NAZO GROUP: 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.
NAZO GROUP
Largest movements
- Receivables within one year -€35,998
down €35,998 (-71.9%), from €50,086 to €14,088
of which Trade receivables: -€35,896
- Cash +€20,399
up €20,399 (+61.1%), from €33,384 to €53,783
mainly Receivables within one year (+€35,998) and Net result for the year (+€9,842)
- Stocks and contracts +€1,724
up €1,724 (+37.8%), from €4,562 to €6,286
- Advances received -€18,573
no longer reported in 2025 (was €18,573)
- Trade debts -€13,269
down €13,269 (-36.7%), from €36,176 to €22,907
- Profit (loss) carried forward +€9,842
up €9,842 (+39,368%), from €25 to €9,867
- Tax, wage and social debts +€8,518
up €8,518 (+81.3%), from €10,482 to €19,000
- Other debts -€1,393
down €1,393 (-5.9%), from €23,695 to €22,302
- Staff costs +€26,385
up €26,385 (+56.2%), from €46,977 to €73,362
- Gross operating margin +€15,832
up €15,832 (+23.0%), from €68,905 to €84,737
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 | €90,951 | €76,076 | -€14,875 | -16.4% |
| Fixed assets | 21/28 | €2,805 | €1,918 | -€887 | -31.6% |
| Tangible fixed assets | 22/27 | €2,442 | €1,555 | -€887 | -36.3% |
| Plant, machinery and equipment | 23 | €1,706 | €1,192 | -€514 | -30.1% |
| Furniture and vehicles | 24 | €736 | €363 | -€373 | -50.7% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €88,146 | €74,158 | -€13,988 | -15.9% |
| Stocks and contracts in progress | 3 | €4,562 | €6,286 | +€1,724 | +37.8% |
| Stocks | 30/36 | €4,562 | €6,286 | +€1,724 | +37.8% |
| Amounts receivable within one year | 40/41 | €50,086 | €14,088 | -€35,998 | -71.9% |
| Trade receivables | 40 | €49,132 | €13,236 | -€35,896 | -73.1% |
| Other amounts receivable | 41 | €954 | €852 | -€102 | -10.7% |
| Cash at bank and in hand | 54/58 | €33,384 | €53,783 | +€20,399 | +61.1% |
| Deferred charges and accrued income | 490/1 | €114 | €1 | -€113 | -99.1% |
| Total equity and liabilities | 10/49 | €90,951 | €76,076 | -€14,875 | -16.4% |
| Equity | 10/15 | €2,025 | €11,867 | +€9,842 | +486% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25 | €9,867 | +€9,842 | +39,368% |
| Amounts payable | 17/49 | €88,926 | €64,209 | -€24,717 | -27.8% |
| Amounts payable within one year | 42/48 | €88,926 | €64,209 | -€24,717 | -27.8% |
| Trade debts | 44 | €36,176 | €22,907 | -€13,269 | -36.7% |
| Suppliers | 440/4 | €36,176 | €22,907 | -€13,269 | -36.7% |
| Advances received on contracts in progress | 46 | €18,573 | - | -€18,573 | |
| Taxes, remuneration and social security | 45 | €10,482 | €19,000 | +€8,518 | +81.3% |
| Remuneration and social security | 454/9 | €10,482 | €19,000 | +€8,518 | +81.3% |
| Other amounts payable | 47/48 | €23,695 | €22,302 | -€1,393 | -5.9% |
| Remuneration, social security and pensions | 62 | €46,977 | €73,362 | +€26,385 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €561 | €886 | +€325 | +57.9% |
| Other operating charges | 640/8 | €83 | €269 | +€186 | +224% |
| Gross operating margin | 9900 | €68,905 | €84,737 | +€15,832 | +23.0% |
| Operating profit (loss) | 9901 | €21,284 | €10,220 | -€11,064 | -52.0% |
| Financial income | 75/76B | €1 | €1 | = | 0.0% |
| Recurring financial income | 75 | €1 | €1 | = | 0.0% |
| Financial charges | 65/66B | €128 | €196 | +€68 | +53.1% |
| Recurring financial charges | 65 | €128 | €196 | +€68 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €21,157 | €10,025 | -€11,132 | -52.6% |
| Income taxes | 67/77 | - | €183 | +€183 | |
| Profit (loss) for the period | 9904 | €21,157 | €9,842 | -€11,315 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,157 | €9,842 | -€11,315 | -53.5% |
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 14 October 2026 via checked.be.