INZALO: 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.
INZALO
Largest movements
- Tangible fixed assets +€31,733
up €31,733 (+23.8%), from €133,142 to €164,875
of which Land and buildings: +€38,449
- Cash -€8,720
down €8,720 (-3.0%), from €294,078 to €285,358
mainly Contributions, distributions and other (-€65,411) and Investment in fixed assets (net) (-€53,506)
- Trade debts +€48,993
up €48,993 (+686%), from €7,147 to €56,139
- Reserves -€28,952
down €28,952 (-9.1%), from €317,338 to €288,386
of which Distributable reserves: -€28,952
- Gross operating margin -€37,903
down €37,903 (-32.7%), from €115,881 to €77,978
- Taxes -€9,946
down €9,946 (-36.8%), from €27,061 to €17,115
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 | €430,360 | €454,042 | +€23,683 | +5.5% |
| Fixed assets | 21/28 | €133,142 | €164,875 | +€31,733 | +23.8% |
| Tangible fixed assets | 22/27 | €133,142 | €164,875 | +€31,733 | +23.8% |
| Land and buildings | 22 | €70,510 | €108,959 | +€38,449 | +54.5% |
| Furniture and vehicles | 24 | €27,776 | €54,400 | +€26,624 | +95.9% |
| Other tangible fixed assets | 26 | €34,856 | €1,516 | -€33,340 | -95.7% |
| Current assets | 29/58 | €297,218 | €289,167 | -€8,051 | -2.7% |
| Amounts receivable within one year | 40/41 | €605 | €3,376 | +€2,771 | +458% |
| Trade receivables | 40 | €605 | €0 | -€605 | -100% |
| Other amounts receivable | 41 | - | €3,376 | +€3,376 | |
| Cash at bank and in hand | 54/58 | €294,078 | €285,358 | -€8,720 | -3.0% |
| Deferred charges and accrued income | 490/1 | €2,535 | €433 | -€2,101 | -82.9% |
| Total equity and liabilities | 10/49 | €430,360 | €454,042 | +€23,683 | +5.5% |
| Equity | 10/15 | €392,852 | €363,901 | -€28,952 | -7.4% |
| Contributions | 10/11 | €4,340 | €4,340 | = | 0.0% |
| Reserves | 13 | €317,338 | €288,386 | -€28,952 | -9.1% |
| Tax-exempt reserves | 132 | €20,841 | €20,841 | = | 0.0% |
| Distributable reserves | 133 | €296,497 | €267,546 | -€28,952 | -9.8% |
| Profit (loss) carried forward | 14 | €71,175 | €71,175 | = | 0.0% |
| Amounts payable | 17/49 | €37,507 | €90,141 | +€52,634 | +140% |
| Amounts payable within one year | 42/48 | €37,507 | €90,141 | +€52,634 | +140% |
| Trade debts | 44 | €7,147 | €56,139 | +€48,993 | +686% |
| Suppliers | 440/4 | €7,147 | €56,139 | +€48,993 | +686% |
| Taxes, remuneration and social security | 45 | €29,353 | €30,063 | +€711 | +2.4% |
| Taxes | 450/3 | €26,583 | €27,061 | +€478 | +1.8% |
| Remuneration and social security | 454/9 | €2,770 | €3,003 | +€232 | +8.4% |
| Other amounts payable | 47/48 | €1,008 | €3,939 | +€2,931 | +291% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,994 | €21,773 | -€221 | -1.0% |
| Other operating charges | 640/8 | €2,524 | €2,658 | +€134 | +5.3% |
| Gross operating margin | 9900 | €115,881 | €77,978 | -€37,903 | -32.7% |
| Operating profit (loss) | 9901 | €91,363 | €53,548 | -€37,816 | -41.4% |
| Financial income | 75/76B | €3,025 | €2,502 | -€523 | -17.3% |
| Recurring financial income | 75 | €3,025 | €2,502 | -€523 | -17.3% |
| Financial charges | 65/66B | €1,532 | €2,476 | +€943 | +61.6% |
| Recurring financial charges | 65 | €1,532 | €2,476 | +€943 | +61.6% |
| Profit (loss) for the period before taxes | 9903 | €92,856 | €53,574 | -€39,282 | -42.3% |
| Income taxes | 67/77 | €27,061 | €17,115 | -€9,946 | -36.8% |
| Profit (loss) for the period | 9904 | €65,796 | €36,459 | -€29,336 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,796 | €36,459 | -€29,336 | -44.6% |
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 27 October 2026 via checked.be.