AZPC: 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.
AZPC
Largest movements
- Stocks and contracts -€128,575
down €128,575 (-85.9%), from €149,765 to €21,190
- Receivables within one year -€98,414
down €98,414 (-14.9%), from €659,746 to €561,332
of which Trade receivables: -€92,965
- Deferred charges and accrued income -€95,689
down €95,689 (-72.7%), from €131,705 to €36,016
- Profit (loss) carried forward -€288,644
down €288,644 (-1848.5%), from -€15,615 to -€304,259
- Current portion of long-term debt +€39,011
up €39,011 (+161.8%), from €24,105 to €63,116
- Debts after one year -€33,013
no longer reported in 2025 (was €33,013)
- Trade debts -€20,853
down €20,853 (-8.6%), from €242,229 to €221,375
- Other debts -€13,676
down €13,676 (-6.8%), from €200,125 to €186,448
- Gross operating margin -€176,479
down €176,479 (-20.4%), from €864,544 to €688,065
- Financial charges +€131,754
up €131,754 (+292.9%), from €44,984 to €176,738
of which Non-recurring financial charges: +€106,450
- Financial income +€82,001
up €82,001 (+7255.3%), from €1,130 to €83,132
of which Non-recurring financial income: +€79,851
- Staff costs +€46,656
up €46,656 (+5.7%), from €819,767 to €866,422
- Taxes -€10,888
down €10,888 (-82.8%), from €13,144 to €2,257
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 | €973,937 | €641,300 | -€332,637 | -34.2% |
| Fixed assets | 21/28 | €26,277 | €22,762 | -€3,515 | -13.4% |
| Intangible fixed assets | 21 | €3,531 | €2,331 | -€1,200 | -34.0% |
| Tangible fixed assets | 22/27 | €20,607 | €20,392 | -€215 | -1.0% |
| Land and buildings | 22 | €7,776 | €6,108 | -€1,668 | -21.5% |
| Plant, machinery and equipment | 23 | €5,521 | €2,894 | -€2,627 | -47.6% |
| Furniture and vehicles | 24 | €7,309 | €10,496 | +€3,187 | +43.6% |
| Other tangible fixed assets | 26 | - | €894 | +€894 | |
| Financial fixed assets | 28 | €2,139 | €39 | -€2,100 | -98.2% |
| Current assets | 29/58 | €947,660 | €618,537 | -€329,122 | -34.7% |
| Stocks and contracts in progress | 3 | €149,765 | €21,190 | -€128,575 | -85.9% |
| Stocks | 30/36 | €149,765 | €21,190 | -€128,575 | -85.9% |
| Amounts receivable within one year | 40/41 | €659,746 | €561,332 | -€98,414 | -14.9% |
| Trade receivables | 40 | €654,297 | €561,332 | -€92,965 | -14.2% |
| Other amounts receivable | 41 | €5,448 | - | -€5,448 | |
| Cash at bank and in hand | 54/58 | €6,444 | - | -€6,444 | |
| Deferred charges and accrued income | 490/1 | €131,705 | €36,016 | -€95,689 | -72.7% |
| Total equity and liabilities | 10/49 | €973,937 | €641,300 | -€332,637 | -34.2% |
| Equity | 10/15 | €109,657 | -€178,987 | -€288,644 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,672 | €106,672 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,672 | €1,672 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,672 | €1,672 | = | 0.0% |
| Distributable reserves | 133 | €105,000 | €105,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,615 | -€304,259 | -€288,644 | -1848.5% |
| Amounts payable | 17/49 | €864,279 | €820,287 | -€43,993 | -5.1% |
| Amounts payable after more than one year | 17 | €33,013 | - | -€33,013 | |
| Financial debts | 170/4 | €33,013 | - | -€33,013 | |
| Amounts payable within one year | 42/48 | €831,267 | €820,287 | -€10,980 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €24,105 | €63,116 | +€39,011 | +161.8% |
| Financial debts | 43 | €24,562 | €16,013 | -€8,549 | -34.8% |
| Credit institutions | 430/8 | €24,562 | €16,013 | -€8,549 | -34.8% |
| Trade debts | 44 | €242,229 | €221,375 | -€20,853 | -8.6% |
| Suppliers | 440/4 | €242,229 | €221,375 | -€20,853 | -8.6% |
| Taxes, remuneration and social security | 45 | €340,247 | €333,334 | -€6,912 | -2.0% |
| Taxes | 450/3 | €187,410 | €186,906 | -€504 | -0.3% |
| Remuneration and social security | 454/9 | €152,837 | €146,428 | -€6,409 | -4.2% |
| Other amounts payable | 47/48 | €200,125 | €186,448 | -€13,676 | -6.8% |
| Remuneration, social security and pensions | 62 | €819,767 | €866,422 | +€46,656 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,202 | €12,465 | -€3,737 | -23.1% |
| Other operating charges | 640/8 | €7,297 | €1,959 | -€5,339 | -73.2% |
| Gross operating margin | 9900 | €864,544 | €688,065 | -€176,479 | -20.4% |
| Operating profit (loss) | 9901 | €21,278 | -€192,782 | -€214,060 | |
| Financial income | 75/76B | €1,130 | €83,132 | +€82,001 | +7255.3% |
| Recurring financial income | 75 | €1,130 | €3,281 | +€2,151 | +190.3% |
| Non-recurring financial income | 76B | - | €79,851 | +€79,851 | |
| Financial charges | 65/66B | €44,984 | €176,738 | +€131,754 | +292.9% |
| Recurring financial charges | 65 | €44,984 | €70,287 | +€25,303 | +56.2% |
| Non-recurring financial charges | 66B | - | €106,450 | +€106,450 | |
| Profit (loss) for the period before taxes | 9903 | -€22,576 | -€286,388 | -€263,812 | -1168.6% |
| Income taxes | 67/77 | €13,144 | €2,257 | -€10,888 | -82.8% |
| Profit (loss) for the period | 9904 | -€35,720 | -€288,644 | -€252,924 | -708.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,720 | -€288,644 | -€252,924 | -708.1% |
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 5 October 2026 via checked.be.