iZEM: 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.
iZEM
Largest movements
- Tangible fixed assets -€36,766
down €36,766 (-5.7%), from €649,243 to €612,477
of which Land and buildings: -€31,605
- Reserves -€39,657
down €39,657 (-10.0%), from €397,111 to €357,454
of which Distributable reserves: -€39,657
- Other debts +€34,826
up €34,826 (+47.7%), from €73,036 to €107,861
- Debts after one year -€20,242
down €20,242 (-15.1%), from €133,847 to €113,605
- Current portion of long-term debt -€13,639
down €13,639 (-40.3%), from €33,881 to €20,242
- Gross operating margin +€65,051
up €65,051 (+54.1%), from €120,243 to €185,294
- Taxes +€17,705
up €17,705 (+116%), from €15,324 to €33,029
- Depreciation +€2,009
up €2,009 (+7.3%), from €27,595 to €29,604
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 | €659,412 | €626,997 | -€32,415 | -4.9% |
| Fixed assets | 21/28 | €650,243 | €613,477 | -€36,766 | -5.7% |
| Tangible fixed assets | 22/27 | €649,243 | €612,477 | -€36,766 | -5.7% |
| Land and buildings | 22 | €629,958 | €598,353 | -€31,605 | -5.0% |
| Plant, machinery and equipment | 23 | €2,836 | €1,743 | -€1,093 | -38.5% |
| Furniture and vehicles | 24 | €16,449 | €12,381 | -€4,068 | -24.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €9,169 | €13,520 | +€4,351 | +47.5% |
| Amounts receivable within one year | 40/41 | €3,479 | €4,089 | +€610 | +17.5% |
| Trade receivables | 40 | €90 | €488 | +€398 | +443% |
| Other amounts receivable | 41 | €3,389 | €3,601 | +€212 | +6.2% |
| Cash at bank and in hand | 54/58 | €5,053 | €8,082 | +€3,029 | +59.9% |
| Deferred charges and accrued income | 490/1 | €637 | €1,349 | +€712 | +112% |
| Total equity and liabilities | 10/49 | €659,412 | €626,997 | -€32,415 | -4.9% |
| Equity | 10/15 | €415,711 | €376,054 | -€39,657 | -9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €397,111 | €357,454 | -€39,657 | -10.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €382,111 | €342,454 | -€39,657 | -10.4% |
| Amounts payable | 17/49 | €243,701 | €250,943 | +€7,242 | +3.0% |
| Amounts payable after more than one year | 17 | €133,847 | €113,605 | -€20,242 | -15.1% |
| Financial debts | 170/4 | €133,847 | €113,605 | -€20,242 | -15.1% |
| Amounts payable within one year | 42/48 | €109,813 | €137,205 | +€27,392 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €33,881 | €20,242 | -€13,639 | -40.3% |
| Trade debts | 44 | €221 | €1,014 | +€794 | +360% |
| Suppliers | 440/4 | €221 | €1,014 | +€794 | +360% |
| Advances received on contracts in progress | 46 | - | €590 | +€590 | |
| Taxes, remuneration and social security | 45 | €2,676 | €7,497 | +€4,822 | +180% |
| Taxes | 450/3 | €2,676 | €7,497 | +€4,822 | +180% |
| Other amounts payable | 47/48 | €73,036 | €107,861 | +€34,826 | +47.7% |
| Accrued charges and deferred income | 492/3 | €42 | €134 | +€92 | +221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,595 | €29,604 | +€2,009 | +7.3% |
| Other operating charges | 640/8 | €4,862 | €3,316 | -€1,546 | -31.8% |
| Gross operating margin | 9900 | €120,243 | €185,294 | +€65,051 | +54.1% |
| Operating profit (loss) | 9901 | €87,786 | €152,374 | +€64,588 | +73.6% |
| Financial income | 75/76B | €1 | €2 | +€1 | +136% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +136% |
| Financial charges | 65/66B | €4,257 | €3,122 | -€1,135 | -26.7% |
| Recurring financial charges | 65 | €4,257 | €3,122 | -€1,135 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €83,530 | €149,254 | +€65,724 | +78.7% |
| Income taxes | 67/77 | €15,324 | €33,029 | +€17,705 | +116% |
| Profit (loss) for the period | 9904 | €68,206 | €116,225 | +€48,019 | +70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,206 | €116,225 | +€48,019 | +70.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.