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
- Receivables within one year +€107,860
up €107,860 (+80.3%), from €134,364 to €242,224
of which Trade receivables: +€111,329
- Tangible fixed assets +€78,160
up €78,160 (+123.2%), from €63,462 to €141,622
- Cash +€12,174
up €12,174 (+33.2%), from €36,687 to €48,861
mainly Trade debts (+€74,405) and Net result for the year (+€62,945)
- Trade debts +€74,405
up €74,405 (+118.1%), from €62,995 to €137,400
- Debts after one year +€53,151
up €53,151 (+281.8%), from €18,861 to €72,012
- Profit (loss) carried forward +€42,945
up €42,945 (+45.1%), from €95,324 to €138,270
- Current portion of long-term debt +€18,262
up €18,262 (+302.4%), from €6,040 to €24,302
- Tax, wage and social debts +€11,893
up €11,893 (+44.7%), from €26,613 to €38,505
of which Taxes: +€10,419
- Gross operating margin +€73,797
up €73,797 (+50.4%), from €146,356 to €220,152
- Purchases and services +€70,762
up €70,762 (+5.3%), from €1.3m to €1.4m
- Staff costs +€42,530
up €42,530 (+166.6%), from €25,530 to €68,060
- Depreciation +€24,057
up €24,057 (+147.0%), from €16,367 to €40,424
- Taxes +€10,303
up €10,303 (+45.8%), from €22,513 to €32,817
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 | €234,513 | €435,820 | +€201,308 | +85.8% |
| Fixed assets | 21/28 | €63,462 | €141,622 | +€78,160 | +123.2% |
| Tangible fixed assets | 22/27 | €63,462 | €141,622 | +€78,160 | +123.2% |
| Furniture and vehicles | 24 | €63,462 | €141,622 | +€78,160 | +123.2% |
| Current assets | 29/58 | €171,051 | €294,199 | +€123,148 | +72.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €134,364 | €242,224 | +€107,860 | +80.3% |
| Trade receivables | 40 | €124,196 | €235,525 | +€111,329 | +89.6% |
| Other amounts receivable | 41 | €10,168 | €6,699 | -€3,469 | -34.1% |
| Cash at bank and in hand | 54/58 | €36,687 | €48,861 | +€12,174 | +33.2% |
| Deferred charges and accrued income | 490/1 | - | €3,114 | +€3,114 | |
| Total equity and liabilities | 10/49 | €234,513 | €435,820 | +€201,308 | +85.8% |
| Equity | 10/15 | €98,324 | €141,270 | +€42,945 | +43.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,324 | €138,270 | +€42,945 | +45.1% |
| Amounts payable | 17/49 | €136,188 | €294,551 | +€158,362 | +116.3% |
| Amounts payable after more than one year | 17 | €18,861 | €72,012 | +€53,151 | +281.8% |
| Financial debts | 170/4 | €18,861 | €72,012 | +€53,151 | +281.8% |
| Amounts payable within one year | 42/48 | €117,328 | €222,538 | +€105,211 | +89.7% |
| Current portion of amounts payable after more than one year | 42 | €6,040 | €24,302 | +€18,262 | +302.4% |
| Trade debts | 44 | €62,995 | €137,400 | +€74,405 | +118.1% |
| Suppliers | 440/4 | €62,995 | €137,400 | +€74,405 | +118.1% |
| Taxes, remuneration and social security | 45 | €26,613 | €38,505 | +€11,893 | +44.7% |
| Taxes | 450/3 | €24,500 | €34,919 | +€10,419 | +42.5% |
| Remuneration and social security | 454/9 | €2,113 | €3,586 | +€1,474 | +69.8% |
| Other amounts payable | 47/48 | €21,680 | €22,331 | +€651 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,335,057 | €1,405,818 | +€70,762 | +5.3% |
| Remuneration, social security and pensions | 62 | €25,530 | €68,060 | +€42,530 | +166.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,367 | €40,424 | +€24,057 | +147.0% |
| Other operating charges | 640/8 | €3,909 | €11,646 | +€7,736 | +197.9% |
| Gross operating margin | 9900 | €146,356 | €220,152 | +€73,797 | +50.4% |
| Operating profit (loss) | 9901 | €100,549 | €100,023 | -€526 | -0.5% |
| Financial income | 75/76B | €74 | €26 | -€48 | -64.9% |
| Recurring financial income | 75 | €74 | €26 | -€48 | -64.9% |
| Financial charges | 65/66B | €61 | €4,287 | +€4,226 | +6928.6% |
| Recurring financial charges | 65 | €61 | €4,287 | +€4,226 | +6928.6% |
| Profit (loss) for the period before taxes | 9903 | €100,562 | €95,762 | -€4,800 | -4.8% |
| Income taxes | 67/77 | €22,513 | €32,817 | +€10,303 | +45.8% |
| Profit (loss) for the period | 9904 | €78,049 | €62,945 | -€15,103 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,049 | €62,945 | -€15,103 | -19.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.