AZUL 1: 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 1
Largest movements
- Cash +€28,324
up €28,324 (+126%), from €22,396 to €50,720
mainly Net result for the year (+€36,804) and Depreciation (+€19,431)
- Tangible fixed assets +€9,969
up €9,969 (+24.5%), from €40,667 to €50,635
of which Furniture and vehicles: +€5,911
- Receivables within one year -€3,386
down €3,386 (-48.1%), from €7,034 to €3,647
- Profit (loss) carried forward +€36,804
up €36,804 (+90.2%), from €40,820 to €77,624
- Trade debts -€10,941
down €10,941 (-73.6%), from €14,872 to €3,931
- Tax, wage and social debts +€10,924
up €10,924 (+143%), from €7,647 to €18,571
- Other debts -€1,880
down €1,880 (-39.5%), from €4,757 to €2,877
- Gross operating margin +€45,563
up €45,563 (+151%), from €30,252 to €75,815
- Depreciation +€12,719
up €12,719 (+189%), from €6,712 to €19,431
- Taxes +€9,102
up €9,102 (+225%), from €4,054 to €13,156
- Other operating charges +€5,839
up €5,839 (+1,179%), from €495 to €6,335
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 | €70,096 | €105,003 | +€34,907 | +49.8% |
| Fixed assets | 21/28 | €40,667 | €50,635 | +€9,969 | +24.5% |
| Tangible fixed assets | 22/27 | €40,667 | €50,635 | +€9,969 | +24.5% |
| Plant, machinery and equipment | 23 | €2,241 | €6,300 | +€4,058 | +181% |
| Furniture and vehicles | 24 | €38,425 | €44,336 | +€5,911 | +15.4% |
| Current assets | 29/58 | €29,430 | €54,368 | +€24,938 | +84.7% |
| Amounts receivable within one year | 40/41 | €7,034 | €3,647 | -€3,386 | -48.1% |
| Other amounts receivable | 41 | €7,034 | €3,647 | -€3,386 | -48.1% |
| Cash at bank and in hand | 54/58 | €22,396 | €50,720 | +€28,324 | +126% |
| Total equity and liabilities | 10/49 | €70,096 | €105,003 | +€34,907 | +49.8% |
| Equity | 10/15 | €42,820 | €79,624 | +€36,804 | +86.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,820 | €77,624 | +€36,804 | +90.2% |
| Amounts payable | 17/49 | €27,276 | €25,379 | -€1,897 | -7.0% |
| Amounts payable within one year | 42/48 | €27,276 | €25,379 | -€1,897 | -7.0% |
| Trade debts | 44 | €14,872 | €3,931 | -€10,941 | -73.6% |
| Suppliers | 440/4 | €14,872 | €3,931 | -€10,941 | -73.6% |
| Taxes, remuneration and social security | 45 | €7,647 | €18,571 | +€10,924 | +143% |
| Taxes | 450/3 | €7,647 | €18,571 | +€10,924 | +143% |
| Other amounts payable | 47/48 | €4,757 | €2,877 | -€1,880 | -39.5% |
| Non-recurring operating income | 76A | - | €259 | +€259 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,712 | €19,431 | +€12,719 | +189% |
| Other operating charges | 640/8 | €495 | €6,335 | +€5,839 | +1,179% |
| Non-recurring operating charges | 66A | €3,953 | - | -€3,953 | |
| Gross operating margin | 9900 | €30,252 | €75,815 | +€45,563 | +151% |
| Operating profit (loss) | 9901 | €19,092 | €50,049 | +€30,958 | +162% |
| Financial income | 75/76B | €0 | €60 | +€60 | +300,000% |
| Recurring financial income | 75 | €0 | €60 | +€60 | +300,000% |
| Financial charges | 65/66B | €103 | €149 | +€46 | +44.1% |
| Recurring financial charges | 65 | €103 | €149 | +€46 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €18,988 | €49,960 | +€30,972 | +163% |
| Income taxes | 67/77 | €4,054 | €13,156 | +€9,102 | +225% |
| Profit (loss) for the period | 9904 | €14,934 | €36,804 | +€21,870 | +146% |
| Profit (loss) for the period to be appropriated | 9905 | €14,934 | €36,804 | +€21,870 | +146% |
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 18 October 2026 via checked.be.