LIZELL: 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.
LIZELL
Largest movements
- Tangible fixed assets +€108,683
up €108,683 (+12.2%), from €891,667 to €1.0m
of which Plant, machinery and equipment: +€109,001
- Cash +€87,903
up €87,903 (+174.4%), from €50,405 to €138,308
mainly Net result for the year (+€144,053) and Depreciation (+€68,751)
- Receivables within one year -€24,115
down €24,115 (-34.7%), from €69,532 to €45,418
of which Trade receivables: -€40,557
- Reserves +€142,387
up €142,387 (+48.9%), from €291,353 to €433,740
of which Distributable reserves: +€149,325
- Accrued charges and deferred income +€25,456
up €25,456 (+1161.2%), from €2,192 to €27,648
- Tax, wage and social debts +€17,765
up €17,765 (+109.6%), from €16,202 to €33,967
of which Taxes: +€15,858
- Debts after one year +€17,596
up €17,596 (+3.3%), from €527,700 to €545,296
- Other debts -€15,834
down €15,834 (-84.7%), from €18,688 to €2,854
- Gross operating margin +€291,050
up €291,050 (+801.5%), from €36,313 to €327,364
- Taxes +€48,484
up €48,484 (+4108.4%), from €1,180 to €49,664
- Staff costs +€47,668
new in 2025: €47,668
- Depreciation +€47,423
up €47,423 (+222.3%), from €21,328 to €68,751
- Financial charges +€11,536
up €11,536 (+249.2%), from €4,629 to €16,165
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 | €1,012,744 | €1,189,541 | +€176,797 | +17.5% |
| Fixed assets | 21/28 | €891,667 | €1,000,349 | +€108,683 | +12.2% |
| Tangible fixed assets | 22/27 | €891,667 | €1,000,349 | +€108,683 | +12.2% |
| Land and buildings | 22 | €703,827 | €702,060 | -€1,767 | -0.3% |
| Plant, machinery and equipment | 23 | €149,210 | €258,210 | +€109,001 | +73.1% |
| Furniture and vehicles | 24 | €6,718 | €16,021 | +€9,303 | +138.5% |
| Leasing and similar rights | 25 | €31,912 | €24,057 | -€7,855 | -24.6% |
| Current assets | 29/58 | €121,078 | €189,192 | +€68,114 | +56.3% |
| Stocks and contracts in progress | 3 | - | €1,500 | +€1,500 | |
| Stocks | 30/36 | - | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €69,532 | €45,418 | -€24,115 | -34.7% |
| Trade receivables | 40 | €50,718 | €10,161 | -€40,557 | -80.0% |
| Other amounts receivable | 41 | €18,815 | €35,257 | +€16,442 | +87.4% |
| Cash at bank and in hand | 54/58 | €50,405 | €138,308 | +€87,903 | +174.4% |
| Deferred charges and accrued income | 490/1 | €1,140 | €3,966 | +€2,826 | +247.9% |
| Total equity and liabilities | 10/49 | €1,012,744 | €1,189,541 | +€176,797 | +17.5% |
| Equity | 10/15 | €297,553 | €439,940 | +€142,387 | +47.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €291,353 | €433,740 | +€142,387 | +48.9% |
| Tax-exempt reserves | 132 | €161,514 | €154,576 | -€6,938 | -4.3% |
| Distributable reserves | 133 | €129,839 | €279,164 | +€149,325 | +115.0% |
| Provisions and deferred taxes | 16 | €40,379 | €38,644 | -€1,734 | -4.3% |
| Deferred taxes | 168 | €40,379 | €38,644 | -€1,734 | -4.3% |
| Amounts payable | 17/49 | €674,813 | €710,957 | +€36,144 | +5.4% |
| Amounts payable after more than one year | 17 | €527,700 | €545,296 | +€17,596 | +3.3% |
| Financial debts | 170/4 | €527,700 | €545,296 | +€17,596 | +3.3% |
| Amounts payable within one year | 42/48 | €144,921 | €138,013 | -€6,908 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €75,266 | €75,981 | +€715 | +1.0% |
| Trade debts | 44 | €34,765 | €23,811 | -€10,954 | -31.5% |
| Suppliers | 440/4 | €34,765 | €23,811 | -€10,954 | -31.5% |
| Advances received on contracts in progress | 46 | - | €1,400 | +€1,400 | |
| Taxes, remuneration and social security | 45 | €16,202 | €33,967 | +€17,765 | +109.6% |
| Taxes | 450/3 | €5,102 | €20,960 | +€15,858 | +310.8% |
| Remuneration and social security | 454/9 | €11,100 | €13,006 | +€1,906 | +17.2% |
| Other amounts payable | 47/48 | €18,688 | €2,854 | -€15,834 | -84.7% |
| Accrued charges and deferred income | 492/3 | €2,192 | €27,648 | +€25,456 | +1161.2% |
| Remuneration, social security and pensions | 62 | - | €47,668 | +€47,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,328 | €68,751 | +€47,423 | +222.3% |
| Other operating charges | 640/8 | €2,817 | €2,864 | +€47 | +1.7% |
| Gross operating margin | 9900 | €36,313 | €327,364 | +€291,050 | +801.5% |
| Operating profit (loss) | 9901 | €12,168 | €208,080 | +€195,913 | +1610.1% |
| Financial income | 75/76B | €0 | €68 | +€68 | +135440.0% |
| Recurring financial income | 75 | €0 | €68 | +€68 | +135440.0% |
| Financial charges | 65/66B | €4,629 | €16,165 | +€11,536 | +249.2% |
| Recurring financial charges | 65 | €4,629 | €16,165 | +€11,536 | +249.2% |
| Profit (loss) for the period before taxes | 9903 | €7,539 | €191,983 | +€184,444 | +2446.5% |
| Transfer from deferred taxes | 780 | €833 | €1,734 | +€902 | +108.3% |
| Income taxes | 67/77 | €1,180 | €49,664 | +€48,484 | +4108.4% |
| Profit (loss) for the period | 9904 | €7,192 | €144,053 | +€136,862 | +1903.1% |
| Transfer from tax-exempt reserves | 789 | €3,331 | €6,938 | +€3,607 | +108.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,523 | €150,991 | +€140,468 | +1334.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.