AZUUR: 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.
AZUUR
Largest movements
- Current investments +€359,973
up €359,973 (+81.5%), from €441,778 to €801,751
- Cash -€39,371
down €39,371 (-54.5%), from €72,255 to €32,884
mainly Current investments (-€359,973) and Contributions, distributions and other (-€112,357)
- Receivables within one year +€37,883
up €37,883 (+5.0%), from €752,220 to €790,103
of which Other amounts receivable: +€36,658
- Deferred charges and accrued income -€17,065
down €17,065 (-54.5%), from €31,286 to €14,221
- Reserves +€248,284
up €248,284 (+23.3%), from €1.1m to €1.3m
of which Distributable reserves: +€248,284
- Other debts +€112,357
new in 2025: €112,357
- Tax, wage and social debts -€30,817
down €30,817 (-14.6%), from €210,489 to €179,672
of which Taxes: -€47,054
- Gross operating margin +€258,230
up €258,230 (+20.9%), from €1.2m to €1.5m
- Taxes +€58,161
up €58,161 (+94.1%), from €61,794 to €119,955
- Staff costs +€25,322
up €25,322 (+2.6%), from €966,298 to €991,619
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 | €1,364,529 | €1,697,300 | +€332,771 | +24.4% |
| Fixed assets | 21/28 | €66,482 | €54,637 | -€11,845 | -17.8% |
| Tangible fixed assets | 22/27 | €66,482 | €54,637 | -€11,845 | -17.8% |
| Land and buildings | 22 | €23,577 | €18,885 | -€4,692 | -19.9% |
| Plant, machinery and equipment | 23 | €7,022 | €9,795 | +€2,772 | +39.5% |
| Furniture and vehicles | 24 | €8,725 | €8,740 | +€15 | +0.2% |
| Other tangible fixed assets | 26 | €27,158 | €17,217 | -€9,941 | -36.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,298,047 | €1,642,663 | +€344,616 | +26.5% |
| Stocks and contracts in progress | 3 | €508 | €3,704 | +€3,196 | +629% |
| Stocks | 30/36 | €508 | €3,704 | +€3,196 | +629% |
| Amounts receivable within one year | 40/41 | €752,220 | €790,103 | +€37,883 | +5.0% |
| Trade receivables | 40 | €34,602 | €35,827 | +€1,225 | +3.5% |
| Other amounts receivable | 41 | €717,617 | €754,276 | +€36,658 | +5.1% |
| Current investments | 50/53 | €441,778 | €801,751 | +€359,973 | +81.5% |
| Cash at bank and in hand | 54/58 | €72,255 | €32,884 | -€39,371 | -54.5% |
| Deferred charges and accrued income | 490/1 | €31,286 | €14,221 | -€17,065 | -54.5% |
| Total equity and liabilities | 10/49 | €1,364,529 | €1,697,300 | +€332,771 | +24.4% |
| Equity | 10/15 | €1,070,112 | €1,318,396 | +€248,284 | +23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,063,912 | €1,312,196 | +€248,284 | +23.3% |
| Tax-exempt reserves | 132 | €252,600 | €252,600 | = | 0.0% |
| Distributable reserves | 133 | €811,312 | €1,059,596 | +€248,284 | +30.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €294,417 | €378,903 | +€84,486 | +28.7% |
| Amounts payable within one year | 42/48 | €294,417 | €378,903 | +€84,486 | +28.7% |
| Trade debts | 44 | €83,928 | €86,875 | +€2,946 | +3.5% |
| Suppliers | 440/4 | €83,928 | €86,875 | +€2,946 | +3.5% |
| Taxes, remuneration and social security | 45 | €210,489 | €179,672 | -€30,817 | -14.6% |
| Taxes | 450/3 | €81,570 | €34,516 | -€47,054 | -57.7% |
| Remuneration and social security | 454/9 | €128,919 | €145,156 | +€16,237 | +12.6% |
| Other amounts payable | 47/48 | - | €112,357 | +€112,357 | |
| Remuneration, social security and pensions | 62 | €966,298 | €991,619 | +€25,322 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,497 | €22,086 | +€589 | +2.7% |
| Other operating charges | 640/8 | €3,099 | €3,792 | +€693 | +22.4% |
| Gross operating margin | 9900 | €1,234,223 | €1,492,454 | +€258,230 | +20.9% |
| Operating profit (loss) | 9901 | €243,330 | €474,956 | +€231,626 | +95.2% |
| Financial income | 75/76B | €21,067 | €23,444 | +€2,377 | +11.3% |
| Recurring financial income | 75 | €21,067 | €23,444 | +€2,377 | +11.3% |
| Financial charges | 65/66B | €24,213 | €17,804 | -€6,409 | -26.5% |
| Recurring financial charges | 65 | €24,213 | €17,804 | -€6,409 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €240,183 | €480,596 | +€240,413 | +100% |
| Income taxes | 67/77 | €61,794 | €119,955 | +€58,161 | +94.1% |
| Profit (loss) for the period | 9904 | €178,389 | €360,641 | +€182,252 | +102% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €52,089 | €360,641 | +€308,552 | +592% |
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 13 October 2026 via checked.be.