AZUL: 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.
AZUL
Largest movements
- Tangible fixed assets -€19,004
down €19,004 (-2.3%), from €824,303 to €805,299
- Profit (loss) carried forward -€25,188
down €25,188 (-4.4%), from -€576,637 to -€601,825
- Gross operating margin +€1,076
up €1,076 (+49.6%), from €2,170 to €3,246
- Financial income -€258
down €258 (-100.0%), from €258 to €0
- Depreciation +€224
up €224 (+0.9%), from €24,981 to €25,205
- Other operating charges +€105
up €105 (+3.4%), from €3,055 to €3,160
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 | €834,620 | €810,328 | -€24,292 | -2.9% |
| Fixed assets | 21/28 | €824,303 | €805,299 | -€19,004 | -2.3% |
| Tangible fixed assets | 22/27 | €824,303 | €805,299 | -€19,004 | -2.3% |
| Land and buildings | 22 | €824,303 | €805,299 | -€19,004 | -2.3% |
| Current assets | 29/58 | €10,317 | €5,029 | -€5,288 | -51.3% |
| Amounts receivable within one year | 40/41 | €7 | €0 | -€7 | -100.0% |
| Other amounts receivable | 41 | €7 | €0 | -€7 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,310 | €5,029 | -€5,281 | -51.2% |
| Total equity and liabilities | 10/49 | €834,620 | €810,328 | -€24,292 | -2.9% |
| Equity | 10/15 | €438,893 | €413,705 | -€25,188 | -5.7% |
| Contributions | 10/11 | €483,500 | €483,500 | = | 0.0% |
| Capital | 10 | €483,500 | €483,500 | = | 0.0% |
| Issued capital | 100 | €483,500 | €483,500 | = | 0.0% |
| Revaluation surpluses | 12 | €532,030 | €532,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€576,637 | -€601,825 | -€25,188 | -4.4% |
| Amounts payable | 17/49 | €395,727 | €396,623 | +€896 | +0.2% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €345,727 | €346,623 | +€896 | +0.3% |
| Trade debts | 44 | €1,393 | €333 | -€1,060 | -76.1% |
| Suppliers | 440/4 | €1,393 | €333 | -€1,060 | -76.1% |
| Other amounts payable | 47/48 | €344,334 | €346,290 | +€1,956 | +0.6% |
| Non-recurring operating income | 76A | €5,788 | €0 | -€5,788 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,981 | €25,205 | +€224 | +0.9% |
| Other operating charges | 640/8 | €3,055 | €3,160 | +€105 | +3.4% |
| Gross operating margin | 9900 | €2,170 | €3,246 | +€1,076 | +49.6% |
| Operating profit (loss) | 9901 | -€25,866 | -€25,119 | +€747 | +2.9% |
| Financial income | 75/76B | €258 | €0 | -€258 | -100.0% |
| Recurring financial income | 75 | €258 | €0 | -€258 | -100.0% |
| Financial charges | 65/66B | €68 | €69 | +€1 | +1.0% |
| Recurring financial charges | 65 | €68 | €69 | +€1 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,676 | -€25,188 | +€488 | +1.9% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€25,677 | -€25,188 | +€488 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,677 | -€25,188 | +€488 | +1.9% |
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.