AZO: 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.
What changed
AZO
NACE 28.990, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €4.3m+€381,587
Equity
€12.4m
2024 · €10.6m+€1.7m
Cash
€14.2m
2024 · €10.1m+€4.1m
Balance sheet total
€38.5m
2024 · €39.3m-€742,909
Largest movements
Assets
- Cash +€4.1m
up €4.1m (+40.6%), from €10.1m to €14.2m
mainly Net result for the year (+€4.7m) and Current investments (+€4.0m)
- Current investments -€4.0m
no longer reported in 2025 (was €4.0m)
- Receivables within one year -€1.0m
down €1.0m (-8.0%), from €12.6m to €11.6m
of which Trade receivables: -€1.7m
Equity and liabilities
- Advances received -€3.5m
down €3.5m (-15.1%), from €23.0m to €19.5m
- Reserves +€1.7m
up €1.7m (+16.4%), from €10.5m to €12.2m
of which Distributable reserves: +€1.7m
- Trade debts +€1.3m
up €1.3m (+51.6%), from €2.4m to €3.7m
Income statement
- Turnover +€3.8m
up €3.8m (+8.9%), from €42.6m to €46.4m
- Goods and materials -€3.7m
down €3.7m (-15.3%), from €24.1m to €20.4m
of which Change in stocks: decrease (increase): -€2.6m
- Services and other goods +€1.4m
up €1.4m (+39.4%), from €3.5m to €4.9m
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.
Result 2024
€4.3m
Turnover
+€3.8m
Other operating income
+€45,092
Goods and materials
+€3.7m
Services and other goods
-€1.4m
Staff costs
+€56,154
Depreciation
-€10,847
Write-downs
-€11,267
Provisions
-€70,936
Other operating charges
-€309,572
Other operating items
-€4.9m
Financial income
-€289,408
Financial charges
-€41,002
Taxes
-€206,690
Result 2025
€4.7m
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.
From operations
+€3.4m
Investment
+€3.7m
Financing
-€3.0m
Cash 2024
€10.1m
From operations (derived)
+€3.4m
Net result for the year
+€4.7m
Depreciation
+€349,344
Stocks and contracts
-€218,097
Receivables within one year
+€1.0m
Deferred charges and accrued income
+€12,656
Provisions
+€38,023
Trade debts
+€1.3m
Tax, wage and social debts
-€392,220
Advances received
-€3.5m
Other debts
+€275
Accrued charges and deferred income
+€97,564
Investment (derived)
+€3.7m
Investment in fixed assets (net)
-€309,816
Current investments
+€4.0m
Financing
-€3.0m
Contributions, distributions and other
-€3.0m
Cash 2025
€14.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,256,406 | €38,513,496 | -€742,909 | -1.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,817,292 | €2,777,764 | -€39,529 | -1.4% |
| Intangible fixed assets | 21 | €6,999 | €30,205 | +€23,206 | +331.6% |
| Tangible fixed assets | 22/27 | €2,408,417 | €2,340,713 | -€67,704 | -2.8% |
| Land and buildings | 22 | €1,955,919 | €1,903,970 | -€51,949 | -2.7% |
| Plant, machinery and equipment | 23 | €167,520 | €184,684 | +€17,163 | +10.2% |
| Furniture and vehicles | 24 | €284,978 | €252,059 | -€32,919 | -11.6% |
| Financial fixed assets | 28 | €401,877 | €406,846 | +€4,970 | +1.2% |
| Affiliated companies | 280/1 | €400,310 | €404,879 | +€4,570 | +1.1% |
| Participating interests | 280 | €400,310 | €404,879 | +€4,570 | +1.1% |
| Other financial fixed assets | 284/8 | €1,567 | €1,967 | +€400 | +25.5% |
| Amounts receivable and cash guarantees | 285/8 | €1,567 | €1,967 | +€400 | +25.5% |
| Current assets | 29/58 | €36,439,114 | €35,735,733 | -€703,381 | -1.9% |
| Stocks and contracts in progress | 3 | €9,731,754 | €9,949,851 | +€218,097 | +2.2% |
| Stocks | 30/36 | €3,641,606 | €4,855,077 | +€1.2m | +33.3% |
| Goods purchased for resale | 34 | €2,063,509 | €3,364,567 | +€1.3m | +63.1% |
| Advance payments | 36 | €1,578,098 | €1,490,509 | -€87,588 | -5.6% |
| Contracts in progress | 37 | €6,090,147 | €5,094,774 | -€995,373 | -16.3% |
| Amounts receivable within one year | 40/41 | €12,599,591 | €11,595,028 | -€1.0m | -8.0% |
| Trade receivables | 40 | €11,128,367 | €9,396,196 | -€1.7m | -15.6% |
| Other amounts receivable | 41 | €1,471,224 | €2,198,831 | +€727,607 | +49.5% |
| Current investments | 50/53 | €4,000,000 | - | -€4.0m | |
| Other investments | 51/53 | €4,000,000 | - | -€4.0m | |
| Cash at bank and in hand | 54/58 | €10,086,148 | €14,181,890 | +€4.1m | +40.6% |
| Deferred charges and accrued income | 490/1 | €21,621 | €8,965 | -€12,656 | -58.5% |
| Total equity and liabilities | 10/49 | €39,256,406 | €38,513,496 | -€742,909 | -1.9% |
| Equity | 10/15 | €10,643,369 | €12,361,547 | +€1.7m | +16.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €10,493,369 | €12,211,547 | +€1.7m | +16.4% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,422 | €5,422 | = | 0.0% |
| Distributable reserves | 133 | €10,472,947 | €12,191,125 | +€1.7m | +16.4% |
| Provisions and deferred taxes | 16 | €425,526 | €463,549 | +€38,023 | +8.9% |
| Provisions for liabilities and charges | 160/5 | €425,526 | €463,549 | +€38,023 | +8.9% |
| Other liabilities and charges | 164/5 | €425,526 | €463,549 | +€38,023 | +8.9% |
| Amounts payable | 17/49 | €28,187,510 | €25,688,401 | -€2.5m | -8.9% |
| Amounts payable within one year | 42/48 | €27,943,887 | €25,347,214 | -€2.6m | -9.3% |
| Trade debts | 44 | €2,434,229 | €3,690,504 | +€1.3m | +51.6% |
| Suppliers | 440/4 | €2,434,229 | €3,690,504 | +€1.3m | +51.6% |
| Advances received on contracts in progress | 46 | €22,965,184 | €19,504,180 | -€3.5m | -15.1% |
| Taxes, remuneration and social security | 45 | €2,532,584 | €2,140,363 | -€392,220 | -15.5% |
| Taxes | 450/3 | €336,773 | - | -€336,773 | |
| Remuneration and social security | 454/9 | €2,195,811 | €2,140,363 | -€55,447 | -2.5% |
| Other amounts payable | 47/48 | €11,891 | €12,166 | +€275 | +2.3% |
| Accrued charges and deferred income | 492/3 | €243,623 | €341,187 | +€97,564 | +40.0% |
| Operating income | 70/76A | €47,689,047 | €46,660,011 | -€1.0m | -2.2% |
| Turnover | 70 | €42,552,605 | €46,354,944 | +€3.8m | +8.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,874,224 | -€995,373 | -€4.9m | |
| Other operating income | 74 | €1,232,997 | €1,278,090 | +€45,092 | +3.7% |
| Non-recurring operating income | 76A | €29,220 | €22,350 | -€6,870 | -23.5% |
| Operating charges | 60/66A | €42,123,066 | €40,175,342 | -€1.9m | -4.6% |
| Goods for resale, raw materials and consumables | 60 | €24,073,433 | €20,385,507 | -€3.7m | -15.3% |
| Purchases | 600/8 | €22,741,950 | €21,686,566 | -€1.1m | -4.6% |
| Change in stocks: decrease (increase) | 609 | €1,331,484 | -€1,301,059 | -€2.6m | |
| Services and other goods | 61 | €3,530,594 | €4,923,078 | +€1.4m | +39.4% |
| Remuneration, social security and pensions | 62 | €14,161,446 | €14,105,292 | -€56,154 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338,497 | €349,344 | +€10,847 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,267 | +€11,267 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,913 | €38,023 | +€70,936 | |
| Other operating charges | 640/8 | €52,008 | €361,580 | +€309,572 | +595.2% |
| Non-recurring operating charges | 66A | - | €1,250 | +€1,250 | |
| Operating profit (loss) | 9901 | €5,565,981 | €6,484,669 | +€918,688 | +16.5% |
| Financial income | 75/76B | €601,738 | €312,330 | -€289,408 | -48.1% |
| Recurring financial income | 75 | €595,841 | €307,760 | -€288,081 | -48.3% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €548,663 | €294,528 | -€254,135 | -46.3% |
| Other financial income | 752/9 | €47,178 | €13,232 | -€33,946 | -72.0% |
| Non-recurring financial income | 76B | €5,897 | €4,570 | -€1,328 | -22.5% |
| Financial charges | 65/66B | €119,869 | €160,871 | +€41,002 | +34.2% |
| Recurring financial charges | 65 | €119,869 | €160,871 | +€41,002 | +34.2% |
| Debt charges | 650 | €117,024 | €158,250 | +€41,226 | +35.2% |
| Other financial charges | 652/9 | €2,844 | €2,621 | -€223 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €6,047,850 | €6,636,128 | +€588,277 | +9.7% |
| Income taxes | 67/77 | €1,711,260 | €1,917,950 | +€206,690 | +12.1% |
| Taxes | 670/3 | €1,711,260 | €1,917,950 | +€206,690 | +12.1% |
| Profit (loss) for the period | 9904 | €4,336,590 | €4,718,177 | +€381,587 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,336,590 | €4,718,177 | +€381,587 | +8.8% |
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 3 October 2026 via checked.be.