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
- Current investments +€60,000
up €60,000 (+31.6%), from €190,000 to €250,000
- Receivables within one year -€18,236
down €18,236 (-46.9%), from €38,907 to €20,671
of which Trade receivables: -€16,915
- Tangible fixed assets -€11,925
down €11,925 (-10.9%), from €109,827 to €97,901
of which Furniture and vehicles: -€11,940
- Cash +€8,971
up €8,971 (+22.7%), from €39,505 to €48,476
mainly Net result for the year (+€67,914) and Depreciation (+€28,199)
- Reserves +€67,914
up €67,914 (+31.4%), from €216,345 to €284,259
- Other debts -€20,622
down €20,622 (-19.3%), from €106,798 to €86,176
- Debts after one year -€10,095
down €10,095 (-43.3%), from €23,333 to €13,238
- Gross operating margin -€59,731
down €59,731 (-24.8%), from €240,570 to €180,839
- Other operating charges -€35,481
down €35,481 (-36.9%), from €96,084 to €60,603
- Taxes -€11,068
down €11,068 (-28.7%), from €38,619 to €27,552
- Depreciation +€6,240
up €6,240 (+28.4%), from €21,959 to €28,199
- Financial income -€6,031
down €6,031 (-55.1%), from €10,949 to €4,917
of which Non-recurring financial income: -€9,500
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 | €379,819 | €419,094 | +€39,275 | +10.3% |
| Fixed assets | 21/28 | €109,917 | €97,901 | -€12,015 | -10.9% |
| Tangible fixed assets | 22/27 | €109,827 | €97,901 | -€11,925 | -10.9% |
| Land and buildings | 22 | €22,158 | €20,461 | -€1,697 | -7.7% |
| Plant, machinery and equipment | 23 | €9,575 | €7,386 | -€2,189 | -22.9% |
| Furniture and vehicles | 24 | €78,094 | €66,154 | -€11,940 | -15.3% |
| Other tangible fixed assets | 26 | - | €3,900 | +€3,900 | |
| Financial fixed assets | 28 | €90 | - | -€90 | |
| Current assets | 29/58 | €269,902 | €321,193 | +€51,291 | +19.0% |
| Amounts receivable within one year | 40/41 | €38,907 | €20,671 | -€18,236 | -46.9% |
| Trade receivables | 40 | €37,586 | €20,671 | -€16,915 | -45.0% |
| Other amounts receivable | 41 | €1,321 | - | -€1,321 | |
| Current investments | 50/53 | €190,000 | €250,000 | +€60,000 | +31.6% |
| Cash at bank and in hand | 54/58 | €39,505 | €48,476 | +€8,971 | +22.7% |
| Deferred charges and accrued income | 490/1 | €1,490 | €2,046 | +€556 | +37.3% |
| Total equity and liabilities | 10/49 | €379,819 | €419,094 | +€39,275 | +10.3% |
| Equity | 10/15 | €222,545 | €290,459 | +€67,914 | +30.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €216,345 | €284,259 | +€67,914 | +31.4% |
| Distributable reserves | 133 | €216,345 | €284,259 | +€67,914 | +31.4% |
| Amounts payable | 17/49 | €157,274 | €128,635 | -€28,639 | -18.2% |
| Amounts payable after more than one year | 17 | €23,333 | €13,238 | -€10,095 | -43.3% |
| Financial debts | 170/4 | €23,333 | €13,238 | -€10,095 | -43.3% |
| Amounts payable within one year | 42/48 | €133,941 | €115,397 | -€18,544 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €9,675 | €10,095 | +€420 | +4.3% |
| Trade debts | 44 | €3,015 | €7,095 | +€4,080 | +135% |
| Suppliers | 440/4 | €3,015 | €7,095 | +€4,080 | +135% |
| Taxes, remuneration and social security | 45 | €14,453 | €12,031 | -€2,422 | -16.8% |
| Taxes | 450/3 | €14,453 | €12,031 | -€2,422 | -16.8% |
| Other amounts payable | 47/48 | €106,798 | €86,176 | -€20,622 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,959 | €28,199 | +€6,240 | +28.4% |
| Other operating charges | 640/8 | €96,084 | €60,603 | -€35,481 | -36.9% |
| Gross operating margin | 9900 | €240,570 | €180,839 | -€59,731 | -24.8% |
| Operating profit (loss) | 9901 | €122,528 | €92,037 | -€30,490 | -24.9% |
| Financial income | 75/76B | €10,949 | €4,917 | -€6,031 | -55.1% |
| Recurring financial income | 75 | €1,449 | €4,917 | +€3,469 | +239% |
| Non-recurring financial income | 76B | €9,500 | - | -€9,500 | |
| Financial charges | 65/66B | €1,509 | €1,488 | -€21 | -1.4% |
| Recurring financial charges | 65 | €1,509 | €1,488 | -€21 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €131,967 | €95,466 | -€36,501 | -27.7% |
| Income taxes | 67/77 | €38,619 | €27,552 | -€11,068 | -28.7% |
| Profit (loss) for the period | 9904 | €93,348 | €67,914 | -€25,433 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,348 | €67,914 | -€25,433 | -27.2% |
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 13 October 2026 via checked.be.