AZIMUT Entreprendre: 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 Entreprendre
Largest movements
- Receivables within one year +€827,616
up €827,616 (+212%), from €390,076 to €1.2m
of which Other amounts receivable: +€878,299
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Cash -€76,588
down €76,588 (-8.7%), from €879,415 to €802,827
mainly Receivables within one year (-€827,616) and Net result for the year (-€12,879)
- Accrued charges and deferred income +€229,401
up €229,401 (+46.3%), from €495,046 to €724,446
- Debts within one year +€53,040
up €53,040 (+6.9%), from €774,212 to €827,252
- Staff costs +€220,294
up €220,294 (+19.0%), from €1.2m to €1.4m
- Taxes -€41,192
down €41,192 (-53.0%), from €77,741 to €36,549
- Write-downs -€27,980
down €27,980, from €20,252 to -€7,727
- Other operating charges +€21,880
up €21,880 (+39.2%), from €55,762 to €77,643
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 | €1,804,429 | €2,060,022 | +€255,593 | +14.2% |
| Fixed assets | 21/28 | €23,344 | €26,662 | +€3,318 | +14.2% |
| Tangible fixed assets | 22/27 | €10,421 | €6,978 | -€3,442 | -33.0% |
| Furniture and vehicles | 24 | €10,421 | €6,978 | -€3,442 | -33.0% |
| Financial fixed assets | 28 | €12,923 | €19,683 | +€6,760 | +52.3% |
| Current assets | 29/58 | €1,781,085 | €2,033,360 | +€252,275 | +14.2% |
| Amounts receivable within one year | 40/41 | €390,076 | €1,217,692 | +€827,616 | +212% |
| Trade receivables | 40 | €119,205 | €68,522 | -€50,683 | -42.5% |
| Other amounts receivable | 41 | €270,871 | €1,149,170 | +€878,299 | +324% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €879,415 | €802,827 | -€76,588 | -8.7% |
| Deferred charges and accrued income | 490/1 | €11,595 | €12,841 | +€1,247 | +10.8% |
| Total equity and liabilities | 10/49 | €1,804,429 | €2,060,022 | +€255,593 | +14.2% |
| Equity | 10/15 | €487,708 | €473,563 | -€14,145 | -2.9% |
| Contributions | 10/11 | €35,144 | €35,144 | = | 0.0% |
| Capital | 10 | €35,144 | €35,144 | = | 0.0% |
| Reserves | 13 | €421,808 | €421,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,416 | €16,537 | -€12,879 | -43.8% |
| Investment grants | 15 | €1,340 | €74 | -€1,267 | -94.5% |
| Provisions and deferred taxes | 16 | €47,464 | €34,760 | -€12,703 | -26.8% |
| Provisions for liabilities and charges | 160/5 | €19,939 | €19,760 | -€178 | -0.9% |
| Other liabilities and charges | 164/5 | €19,939 | €19,760 | -€178 | -0.9% |
| Deferred taxes | 168 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,269,257 | €1,551,699 | +€282,441 | +22.3% |
| Amounts payable within one year | 42/48 | €774,212 | €827,252 | +€53,040 | +6.9% |
| Trade debts | 44 | €191,182 | €155,409 | -€35,774 | -18.7% |
| Suppliers | 440/4 | €162,171 | €129,784 | -€32,387 | -20.0% |
| Bills of exchange payable | 441 | €29,011 | €25,625 | -€3,387 | -11.7% |
| Taxes, remuneration and social security | 45 | €221,389 | €182,510 | -€38,879 | -17.6% |
| Taxes | 450/3 | €85,196 | €37,700 | -€47,496 | -55.7% |
| Remuneration and social security | 454/9 | €136,193 | €144,810 | +€8,618 | +6.3% |
| Accrued charges and deferred income | 492/3 | €495,046 | €724,446 | +€229,401 | +46.3% |
| Non-recurring operating income | 76A | - | €10 | +€10 | |
| Remuneration, social security and pensions | 62 | €1,160,363 | €1,380,657 | +€220,294 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,918 | €8,481 | -€1,437 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,252 | -€7,727 | -€27,980 | |
| Other operating charges | 640/8 | €55,762 | €77,643 | +€21,880 | +39.2% |
| Non-recurring operating charges | 66A | - | €16 | +€16 | |
| Gross operating margin | 9900 | €1,475,014 | €1,462,986 | -€12,027 | -0.8% |
| Operating profit (loss) | 9901 | €228,780 | €16,620 | -€212,159 | -92.7% |
| Financial income | 75/76B | €4,035 | €9,548 | +€5,513 | +137% |
| Recurring financial income | 75 | €4,035 | €9,548 | +€5,513 | +137% |
| Financial charges | 65/66B | €3,654 | €2,498 | -€1,156 | -31.6% |
| Recurring financial charges | 65 | €3,654 | €2,498 | -€1,156 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €229,161 | €23,671 | -€205,490 | -89.7% |
| Income taxes | 67/77 | €77,741 | €36,549 | -€41,192 | -53.0% |
| Profit (loss) for the period | 9904 | €151,420 | -€12,879 | -€164,298 | |
| Profit (loss) for the period to be appropriated | 9905 | €151,420 | -€12,879 | -€164,298 |
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 23 October 2026 via checked.be.