EXPLOITATIEMAATSCHAPPIJ ISN: 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.
EXPLOITATIEMAATSCHAPPIJ ISN
Largest movements
- Cash +€212,899
up €212,899 (+161%), from €132,360 to €345,259
mainly Current investments (+€200,000) and Other debts (+€44,262)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year +€62,252
up €62,252 (+25.8%), from €240,822 to €303,074
of which Other amounts receivable: +€52,036
- Tangible fixed assets -€17,022
down €17,022 (-24.2%), from €70,229 to €53,207
of which Plant, machinery and equipment: -€13,220
- Deferred charges and accrued income -€7,512
down €7,512 (-32.1%), from €23,375 to €15,864
- Other debts +€44,262
up €44,262 (+25.4%), from €174,203 to €218,465
- Reserves +€26,061
up €26,061 (+24.6%), from €105,860 to €131,921
of which Distributable reserves: +€24,758
- Trade debts -€17,146
down €17,146 (-5.8%), from €297,236 to €280,090
- Tax, wage and social debts +€8,607
up €8,607 (+13.4%), from €64,329 to €72,935
of which Remuneration and social security: +€7,507
- Depreciation -€32,655
down €32,655 (-57.8%), from €56,453 to €23,798
- Other operating charges -€26,241
down €26,241 (-5.1%), from €516,126 to €489,885
- Gross operating margin -€21,555
down €21,555 (-2.2%), from €999,206 to €977,651
- Staff costs +€11,335
up €11,335 (+2.8%), from €411,950 to €423,285
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 | €675,160 | €729,723 | +€54,564 | +8.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €70,229 | €53,207 | -€17,022 | -24.2% |
| Tangible fixed assets | 22/27 | €70,229 | €53,207 | -€17,022 | -24.2% |
| Land and buildings | 22 | €1,809 | €1,099 | -€709 | -39.2% |
| Plant, machinery and equipment | 23 | €61,220 | €48,000 | -€13,220 | -21.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €7,200 | €4,108 | -€3,092 | -42.9% |
| Current assets | 29/58 | €604,931 | €676,516 | +€71,585 | +11.8% |
| Stocks and contracts in progress | 3 | €8,374 | €12,319 | +€3,946 | +47.1% |
| Stocks | 30/36 | €8,374 | €12,319 | +€3,946 | +47.1% |
| Amounts receivable within one year | 40/41 | €240,822 | €303,074 | +€62,252 | +25.8% |
| Trade receivables | 40 | €205,608 | €215,823 | +€10,216 | +5.0% |
| Other amounts receivable | 41 | €35,215 | €87,250 | +€52,036 | +148% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €132,360 | €345,259 | +€212,899 | +161% |
| Deferred charges and accrued income | 490/1 | €23,375 | €15,864 | -€7,512 | -32.1% |
| Total equity and liabilities | 10/49 | €675,160 | €729,723 | +€54,564 | +8.1% |
| Equity | 10/15 | €124,410 | €150,471 | +€26,061 | +20.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €105,860 | €131,921 | +€26,061 | +24.6% |
| Non-distributable reserves | 130/1 | - | €1,303 | +€1,303 | |
| Other | 1319 | - | €1,303 | +€1,303 | |
| Distributable reserves | 133 | €105,860 | €130,618 | +€24,758 | +23.4% |
| Amounts payable | 17/49 | €550,750 | €579,253 | +€28,503 | +5.2% |
| Amounts payable after more than one year | 17 | €7,763 | €2,283 | -€5,480 | -70.6% |
| Financial debts | 170/4 | €7,763 | €2,283 | -€5,480 | -70.6% |
| Amounts payable within one year | 42/48 | €541,247 | €576,969 | +€35,722 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €5,480 | €5,480 | = | 0.0% |
| Trade debts | 44 | €297,236 | €280,090 | -€17,146 | -5.8% |
| Suppliers | 440/4 | €297,236 | €280,090 | -€17,146 | -5.8% |
| Taxes, remuneration and social security | 45 | €64,329 | €72,935 | +€8,607 | +13.4% |
| Taxes | 450/3 | €1,081 | €2,180 | +€1,099 | +102% |
| Remuneration and social security | 454/9 | €63,248 | €70,755 | +€7,507 | +11.9% |
| Other amounts payable | 47/48 | €174,203 | €218,465 | +€44,262 | +25.4% |
| Accrued charges and deferred income | 492/3 | €1,739 | €0 | -€1,739 | -100% |
| Remuneration, social security and pensions | 62 | €411,950 | €423,285 | +€11,335 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,453 | €23,798 | -€32,655 | -57.8% |
| Other operating charges | 640/8 | €516,126 | €489,885 | -€26,241 | -5.1% |
| Gross operating margin | 9900 | €999,206 | €977,651 | -€21,555 | -2.2% |
| Operating profit (loss) | 9901 | €14,678 | €40,683 | +€26,006 | +177% |
| Financial income | 75/76B | €700 | €1,068 | +€368 | +52.5% |
| Recurring financial income | 75 | €700 | €1,068 | +€368 | +52.5% |
| Financial charges | 65/66B | €2,889 | €4,477 | +€1,588 | +54.9% |
| Recurring financial charges | 65 | €2,889 | €4,477 | +€1,588 | +54.9% |
| Profit (loss) for the period before taxes | 9903 | €12,488 | €37,274 | +€24,786 | +198% |
| Income taxes | 67/77 | €5,682 | €11,213 | +€5,532 | +97.4% |
| Profit (loss) for the period | 9904 | €6,807 | €26,061 | +€19,254 | +283% |
| Profit (loss) for the period to be appropriated | 9905 | €6,807 | €26,061 | +€19,254 | +283% |
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 25 October 2026 via checked.be.