Group Azar: 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.
Group Azar
Largest movements
- Receivables within one year +€143,995
up €143,995 (+56.0%), from €257,047 to €401,042
of which Other amounts receivable: +€105,051
- Cash -€85,198
down €85,198 (-44.5%), from €191,274 to €106,075
mainly Receivables within one year (-€143,995) and Tax, wage and social debts (-€5,053)
- Profit (loss) carried forward +€39,918
up €39,918 (+12.5%), from €319,090 to €359,008
- Trade debts +€23,181
up €23,181 (+60.7%), from €38,192 to €61,373
- Gross operating margin -€102,387
down €102,387 (-21.8%), from €468,881 to €366,494
- Staff costs -€47,751
down €47,751 (-13.4%), from €356,420 to €308,669
- Taxes -€13,926
down €13,926 (-41.9%), from €33,198 to €19,271
- Financial income +€8,160
new in 2025: €8,160
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 | €452,098 | €510,144 | +€58,046 | +12.8% |
| Fixed assets | 21/28 | €3,778 | €3,026 | -€752 | -19.9% |
| Tangible fixed assets | 22/27 | €1,078 | €326 | -€752 | -69.7% |
| Plant, machinery and equipment | 23 | €426 | - | -€426 | |
| Furniture and vehicles | 24 | €652 | €326 | -€326 | -50.0% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €448,320 | €507,118 | +€58,797 | +13.1% |
| Amounts receivable within one year | 40/41 | €257,047 | €401,042 | +€143,995 | +56.0% |
| Trade receivables | 40 | €77,324 | €116,269 | +€38,945 | +50.4% |
| Other amounts receivable | 41 | €179,723 | €284,773 | +€105,051 | +58.5% |
| Cash at bank and in hand | 54/58 | €191,274 | €106,075 | -€85,198 | -44.5% |
| Total equity and liabilities | 10/49 | €452,098 | €510,144 | +€58,046 | +12.8% |
| Equity | 10/15 | €337,690 | €377,608 | +€39,918 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €319,090 | €359,008 | +€39,918 | +12.5% |
| Amounts payable | 17/49 | €114,408 | €132,536 | +€18,128 | +15.8% |
| Amounts payable within one year | 42/48 | €114,408 | €132,536 | +€18,128 | +15.8% |
| Trade debts | 44 | €38,192 | €61,373 | +€23,181 | +60.7% |
| Suppliers | 440/4 | €38,192 | €61,373 | +€23,181 | +60.7% |
| Taxes, remuneration and social security | 45 | €76,216 | €71,163 | -€5,053 | -6.6% |
| Taxes | 450/3 | €76,216 | €51,310 | -€24,905 | -32.7% |
| Remuneration and social security | 454/9 | - | €19,853 | +€19,853 | |
| Remuneration, social security and pensions | 62 | €356,420 | €308,669 | -€47,751 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €858 | €752 | -€106 | -12.4% |
| Other operating charges | 640/8 | €3,463 | €5,977 | +€2,514 | +72.6% |
| Gross operating margin | 9900 | €468,881 | €366,494 | -€102,387 | -21.8% |
| Operating profit (loss) | 9901 | €108,141 | €51,097 | -€57,044 | -52.7% |
| Financial income | 75/76B | - | €8,160 | +€8,160 | |
| Recurring financial income | 75 | - | €8,160 | +€8,160 | |
| Financial charges | 65/66B | €775 | €68 | -€707 | -91.2% |
| Recurring financial charges | 65 | €775 | €68 | -€707 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | €107,365 | €59,189 | -€48,176 | -44.9% |
| Income taxes | 67/77 | €33,198 | €19,271 | -€13,926 | -41.9% |
| Profit (loss) for the period | 9904 | €74,167 | €39,918 | -€34,250 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €74,167 | €39,918 | -€34,250 | -46.2% |
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 26 October 2026 via checked.be.