LIZEL: 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.
LIZEL
Largest movements
- Receivables after one year -€564,438
down €564,438 (-31.2%), from €1.8m to €1.2m
- Cash +€507,721
up €507,721 (+464.4%), from €109,340 to €617,061
mainly Receivables after one year (+€564,438) and Other debts (+€277,224)
- Receivables within one year +€447,086
up €447,086 (+25.7%), from €1.7m to €2.2m
- Other debts +€277,224
up €277,224 (+8.6%), from €3.2m to €3.5m
- Reserves +€94,695
up €94,695 (+38.3%), from €247,354 to €342,049
of which Distributable reserves: +€92,529
- Debts after one year -€53,273
down €53,273 (-38.4%), from €138,666 to €85,393
- Financial income +€77,361
up €77,361 (+54.9%), from €140,904 to €218,265
- Financial charges +€39,680
up €39,680 (+62.3%), from €63,644 to €103,323
- Other operating charges +€937
up €937 (+36.9%), from €2,539 to €3,476
- Depreciation -€459
down €459 (-1.5%), from €30,775 to €30,316
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 | €4,070,257 | €4,430,310 | +€360,053 | +8.8% |
| Fixed assets | 21/28 | €412,601 | €382,285 | -€30,316 | -7.3% |
| Tangible fixed assets | 22/27 | €412,601 | €382,285 | -€30,316 | -7.3% |
| Land and buildings | 22 | €144,393 | €137,887 | -€6,506 | -4.5% |
| Plant, machinery and equipment | 23 | €6,430 | €4,435 | -€1,995 | -31.0% |
| Other tangible fixed assets | 26 | €261,778 | €239,963 | -€21,815 | -8.3% |
| Current assets | 29/58 | €3,657,656 | €4,048,025 | +€390,369 | +10.7% |
| Amounts receivable after more than one year | 29 | €1,808,745 | €1,244,307 | -€564,438 | -31.2% |
| Other amounts receivable | 291 | €1,808,745 | €1,244,307 | -€564,438 | -31.2% |
| Amounts receivable within one year | 40/41 | €1,739,571 | €2,186,657 | +€447,086 | +25.7% |
| Other amounts receivable | 41 | €1,739,571 | €2,186,657 | +€447,086 | +25.7% |
| Cash at bank and in hand | 54/58 | €109,340 | €617,061 | +€507,721 | +464.4% |
| Total equity and liabilities | 10/49 | €4,070,257 | €4,430,310 | +€360,053 | +8.8% |
| Equity | 10/15 | €619,354 | €714,049 | +€94,695 | +15.3% |
| Contributions | 10/11 | €372,000 | €372,000 | = | 0.0% |
| Capital | 10 | €372,000 | €372,000 | = | 0.0% |
| Issued capital | 100 | €372,000 | €372,000 | = | 0.0% |
| Reserves | 13 | €247,354 | €342,049 | +€94,695 | +38.3% |
| Non-distributable reserves | 130/1 | €17,257 | €22,127 | +€4,870 | +28.2% |
| Legal reserve | 130 | €17,257 | €22,127 | +€4,870 | +28.2% |
| Tax-exempt reserves | 132 | €34,610 | €31,906 | -€2,704 | -7.8% |
| Distributable reserves | 133 | €195,487 | €288,016 | +€92,529 | +47.3% |
| Provisions and deferred taxes | 16 | €6,533 | €6,022 | -€511 | -7.8% |
| Deferred taxes | 168 | €6,533 | €6,022 | -€511 | -7.8% |
| Amounts payable | 17/49 | €3,444,371 | €3,710,239 | +€265,868 | +7.7% |
| Amounts payable after more than one year | 17 | €138,666 | €85,393 | -€53,273 | -38.4% |
| Financial debts | 170/4 | €138,666 | €85,393 | -€53,273 | -38.4% |
| Amounts payable within one year | 42/48 | €3,268,982 | €3,548,957 | +€279,975 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €50,522 | €53,273 | +€2,750 | +5.4% |
| Other amounts payable | 47/48 | €3,218,460 | €3,495,684 | +€277,224 | +8.6% |
| Accrued charges and deferred income | 492/3 | €36,722 | €75,889 | +€39,166 | +106.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,775 | €30,316 | -€459 | -1.5% |
| Other operating charges | 640/8 | €2,539 | €3,476 | +€937 | +36.9% |
| Gross operating margin | 9900 | €13,014 | €13,035 | +€21 | +0.2% |
| Operating profit (loss) | 9901 | -€20,301 | -€20,757 | -€456 | -2.2% |
| Financial income | 75/76B | €140,904 | €218,265 | +€77,361 | +54.9% |
| Recurring financial income | 75 | €140,904 | €218,265 | +€77,361 | +54.9% |
| Financial charges | 65/66B | €63,644 | €103,323 | +€39,680 | +62.3% |
| Recurring financial charges | 65 | €63,644 | €103,323 | +€39,680 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €56,959 | €94,185 | +€37,225 | +65.4% |
| Transfer from deferred taxes | 780 | €511 | €511 | = | 0.0% |
| Profit (loss) for the period | 9904 | €57,470 | €94,695 | +€37,225 | +64.8% |
| Transfer from tax-exempt reserves | 789 | €2,704 | €2,704 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,174 | €97,399 | +€37,225 | +61.9% |
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 7 October 2026 via checked.be.