Azzurro Rosso e Bianco: 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.
Azzurro Rosso e Bianco
Largest movements
- Receivables within one year -€97,081
down €97,081 (-95.1%), from €102,081 to €5,000
of which Trade receivables: -€98,089
- Cash +€84,688
up €84,688 (+152%), from €55,818 to €140,507
mainly Other debts (+€99,685) and Receivables within one year (+€97,081)
- Intangible fixed assets -€8,839
down €8,839 (-13.3%), from €66,253 to €57,414
- Other debts +€99,685
up €99,685 (+1,105%), from €9,018 to €108,703
- Reserves -€64,223
down €64,223 (-23.9%), from €269,012 to €204,789
- Tax, wage and social debts -€26,334
down €26,334 (-71.2%), from €36,982 to €10,648
- Debts after one year -€24,553
down €24,553 (-35.8%), from €68,646 to €44,093
- Trade debts -€5,579
down €5,579 (-61.4%), from €9,088 to €3,509
- Gross operating margin -€16,726
down €16,726 (-16.2%), from €102,972 to €86,246
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 | €434,153 | €413,021 | -€21,132 | -4.9% |
| Fixed assets | 21/28 | €276,253 | €267,414 | -€8,839 | -3.2% |
| Intangible fixed assets | 21 | €66,253 | €57,414 | -€8,839 | -13.3% |
| Financial fixed assets | 28 | €210,000 | €210,000 | = | 0.0% |
| Current assets | 29/58 | €157,900 | €145,607 | -€12,293 | -7.8% |
| Amounts receivable within one year | 40/41 | €102,081 | €5,000 | -€97,081 | -95.1% |
| Trade receivables | 40 | €98,089 | €0 | -€98,089 | -100% |
| Other amounts receivable | 41 | €3,992 | €5,000 | +€1,008 | +25.3% |
| Cash at bank and in hand | 54/58 | €55,818 | €140,507 | +€84,688 | +152% |
| Deferred charges and accrued income | 490/1 | - | €100 | +€100 | |
| Total equity and liabilities | 10/49 | €434,153 | €413,021 | -€21,132 | -4.9% |
| Equity | 10/15 | €269,013 | €204,790 | -€64,223 | -23.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €269,012 | €204,789 | -€64,223 | -23.9% |
| Distributable reserves | 133 | €269,012 | €204,789 | -€64,223 | -23.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €165,139 | €208,231 | +€43,092 | +26.1% |
| Amounts payable after more than one year | 17 | €68,646 | €44,093 | -€24,553 | -35.8% |
| Financial debts | 170/4 | €68,646 | €44,093 | -€24,553 | -35.8% |
| Amounts payable within one year | 42/48 | €95,890 | €164,138 | +€68,248 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €26,084 | €26,578 | +€495 | +1.9% |
| Financial debts | 43 | €14,718 | €14,700 | -€18 | -0.1% |
| Credit institutions | 430/8 | €14,718 | €14,700 | -€18 | -0.1% |
| Trade debts | 44 | €9,088 | €3,509 | -€5,579 | -61.4% |
| Suppliers | 440/4 | €9,088 | €3,509 | -€5,579 | -61.4% |
| Taxes, remuneration and social security | 45 | €36,982 | €10,648 | -€26,334 | -71.2% |
| Taxes | 450/3 | €36,982 | €10,648 | -€26,334 | -71.2% |
| Other amounts payable | 47/48 | €9,018 | €108,703 | +€99,685 | +1,105% |
| Accrued charges and deferred income | 492/3 | €603 | €0 | -€603 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,839 | €8,839 | = | 0.0% |
| Other operating charges | 640/8 | €296 | €393 | +€97 | +32.9% |
| Gross operating margin | 9900 | €102,972 | €86,246 | -€16,726 | -16.2% |
| Operating profit (loss) | 9901 | €93,838 | €77,014 | -€16,823 | -17.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,582 | €2,167 | -€415 | -16.1% |
| Recurring financial charges | 65 | €2,582 | €2,167 | -€415 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €91,256 | €74,847 | -€16,408 | -18.0% |
| Income taxes | 67/77 | €21,008 | €21,424 | +€416 | +2.0% |
| Profit (loss) for the period | 9904 | €70,248 | €53,424 | -€16,824 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,248 | €53,424 | -€16,824 | -23.9% |
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 23 October 2026 via checked.be.