AZLO: 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.
AZLO
Largest movements
- Cash -€15,701
down €15,701 (-13.3%), from €118,269 to €102,568
mainly Contributions, distributions and other (-€42,627) and Tax, wage and social debts (-€23,313)
- Receivables within one year +€7,749
up €7,749 (+21.4%), from €36,259 to €44,008
of which Trade receivables: +€7,708
- Tax, wage and social debts -€23,313
down €23,313 (-68.5%), from €34,043 to €10,731
of which Taxes: -€23,411
- Other debts +€7,539
up €7,539 (+8.3%), from €90,683 to €98,222
- Trade debts +€6,432
up €6,432 (+48.8%), from €13,174 to €19,605
- Gross operating margin -€16,120
down €16,120 (-21.4%), from €75,167 to €59,048
- Taxes -€943
down €943 (-6.1%), from €15,446 to €14,503
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 | €156,700 | €147,358 | -€9,342 | -6.0% |
| Fixed assets | 21/28 | €2,172 | €782 | -€1,389 | -64.0% |
| Tangible fixed assets | 22/27 | €1,809 | €419 | -€1,389 | -76.8% |
| Furniture and vehicles | 24 | €1,809 | €419 | -€1,389 | -76.8% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €154,528 | €146,576 | -€7,952 | -5.1% |
| Amounts receivable within one year | 40/41 | €36,259 | €44,008 | +€7,749 | +21.4% |
| Trade receivables | 40 | €34,778 | €42,487 | +€7,708 | +22.2% |
| Other amounts receivable | 41 | €1,481 | €1,521 | +€40 | +2.7% |
| Cash at bank and in hand | 54/58 | €118,269 | €102,568 | -€15,701 | -13.3% |
| Total equity and liabilities | 10/49 | €156,700 | €147,358 | -€9,342 | -6.0% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €138,100 | €128,758 | -€9,342 | -6.8% |
| Amounts payable within one year | 42/48 | €137,900 | €128,558 | -€9,342 | -6.8% |
| Trade debts | 44 | €13,174 | €19,605 | +€6,432 | +48.8% |
| Suppliers | 440/4 | €13,174 | €19,605 | +€6,432 | +48.8% |
| Taxes, remuneration and social security | 45 | €34,043 | €10,731 | -€23,313 | -68.5% |
| Taxes | 450/3 | €28,097 | €4,686 | -€23,411 | -83.3% |
| Remuneration and social security | 454/9 | €5,947 | €6,045 | +€98 | +1.7% |
| Other amounts payable | 47/48 | €90,683 | €98,222 | +€7,539 | +8.3% |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Non-recurring operating income | 76A | €16,233 | - | -€16,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,409 | €1,389 | -€19 | -1.4% |
| Other operating charges | 640/8 | €313 | €433 | +€120 | +38.5% |
| Gross operating margin | 9900 | €75,167 | €59,048 | -€16,120 | -21.4% |
| Operating profit (loss) | 9901 | €73,446 | €57,225 | -€16,221 | -22.1% |
| Financial charges | 65/66B | €91 | €96 | +€5 | +5.2% |
| Recurring financial charges | 65 | €91 | €96 | +€5 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €73,355 | €57,130 | -€16,226 | -22.1% |
| Income taxes | 67/77 | €15,446 | €14,503 | -€943 | -6.1% |
| Profit (loss) for the period | 9904 | €57,910 | €42,627 | -€15,283 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,910 | €42,627 | -€15,283 | -26.4% |
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 30 September 2026 via checked.be.