AZURRO: 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.
AZURRO
Largest movements
- Receivables within one year +€46,584
up €46,584 (+23.8%), from €195,689 to €242,273
- Tangible fixed assets -€24,906
down €24,906 (-41.3%), from €60,259 to €35,353
of which Plant, machinery and equipment: -€24,040
- Cash -€15,437
down €15,437 (-58.1%), from €26,568 to €11,131
mainly Receivables within one year (-€46,584) and Trade debts (-€29,942)
- Trade debts -€29,942
down €29,942 (-26.0%), from €115,122 to €85,179
- Other debts +€28,000
up €28,000 (+280.0%), from €10,000 to €38,000
- Profit (loss) carried forward +€22,994
new in 2025: €22,994
- Current portion of long-term debt -€14,328
down €14,328 (-31.5%), from €45,433 to €31,105
- Depreciation -€15,156
down €15,156 (-29.1%), from €52,057 to €36,901
- Staff costs +€8,160
up €8,160 (+3.3%), from €246,111 to €254,272
- Gross operating margin -€7,348
down €7,348 (-2.3%), from €325,863 to €318,515
- Other operating charges -€5,369
down €5,369 (-70.8%), from €7,579 to €2,210
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 | €320,011 | €325,619 | +€5,608 | +1.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €60,259 | €35,353 | -€24,906 | -41.3% |
| Tangible fixed assets | 22/27 | €60,259 | €35,353 | -€24,906 | -41.3% |
| Plant, machinery and equipment | 23 | €58,136 | €34,096 | -€24,040 | -41.4% |
| Leasing and similar rights | 25 | €2,123 | €1,257 | -€866 | -40.8% |
| Current assets | 29/58 | €259,752 | €290,266 | +€30,514 | +11.7% |
| Stocks and contracts in progress | 3 | €25,000 | €25,000 | = | 0.0% |
| Stocks | 30/36 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €195,689 | €242,273 | +€46,584 | +23.8% |
| Other amounts receivable | 41 | €195,689 | €242,273 | +€46,584 | +23.8% |
| Cash at bank and in hand | 54/58 | €26,568 | €11,131 | -€15,437 | -58.1% |
| Deferred charges and accrued income | 490/1 | €12,495 | €11,862 | -€633 | -5.1% |
| Total equity and liabilities | 10/49 | €320,011 | €325,619 | +€5,608 | +1.8% |
| Equity | 10/15 | €117,126 | €139,809 | +€22,683 | +19.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €107,126 | €106,815 | -€311 | -0.3% |
| Distributable reserves | 133 | €107,126 | €106,815 | -€311 | -0.3% |
| Profit (loss) carried forward | 14 | - | €22,994 | +€22,994 | |
| Amounts payable | 17/49 | €202,884 | €185,809 | -€17,075 | -8.4% |
| Amounts payable after more than one year | 17 | €1,387 | €442 | -€945 | -68.1% |
| Financial debts | 170/4 | €1,387 | €442 | -€945 | -68.1% |
| Amounts payable within one year | 42/48 | €201,476 | €185,368 | -€16,108 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €45,433 | €31,105 | -€14,328 | -31.5% |
| Trade debts | 44 | €115,122 | €85,179 | -€29,942 | -26.0% |
| Suppliers | 440/4 | €115,122 | €85,179 | -€29,942 | -26.0% |
| Taxes, remuneration and social security | 45 | €30,921 | €31,083 | +€162 | +0.5% |
| Taxes | 450/3 | €17,532 | €13,310 | -€4,222 | -24.1% |
| Remuneration and social security | 454/9 | €13,388 | €17,772 | +€4,384 | +32.7% |
| Other amounts payable | 47/48 | €10,000 | €38,000 | +€28,000 | +280.0% |
| Accrued charges and deferred income | 492/3 | €22 | - | -€22 | |
| Non-recurring operating income | 76A | - | €478 | +€478 | |
| Remuneration, social security and pensions | 62 | €246,111 | €254,272 | +€8,160 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,057 | €36,901 | -€15,156 | -29.1% |
| Other operating charges | 640/8 | €7,579 | €2,210 | -€5,369 | -70.8% |
| Gross operating margin | 9900 | €325,863 | €318,515 | -€7,348 | -2.3% |
| Operating profit (loss) | 9901 | €20,115 | €25,132 | +€5,017 | +24.9% |
| Financial income | 75/76B | €9,596 | €10,360 | +€764 | +8.0% |
| Recurring financial income | 75 | €9,596 | €10,360 | +€764 | +8.0% |
| Financial charges | 65/66B | €5,810 | €4,085 | -€1,725 | -29.7% |
| Recurring financial charges | 65 | €5,810 | €4,085 | -€1,725 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €23,901 | €31,407 | +€7,506 | +31.4% |
| Income taxes | 67/77 | €12,926 | €10,815 | -€2,112 | -16.3% |
| Profit (loss) for the period | 9904 | €10,975 | €20,593 | +€9,618 | +87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,975 | €20,593 | +€9,618 | +87.6% |
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 6 October 2026 via checked.be.