IZELCO: 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.
IZELCO
Largest movements
- Cash +€16,205
up €16,205 (+400%), from €4,049 to €20,254
mainly Depreciation (+€17,171) and Tax, wage and social debts (+€8,142)
- Tangible fixed assets -€15,609
down €15,609 (-30.8%), from €50,663 to €35,055
of which Furniture and vehicles: -€15,191
- Receivables within one year -€2,583
down €2,583 (-10.2%), from €25,243 to €22,660
of which Trade receivables: -€8,200
- Deferred charges and accrued income +€2,546
up €2,546 (+399%), from €639 to €3,185
- Debts after one year -€12,693
down €12,693 (-31.0%), from €40,971 to €28,278
- Tax, wage and social debts +€8,142
up €8,142 (+218%), from €3,736 to €11,878
- Reserves +€3,704
up €3,704 (+20.1%), from €18,411 to €22,115
- Trade debts +€1,190
up €1,190, from €0 to €1,190
- Gross operating margin +€5,190
up €5,190 (+23.1%), from €22,469 to €27,659
- Depreciation +€1,791
up €1,791 (+11.6%), from €15,380 to €17,171
- Taxes +€1,569
up €1,569 (+125%), from €1,254 to €2,823
- Financial charges -€407
down €407 (-15.1%), from €2,700 to €2,293
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 | €80,595 | €81,154 | +€559 | +0.7% |
| Fixed assets | 21/28 | €50,663 | €35,055 | -€15,609 | -30.8% |
| Tangible fixed assets | 22/27 | €50,663 | €35,055 | -€15,609 | -30.8% |
| Furniture and vehicles | 24 | €47,327 | €32,136 | -€15,191 | -32.1% |
| Assets under construction and advance payments | 27 | €3,337 | €2,919 | -€418 | -12.5% |
| Current assets | 29/58 | €29,931 | €46,099 | +€16,168 | +54.0% |
| Amounts receivable within one year | 40/41 | €25,243 | €22,660 | -€2,583 | -10.2% |
| Trade receivables | 40 | €25,140 | €16,940 | -€8,200 | -32.6% |
| Other amounts receivable | 41 | €103 | €5,720 | +€5,617 | +5,446% |
| Cash at bank and in hand | 54/58 | €4,049 | €20,254 | +€16,205 | +400% |
| Deferred charges and accrued income | 490/1 | €639 | €3,185 | +€2,546 | +399% |
| Total equity and liabilities | 10/49 | €80,595 | €81,154 | +€559 | +0.7% |
| Equity | 10/15 | €23,411 | €27,115 | +€3,704 | +15.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,411 | €22,115 | +€3,704 | +20.1% |
| Distributable reserves | 133 | €18,411 | €22,115 | +€3,704 | +20.1% |
| Amounts payable | 17/49 | €57,184 | €54,039 | -€3,145 | -5.5% |
| Amounts payable after more than one year | 17 | €40,971 | €28,278 | -€12,693 | -31.0% |
| Financial debts | 170/4 | €40,971 | €28,278 | -€12,693 | -31.0% |
| Amounts payable within one year | 42/48 | €16,213 | €25,761 | +€9,548 | +58.9% |
| Current portion of amounts payable after more than one year | 42 | €12,155 | €12,693 | +€538 | +4.4% |
| Trade debts | 44 | €0 | €1,190 | +€1,190 | |
| Suppliers | 440/4 | €0 | €1,190 | +€1,190 | |
| Taxes, remuneration and social security | 45 | €3,736 | €11,878 | +€8,142 | +218% |
| Taxes | 450/3 | €3,736 | €11,878 | +€8,142 | +218% |
| Other amounts payable | 47/48 | €322 | €0 | -€322 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,380 | €17,171 | +€1,791 | +11.6% |
| Other operating charges | 640/8 | €1,809 | €1,668 | -€141 | -7.8% |
| Gross operating margin | 9900 | €22,469 | €27,659 | +€5,190 | +23.1% |
| Operating profit (loss) | 9901 | €5,280 | €8,821 | +€3,541 | +67.1% |
| Financial income | 75/76B | €20 | €0 | -€20 | -100% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -100% |
| Financial charges | 65/66B | €2,700 | €2,293 | -€407 | -15.1% |
| Recurring financial charges | 65 | €2,700 | €2,293 | -€407 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €2,600 | €6,527 | +€3,927 | +151% |
| Income taxes | 67/77 | €1,254 | €2,823 | +€1,569 | +125% |
| Profit (loss) for the period | 9904 | €1,347 | €3,704 | +€2,358 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €1,347 | €3,704 | +€2,358 | +175% |
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 14 October 2026 via checked.be.