EZEL: 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.
EZEL
Largest movements
- Tangible fixed assets +€498,732
up €498,732 (+432.4%), from €115,335 to €614,067
of which Land and buildings: +€509,351
- Cash -€17,255
down €17,255 (-28.9%), from €59,677 to €42,422
mainly Investment in fixed assets (net) (-€532,823) and Net result for the year (-€5,346)
- Receivables within one year -€9,999
down €9,999 (-92.0%), from €10,869 to €870
of which Other amounts receivable: -€10,869
- Debts after one year +€341,625
up €341,625 (+408.4%), from €83,645 to €425,270
- Other debts +€141,049
new in 2025: €141,049
- Gross operating margin +€21,321
up €21,321 (+13.4%), from €159,199 to €180,520
- Depreciation +€14,517
up €14,517 (+74.2%), from €19,574 to €34,091
- Financial charges +€13,025
up €13,025 (+233.5%), from €5,578 to €18,604
- Taxes -€3,371
down €3,371 (-64.4%), from €5,234 to €1,863
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 | €196,009 | €667,631 | +€471,622 | +240.6% |
| Fixed assets | 21/28 | €119,385 | €618,117 | +€498,732 | +417.8% |
| Tangible fixed assets | 22/27 | €115,335 | €614,067 | +€498,732 | +432.4% |
| Land and buildings | 22 | €49,504 | €558,854 | +€509,351 | +1028.9% |
| Furniture and vehicles | 24 | €21,639 | €15,119 | -€6,520 | -30.1% |
| Other tangible fixed assets | 26 | €44,192 | €40,094 | -€4,099 | -9.3% |
| Financial fixed assets | 28 | €4,050 | €4,050 | = | 0.0% |
| Current assets | 29/58 | €76,625 | €49,514 | -€27,110 | -35.4% |
| Stocks and contracts in progress | 3 | €6,021 | €5,157 | -€864 | -14.3% |
| Stocks | 30/36 | €6,021 | €5,157 | -€864 | -14.3% |
| Amounts receivable within one year | 40/41 | €10,869 | €870 | -€9,999 | -92.0% |
| Trade receivables | 40 | - | €870 | +€870 | |
| Other amounts receivable | 41 | €10,869 | - | -€10,869 | |
| Cash at bank and in hand | 54/58 | €59,677 | €42,422 | -€17,255 | -28.9% |
| Deferred charges and accrued income | 490/1 | €58 | €1,065 | +€1,007 | +1744.3% |
| Total equity and liabilities | 10/49 | €196,009 | €667,631 | +€471,622 | +240.6% |
| Equity | 10/15 | €41,171 | €35,825 | -€5,346 | -13.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,711 | €15,365 | -€5,346 | -25.8% |
| Amounts payable | 17/49 | €154,838 | €631,807 | +€476,969 | +308.0% |
| Amounts payable after more than one year | 17 | €83,645 | €425,270 | +€341,625 | +408.4% |
| Financial debts | 170/4 | €83,645 | €425,270 | +€341,625 | +408.4% |
| Amounts payable within one year | 42/48 | €71,193 | €206,537 | +€135,343 | +190.1% |
| Current portion of amounts payable after more than one year | 42 | €35,866 | €37,488 | +€1,622 | +4.5% |
| Trade debts | 44 | €14,443 | €10,209 | -€4,233 | -29.3% |
| Suppliers | 440/4 | €14,443 | €10,209 | -€4,233 | -29.3% |
| Taxes, remuneration and social security | 45 | €20,885 | €17,791 | -€3,094 | -14.8% |
| Taxes | 450/3 | €5,506 | €5,231 | -€275 | -5.0% |
| Remuneration and social security | 454/9 | €15,379 | €12,560 | -€2,819 | -18.3% |
| Other amounts payable | 47/48 | - | €141,049 | +€141,049 | |
| Remuneration, social security and pensions | 62 | €125,467 | €126,824 | +€1,357 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,574 | €34,091 | +€14,517 | +74.2% |
| Other operating charges | 640/8 | €4,445 | €5,129 | +€683 | +15.4% |
| Gross operating margin | 9900 | €159,199 | €180,520 | +€21,321 | +13.4% |
| Operating profit (loss) | 9901 | €9,712 | €14,476 | +€4,764 | +49.1% |
| Financial income | 75/76B | €1,743 | €644 | -€1,099 | -63.1% |
| Recurring financial income | 75 | €1,743 | €644 | -€1,099 | -63.1% |
| Financial charges | 65/66B | €5,578 | €18,604 | +€13,025 | +233.5% |
| Recurring financial charges | 65 | €5,578 | €18,604 | +€13,025 | +233.5% |
| Profit (loss) for the period before taxes | 9903 | €5,877 | -€3,483 | -€9,360 | |
| Income taxes | 67/77 | €5,234 | €1,863 | -€3,371 | -64.4% |
| Profit (loss) for the period | 9904 | €643 | -€5,346 | -€5,989 | |
| Profit (loss) for the period to be appropriated | 9905 | €643 | -€5,346 | -€5,989 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.