I.SO.C.E.L.E: 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.
I.SO.C.E.L.E
Largest movements
- Current investments +€100,529
new in 2025: €100,529
- Tangible fixed assets -€60,861
down €60,861 (-18.5%), from €329,832 to €268,971
of which Land and buildings: -€37,671
- Cash +€28,702
up €28,702 (+11.8%), from €243,604 to €272,306
mainly Depreciation (+€111,197) and Net result for the year (+€40,954)
- Receivables within one year -€19,954
down €19,954 (-5.3%), from €376,877 to €356,923
of which Trade receivables: -€20,368
- Profit (loss) carried forward +€40,954
up €40,954 (+59.8%), from €68,490 to €109,444
- Provisions +€37,552
up €37,552 (+114.7%), from €32,725 to €70,277
- Investment grants -€36,640
down €36,640 (-24.7%), from €148,240 to €111,600
- Debts after one year -€16,762
down €16,762 (-41.3%), from €40,548 to €23,786
of which Financial debts: -€16,240
- Debts within one year +€16,140
up €16,140 (+3.5%), from €464,908 to €481,048
of which Tax, wage and social debts: +€31,836
- Staff costs +€91,550
up €91,550 (+4.4%), from €2.1m to €2.2m
- Gross operating margin +€79,149
up €79,149 (+3.5%), from €2.3m to €2.4m
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 | €975,205 | €1,029,136 | +€53,931 | +5.5% |
| Fixed assets | 21/28 | €347,457 | €286,596 | -€60,861 | -17.5% |
| Tangible fixed assets | 22/27 | €329,832 | €268,971 | -€60,861 | -18.5% |
| Land and buildings | 22 | €273,511 | €235,840 | -€37,671 | -13.8% |
| Plant, machinery and equipment | 23 | €30,988 | €20,465 | -€10,523 | -34.0% |
| Furniture and vehicles | 24 | €25,333 | €12,667 | -€12,667 | -50.0% |
| Financial fixed assets | 28 | €17,625 | €17,625 | = | 0.0% |
| Current assets | 29/58 | €627,748 | €742,540 | +€114,792 | +18.3% |
| Amounts receivable within one year | 40/41 | €376,877 | €356,923 | -€19,954 | -5.3% |
| Trade receivables | 40 | €104,854 | €84,486 | -€20,368 | -19.4% |
| Other amounts receivable | 41 | €272,023 | €272,437 | +€414 | +0.2% |
| Current investments | 50/53 | - | €100,529 | +€100,529 | |
| Cash at bank and in hand | 54/58 | €243,604 | €272,306 | +€28,702 | +11.8% |
| Deferred charges and accrued income | 490/1 | €7,266 | €12,781 | +€5,515 | +75.9% |
| Total equity and liabilities | 10/49 | €975,205 | €1,029,136 | +€53,931 | +5.5% |
| Equity | 10/15 | €436,730 | €441,043 | +€4,313 | +1.0% |
| Reserves | 13 | €220,000 | €220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,490 | €109,444 | +€40,954 | +59.8% |
| Investment grants | 15 | €148,240 | €111,600 | -€36,640 | -24.7% |
| Provisions and deferred taxes | 16 | €32,725 | €70,277 | +€37,552 | +114.7% |
| Provisions for liabilities and charges | 160/5 | €32,725 | €70,277 | +€37,552 | +114.7% |
| Environmental obligations | 163 | - | €28,000 | +€28,000 | |
| Other liabilities and charges | 164/5 | €32,725 | €42,277 | +€9,552 | +29.2% |
| Amounts payable | 17/49 | €505,749 | €517,816 | +€12,066 | +2.4% |
| Amounts payable after more than one year | 17 | €40,548 | €23,786 | -€16,762 | -41.3% |
| Financial debts | 170/4 | €30,780 | €14,540 | -€16,240 | -52.8% |
| Other amounts payable | 178/9 | €9,768 | €9,246 | -€522 | -5.3% |
| Amounts payable within one year | 42/48 | €464,908 | €481,048 | +€16,140 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €22,540 | €16,240 | -€6,300 | -27.9% |
| Trade debts | 44 | €49,761 | €42,232 | -€7,529 | -15.1% |
| Suppliers | 440/4 | €49,761 | €42,232 | -€7,529 | -15.1% |
| Advances received on contracts in progress | 46 | €50,404 | €45,964 | -€4,440 | -8.8% |
| Taxes, remuneration and social security | 45 | €342,203 | €374,039 | +€31,836 | +9.3% |
| Taxes | 450/3 | €60,738 | €63,242 | +€2,504 | +4.1% |
| Remuneration and social security | 454/9 | €281,465 | €310,797 | +€29,332 | +10.4% |
| Accrued charges and deferred income | 492/3 | €293 | €12,981 | +€12,689 | +4334.9% |
| Non-recurring operating income | 76A | €25,476 | €824 | -€24,652 | -96.8% |
| Remuneration, social security and pensions | 62 | €2,061,016 | €2,152,565 | +€91,550 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,355 | €111,197 | +€2,842 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,485 | +€4,485 | |
| Other operating charges | 640/8 | €16,019 | €9,537 | -€6,482 | -40.5% |
| Non-recurring operating charges | 66A | €2,765 | €50 | -€2,715 | -98.2% |
| Gross operating margin | 9900 | €2,277,537 | €2,356,686 | +€79,149 | +3.5% |
| Operating profit (loss) | 9901 | €59,657 | €41,300 | -€18,357 | -30.8% |
| Financial income | 75/76B | €4,027 | €4,601 | +€574 | +14.3% |
| Recurring financial income | 75 | €4,027 | €4,601 | +€574 | +14.3% |
| Financial charges | 65/66B | €5,992 | €4,948 | -€1,044 | -17.4% |
| Recurring financial charges | 65 | €5,992 | €4,948 | -€1,044 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €57,692 | €40,954 | -€16,738 | -29.0% |
| Profit (loss) for the period | 9904 | €57,692 | €40,954 | -€16,738 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,692 | €40,954 | -€16,738 | -29.0% |
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 3 October 2026 via checked.be.