MI-AZURE: 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.
MI-AZURE
Largest movements
- Receivables within one year +€5,055
up €5,055 (+54.9%), from €9,216 to €14,271
- Tangible fixed assets +€4,118
up €4,118 (+2.5%), from €162,680 to €166,798
of which Plant, machinery and equipment: +€9,137
- Cash +€3,425
up €3,425 (+6.6%), from €51,924 to €55,349
mainly Other debts (+€131,916) and Net result for the year (+€36,716)
- Other debts +€131,916
up €131,916 (+2,803%), from €4,707 to €136,623
- Reserves -€117,573
down €117,573 (-76.6%), from €153,455 to €35,883
- Debts after one year -€9,479
down €9,479 (-25.3%), from €37,435 to €27,956
- Tax, wage and social debts +€5,702
up €5,702 (+41.8%), from €13,650 to €19,352
- Depreciation +€8,996
up €8,996 (+68.1%), from €13,209 to €22,206
- Gross operating margin -€3,716
down €3,716 (-4.9%), from €76,094 to €72,378
- Taxes -€2,773
down €2,773 (-21.5%), from €12,884 to €10,111
- Financial charges +€1,527
up €1,527 (+169%), from €905 to €2,432
- Financial income +€836
up €836 (+4,180,900%), from €0 to €836
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 | €224,912 | €237,720 | +€12,807 | +5.7% |
| Fixed assets | 21/28 | €162,680 | €166,798 | +€4,118 | +2.5% |
| Tangible fixed assets | 22/27 | €162,680 | €166,798 | +€4,118 | +2.5% |
| Plant, machinery and equipment | 23 | €2,166 | €11,303 | +€9,137 | +422% |
| Furniture and vehicles | 24 | €2,256 | €4,333 | +€2,077 | +92.1% |
| Leasing and similar rights | 25 | €44,522 | €34,762 | -€9,760 | -21.9% |
| Other tangible fixed assets | 26 | €113,735 | €116,400 | +€2,665 | +2.3% |
| Current assets | 29/58 | €62,232 | €70,921 | +€8,689 | +14.0% |
| Amounts receivable within one year | 40/41 | €9,216 | €14,271 | +€5,055 | +54.9% |
| Trade receivables | 40 | €9,216 | €14,271 | +€5,055 | +54.9% |
| Cash at bank and in hand | 54/58 | €51,924 | €55,349 | +€3,425 | +6.6% |
| Deferred charges and accrued income | 490/1 | €1,093 | €1,302 | +€209 | +19.1% |
| Total equity and liabilities | 10/49 | €224,912 | €237,720 | +€12,807 | +5.7% |
| Equity | 10/15 | €156,455 | €38,883 | -€117,573 | -75.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €153,455 | €35,883 | -€117,573 | -76.6% |
| Distributable reserves | 133 | €153,455 | €35,883 | -€117,573 | -76.6% |
| Amounts payable | 17/49 | €68,457 | €198,837 | +€130,380 | +190% |
| Amounts payable after more than one year | 17 | €37,435 | €27,956 | -€9,479 | -25.3% |
| Financial debts | 170/4 | €37,435 | €27,956 | -€9,479 | -25.3% |
| Amounts payable within one year | 42/48 | €30,849 | €170,441 | +€139,591 | +452% |
| Current portion of amounts payable after more than one year | 42 | €9,134 | €9,479 | +€345 | +3.8% |
| Financial debts | 43 | €17 | €31 | +€14 | +79.1% |
| Credit institutions | 430/8 | €17 | €31 | +€14 | +79.1% |
| Trade debts | 44 | €3,341 | €4,955 | +€1,614 | +48.3% |
| Suppliers | 440/4 | €3,341 | €4,955 | +€1,614 | +48.3% |
| Taxes, remuneration and social security | 45 | €13,650 | €19,352 | +€5,702 | +41.8% |
| Taxes | 450/3 | €13,650 | €19,352 | +€5,702 | +41.8% |
| Other amounts payable | 47/48 | €4,707 | €136,623 | +€131,916 | +2,803% |
| Accrued charges and deferred income | 492/3 | €172 | €440 | +€268 | +156% |
| Non-recurring operating income | 76A | €1,028 | - | -€1,028 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,209 | €22,206 | +€8,996 | +68.1% |
| Other operating charges | 640/8 | €1,195 | €1,702 | +€506 | +42.4% |
| Non-recurring operating charges | 66A | - | €49 | +€49 | |
| Gross operating margin | 9900 | €76,094 | €72,378 | -€3,716 | -4.9% |
| Operating profit (loss) | 9901 | €61,690 | €48,423 | -€13,267 | -21.5% |
| Financial income | 75/76B | €0 | €836 | +€836 | +4,180,900% |
| Recurring financial income | 75 | €0 | €836 | +€836 | +4,180,900% |
| Financial charges | 65/66B | €905 | €2,432 | +€1,527 | +169% |
| Recurring financial charges | 65 | €905 | €2,432 | +€1,527 | +169% |
| Profit (loss) for the period before taxes | 9903 | €60,785 | €46,827 | -€13,958 | -23.0% |
| Income taxes | 67/77 | €12,884 | €10,111 | -€2,773 | -21.5% |
| Profit (loss) for the period | 9904 | €47,901 | €36,716 | -€11,186 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,901 | €36,716 | -€11,186 | -23.4% |
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.