IZONHOR: what changed
IZONHOR
Largest movements
- Receivables within one year +€58,011
up €58,011 (+153%), from €37,891 to €95,902
of which Trade receivables: +€41,326
- Current investments -€38,833
down €38,833 (-56.3%), from €68,966 to €30,133
- Cash +€17,696
up €17,696 (+26.3%), from €67,172 to €84,868
mainly Net result for the year (+€46,976) and Current investments (+€38,833)
- Receivables after one year +€5,474
up €5,474 (+6.7%), from €81,854 to €87,328
- Reserves +€38,435
up €38,435 (+31.1%), from €123,481 to €161,916
- Trade debts +€5,634
up €5,634 (+2,787%), from €202 to €5,836
- Gross operating margin +€21,812
up €21,812 (+49.0%), from €44,503 to €66,315
- Depreciation -€10,234
down €10,234 (-80.6%), from €12,697 to €2,463
- Financial income -€8,258
down €8,258 (-57.8%), from €14,281 to €6,023
of which Non-recurring financial income: -€9,569
- Taxes +€7,050
up €7,050 (+54.6%), from €12,920 to €19,970
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €259,924 | €302,923 | +€43,000 | +16.5% |
| Fixed assets | 21/28 | €3,391 | €3,953 | +€562 | +16.6% |
| Tangible fixed assets | 22/27 | €3,391 | €3,953 | +€562 | +16.6% |
| Plant, machinery and equipment | 23 | - | €2,854 | +€2,854 | |
| Furniture and vehicles | 24 | €3,391 | €1,099 | -€2,292 | -67.6% |
| Current assets | 29/58 | €256,533 | €298,971 | +€42,438 | +16.5% |
| Amounts receivable after more than one year | 29 | €81,854 | €87,328 | +€5,474 | +6.7% |
| Other amounts receivable | 291 | €81,854 | €87,328 | +€5,474 | +6.7% |
| Amounts receivable within one year | 40/41 | €37,891 | €95,902 | +€58,011 | +153% |
| Trade receivables | 40 | €36,056 | €77,382 | +€41,326 | +115% |
| Other amounts receivable | 41 | €1,836 | €18,521 | +€16,685 | +909% |
| Current investments | 50/53 | €68,966 | €30,133 | -€38,833 | -56.3% |
| Cash at bank and in hand | 54/58 | €67,172 | €84,868 | +€17,696 | +26.3% |
| Deferred charges and accrued income | 490/1 | €650 | €739 | +€89 | +13.7% |
| Total equity and liabilities | 10/49 | €259,924 | €302,923 | +€43,000 | +16.5% |
| Equity | 10/15 | €250,232 | €288,667 | +€38,435 | +15.4% |
| Reserves | 13 | €123,481 | €161,916 | +€38,435 | +31.1% |
| Distributable reserves | 133 | €123,481 | €161,916 | +€38,435 | +31.1% |
| Profit (loss) carried forward | 14 | €126,751 | €126,751 | = | 0.0% |
| Amounts payable | 17/49 | €9,692 | €14,256 | +€4,564 | +47.1% |
| Amounts payable within one year | 42/48 | €9,692 | €14,243 | +€4,552 | +47.0% |
| Financial debts | 43 | €811 | - | -€811 | |
| Credit institutions | 430/8 | €811 | - | -€811 | |
| Trade debts | 44 | €202 | €5,836 | +€5,634 | +2,787% |
| Suppliers | 440/4 | €202 | €5,836 | +€5,634 | +2,787% |
| Taxes, remuneration and social security | 45 | €7,894 | €8,407 | +€513 | +6.5% |
| Taxes | 450/3 | €7,894 | €8,407 | +€513 | +6.5% |
| Other amounts payable | 47/48 | €785 | - | -€785 | |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,697 | €2,463 | -€10,234 | -80.6% |
| Other operating charges | 640/8 | €935 | €837 | -€98 | -10.4% |
| Gross operating margin | 9900 | €44,503 | €66,315 | +€21,812 | +49.0% |
| Operating profit (loss) | 9901 | €30,871 | €63,015 | +€32,143 | +104% |
| Financial income | 75/76B | €14,281 | €6,023 | -€8,258 | -57.8% |
| Recurring financial income | 75 | €4,712 | €6,023 | +€1,311 | +27.8% |
| Non-recurring financial income | 76B | €9,569 | - | -€9,569 | |
| Financial charges | 65/66B | €1,988 | €2,092 | +€103 | +5.2% |
| Recurring financial charges | 65 | €1,988 | €2,092 | +€103 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €43,164 | €66,946 | +€23,781 | +55.1% |
| Income taxes | 67/77 | €12,920 | €19,970 | +€7,050 | +54.6% |
| Profit (loss) for the period | 9904 | €30,244 | €46,976 | +€16,731 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,244 | €46,976 | +€16,731 | +55.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.