€6,172
down €6,172 (-97.9%), from €6,306 to €134
of which Non-recurring financial charges: -€6,140
- Gross operating margin +€4,743
up €4,743 (+8.9%), from €53,102 to €57,845
- Depreciation +€2,661
up €2,661 (+2,997%), from €89 to €2,750
- Taxes +€2,409
up €2,409 (+73.8%), from €3,265 to €5,674
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 | €147,582 | €194,201 | +€46,619 | +31.6% |
| Fixed assets | 21/28 | €3,568 | €9,288 | +€5,719 | +160% |
| Tangible fixed assets | 22/27 | €968 | €6,688 | +€5,719 | +591% |
| Furniture and vehicles | 24 | €968 | €6,688 | +€5,719 | +591% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €144,014 | €184,914 | +€40,899 | +28.4% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €75,544 | €117,225 | +€41,681 | +55.2% |
| Trade receivables | 40 | €5,182 | €12,794 | +€7,612 | +147% |
| Other amounts receivable | 41 | €70,362 | €104,431 | +€34,069 | +48.4% |
| Cash at bank and in hand | 54/58 | €8,470 | €7,689 | -€782 | -9.2% |
| Total equity and liabilities | 10/49 | €147,582 | €194,201 | +€46,619 | +31.6% |
| Equity | 10/15 | €123,741 | €154,352 | +€30,611 | +24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,681 | €146,292 | +€30,611 | +26.5% |
| Amounts payable | 17/49 | €23,841 | €39,849 | +€16,008 | +67.1% |
| Amounts payable within one year | 42/48 | €23,841 | €39,849 | +€16,008 | +67.1% |
| Trade debts | 44 | €22,951 | €37,255 | +€14,305 | +62.3% |
| Suppliers | 440/4 | €22,951 | €37,255 | +€14,305 | +62.3% |
| Taxes, remuneration and social security | 45 | €891 | €2,594 | +€1,703 | +191% |
| Taxes | 450/3 | - | €2,143 | +€2,143 | |
| Remuneration and social security | 454/9 | €891 | €450 | -€440 | -49.4% |
| Remuneration, social security and pensions | 62 | €10,353 | €17,662 | +€7,309 | +70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89 | €2,750 | +€2,661 | +2,997% |
| Other operating charges | 640/8 | €350 | €1,014 | +€664 | +190% |
| Gross operating margin | 9900 | €53,102 | €57,845 | +€4,743 | +8.9% |
| Operating profit (loss) | 9901 | €42,310 | €36,419 | -€5,892 | -13.9% |
| Financial income | 75/76B | €346 | - | -€346 | |
| Recurring financial income | 75 | €346 | - | -€346 | |
| Non-recurring financial income | 76B | €346 | - | -€346 | |
| Financial charges | 65/66B | €6,306 | €134 | -€6,172 | -97.9% |
| Recurring financial charges | 65 | €166 | €134 | -€32 | -19.4% |
| Non-recurring financial charges | 66B | €6,140 | - | -€6,140 | |
| Profit (loss) for the period before taxes | 9903 | €36,350 | €36,285 | -€65 | -0.2% |
| Income taxes | 67/77 | €3,265 | €5,674 | +€2,409 | +73.8% |
| Profit (loss) for the period | 9904 | €33,085 | €30,611 | -€2,474 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,085 | €30,611 | -€2,474 | -7.5% |
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.