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
- Financial fixed assets +€10,000
new in 2025: €10,000
- Receivables within one year -€7,930
down €7,930 (-34.4%), from €23,040 to €15,110
of which Trade receivables: -€7,930
- Deferred charges and accrued income +€5,789
new in 2025: €5,789
- Cash -€1,423
down €1,423 (-33.0%), from €4,307 to €2,884
mainly Investment in fixed assets (net) (-€10,000) and Deferred charges and accrued income (-€5,789)
- Other debts +€8,788
up €8,788 (+645%), from €1,362 to €10,149
- Tax, wage and social debts -€2,952
down €2,952 (-32.1%), from €9,184 to €6,233
of which Taxes: -€4,952
- Accrued charges and deferred income +€586
up €586, from €0 to €586
- Gross operating margin +€3,405
up €3,405, from -€532 to €2,873
- Taxes +€861
up €861 (+171%), from €505 to €1,366
- Other operating charges +€488
up €488 (+126%), from €387 to €876
- Financial charges +€429
up €429 (+234%), from €184 to €613
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 | €27,347 | €33,783 | +€6,436 | +23.5% |
| Fixed assets | 21/28 | - | €10,000 | +€10,000 | |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €27,347 | €23,783 | -€3,564 | -13.0% |
| Amounts receivable within one year | 40/41 | €23,040 | €15,110 | -€7,930 | -34.4% |
| Trade receivables | 40 | €23,040 | €15,110 | -€7,930 | -34.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,307 | €2,884 | -€1,423 | -33.0% |
| Deferred charges and accrued income | 490/1 | - | €5,789 | +€5,789 | |
| Total equity and liabilities | 10/49 | €27,347 | €33,783 | +€6,436 | +23.5% |
| Equity | 10/15 | €8,757 | €8,776 | +€19 | +0.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €6,757 | €6,776 | +€19 | +0.3% |
| Distributable reserves | 133 | €6,757 | €6,776 | +€19 | +0.3% |
| Amounts payable | 17/49 | €18,589 | €25,007 | +€6,417 | +34.5% |
| Amounts payable within one year | 42/48 | €18,589 | €24,420 | +€5,831 | +31.4% |
| Trade debts | 44 | €8,043 | €8,038 | -€4 | -0.1% |
| Suppliers | 440/4 | €8,043 | €8,038 | -€4 | -0.1% |
| Taxes, remuneration and social security | 45 | €9,184 | €6,233 | -€2,952 | -32.1% |
| Taxes | 450/3 | €9,184 | €4,233 | -€4,952 | -53.9% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €1,362 | €10,149 | +€8,788 | +645% |
| Accrued charges and deferred income | 492/3 | €0 | €586 | +€586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €387 | €876 | +€488 | +126% |
| Gross operating margin | 9900 | -€532 | €2,873 | +€3,405 | |
| Operating profit (loss) | 9901 | -€919 | €1,997 | +€2,917 | |
| Financial charges | 65/66B | €184 | €613 | +€429 | +234% |
| Recurring financial charges | 65 | €184 | €613 | +€429 | +234% |
| Profit (loss) for the period before taxes | 9903 | -€1,103 | €1,384 | +€2,487 | |
| Income taxes | 67/77 | €505 | €1,366 | +€861 | +171% |
| Profit (loss) for the period | 9904 | -€1,608 | €19 | +€1,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,608 | €19 | +€1,627 |
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 14 October 2026 via checked.be.