I2SMD: 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.
I2SMD
Largest movements
- Tangible fixed assets +€284,622
up €284,622 (+26.6%), from €1.1m to €1.4m
of which Land and buildings: +€358,496
- Cash +€175,624
up €175,624 (+88.7%), from €198,103 to €373,727
mainly Net result for the year (+€154,263) and Receivables within one year (+€124,302)
- Receivables within one year -€124,302
down €124,302 (-40.2%), from €309,393 to €185,091
of which Other amounts receivable: -€243,609
- Debts after one year +€124,077
up €124,077 (+16.0%), from €777,719 to €901,796
- Trade debts +€114,359
up €114,359 (+143.2%), from €79,846 to €194,205
- Reserves +€41,482
up €41,482 (+7.6%), from €548,246 to €589,727
of which Distributable reserves: +€43,342
- Tax, wage and social debts +€28,631
up €28,631 (+14.4%), from €198,808 to €227,439
- Current portion of long-term debt +€27,464
up €27,464 (+28.3%), from €97,047 to €124,511
- Gross operating margin +€64,801
up €64,801 (+19.9%), from €326,225 to €391,026
- Depreciation +€18,135
up €18,135 (+22.9%), from €79,159 to €97,294
- Financial income -€10,296
down €10,296 (-73.6%), from €13,999 to €3,703
- Taxes +€8,784
up €8,784 (+11.9%), from €73,726 to €82,510
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 | €1,714,066 | €2,050,079 | +€336,013 | +19.6% |
| Fixed assets | 21/28 | €1,068,553 | €1,353,174 | +€284,622 | +26.6% |
| Tangible fixed assets | 22/27 | €1,068,553 | €1,353,174 | +€284,622 | +26.6% |
| Land and buildings | 22 | €817,964 | €1,176,461 | +€358,496 | +43.8% |
| Plant, machinery and equipment | 23 | €35,780 | €22,844 | -€12,936 | -36.2% |
| Furniture and vehicles | 24 | €214,809 | €153,870 | -€60,939 | -28.4% |
| Current assets | 29/58 | €645,513 | €696,904 | +€51,391 | +8.0% |
| Amounts receivable after more than one year | 29 | €135,000 | €135,000 | = | 0.0% |
| Other amounts receivable | 291 | €135,000 | €135,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €309,393 | €185,091 | -€124,302 | -40.2% |
| Trade receivables | 40 | €64,763 | €184,069 | +€119,307 | +184.2% |
| Other amounts receivable | 41 | €244,631 | €1,022 | -€243,609 | -99.6% |
| Current investments | 50/53 | €390 | €390 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €198,103 | €373,727 | +€175,624 | +88.7% |
| Deferred charges and accrued income | 490/1 | €2,626 | €2,696 | +€70 | +2.7% |
| Total equity and liabilities | 10/49 | €1,714,066 | €2,050,079 | +€336,013 | +19.6% |
| Equity | 10/15 | €560,646 | €602,127 | +€41,482 | +7.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €548,246 | €589,727 | +€41,482 | +7.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €546,386 | €589,727 | +€43,342 | +7.9% |
| Amounts payable | 17/49 | €1,153,420 | €1,447,951 | +€294,531 | +25.5% |
| Amounts payable after more than one year | 17 | €777,719 | €901,796 | +€124,077 | +16.0% |
| Financial debts | 170/4 | €777,719 | €901,796 | +€124,077 | +16.0% |
| Amounts payable within one year | 42/48 | €375,701 | €546,155 | +€170,454 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €97,047 | €124,511 | +€27,464 | +28.3% |
| Trade debts | 44 | €79,846 | €194,205 | +€114,359 | +143.2% |
| Suppliers | 440/4 | €79,846 | €194,205 | +€114,359 | +143.2% |
| Taxes, remuneration and social security | 45 | €198,808 | €227,439 | +€28,631 | +14.4% |
| Taxes | 450/3 | €198,808 | €227,439 | +€28,631 | +14.4% |
| Non-recurring operating income | 76A | €37,917 | - | -€37,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,159 | €97,294 | +€18,135 | +22.9% |
| Other operating charges | 640/8 | €8,907 | €12,765 | +€3,858 | +43.3% |
| Non-recurring operating charges | 66A | €13,113 | €15,206 | +€2,092 | +16.0% |
| Gross operating margin | 9900 | €326,225 | €391,026 | +€64,801 | +19.9% |
| Operating profit (loss) | 9901 | €225,045 | €265,761 | +€40,716 | +18.1% |
| Financial income | 75/76B | €13,999 | €3,703 | -€10,296 | -73.6% |
| Recurring financial income | 75 | €13,999 | €3,703 | -€10,296 | -73.6% |
| Financial charges | 65/66B | €30,638 | €32,691 | +€2,053 | +6.7% |
| Recurring financial charges | 65 | €30,638 | €32,691 | +€2,053 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €208,406 | €236,773 | +€28,367 | +13.6% |
| Income taxes | 67/77 | €73,726 | €82,510 | +€8,784 | +11.9% |
| Profit (loss) for the period | 9904 | €134,680 | €154,263 | +€19,583 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €134,680 | €154,263 | +€19,583 | +14.5% |
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 1 October 2026 via checked.be.