IZA: 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.
IZA
Largest movements
- Tangible fixed assets -€113,195
down €113,195 (-5.8%), from €2.0m to €1.8m
of which Land and buildings: -€92,765
- Profit (loss) carried forward -€74,125
down €74,125 (-9.3%), from €801,069 to €726,944
- Reserves -€27,066
down €27,066 (-5.5%), from €491,781 to €464,715
of which Tax-exempt reserves: -€27,066
- Gross operating margin -€28,534
down €28,534 (-41.1%), from €69,483 to €40,949
- Financial income +€14,849
new in 2025: €14,849
- Depreciation +€13,902
up €13,902 (+13.6%), from €102,198 to €116,100
- Other operating charges +€6,083
up €6,083 (+45.9%), from €13,262 to €19,345
- Financial charges +€5,380
up €5,380 (+21.5%), from €25,021 to €30,401
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 | €1,968,712 | €1,867,786 | -€100,926 | -5.1% |
| Fixed assets | 21/28 | €1,959,495 | €1,846,300 | -€113,195 | -5.8% |
| Tangible fixed assets | 22/27 | €1,959,495 | €1,846,300 | -€113,195 | -5.8% |
| Land and buildings | 22 | €1,812,570 | €1,719,805 | -€92,765 | -5.1% |
| Plant, machinery and equipment | 23 | €75,984 | €75,984 | = | 0.0% |
| Furniture and vehicles | 24 | €70,941 | €50,511 | -€20,430 | -28.8% |
| Current assets | 29/58 | €9,217 | €21,486 | +€12,269 | +133.1% |
| Cash at bank and in hand | 54/58 | €7,073 | €19,305 | +€12,232 | +172.9% |
| Deferred charges and accrued income | 490/1 | €2,144 | €2,181 | +€37 | +1.7% |
| Total equity and liabilities | 10/49 | €1,968,712 | €1,867,786 | -€100,926 | -5.1% |
| Equity | 10/15 | €1,354,823 | €1,253,632 | -€101,191 | -7.5% |
| 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 | €491,781 | €464,715 | -€27,066 | -5.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €485,584 | €458,518 | -€27,066 | -5.6% |
| Profit (loss) carried forward | 14 | €801,069 | €726,944 | -€74,125 | -9.3% |
| Provisions and deferred taxes | 16 | €161,861 | €152,839 | -€9,022 | -5.6% |
| Deferred taxes | 168 | €161,861 | €152,839 | -€9,022 | -5.6% |
| Amounts payable | 17/49 | €452,028 | €461,315 | +€9,287 | +2.1% |
| Amounts payable after more than one year | 17 | €7,507 | €7,507 | = | 0.0% |
| Other amounts payable | 178/9 | €7,507 | €7,507 | = | 0.0% |
| Amounts payable within one year | 42/48 | €441,168 | €451,979 | +€10,811 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,491 | €1,367 | -€3,124 | -69.6% |
| Suppliers | 440/4 | €3,225 | €1,367 | -€1,858 | -57.6% |
| Bills of exchange payable | 441 | €1,266 | - | -€1,266 | |
| Taxes, remuneration and social security | 45 | €2,415 | €5,162 | +€2,747 | +113.7% |
| Taxes | 450/3 | €2,415 | €5,162 | +€2,747 | +113.7% |
| Other amounts payable | 47/48 | €434,262 | €445,450 | +€11,188 | +2.6% |
| Accrued charges and deferred income | 492/3 | €3,353 | €1,829 | -€1,524 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,198 | €116,100 | +€13,902 | +13.6% |
| Other operating charges | 640/8 | €13,262 | €19,345 | +€6,083 | +45.9% |
| Gross operating margin | 9900 | €69,483 | €40,949 | -€28,534 | -41.1% |
| Operating profit (loss) | 9901 | -€45,977 | -€94,496 | -€48,519 | -105.5% |
| Financial income | 75/76B | - | €14,849 | +€14,849 | |
| Recurring financial income | 75 | - | €14,849 | +€14,849 | |
| Financial charges | 65/66B | €25,021 | €30,401 | +€5,380 | +21.5% |
| Recurring financial charges | 65 | €25,021 | €30,401 | +€5,380 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | -€70,998 | -€110,048 | -€39,050 | -55.0% |
| Transfer from deferred taxes | 780 | €9,022 | €9,022 | = | 0.0% |
| Income taxes | 67/77 | - | €165 | +€165 | |
| Profit (loss) for the period | 9904 | -€61,976 | -€101,191 | -€39,215 | -63.3% |
| Transfer from tax-exempt reserves | 789 | €27,068 | €27,066 | -€2 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,908 | -€74,125 | -€39,217 | -112.3% |
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 12 October 2026 via checked.be.