AZOA: 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.
AZOA
Largest movements
- Receivables within one year +€146,599
up €146,599 (+162%), from €90,385 to €236,984
of which Other amounts receivable: +€138,832
- Receivables after one year -€49,000
no longer reported in 2025 (was €49,000)
- Tangible fixed assets -€7,423
down €7,423 (-15.5%), from €47,852 to €40,429
of which Furniture and vehicles: -€12,704
- Other debts +€118,785
up €118,785 (+288%), from €41,215 to €160,000
- Profit (loss) carried forward -€51,389
down €51,389 (-84.1%), from €61,133 to €9,744
- Trade debts +€46,915
up €46,915 (+473%), from €9,920 to €56,835
- Current portion of long-term debt -€34,718
down €34,718 (-71.8%), from €48,342 to €13,623
- Short-term financial debts +€25,073
new in 2025: €25,073
- Gross operating margin +€141,250
up €141,250 (+351%), from €40,191 to €181,441
- Taxes +€37,419
up €37,419 (+826%), from €4,530 to €41,948
- Other operating charges -€7,206
down €7,206 (-81.2%), from €8,875 to €1,670
- Financial charges -€5,614
down €5,614 (-52.4%), from €10,704 to €5,090
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 | €220,412 | €308,239 | +€87,827 | +39.8% |
| Fixed assets | 21/28 | €48,037 | €40,614 | -€7,423 | -15.5% |
| Tangible fixed assets | 22/27 | €47,852 | €40,429 | -€7,423 | -15.5% |
| Furniture and vehicles | 24 | €47,852 | €35,148 | -€12,704 | -26.5% |
| Other tangible fixed assets | 26 | - | €5,282 | +€5,282 | |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €172,375 | €267,626 | +€95,250 | +55.3% |
| Amounts receivable after more than one year | 29 | €49,000 | - | -€49,000 | |
| Other amounts receivable | 291 | €49,000 | - | -€49,000 | |
| Amounts receivable within one year | 40/41 | €90,385 | €236,984 | +€146,599 | +162% |
| Trade receivables | 40 | €544 | €8,310 | +€7,767 | +1,429% |
| Other amounts receivable | 41 | €89,841 | €228,674 | +€138,832 | +155% |
| Cash at bank and in hand | 54/58 | €29,073 | €29,238 | +€165 | +0.6% |
| Deferred charges and accrued income | 490/1 | €3,917 | €1,403 | -€2,514 | -64.2% |
| Total equity and liabilities | 10/49 | €220,412 | €308,239 | +€87,827 | +39.8% |
| Equity | 10/15 | €77,888 | €26,499 | -€51,389 | -66.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,556 | €10,556 | = | 0.0% |
| Distributable reserves | 133 | €10,556 | €10,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,133 | €9,744 | -€51,389 | -84.1% |
| Amounts payable | 17/49 | €142,524 | €281,740 | +€139,216 | +97.7% |
| Amounts payable after more than one year | 17 | €23,799 | €10,175 | -€13,623 | -57.2% |
| Financial debts | 170/4 | €23,799 | €10,175 | -€13,623 | -57.2% |
| Amounts payable within one year | 42/48 | €118,725 | €271,412 | +€152,686 | +129% |
| Current portion of amounts payable after more than one year | 42 | €48,342 | €13,623 | -€34,718 | -71.8% |
| Financial debts | 43 | - | €25,073 | +€25,073 | |
| Credit institutions | 430/8 | - | €25,073 | +€25,073 | |
| Trade debts | 44 | €9,920 | €56,835 | +€46,915 | +473% |
| Suppliers | 440/4 | €9,920 | €56,835 | +€46,915 | +473% |
| Taxes, remuneration and social security | 45 | €19,249 | €15,880 | -€3,368 | -17.5% |
| Taxes | 450/3 | €19,207 | €15,465 | -€3,742 | -19.5% |
| Remuneration and social security | 454/9 | €42 | €415 | +€373 | +891% |
| Other amounts payable | 47/48 | €41,215 | €160,000 | +€118,785 | +288% |
| Accrued charges and deferred income | 492/3 | - | €153 | +€153 | |
| Remuneration, social security and pensions | 62 | €14,300 | €14,144 | -€156 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,218 | €15,184 | -€34 | -0.2% |
| Other operating charges | 640/8 | €8,875 | €1,670 | -€7,206 | -81.2% |
| Gross operating margin | 9900 | €40,191 | €181,441 | +€141,250 | +351% |
| Operating profit (loss) | 9901 | €1,799 | €150,444 | +€148,644 | +8,262% |
| Financial income | 75/76B | €5,959 | €5,206 | -€753 | -12.6% |
| Recurring financial income | 75 | €5,959 | €5,206 | -€753 | -12.6% |
| Financial charges | 65/66B | €10,704 | €5,090 | -€5,614 | -52.4% |
| Recurring financial charges | 65 | €10,704 | €5,090 | -€5,614 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,946 | €150,559 | +€153,505 | |
| Income taxes | 67/77 | €4,530 | €41,948 | +€37,419 | +826% |
| Profit (loss) for the period | 9904 | -€7,476 | €108,611 | +€116,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,476 | €108,611 | +€116,087 |
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.