AZX: 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.
AZX
Largest movements
- Deferred charges and accrued income -€3,575
down €3,575 (-97.4%), from €3,670 to €95
- Receivables within one year +€1,068
up €1,068 (+16.6%), from €6,422 to €7,490
of which Trade receivables: +€1,100
- Cash +€245
up €245 (+66.4%), from €370 to €615
mainly Deferred charges and accrued income (+€3,575) and Other debts (+€1,932)
- Profit (loss) carried forward -€4,512
down €4,512, from €55 to -€4,457
- Other debts +€1,932
up €1,932 (+26.3%), from €7,342 to €9,274
- Trade debts +€318
up €318 (+909%), from €35 to €353
- Gross operating margin -€6,578
down €6,578, from €2,225 to -€4,353
- Depreciation -€2,029
no longer reported in 2025 (was €2,029)
- Financial charges +€48
up €48 (+42.8%), from €111 to €159
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 | €10,462 | €8,200 | -€2,262 | -21.6% |
| Current assets | 29/58 | €10,462 | €8,200 | -€2,262 | -21.6% |
| Amounts receivable within one year | 40/41 | €6,422 | €7,490 | +€1,068 | +16.6% |
| Trade receivables | 40 | €6,280 | €7,380 | +€1,100 | +17.5% |
| Other amounts receivable | 41 | €141 | €110 | -€32 | -22.5% |
| Cash at bank and in hand | 54/58 | €370 | €615 | +€245 | +66.4% |
| Deferred charges and accrued income | 490/1 | €3,670 | €95 | -€3,575 | -97.4% |
| Total equity and liabilities | 10/49 | €10,462 | €8,200 | -€2,262 | -21.6% |
| Equity | 10/15 | €3,055 | -€1,457 | -€4,512 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55 | -€4,457 | -€4,512 | |
| Amounts payable | 17/49 | €7,407 | €9,658 | +€2,250 | +30.4% |
| Amounts payable within one year | 42/48 | €7,407 | €9,658 | +€2,250 | +30.4% |
| Trade debts | 44 | €35 | €353 | +€318 | +909% |
| Suppliers | 440/4 | €35 | €353 | +€318 | +909% |
| Taxes, remuneration and social security | 45 | €30 | €30 | = | 0.0% |
| Taxes | 450/3 | €30 | €30 | = | 0.0% |
| Other amounts payable | 47/48 | €7,342 | €9,274 | +€1,932 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,029 | - | -€2,029 | |
| Gross operating margin | 9900 | €2,225 | -€4,353 | -€6,578 | |
| Operating profit (loss) | 9901 | €196 | -€4,353 | -€4,549 | |
| Financial charges | 65/66B | €111 | €159 | +€48 | +42.8% |
| Recurring financial charges | 65 | €111 | €159 | +€48 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €85 | -€4,512 | -€4,597 | |
| Income taxes | 67/77 | €30 | - | -€30 | |
| Profit (loss) for the period | 9904 | €55 | -€4,512 | -€4,567 | |
| Profit (loss) for the period to be appropriated | 9905 | €55 | -€4,512 | -€4,567 |
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 14 October 2026 via checked.be.