IZA: 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.
IZA
Largest movements
- Tangible fixed assets +€986,051
up €986,051 (+3729.5%), from €26,439 to €1.0m
of which Land and buildings: +€990,580
- Cash +€106,204
up €106,204 (+18.6%), from €572,329 to €678,533
- Receivables within one year +€59,411
up €59,411 (+32.5%), from €182,634 to €242,046
of which Trade receivables: +€31,228
- Debts after one year +€837,611
up €837,611 (+2828.9%), from €29,609 to €867,220
- Reserves +€189,547
up €189,547 (+29.9%), from €633,005 to €822,552
of which Distributable reserves: +€189,547
- Other debts +€57,359
up €57,359 (+31.1%), from €184,214 to €241,573
- Trade debts +€29,922
up €29,922 (+93.4%), from €32,037 to €61,959
- Gross operating margin +€166,783
up €166,783 (+47.7%), from €349,484 to €516,267
- Other operating charges +€104,701
up €104,701 (+7485.0%), from €1,399 to €106,100
- Depreciation +€17,977
up €17,977 (+122.1%), from €14,728 to €32,705
- Staff costs +€13,411
up €13,411 (+41.8%), from €32,099 to €45,510
- Financial charges +€13,156
up €13,156 (+508.6%), from €2,587 to €15,743
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,131,924 | €2,274,104 | +€1.1m | +100.9% |
| Fixed assets | 21/28 | €28,533 | €1,013,828 | +€985,295 | +3453.1% |
| Intangible fixed assets | 21 | €1,581 | €825 | -€756 | -47.8% |
| Tangible fixed assets | 22/27 | €26,439 | €1,012,490 | +€986,051 | +3729.5% |
| Land and buildings | 22 | €19,149 | €1,009,729 | +€990,580 | +5173.1% |
| Furniture and vehicles | 24 | €5,823 | €2,750 | -€3,072 | -52.8% |
| Other tangible fixed assets | 26 | €1,467 | €11 | -€1,457 | -99.3% |
| Financial fixed assets | 28 | €513 | €513 | = | 0.0% |
| Current assets | 29/58 | €1,103,391 | €1,260,276 | +€156,885 | +14.2% |
| Amounts receivable after more than one year | 29 | €336,000 | €336,000 | = | 0.0% |
| Other amounts receivable | 291 | €336,000 | €336,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €182,634 | €242,046 | +€59,411 | +32.5% |
| Trade receivables | 40 | €98,262 | €129,490 | +€31,228 | +31.8% |
| Other amounts receivable | 41 | €84,372 | €112,555 | +€28,183 | +33.4% |
| Cash at bank and in hand | 54/58 | €572,329 | €678,533 | +€106,204 | +18.6% |
| Deferred charges and accrued income | 490/1 | €12,428 | €3,698 | -€8,730 | -70.2% |
| Total equity and liabilities | 10/49 | €1,131,924 | €2,274,104 | +€1.1m | +100.9% |
| Equity | 10/15 | €771,722 | €961,269 | +€189,547 | +24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €633,005 | €822,552 | +€189,547 | +29.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €631,145 | €820,692 | +€189,547 | +30.0% |
| Profit (loss) carried forward | 14 | €120,117 | €120,117 | = | 0.0% |
| Amounts payable | 17/49 | €360,202 | €1,312,835 | +€952,634 | +264.5% |
| Amounts payable after more than one year | 17 | €29,609 | €867,220 | +€837,611 | +2828.9% |
| Financial debts | 170/4 | €29,609 | €867,220 | +€837,611 | +2828.9% |
| Amounts payable within one year | 42/48 | €330,593 | €437,445 | +€106,853 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €50,087 | €68,837 | +€18,750 | +37.4% |
| Trade debts | 44 | €32,037 | €61,959 | +€29,922 | +93.4% |
| Suppliers | 440/4 | €32,037 | €61,959 | +€29,922 | +93.4% |
| Taxes, remuneration and social security | 45 | €64,254 | €65,076 | +€822 | +1.3% |
| Taxes | 450/3 | €58,242 | €58,074 | -€167 | -0.3% |
| Remuneration and social security | 454/9 | €6,012 | €7,001 | +€989 | +16.4% |
| Other amounts payable | 47/48 | €184,214 | €241,573 | +€57,359 | +31.1% |
| Accrued charges and deferred income | 492/3 | - | €8,170 | +€8,170 | |
| Remuneration, social security and pensions | 62 | €32,099 | €45,510 | +€13,411 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,728 | €32,705 | +€17,977 | +122.1% |
| Other operating charges | 640/8 | €1,399 | €106,100 | +€104,701 | +7485.0% |
| Gross operating margin | 9900 | €349,484 | €516,267 | +€166,783 | +47.7% |
| Operating profit (loss) | 9901 | €301,259 | €331,952 | +€30,693 | +10.2% |
| Financial income | 75/76B | €10,086 | €13,962 | +€3,875 | +38.4% |
| Recurring financial income | 75 | €10,086 | €13,962 | +€3,875 | +38.4% |
| Financial charges | 65/66B | €2,587 | €15,743 | +€13,156 | +508.6% |
| Recurring financial charges | 65 | €2,587 | €15,743 | +€13,156 | +508.6% |
| Profit (loss) for the period before taxes | 9903 | €308,759 | €330,170 | +€21,412 | +6.9% |
| Income taxes | 67/77 | €79,934 | €90,624 | +€10,690 | +13.4% |
| Profit (loss) for the period | 9904 | €228,825 | €239,547 | +€10,722 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €228,825 | €239,547 | +€10,722 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.