AZZURRA: 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.
AZZURRA
Largest movements
- Tangible fixed assets +€139,140
up €139,140 (+50.4%), from €275,903 to €415,043
of which Land and buildings: +€128,631
- Cash -€54,452
down €54,452 (-93.9%), from €57,997 to €3,545
mainly Investment in fixed assets (net) (-€179,845) and Contributions, distributions and other (-€22,268)
- Receivables within one year +€7,194
up €7,194 (+17.3%), from €41,514 to €48,708
of which Trade receivables: +€9,383
- Debts after one year +€43,457
up €43,457 (+28.0%), from €154,939 to €198,396
- Current portion of long-term debt +€24,545
new in 2025: €24,545
- Trade debts +€21,999
up €21,999 (+309%), from €7,114 to €29,113
- Other debts +€12,180
up €12,180 (+70.2%), from €17,356 to €29,536
- Reserves -€9,147
down €9,147 (-6.1%), from €150,664 to €141,516
- Depreciation +€23,109
up €23,109 (+131%), from €17,596 to €40,705
- Gross operating margin +€13,882
up €13,882 (+24.0%), from €57,729 to €71,611
- Financial charges +€4,804
up €4,804 (+143%), from €3,358 to €8,162
- Taxes -€2,695
down €2,695 (-23.2%), from €11,612 to €8,917
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 | €376,216 | €469,425 | +€93,209 | +24.8% |
| Fixed assets | 21/28 | €275,903 | €415,043 | +€139,140 | +50.4% |
| Tangible fixed assets | 22/27 | €275,903 | €415,043 | +€139,140 | +50.4% |
| Land and buildings | 22 | €267,564 | €396,196 | +€128,631 | +48.1% |
| Plant, machinery and equipment | 23 | €6,772 | €6,629 | -€142 | -2.1% |
| Furniture and vehicles | 24 | €1,567 | €12,218 | +€10,651 | +680% |
| Current assets | 29/58 | €100,313 | €54,381 | -€45,931 | -45.8% |
| Amounts receivable within one year | 40/41 | €41,514 | €48,708 | +€7,194 | +17.3% |
| Trade receivables | 40 | €39,325 | €48,708 | +€9,383 | +23.9% |
| Other amounts receivable | 41 | €2,189 | - | -€2,189 | |
| Cash at bank and in hand | 54/58 | €57,997 | €3,545 | -€54,452 | -93.9% |
| Deferred charges and accrued income | 490/1 | €801 | €2,129 | +€1,328 | +166% |
| Total equity and liabilities | 10/49 | €376,216 | €469,425 | +€93,209 | +24.8% |
| Equity | 10/15 | €181,650 | €172,503 | -€9,147 | -5.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €150,664 | €141,516 | -€9,147 | -6.1% |
| Distributable reserves | 133 | €150,664 | €141,516 | -€9,147 | -6.1% |
| Amounts payable | 17/49 | €194,565 | €296,922 | +€102,356 | +52.6% |
| Amounts payable after more than one year | 17 | €154,939 | €198,396 | +€43,457 | +28.0% |
| Financial debts | 170/4 | €154,939 | €198,396 | +€43,457 | +28.0% |
| Amounts payable within one year | 42/48 | €39,626 | €98,526 | +€58,899 | +149% |
| Current portion of amounts payable after more than one year | 42 | - | €24,545 | +€24,545 | |
| Trade debts | 44 | €7,114 | €29,113 | +€21,999 | +309% |
| Suppliers | 440/4 | €7,114 | €29,113 | +€21,999 | +309% |
| Taxes, remuneration and social security | 45 | €15,157 | €15,332 | +€175 | +1.2% |
| Taxes | 450/3 | €12,157 | €12,332 | +€175 | +1.4% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €17,356 | €29,536 | +€12,180 | +70.2% |
| Non-recurring operating income | 76A | €401 | - | -€401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,596 | €40,705 | +€23,109 | +131% |
| Other operating charges | 640/8 | €1,299 | €1,377 | +€79 | +6.1% |
| Gross operating margin | 9900 | €57,729 | €71,611 | +€13,882 | +24.0% |
| Operating profit (loss) | 9901 | €38,835 | €29,529 | -€9,306 | -24.0% |
| Financial income | 75/76B | €1 | €671 | +€670 | +81,738% |
| Recurring financial income | 75 | €1 | €671 | +€670 | +81,738% |
| Financial charges | 65/66B | €3,358 | €8,162 | +€4,804 | +143% |
| Recurring financial charges | 65 | €3,358 | €8,162 | +€4,804 | +143% |
| Profit (loss) for the period before taxes | 9903 | €35,478 | €22,038 | -€13,440 | -37.9% |
| Income taxes | 67/77 | €11,612 | €8,917 | -€2,695 | -23.2% |
| Profit (loss) for the period | 9904 | €23,865 | €13,121 | -€10,745 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,865 | €13,121 | -€10,745 | -45.0% |
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 15 October 2026 via checked.be.