AZIMUT: what changed
Two fiscal 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.
AZIMUT
Largest movements
- Cash -€927,983
down €927,983 (-60.6%), from €1.5m to €602,155
mainly Other debts (-€501,811) and Trade debts (-€501,713)
- Current investments +€263,305
up €263,305 (+78.5%), from €335,215 to €598,520
- Intangible fixed assets -€120,627
down €120,627 (-10.9%), from €1.1m to €987,841
- Receivables within one year -€117,718
down €117,718 (-77.7%), from €151,445 to €33,727
of which Trade receivables: -€123,601
- Other debts -€501,811
down €501,811 (-22.8%), from €2.2m to €1.7m
- Trade debts -€501,713
down €501,713 (-77.1%), from €650,981 to €149,268
- Short-term financial debts -€307,746
down €307,746 (-6.7%), from €4.6m to €4.3m
- Profit (loss) carried forward +€261,624
up €261,624 (+75.4%), from -€347,187 to -€85,563
- Accrued charges and deferred income +€194,868
up €194,868 (+1209.3%), from €16,114 to €210,981
- Gross operating margin +€476,646
up €476,646 (+24.2%), from €2.0m to €2.4m
- Depreciation +€77,556
up €77,556 (+18.5%), from €419,537 to €497,093
- Financial charges -€54,676
down €54,676 (-14.8%), from €370,030 to €315,354
of which Financial charges: -€56,478
- Other operating charges +€37,591
up €37,591 (+20.9%), from €179,828 to €217,419
- Staff costs +€35,973
up €35,973 (+3.3%), from €1.1m to €1.1m
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 | €8,019,325 | €7,179,499 | -€839,826 | -10.5% |
| Fixed assets | 21/28 | €5,979,156 | €5,928,129 | -€51,027 | -0.9% |
| Intangible fixed assets | 21 | €1,108,469 | €987,841 | -€120,627 | -10.9% |
| Tangible fixed assets | 22/27 | €4,861,483 | €4,931,083 | +€69,601 | +1.4% |
| Land and buildings | 22 | €4,307,232 | €4,773,477 | +€466,245 | +10.8% |
| Plant, machinery and equipment | 23 | - | €5,497 | +€5,497 | |
| Furniture and vehicles | 24 | €17,689 | €20,075 | +€2,387 | +13.5% |
| Assets under construction and advance payments | 27 | €536,563 | €132,035 | -€404,528 | -75.4% |
| Financial fixed assets | 28 | €9,204 | €9,204 | = | 0.0% |
| Current assets | 29/58 | €2,040,169 | €1,251,370 | -€788,799 | -38.7% |
| Amounts receivable within one year | 40/41 | €151,445 | €33,727 | -€117,718 | -77.7% |
| Trade receivables | 40 | €146,670 | €23,070 | -€123,601 | -84.3% |
| Other amounts receivable | 41 | €4,774 | €10,657 | +€5,882 | +123.2% |
| Current investments | 50/53 | €335,215 | €598,520 | +€263,305 | +78.5% |
| Cash at bank and in hand | 54/58 | €1,530,138 | €602,155 | -€927,983 | -60.6% |
| Deferred charges and accrued income | 490/1 | €23,371 | €16,969 | -€6,403 | -27.4% |
| Total equity and liabilities | 10/49 | €8,019,325 | €7,179,499 | -€839,826 | -10.5% |
| Equity | 10/15 | €346,368 | €607,992 | +€261,624 | +75.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €411,750 | €392,625 | -€19,125 | -4.6% |
| Reserves | 13 | €263,213 | €282,338 | +€19,125 | +7.3% |
| Tax-exempt reserves | 132 | - | €57,375 | +€57,375 | |
| Distributable reserves | 133 | €263,213 | €224,963 | -€38,250 | -14.5% |
| Profit (loss) carried forward | 14 | -€347,187 | -€85,563 | +€261,624 | +75.4% |
| Amounts payable | 17/49 | €7,672,957 | €6,571,507 | -€1.1m | -14.4% |
| Amounts payable within one year | 42/48 | €7,656,843 | €6,360,525 | -€1.3m | -16.9% |
| Financial debts | 43 | €4,600,000 | €4,292,254 | -€307,746 | -6.7% |
| Credit institutions | 430/8 | €4,600,000 | €4,292,254 | -€307,746 | -6.7% |
| Trade debts | 44 | €650,981 | €149,268 | -€501,713 | -77.1% |
| Suppliers | 440/4 | €650,981 | €149,268 | -€501,713 | -77.1% |
| Advances received on contracts in progress | 46 | €90,228 | €99,320 | +€9,093 | +10.1% |
| Taxes, remuneration and social security | 45 | €119,261 | €125,121 | +€5,860 | +4.9% |
| Taxes | 450/3 | €7,635 | €12,950 | +€5,315 | +69.6% |
| Remuneration and social security | 454/9 | €111,627 | €112,171 | +€545 | +0.5% |
| Other amounts payable | 47/48 | €2,196,372 | €1,694,562 | -€501,811 | -22.8% |
| Accrued charges and deferred income | 492/3 | €16,114 | €210,981 | +€194,868 | +1209.3% |
| Remuneration, social security and pensions | 62 | €1,098,519 | €1,134,492 | +€35,973 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €419,537 | €497,093 | +€77,556 | +18.5% |
| Other operating charges | 640/8 | €179,828 | €217,419 | +€37,591 | +20.9% |
| Non-recurring operating charges | 66A | €106,579 | €27,205 | -€79,374 | -74.5% |
| Gross operating margin | 9900 | €1,969,422 | €2,446,068 | +€476,646 | +24.2% |
| Operating profit (loss) | 9901 | €164,959 | €569,859 | +€404,900 | +245.5% |
| Financial income | 75/76B | €18,384 | €7,118 | -€11,265 | -61.3% |
| Recurring financial income | 75 | €18,384 | €7,118 | -€11,265 | -61.3% |
| Financial charges | 65/66B | €370,030 | €315,354 | -€54,676 | -14.8% |
| Recurring financial charges | 65 | €370,030 | €313,552 | -€56,478 | -15.3% |
| Non-recurring financial charges | 66B | - | €1,802 | +€1,802 | |
| Profit (loss) for the period before taxes | 9903 | -€186,687 | €261,624 | +€448,311 | |
| Profit (loss) for the period | 9904 | -€186,687 | €261,624 | +€448,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€186,687 | €261,624 | +€448,311 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.