AZR: 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.
AZR
Largest movements
- Cash +€72,347
up €72,347 (+81.5%), from €88,786 to €161,132
mainly Net result for the year (+€53,943) and Trade debts (+€38,520)
- Receivables within one year +€34,463
up €34,463 (+352.0%), from €9,791 to €44,255
of which Trade receivables: +€34,516
- Tangible fixed assets -€5,207
no longer reported in 2025 (was €5,207)
- Reserves +€53,943
up €53,943 (+64.7%), from €83,366 to €137,308
- Trade debts +€38,520
up €38,520 (+657.8%), from €5,856 to €44,376
- Tax, wage and social debts +€10,068
up €10,068 (+184.7%), from €5,452 to €15,520
of which Taxes: +€10,111
- Gross operating margin +€50,861
up €50,861 (+68.8%), from €73,920 to €124,781
- Taxes +€22,810
up €22,810 (+651.4%), from €3,501 to €26,311
- Depreciation -€3,115
down €3,115 (-37.4%), from €8,322 to €5,207
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 | €105,861 | €208,904 | +€103,044 | +97.3% |
| Fixed assets | 21/28 | €5,207 | - | -€5,207 | |
| Tangible fixed assets | 22/27 | €5,207 | - | -€5,207 | |
| Furniture and vehicles | 24 | €5,207 | - | -€5,207 | |
| Current assets | 29/58 | €100,654 | €208,904 | +€108,251 | +107.5% |
| Amounts receivable within one year | 40/41 | €9,791 | €44,255 | +€34,463 | +352.0% |
| Trade receivables | 40 | €6,260 | €40,775 | +€34,516 | +551.4% |
| Other amounts receivable | 41 | €3,532 | €3,480 | -€52 | -1.5% |
| Cash at bank and in hand | 54/58 | €88,786 | €161,132 | +€72,347 | +81.5% |
| Deferred charges and accrued income | 490/1 | €2,077 | €3,517 | +€1,441 | +69.4% |
| Total equity and liabilities | 10/49 | €105,861 | €208,904 | +€103,044 | +97.3% |
| Equity | 10/15 | €89,566 | €143,508 | +€53,943 | +60.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €83,366 | €137,308 | +€53,943 | +64.7% |
| Distributable reserves | 133 | €83,366 | €137,308 | +€53,943 | +64.7% |
| Amounts payable | 17/49 | €16,295 | €65,396 | +€49,101 | +301.3% |
| Amounts payable within one year | 42/48 | €16,295 | €64,725 | +€48,430 | +297.2% |
| Trade debts | 44 | €5,856 | €44,376 | +€38,520 | +657.8% |
| Suppliers | 440/4 | €5,856 | €44,376 | +€38,520 | +657.8% |
| Taxes, remuneration and social security | 45 | €5,452 | €15,520 | +€10,068 | +184.7% |
| Taxes | 450/3 | €2,701 | €12,811 | +€10,111 | +374.4% |
| Remuneration and social security | 454/9 | €2,751 | €2,709 | -€42 | -1.5% |
| Other amounts payable | 47/48 | €4,987 | €4,829 | -€158 | -3.2% |
| Accrued charges and deferred income | 492/3 | - | €671 | +€671 | |
| Remuneration, social security and pensions | 62 | €37,775 | €37,974 | +€199 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,322 | €5,207 | -€3,115 | -37.4% |
| Other operating charges | 640/8 | €2,374 | €1,223 | -€1,152 | -48.5% |
| Gross operating margin | 9900 | €73,920 | €124,781 | +€50,861 | +68.8% |
| Operating profit (loss) | 9901 | €25,449 | €80,377 | +€54,928 | +215.8% |
| Financial income | 75/76B | €1 | €8 | +€8 | +1010.7% |
| Recurring financial income | 75 | €1 | €8 | +€8 | +1010.7% |
| Financial charges | 65/66B | €198 | €132 | -€67 | -33.7% |
| Recurring financial charges | 65 | €198 | €132 | -€67 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €25,251 | €80,254 | +€55,003 | +217.8% |
| Income taxes | 67/77 | €3,501 | €26,311 | +€22,810 | +651.4% |
| Profit (loss) for the period | 9904 | €21,750 | €53,943 | +€32,193 | +148.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,750 | €53,943 | +€32,193 | +148.0% |
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 10 October 2026 via checked.be.