ETS LIZEN: what changed
Two fiscal 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.
ETS LIZEN
Largest movements
- Tangible fixed assets +€81,611
up €81,611 (+4908.5%), from €1,663 to €83,274
of which Furniture and vehicles: +€81,823
- Financial fixed assets -€23,270
down €23,270 (-99.2%), from €23,458 to €188
- Cash +€22,281
up €22,281 (+8.9%), from €250,085 to €272,366
mainly Other debts (+€49,498) and Depreciation (+€18,326)
- Stocks and contracts -€16,218
down €16,218 (-39.1%), from €41,532 to €25,313
- Receivables within one year -€9,294
down €9,294 (-34.2%), from €27,157 to €17,863
of which Other amounts receivable: -€4,658
- Other debts +€49,498
up €49,498 (+1100.3%), from €4,499 to €53,996
- Reserves +€15,000
up €15,000 (+8.9%), from €168,020 to €183,020
of which Distributable reserves: +€15,000
- Trade debts -€9,084
down €9,084 (-85.6%), from €10,616 to €1,532
- Turnover -€242,398
no longer reported in 2025 (was €242,398)
- Purchases and services -€234,366
no longer reported in 2025 (was €234,366)
- Gross operating margin +€27,937
up €27,937 (+147.2%), from €18,981 to €46,918
- Depreciation +€17,742
up €17,742 (+3040.5%), from €584 to €18,326
- Other operating charges +€8,395
up €8,395 (+268.3%), from €3,129 to €11,524
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.
Cash bridge derived
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 | €343,895 | €399,005 | +€55,110 | +16.0% |
| Fixed assets | 21/28 | €25,121 | €83,462 | +€58,341 | +232.2% |
| Tangible fixed assets | 22/27 | €1,663 | €83,274 | +€81,611 | +4908.5% |
| Plant, machinery and equipment | 23 | €603 | €391 | -€212 | -35.1% |
| Furniture and vehicles | 24 | €1,060 | €82,882 | +€81,823 | +7721.6% |
| Financial fixed assets | 28 | €23,458 | €188 | -€23,270 | -99.2% |
| Current assets | 29/58 | €318,774 | €315,543 | -€3,231 | -1.0% |
| Stocks and contracts in progress | 3 | €41,532 | €25,313 | -€16,218 | -39.1% |
| Stocks | 30/36 | €41,532 | €25,313 | -€16,218 | -39.1% |
| Amounts receivable within one year | 40/41 | €27,157 | €17,863 | -€9,294 | -34.2% |
| Trade receivables | 40 | €18,143 | €13,506 | -€4,637 | -25.6% |
| Other amounts receivable | 41 | €9,015 | €4,357 | -€4,658 | -51.7% |
| Cash at bank and in hand | 54/58 | €250,085 | €272,366 | +€22,281 | +8.9% |
| Total equity and liabilities | 10/49 | €343,895 | €399,005 | +€55,110 | +16.0% |
| Equity | 10/15 | €327,075 | €342,520 | +€15,446 | +4.7% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €168,020 | €183,020 | +€15,000 | +8.9% |
| Non-distributable reserves | 130/1 | €8,180 | €8,180 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,180 | €8,180 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,840 | €10,840 | = | 0.0% |
| Distributable reserves | 133 | €149,000 | €164,000 | +€15,000 | +10.1% |
| Profit (loss) carried forward | 14 | €77,249 | €77,695 | +€446 | +0.6% |
| Amounts payable | 17/49 | €16,821 | €56,485 | +€39,664 | +235.8% |
| Amounts payable within one year | 42/48 | €16,821 | €56,485 | +€39,664 | +235.8% |
| Trade debts | 44 | €10,616 | €1,532 | -€9,084 | -85.6% |
| Suppliers | 440/4 | €10,616 | €1,532 | -€9,084 | -85.6% |
| Taxes, remuneration and social security | 45 | €1,706 | €957 | -€749 | -43.9% |
| Taxes | 450/3 | €1,706 | €957 | -€749 | -43.9% |
| Other amounts payable | 47/48 | €4,499 | €53,996 | +€49,498 | +1100.3% |
| Turnover | 70 | €242,398 | - | -€242,398 | |
| Goods, raw materials, services and sundry goods | 60/61 | €234,366 | - | -€234,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €584 | €18,326 | +€17,742 | +3040.5% |
| Other operating charges | 640/8 | €3,129 | €11,524 | +€8,395 | +268.3% |
| Gross operating margin | 9900 | €18,981 | €46,918 | +€27,937 | +147.2% |
| Operating profit (loss) | 9901 | €15,269 | €17,068 | +€1,799 | +11.8% |
| Financial income | 75/76B | €2,853 | €3,905 | +€1,053 | +36.9% |
| Recurring financial income | 75 | €2,853 | €3,905 | +€1,053 | +36.9% |
| Financial charges | 65/66B | €147 | €209 | +€62 | +42.5% |
| Recurring financial charges | 65 | €147 | €209 | +€62 | +42.5% |
| Profit (loss) for the period before taxes | 9903 | €17,975 | €20,764 | +€2,789 | +15.5% |
| Income taxes | 67/77 | €5,889 | €5,318 | -€570 | -9.7% |
| Profit (loss) for the period | 9904 | €12,086 | €15,446 | +€3,360 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,086 | €15,446 | +€3,360 | +27.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.