AZOTH Project: 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.
AZOTH Project
Largest movements
- Tangible fixed assets +€57,496
up €57,496 (+11.7%), from €491,878 to €549,374
of which Land and buildings: +€97,731
- Cash -€51,943
down €51,943 (-27.7%), from €187,562 to €135,619
mainly Investment in fixed assets (net) (-€130,838) and Tax, wage and social debts (-€34,632)
- Deferred charges and accrued income +€18,392
up €18,392 (+66.3%), from €27,727 to €46,119
- Tax, wage and social debts -€34,632
down €34,632 (-40.2%), from €86,195 to €51,563
of which Remuneration and social security: -€18,178
- Trade debts +€32,775
up €32,775 (+93.0%), from €35,255 to €68,030
- Profit (loss) carried forward +€25,523
up €25,523 (+9632.5%), from €265 to €25,788
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Debts after one year +€11,990
up €11,990 (+3.4%), from €354,060 to €366,050
- Gross operating margin -€111,838
down €111,838 (-21.2%), from €528,200 to €416,362
- Staff costs -€36,513
down €36,513 (-11.6%), from €314,133 to €277,620
- Taxes -€15,463
down €15,463 (-57.3%), from €27,001 to €11,538
- Financial charges +€9,531
up €9,531 (+143.6%), from €6,638 to €16,170
- Depreciation -€8,994
down €8,994 (-10.9%), from €82,496 to €73,502
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 | €841,843 | €863,746 | +€21,903 | +2.6% |
| Formation expenses | 20 | €541 | €382 | -€159 | -29.4% |
| Fixed assets | 21/28 | €502,058 | €559,554 | +€57,496 | +11.5% |
| Tangible fixed assets | 22/27 | €491,878 | €549,374 | +€57,496 | +11.7% |
| Land and buildings | 22 | €277,561 | €375,293 | +€97,731 | +35.2% |
| Furniture and vehicles | 24 | €214,317 | €174,081 | -€40,236 | -18.8% |
| Financial fixed assets | 28 | €10,180 | €10,180 | = | 0.0% |
| Current assets | 29/58 | €339,244 | €303,810 | -€35,433 | -10.4% |
| Stocks and contracts in progress | 3 | €1,149 | €1,149 | = | 0.0% |
| Stocks | 30/36 | €1,149 | €1,149 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,806 | €120,923 | -€1,882 | -1.5% |
| Trade receivables | 40 | €93,094 | €95,238 | +€2,144 | +2.3% |
| Other amounts receivable | 41 | €29,711 | €25,685 | -€4,026 | -13.6% |
| Cash at bank and in hand | 54/58 | €187,562 | €135,619 | -€51,943 | -27.7% |
| Deferred charges and accrued income | 490/1 | €27,727 | €46,119 | +€18,392 | +66.3% |
| Total equity and liabilities | 10/49 | €841,843 | €863,746 | +€21,903 | +2.6% |
| Equity | 10/15 | €296,265 | €321,828 | +€25,563 | +8.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €294,000 | €294,040 | +€40 | 0.0% |
| Tax-exempt reserves | 132 | - | €40 | +€40 | |
| Distributable reserves | 133 | €294,000 | €294,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265 | €25,788 | +€25,523 | +9632.5% |
| Amounts payable | 17/49 | €545,578 | €541,918 | -€3,661 | -0.7% |
| Amounts payable after more than one year | 17 | €354,060 | €366,050 | +€11,990 | +3.4% |
| Financial debts | 170/4 | €354,060 | €366,050 | +€11,990 | +3.4% |
| Amounts payable within one year | 42/48 | €191,518 | €175,468 | -€16,051 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €55,069 | €55,875 | +€806 | +1.5% |
| Trade debts | 44 | €35,255 | €68,030 | +€32,775 | +93.0% |
| Suppliers | 440/4 | €35,255 | €68,030 | +€32,775 | +93.0% |
| Taxes, remuneration and social security | 45 | €86,195 | €51,563 | -€34,632 | -40.2% |
| Taxes | 450/3 | €37,947 | €21,493 | -€16,454 | -43.4% |
| Remuneration and social security | 454/9 | €48,248 | €30,070 | -€18,178 | -37.7% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | €0 | €400 | +€400 | +266666.7% |
| Remuneration, social security and pensions | 62 | €314,133 | €277,620 | -€36,513 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,496 | €73,502 | -€8,994 | -10.9% |
| Other operating charges | 640/8 | €8,590 | €12,191 | +€3,601 | +41.9% |
| Non-recurring operating charges | 66A | €186 | - | -€186 | |
| Gross operating margin | 9900 | €528,200 | €416,362 | -€111,838 | -21.2% |
| Operating profit (loss) | 9901 | €122,794 | €53,049 | -€69,745 | -56.8% |
| Financial income | 75/76B | €402 | €222 | -€180 | -44.8% |
| Recurring financial income | 75 | €402 | €222 | -€180 | -44.8% |
| Financial charges | 65/66B | €6,638 | €16,170 | +€9,531 | +143.6% |
| Recurring financial charges | 65 | €6,638 | €16,170 | +€9,531 | +143.6% |
| Profit (loss) for the period before taxes | 9903 | €116,558 | €37,101 | -€79,457 | -68.2% |
| Income taxes | 67/77 | €27,001 | €11,538 | -€15,463 | -57.3% |
| Profit (loss) for the period | 9904 | €89,557 | €25,563 | -€63,994 | -71.5% |
| Transfer to tax-exempt reserves | 689 | - | €40 | +€40 | |
| Profit (loss) for the period to be appropriated | 9905 | €89,557 | €25,523 | -€64,034 | -71.5% |
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 7 October 2026 via checked.be.