IZOARD: 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.
IZOARD
Largest movements
- Cash -€108,777
down €108,777 (-42.1%), from €258,382 to €149,604
mainly Trade debts (-€141,451) and Receivables within one year (-€13,405)
- Receivables within one year +€13,405
up €13,405 (+5.6%), from €238,180 to €251,585
of which Other amounts receivable: +€16,906
- Trade debts -€141,451
down €141,451 (-57.5%), from €246,028 to €104,577
- Reserves +€25,686
up €25,686 (+29.5%), from €87,072 to €112,758
- Accrued charges and deferred income +€17,931
up €17,931 (+19.4%), from €92,493 to €110,424
- Staff costs -€42,130
down €42,130 (-14.0%), from €300,669 to €258,539
- Gross operating margin +€14,784
up €14,784 (+5.3%), from €279,105 to €293,889
- Taxes +€3,586
up €3,586, from -€6 to €3,580
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.
Cash bridge derived
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 | €511,286 | €409,964 | -€101,322 | -19.8% |
| Fixed assets | 21/28 | €14,724 | €8,775 | -€5,949 | -40.4% |
| Intangible fixed assets | 21 | €9,205 | €6,533 | -€2,672 | -29.0% |
| Tangible fixed assets | 22/27 | €5,519 | €2,241 | -€3,277 | -59.4% |
| Furniture and vehicles | 24 | €5,519 | €2,241 | -€3,277 | -59.4% |
| Current assets | 29/58 | €496,562 | €401,189 | -€95,373 | -19.2% |
| Amounts receivable within one year | 40/41 | €238,180 | €251,585 | +€13,405 | +5.6% |
| Trade receivables | 40 | €194,859 | €191,358 | -€3,501 | -1.8% |
| Other amounts receivable | 41 | €43,321 | €60,227 | +€16,906 | +39.0% |
| Cash at bank and in hand | 54/58 | €258,382 | €149,604 | -€108,777 | -42.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €511,286 | €409,964 | -€101,322 | -19.8% |
| Equity | 10/15 | €97,072 | €122,758 | +€25,686 | +26.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €87,072 | €112,758 | +€25,686 | +29.5% |
| Distributable reserves | 133 | €87,072 | €112,758 | +€25,686 | +29.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €414,214 | €287,206 | -€127,008 | -30.7% |
| Amounts payable within one year | 42/48 | €321,721 | €176,782 | -€144,939 | -45.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €246,028 | €104,577 | -€141,451 | -57.5% |
| Suppliers | 440/4 | €246,028 | €104,577 | -€141,451 | -57.5% |
| Advances received on contracts in progress | 46 | €590 | €590 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €75,007 | €71,519 | -€3,488 | -4.7% |
| Taxes | 450/3 | €44,439 | €44,681 | +€242 | +0.5% |
| Remuneration and social security | 454/9 | €30,568 | €26,837 | -€3,730 | -12.2% |
| Other amounts payable | 47/48 | €97 | €97 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €92,493 | €110,424 | +€17,931 | +19.4% |
| Remuneration, social security and pensions | 62 | €300,669 | €258,539 | -€42,130 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,394 | €5,949 | -€1,445 | -19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €680 | €400 | -€281 | -41.2% |
| Gross operating margin | 9900 | €279,105 | €293,889 | +€14,784 | +5.3% |
| Operating profit (loss) | 9901 | -€29,638 | €29,001 | +€58,639 | |
| Financial income | 75/76B | - | €1,172 | +€1,172 | |
| Recurring financial income | 75 | - | €1,172 | +€1,172 | |
| Financial charges | 65/66B | €2,827 | €907 | -€1,920 | -67.9% |
| Recurring financial charges | 65 | €2,827 | €907 | -€1,920 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | -€32,465 | €29,266 | +€61,731 | |
| Income taxes | 67/77 | -€6 | €3,580 | +€3,586 | |
| Profit (loss) for the period | 9904 | -€32,458 | €25,686 | +€58,144 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,458 | €25,686 | +€58,144 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.