AZEM: 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.
What changed
AZEM
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€621,586
2024 · €2.4m-€1.8m
Equity
€16.3m
2024 · €15.7m+€621,586
Cash
€533,786
2024 · €278,415+€255,371
Balance sheet total
€49.2m
2024 · €23.7m+€25.5m
Largest movements
Assets
- Financial fixed assets +€24.3m
up €24.3m (+195%), from €12.5m to €36.8m
- Receivables after one year +€814,837
up €814,837 (+4,161%), from €19,583 to €834,420
Equity and liabilities
- Other debts +€24.4m
up €24.4m (+371%), from €6.6m to €31.0m
- Profit (loss) carried forward +€621,586
up €621,586 (+4.0%), from €15.7m to €16.3m
Income statement
- Financial income -€1.7m
down €1.7m (-72.7%), from €2.4m to €645,625
- Gross operating margin -€59,708
down €59,708 (-22.4%), from €266,168 to €206,460
- Taxes -€22,523
down €22,523 (-33.9%), from €66,532 to €44,009
- Financial charges +€8,857
up €8,857 (+9.2%), from €96,197 to €105,055
- Depreciation +€2,933
up €2,933 (+5.5%), from €53,014 to €55,947
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.
Result 2024
€2.4m
Gross operating margin
-€59,708
Depreciation
-€2,933
Other operating charges
-€1,460
Financial income
-€1.7m
Financial charges
-€8,857
Taxes
+€22,523
Result 2025
€621,586
raises the resultlowers the result
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.
From operations
+€24.3m
Investment
-€24.5m
Financing
+€455,199
Cash 2024
€278,415
From operations (derived)
+€24.3m
Net result for the year
+€621,586
Depreciation
+€55,947
Receivables after one year
-€814,837
Receivables within one year
-€125,017
Deferred charges and accrued income
+€61,699
Smaller working-capital items
+€64,483
Other debts
+€24.4m
Investment (derived)
-€24.5m
Investment in fixed assets (net)
-€24.3m
Current investments
-€115,667
Financing
+€455,199
Debts after one year
+€331,508
Current portion of long-term debt
+€123,691
Cash 2025
€533,786
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,705,131 | €49,246,190 | +€25.5m | +108% |
| Fixed assets | 21/28 | €15,193,443 | €39,485,309 | +€24.3m | +160% |
| Tangible fixed assets | 22/27 | €2,721,861 | €2,705,347 | -€16,514 | -0.6% |
| Land and buildings | 22 | €1,552,832 | €1,536,690 | -€16,143 | -1.0% |
| Plant, machinery and equipment | 23 | €1,076,066 | €1,113,979 | +€37,913 | +3.5% |
| Furniture and vehicles | 24 | €92,962 | €54,678 | -€38,284 | -41.2% |
| Financial fixed assets | 28 | €12,471,582 | €36,779,962 | +€24.3m | +195% |
| Current assets | 29/58 | €8,511,689 | €9,760,881 | +€1.2m | +14.7% |
| Amounts receivable after more than one year | 29 | €19,583 | €834,420 | +€814,837 | +4,161% |
| Other amounts receivable | 291 | €19,583 | €834,420 | +€814,837 | +4,161% |
| Amounts receivable within one year | 40/41 | €151,883 | €276,900 | +€125,017 | +82.3% |
| Trade receivables | 40 | €48,400 | €24,542 | -€23,858 | -49.3% |
| Other amounts receivable | 41 | €103,483 | €252,358 | +€148,875 | +144% |
| Current investments | 50/53 | €7,908,927 | €8,024,594 | +€115,667 | +1.5% |
| Cash at bank and in hand | 54/58 | €278,415 | €533,786 | +€255,371 | +91.7% |
| Deferred charges and accrued income | 490/1 | €152,880 | €91,181 | -€61,699 | -40.4% |
| Total equity and liabilities | 10/49 | €23,705,131 | €49,246,190 | +€25.5m | +108% |
| Equity | 10/15 | €15,725,240 | €16,346,826 | +€621,586 | +4.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,657,069 | €16,278,655 | +€621,586 | +4.0% |
| Amounts payable | 17/49 | €7,979,892 | €32,899,364 | +€24.9m | +312% |
| Amounts payable after more than one year | 17 | €904,496 | €1,236,004 | +€331,508 | +36.7% |
| Financial debts | 170/4 | €904,496 | €1,236,004 | +€331,508 | +36.7% |
| Amounts payable within one year | 42/48 | €7,075,396 | €31,661,085 | +€24.6m | +347% |
| Current portion of amounts payable after more than one year | 42 | €484,703 | €608,394 | +€123,691 | +25.5% |
| Trade debts | 44 | €2,941 | €51,241 | +€48,300 | +1,643% |
| Suppliers | 440/4 | €2,941 | €51,241 | +€48,300 | +1,643% |
| Taxes, remuneration and social security | 45 | €5,114 | €19,021 | +€13,907 | +272% |
| Taxes | 450/3 | €5,114 | €19,021 | +€13,907 | +272% |
| Other amounts payable | 47/48 | €6,582,639 | €30,982,429 | +€24.4m | +371% |
| Accrued charges and deferred income | 492/3 | - | €2,276 | +€2,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,014 | €55,947 | +€2,933 | +5.5% |
| Other operating charges | 640/8 | €24,029 | €25,489 | +€1,460 | +6.1% |
| Gross operating margin | 9900 | €266,168 | €206,460 | -€59,708 | -22.4% |
| Operating profit (loss) | 9901 | €189,124 | €125,024 | -€64,100 | -33.9% |
| Financial income | 75/76B | €2,364,093 | €645,625 | -€1.7m | -72.7% |
| Recurring financial income | 75 | €2,364,093 | €645,625 | -€1.7m | -72.7% |
| Financial charges | 65/66B | €96,197 | €105,055 | +€8,857 | +9.2% |
| Recurring financial charges | 65 | €96,197 | €105,055 | +€8,857 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €2,457,020 | €665,595 | -€1.8m | -72.9% |
| Income taxes | 67/77 | €66,532 | €44,009 | -€22,523 | -33.9% |
| Profit (loss) for the period | 9904 | €2,390,488 | €621,586 | -€1.8m | -74.0% |
| Transfer from tax-exempt reserves | 789 | €151,560 | - | -€151,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,542,048 | €621,586 | -€1.9m | -75.5% |
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 22 October 2026 via checked.be.