IZAL: 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.
IZAL
Largest movements
- Tangible fixed assets +€8,654
up €8,654 (+44.7%), from €19,347 to €28,001
of which Furniture and vehicles: +€9,999
- Receivables within one year -€7,045
down €7,045 (-45.3%), from €15,536 to €8,491
of which Trade receivables: -€8,033
- Deferred charges and accrued income +€6,191
up €6,191 (+26,165%), from €24 to €6,214
- Intangible fixed assets -€4,808
down €4,808 (-23.9%), from €20,119 to €15,311
- Cash -€887
down €887 (-11.8%), from €7,511 to €6,624
mainly Investment in fixed assets (net) (-€13,730) and Debts after one year (-€9,783)
- Accrued charges and deferred income +€10,557
new in 2025: €10,557
- Debts after one year -€9,783
down €9,783 (-27.6%), from €35,440 to €25,657
- Profit (loss) carried forward -€7,412
down €7,412, from €1,983 to -€5,428
- Trade debts +€5,326
up €5,326 (+59.4%), from €8,960 to €14,287
- Other debts +€4,350
new in 2025: €4,350
- Gross operating margin -€7,977
down €7,977 (-57.0%), from €13,997 to €6,020
- Taxes -€1,438
down €1,438 (-81.3%), from €1,768 to €330
- Depreciation +€1,380
up €1,380 (+16.8%), from €8,236 to €9,616
- Financial charges +€764
up €764 (+48.7%), from €1,570 to €2,334
- Staff costs +€434
new in 2025: €434
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 | €62,932 | €65,304 | +€2,372 | +3.8% |
| Formation expenses | 20 | €395 | €213 | -€183 | -46.2% |
| Fixed assets | 21/28 | €39,465 | €43,761 | +€4,296 | +10.9% |
| Intangible fixed assets | 21 | €20,119 | €15,311 | -€4,808 | -23.9% |
| Tangible fixed assets | 22/27 | €19,347 | €28,001 | +€8,654 | +44.7% |
| Plant, machinery and equipment | 23 | - | €164 | +€164 | |
| Furniture and vehicles | 24 | €6,535 | €16,534 | +€9,999 | +153% |
| Other tangible fixed assets | 26 | €12,812 | €11,302 | -€1,509 | -11.8% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €23,071 | €21,330 | -€1,741 | -7.5% |
| Amounts receivable within one year | 40/41 | €15,536 | €8,491 | -€7,045 | -45.3% |
| Trade receivables | 40 | €11,540 | €3,507 | -€8,033 | -69.6% |
| Other amounts receivable | 41 | €3,996 | €4,984 | +€988 | +24.7% |
| Cash at bank and in hand | 54/58 | €7,511 | €6,624 | -€887 | -11.8% |
| Deferred charges and accrued income | 490/1 | €24 | €6,214 | +€6,191 | +26,165% |
| Total equity and liabilities | 10/49 | €62,932 | €65,304 | +€2,372 | +3.8% |
| Equity | 10/15 | €5,983 | -€1,428 | -€7,412 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,983 | -€5,428 | -€7,412 | |
| Amounts payable | 17/49 | €56,948 | €66,732 | +€9,784 | +17.2% |
| Amounts payable after more than one year | 17 | €35,440 | €25,657 | -€9,783 | -27.6% |
| Financial debts | 170/4 | €35,440 | €25,657 | -€9,783 | -27.6% |
| Amounts payable within one year | 42/48 | €21,508 | €30,518 | +€9,010 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €9,328 | €9,783 | +€455 | +4.9% |
| Trade debts | 44 | €8,960 | €14,287 | +€5,326 | +59.4% |
| Suppliers | 440/4 | €8,960 | €14,287 | +€5,326 | +59.4% |
| Taxes, remuneration and social security | 45 | €3,220 | €2,098 | -€1,122 | -34.8% |
| Taxes | 450/3 | €3,220 | €2,098 | -€1,122 | -34.8% |
| Other amounts payable | 47/48 | - | €4,350 | +€4,350 | |
| Accrued charges and deferred income | 492/3 | - | €10,557 | +€10,557 | |
| Remuneration, social security and pensions | 62 | - | €434 | +€434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,236 | €9,616 | +€1,380 | +16.8% |
| Other operating charges | 640/8 | €479 | €721 | +€243 | +50.7% |
| Gross operating margin | 9900 | €13,997 | €6,020 | -€7,977 | -57.0% |
| Operating profit (loss) | 9901 | €5,282 | -€4,752 | -€10,034 | |
| Financial income | 75/76B | €0 | €4 | +€4 | +44,200% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +44,200% |
| Financial charges | 65/66B | €1,570 | €2,334 | +€764 | +48.7% |
| Recurring financial charges | 65 | €1,570 | €2,334 | +€764 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €3,712 | -€7,082 | -€10,794 | |
| Income taxes | 67/77 | €1,768 | €330 | -€1,438 | -81.3% |
| Profit (loss) for the period | 9904 | €1,944 | -€7,412 | -€9,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,944 | -€7,412 | -€9,356 |
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.