IZSA: 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.
IZSA
Largest movements
- Receivables within one year +€30,010
up €30,010 (+45.1%), from €66,491 to €96,501
of which Trade receivables: +€32,271
- Tangible fixed assets -€24,903
down €24,903 (-23.1%), from €107,929 to €83,026
of which Leasing and similar rights: -€23,608
- Cash -€18,203
no longer reported in 2025 (was €18,203)
mainly Tax, wage and social debts (-€31,550) and Receivables within one year (-€30,010)
- Tax, wage and social debts -€31,550
down €31,550 (-50.8%), from €62,093 to €30,543
of which Remuneration and social security: -€47,154
- Trade debts +€29,570
up €29,570 (+125%), from €23,697 to €53,267
- Profit (loss) carried forward -€23,681
down €23,681, from €13,952 to -€9,728
- Short-term financial debts +€19,245
new in 2025: €19,245
- Debts after one year -€3,385
down €3,385 (-4.6%), from €73,629 to €70,244
- Staff costs +€32,956
up €32,956 (+17.2%), from €191,123 to €224,079
- Gross operating margin +€11,971
up €11,971 (+5.3%), from €224,497 to €236,468
- Depreciation +€10,230
up €10,230 (+69.7%), from €14,673 to €24,903
- Taxes -€4,138
no longer reported in 2025 (was €4,138)
- Financial charges +€2,901
up €2,901 (+47.0%), from €6,175 to €9,075
of which Financial charges: +€3,111
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 | €202,623 | €189,577 | -€13,046 | -6.4% |
| Fixed assets | 21/28 | €117,929 | €93,076 | -€24,853 | -21.1% |
| Tangible fixed assets | 22/27 | €107,929 | €83,026 | -€24,903 | -23.1% |
| Plant, machinery and equipment | 23 | €2,404 | €1,708 | -€695 | -28.9% |
| Furniture and vehicles | 24 | €2,400 | €1,800 | -€600 | -25.0% |
| Leasing and similar rights | 25 | €103,125 | €79,517 | -€23,608 | -22.9% |
| Financial fixed assets | 28 | €10,000 | €10,050 | +€50 | +0.5% |
| Current assets | 29/58 | €84,694 | €96,501 | +€11,807 | +13.9% |
| Amounts receivable within one year | 40/41 | €66,491 | €96,501 | +€30,010 | +45.1% |
| Trade receivables | 40 | €53,096 | €85,366 | +€32,271 | +60.8% |
| Other amounts receivable | 41 | €13,396 | €11,135 | -€2,261 | -16.9% |
| Cash at bank and in hand | 54/58 | €18,203 | - | -€18,203 | |
| Total equity and liabilities | 10/49 | €202,623 | €189,577 | -€13,046 | -6.4% |
| Equity | 10/15 | €17,952 | -€5,728 | -€23,681 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,952 | -€9,728 | -€23,681 | |
| Amounts payable | 17/49 | €184,671 | €195,305 | +€10,635 | +5.8% |
| Amounts payable after more than one year | 17 | €73,629 | €70,244 | -€3,385 | -4.6% |
| Financial debts | 170/4 | €73,629 | €70,244 | -€3,385 | -4.6% |
| Amounts payable within one year | 42/48 | €111,041 | €125,061 | +€14,020 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €25,252 | €22,007 | -€3,245 | -12.9% |
| Financial debts | 43 | - | €19,245 | +€19,245 | |
| Credit institutions | 430/8 | - | €19,245 | +€19,245 | |
| Trade debts | 44 | €23,697 | €53,267 | +€29,570 | +125% |
| Suppliers | 440/4 | €23,697 | €53,267 | +€29,570 | +125% |
| Taxes, remuneration and social security | 45 | €62,093 | €30,543 | -€31,550 | -50.8% |
| Taxes | 450/3 | €14,939 | €30,543 | +€15,604 | +104% |
| Remuneration and social security | 454/9 | €47,154 | - | -€47,154 | |
| Remuneration, social security and pensions | 62 | €191,123 | €224,079 | +€32,956 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,673 | €24,903 | +€10,230 | +69.7% |
| Other operating charges | 640/8 | €3,515 | €4,533 | +€1,017 | +28.9% |
| Gross operating margin | 9900 | €224,497 | €236,468 | +€11,971 | +5.3% |
| Operating profit (loss) | 9901 | €15,186 | -€17,047 | -€32,233 | |
| Financial income | 75/76B | €194 | €2,441 | +€2,247 | +1,157% |
| Recurring financial income | 75 | €194 | €2,441 | +€2,247 | +1,157% |
| Financial charges | 65/66B | €6,175 | €9,075 | +€2,901 | +47.0% |
| Recurring financial charges | 65 | €5,964 | €9,075 | +€3,111 | +52.2% |
| Non-recurring financial charges | 66B | €210 | - | -€210 | |
| Profit (loss) for the period before taxes | 9903 | €9,206 | -€23,681 | -€32,886 | |
| Income taxes | 67/77 | €4,138 | - | -€4,138 | |
| Profit (loss) for the period | 9904 | €5,068 | -€23,681 | -€28,749 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,068 | -€23,681 | -€28,749 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.