AZPAM: 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.
AZPAM
Largest movements
- Current investments +€114,781
new in 2025: €114,781
- Tangible fixed assets -€14,886
down €14,886 (-20.8%), from €71,583 to €56,697
of which Furniture and vehicles: -€14,411
- Cash -€12,287
down €12,287 (-13.2%), from €92,737 to €80,449
mainly Current investments (-€114,781) and Receivables within one year (-€8,954)
- Receivables within one year +€8,954
up €8,954 (+66.7%), from €13,431 to €22,385
- Reserves +€95,000
up €95,000 (+132%), from €72,000 to €167,000
- Tax, wage and social debts +€8,847
up €8,847 (+29.0%), from €30,461 to €39,308
- Other debts -€7,009
down €7,009 (-9.9%), from €70,851 to €63,841
- Gross operating margin +€37,885
up €37,885 (+36.4%), from €104,041 to €141,926
- Taxes +€7,314
up €7,314 (+37.4%), from €19,575 to €26,889
- Depreciation +€5,507
up €5,507 (+56.5%), from €9,747 to €15,254
- Financial charges +€4,896
up €4,896 (+30,583%), from €16 to €4,912
- Financial income +€1,666
new in 2025: €1,666
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 | €179,659 | €277,351 | +€97,692 | +54.4% |
| Fixed assets | 21/28 | €71,583 | €56,697 | -€14,886 | -20.8% |
| Tangible fixed assets | 22/27 | €71,583 | €56,697 | -€14,886 | -20.8% |
| Plant, machinery and equipment | 23 | €298 | €564 | +€266 | +89.2% |
| Furniture and vehicles | 24 | €63,959 | €49,548 | -€14,411 | -22.5% |
| Other tangible fixed assets | 26 | €7,326 | €6,585 | -€741 | -10.1% |
| Current assets | 29/58 | €108,076 | €220,654 | +€112,578 | +104% |
| Amounts receivable within one year | 40/41 | €13,431 | €22,385 | +€8,954 | +66.7% |
| Trade receivables | 40 | €13,431 | €22,385 | +€8,954 | +66.7% |
| Current investments | 50/53 | - | €114,781 | +€114,781 | |
| Cash at bank and in hand | 54/58 | €92,737 | €80,449 | -€12,287 | -13.2% |
| Deferred charges and accrued income | 490/1 | €1,909 | €3,039 | +€1,130 | +59.2% |
| Total equity and liabilities | 10/49 | €179,659 | €277,351 | +€97,692 | +54.4% |
| Equity | 10/15 | €75,468 | €170,573 | +€95,105 | +126% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,000 | €167,000 | +€95,000 | +132% |
| Distributable reserves | 133 | €72,000 | €167,000 | +€95,000 | +132% |
| Profit (loss) carried forward | 14 | €468 | €573 | +€105 | +22.5% |
| Amounts payable | 17/49 | €104,191 | €106,778 | +€2,587 | +2.5% |
| Amounts payable within one year | 42/48 | €104,191 | €106,778 | +€2,587 | +2.5% |
| Trade debts | 44 | €2,879 | €3,629 | +€750 | +26.0% |
| Suppliers | 440/4 | €2,879 | €3,629 | +€750 | +26.0% |
| Taxes, remuneration and social security | 45 | €30,461 | €39,308 | +€8,847 | +29.0% |
| Taxes | 450/3 | €30,461 | €39,308 | +€8,847 | +29.0% |
| Other amounts payable | 47/48 | €70,851 | €63,841 | -€7,009 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,747 | €15,254 | +€5,507 | +56.5% |
| Other operating charges | 640/8 | €544 | €599 | +€55 | +10.2% |
| Gross operating margin | 9900 | €104,041 | €141,926 | +€37,885 | +36.4% |
| Operating profit (loss) | 9901 | €93,751 | €126,073 | +€32,322 | +34.5% |
| Financial income | 75/76B | - | €1,666 | +€1,666 | |
| Recurring financial income | 75 | - | €1,666 | +€1,666 | |
| Financial charges | 65/66B | €16 | €4,912 | +€4,896 | +30,583% |
| Recurring financial charges | 65 | €16 | €4,912 | +€4,896 | +30,583% |
| Profit (loss) for the period before taxes | 9903 | €93,735 | €122,827 | +€29,092 | +31.0% |
| Income taxes | 67/77 | €19,575 | €26,889 | +€7,314 | +37.4% |
| Profit (loss) for the period | 9904 | €74,160 | €95,938 | +€21,778 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,160 | €95,938 | +€21,778 | +29.4% |
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 13 October 2026 via checked.be.