Tutt' Azimuts: 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.
Tutt' Azimuts
Largest movements
- Receivables within one year +€13,144
up €13,144 (+23.1%), from €56,921 to €70,065
of which Other amounts receivable: +€16,606
- Tangible fixed assets -€8,136
down €8,136 (-15.4%), from €52,986 to €44,849
of which Land and buildings: -€5,917
- Trade debts +€22,303
up €22,303 (+2,155%), from €1,035 to €23,338
- Profit (loss) carried forward -€10,172
down €10,172 (-23.1%), from -€44,017 to -€54,190
- Debts after one year -€8,691
down €8,691 (-20.0%), from €43,398 to €34,707
- Short-term financial debts +€3,851
up €3,851 (+17.6%), from €21,878 to €25,730
- Tax, wage and social debts -€3,476
no longer reported in 2025 (was €3,476)
- Gross operating margin -€21,312
down €21,312 (-84.0%), from €25,363 to €4,051
- Taxes -€509
new in 2025: -€509
- Other operating charges +€415
up €415 (+31.8%), from €1,305 to €1,719
- Financial charges -€369
down €369 (-7.0%), from €5,247 to €4,877
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 | €111,536 | €116,481 | +€4,945 | +4.4% |
| Fixed assets | 21/28 | €54,286 | €46,149 | -€8,136 | -15.0% |
| Tangible fixed assets | 22/27 | €52,986 | €44,849 | -€8,136 | -15.4% |
| Land and buildings | 22 | €47,333 | €41,417 | -€5,917 | -12.5% |
| Plant, machinery and equipment | 23 | €441 | - | -€441 | |
| Furniture and vehicles | 24 | €5,211 | €3,433 | -€1,779 | -34.1% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €57,251 | €70,332 | +€13,081 | +22.8% |
| Amounts receivable within one year | 40/41 | €56,921 | €70,065 | +€13,144 | +23.1% |
| Trade receivables | 40 | €4,739 | €1,277 | -€3,462 | -73.1% |
| Other amounts receivable | 41 | €52,183 | €68,789 | +€16,606 | +31.8% |
| Cash at bank and in hand | 54/58 | €72 | €3 | -€69 | -95.6% |
| Deferred charges and accrued income | 490/1 | €257 | €264 | +€6 | +2.4% |
| Total equity and liabilities | 10/49 | €111,536 | €116,481 | +€4,945 | +4.4% |
| Equity | 10/15 | -€7,710 | -€17,882 | -€10,172 | -132% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €30,107 | €30,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €5,939 | €5,939 | = | 0.0% |
| Distributable reserves | 133 | €22,309 | €22,309 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,017 | -€54,190 | -€10,172 | -23.1% |
| Amounts payable | 17/49 | €119,246 | €134,364 | +€15,118 | +12.7% |
| Amounts payable after more than one year | 17 | €43,398 | €34,707 | -€8,691 | -20.0% |
| Financial debts | 170/4 | €43,398 | €34,707 | -€8,691 | -20.0% |
| Amounts payable within one year | 42/48 | €75,848 | €99,656 | +€23,808 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €8,465 | €10,194 | +€1,729 | +20.4% |
| Financial debts | 43 | €21,878 | €25,730 | +€3,851 | +17.6% |
| Credit institutions | 430/8 | €21,878 | €25,730 | +€3,851 | +17.6% |
| Trade debts | 44 | €1,035 | €23,338 | +€22,303 | +2,155% |
| Suppliers | 440/4 | €1,035 | €23,338 | +€22,303 | +2,155% |
| Taxes, remuneration and social security | 45 | €3,476 | - | -€3,476 | |
| Taxes | 450/3 | €3,476 | - | -€3,476 | |
| Other amounts payable | 47/48 | €40,995 | €40,395 | -€600 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,090 | €8,136 | +€46 | +0.6% |
| Other operating charges | 640/8 | €1,305 | €1,719 | +€415 | +31.8% |
| Gross operating margin | 9900 | €25,363 | €4,051 | -€21,312 | -84.0% |
| Operating profit (loss) | 9901 | €15,968 | -€5,805 | -€21,773 | |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €5,247 | €4,877 | -€369 | -7.0% |
| Recurring financial charges | 65 | €5,247 | €4,877 | -€369 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €10,728 | -€10,682 | -€21,410 | |
| Income taxes | 67/77 | - | -€509 | -€509 | |
| Profit (loss) for the period | 9904 | €10,728 | -€10,172 | -€20,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,728 | -€10,172 | -€20,900 |
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 22 October 2026 via checked.be.