MZ AZAD: 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.
MZ AZAD
Largest movements
- Tangible fixed assets -€13,155
down €13,155 (-19.4%), from €67,939 to €54,784
of which Plant, machinery and equipment: -€9,000
- Receivables within one year +€9,855
up €9,855 (+505%), from €1,950 to €11,805
- Debts after one year -€14,054
down €14,054 (-47.9%), from €29,313 to €15,259
- Other debts +€10,470
up €10,470 (+71.1%), from €14,719 to €25,189
- Trade debts -€2,457
down €2,457 (-40.2%), from €6,105 to €3,648
- Tax, wage and social debts +€1,196
up €1,196 (+1,000%), from €120 to €1,316
- Profit (loss) carried forward +€1,170
up €1,170 (+1,906%), from €61 to €1,231
- Turnover -€64,222
no longer reported in 2025 (was €64,222)
- Purchases and services -€42,596
no longer reported in 2025 (was €42,596)
- Gross operating margin -€7,096
down €7,096 (-32.8%), from €21,626 to €14,529
- Depreciation -€2,186
down €2,186 (-14.2%), from €15,341 to €13,155
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 | €71,072 | €67,348 | -€3,724 | -5.2% |
| Fixed assets | 21/28 | €67,939 | €54,784 | -€13,155 | -19.4% |
| Tangible fixed assets | 22/27 | €67,939 | €54,784 | -€13,155 | -19.4% |
| Plant, machinery and equipment | 23 | €46,000 | €37,000 | -€9,000 | -19.6% |
| Furniture and vehicles | 24 | €2,401 | €2,154 | -€248 | -10.3% |
| Other tangible fixed assets | 26 | €19,538 | €15,630 | -€3,908 | -20.0% |
| Current assets | 29/58 | €3,134 | €12,564 | +€9,431 | +301% |
| Amounts receivable within one year | 40/41 | €1,950 | €11,805 | +€9,855 | +505% |
| Trade receivables | 40 | €1,950 | €11,805 | +€9,855 | +505% |
| Cash at bank and in hand | 54/58 | €1,184 | €759 | -€424 | -35.8% |
| Total equity and liabilities | 10/49 | €71,072 | €67,348 | -€3,724 | -5.2% |
| Equity | 10/15 | €20,061 | €21,231 | +€1,170 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61 | €1,231 | +€1,170 | +1,906% |
| Amounts payable | 17/49 | €51,011 | €46,117 | -€4,894 | -9.6% |
| Amounts payable after more than one year | 17 | €29,313 | €15,259 | -€14,054 | -47.9% |
| Financial debts | 170/4 | €29,313 | €15,259 | -€14,054 | -47.9% |
| Amounts payable within one year | 42/48 | €21,698 | €30,858 | +€9,160 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €754 | €705 | -€49 | -6.5% |
| Trade debts | 44 | €6,105 | €3,648 | -€2,457 | -40.2% |
| Suppliers | 440/4 | €6,105 | €3,648 | -€2,457 | -40.2% |
| Taxes, remuneration and social security | 45 | €120 | €1,316 | +€1,196 | +1,000% |
| Taxes | 450/3 | €120 | €1,316 | +€1,196 | +1,000% |
| Other amounts payable | 47/48 | €14,719 | €25,189 | +€10,470 | +71.1% |
| Turnover | 70 | €64,222 | - | -€64,222 | |
| Goods, raw materials, services and sundry goods | 60/61 | €42,596 | - | -€42,596 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,341 | €13,155 | -€2,186 | -14.2% |
| Other operating charges | 640/8 | €40 | €15 | -€25 | -63.5% |
| Gross operating margin | 9900 | €21,626 | €14,529 | -€7,096 | -32.8% |
| Operating profit (loss) | 9901 | €6,245 | €1,360 | -€4,885 | -78.2% |
| Financial charges | 65/66B | €252 | €190 | -€61 | -24.4% |
| Recurring financial charges | 65 | €252 | €190 | -€61 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €5,994 | €1,170 | -€4,824 | -80.5% |
| Profit (loss) for the period | 9904 | €5,994 | €1,170 | -€4,824 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,994 | €1,170 | -€4,824 | -80.5% |
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 28 October 2026 via checked.be.