Azimut: 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.
Azimut
Largest movements
- Tangible fixed assets +€623,502
up €623,502 (+12914.3%), from €4,828 to €628,330
of which Land and buildings: +€624,283
- Receivables within one year -€105,712
down €105,712 (-77.7%), from €136,124 to €30,412
of which Other amounts receivable: -€77,770
- Debts after one year +€423,601
up €423,601, from €0 to €423,601
- Other debts +€126,456
up €126,456 (+1150.7%), from €10,989 to €137,446
- Profit (loss) carried forward -€39,255
down €39,255 (-13.7%), from -€286,651 to -€325,906
- Current portion of long-term debt +€15,236
up €15,236, from €0 to €15,236
- Trade debts -€9,130
down €9,130 (-82.1%), from €11,116 to €1,986
- Gross operating margin -€70,347
down €70,347 (-81.1%), from €86,688 to €16,341
- Depreciation +€41,476
up €41,476 (+5438.7%), from €763 to €42,238
- Financial charges +€13,658
up €13,658 (+803.4%), from €1,700 to €15,359
of which Financial charges: +€13,156
- Other operating charges +€5,778
up €5,778 (+257.3%), from €2,246 to €8,024
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 | €147,675 | €662,263 | +€514,588 | +348.5% |
| Fixed assets | 21/28 | €5,113 | €628,615 | +€623,502 | +12194.4% |
| Tangible fixed assets | 22/27 | €4,828 | €628,330 | +€623,502 | +12914.3% |
| Land and buildings | 22 | €0 | €624,283 | +€624,283 | |
| Plant, machinery and equipment | 23 | - | €4,047 | +€4,047 | |
| Other tangible fixed assets | 26 | €1,525 | €0 | -€1,525 | -100.0% |
| Assets under construction and advance payments | 27 | €3,303 | €0 | -€3,303 | -100.0% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €142,562 | €33,648 | -€108,914 | -76.4% |
| Amounts receivable within one year | 40/41 | €136,124 | €30,412 | -€105,712 | -77.7% |
| Trade receivables | 40 | €56,946 | €29,003 | -€27,943 | -49.1% |
| Other amounts receivable | 41 | €79,178 | €1,409 | -€77,770 | -98.2% |
| Cash at bank and in hand | 54/58 | €6,438 | €3,236 | -€3,202 | -49.7% |
| Total equity and liabilities | 10/49 | €147,675 | €662,263 | +€514,588 | +348.5% |
| Equity | 10/15 | €41,167 | -€5,675 | -€46,842 | |
| Contributions | 10/11 | €75,600 | €75,600 | = | 0.0% |
| Reserves | 13 | €252,218 | €244,631 | -€7,587 | -3.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €250,358 | €242,771 | -€7,587 | -3.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€286,651 | -€325,906 | -€39,255 | -13.7% |
| Provisions and deferred taxes | 16 | €83,453 | €80,924 | -€2,529 | -3.0% |
| Deferred taxes | 168 | €83,453 | €80,924 | -€2,529 | -3.0% |
| Amounts payable | 17/49 | €23,056 | €587,014 | +€563,959 | +2446.1% |
| Amounts payable after more than one year | 17 | €0 | €423,601 | +€423,601 | |
| Financial debts | 170/4 | €0 | €423,601 | +€423,601 | |
| Amounts payable within one year | 42/48 | €23,056 | €162,023 | +€138,968 | +602.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €15,236 | +€15,236 | |
| Trade debts | 44 | €11,116 | €1,986 | -€9,130 | -82.1% |
| Suppliers | 440/4 | €11,116 | €1,986 | -€9,130 | -82.1% |
| Taxes, remuneration and social security | 45 | €951 | €7,355 | +€6,404 | +673.5% |
| Taxes | 450/3 | €951 | €7,355 | +€6,404 | +673.5% |
| Other amounts payable | 47/48 | €10,989 | €137,446 | +€126,456 | +1150.7% |
| Accrued charges and deferred income | 492/3 | - | €1,390 | +€1,390 | |
| Non-recurring operating income | 76A | €94,986 | €0 | -€94,986 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €763 | €42,238 | +€41,476 | +5438.7% |
| Other operating charges | 640/8 | €2,246 | €8,024 | +€5,778 | +257.3% |
| Gross operating margin | 9900 | €86,688 | €16,341 | -€70,347 | -81.1% |
| Operating profit (loss) | 9901 | €83,679 | -€33,922 | -€117,601 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,700 | €15,359 | +€13,658 | +803.4% |
| Recurring financial charges | 65 | €1,700 | €14,856 | +€13,156 | +773.8% |
| Non-recurring financial charges | 66B | €0 | €502 | +€502 | |
| Profit (loss) for the period before taxes | 9903 | €81,979 | -€49,280 | -€131,259 | |
| Transfer from deferred taxes | 780 | - | €2,529 | +€2,529 | |
| Income taxes | 67/77 | - | €91 | +€91 | |
| Profit (loss) for the period | 9904 | €81,979 | -€46,842 | -€128,821 | |
| Transfer from tax-exempt reserves | 789 | - | €7,587 | +€7,587 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,979 | -€39,255 | -€121,235 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.