ILUSA: 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.
ILUSA
Largest movements
- Cash +€2.8m
up €2.8m (+533%), from €517,712 to €3.3m
mainly Net result for the year (+€16.1m) and Current investments (+€2.2m)
- Tangible fixed assets +€2.5m
up €2.5m (+29,705%), from €8,498 to €2.5m
of which Land and buildings: +€2.5m
- Current investments -€2.2m
down €2.2m (-22.8%), from €9.6m to €7.4m
- Financial fixed assets +€837,541
up €837,541 (+68.5%), from €1.2m to €2.1m
- Receivables after one year -€240,000
down €240,000 (-68.6%), from €350,000 to €110,000
- Profit (loss) carried forward +€5.1m
up €5.1m (+56.6%), from €9.1m to €14.2m
- Other debts -€1.2m
down €1.2m (-37.4%), from €3.2m to €2.0m
- Financial income +€3.7m
up €3.7m (+26.6%), from €14.0m to €17.7m
of which Non-recurring financial income: +€7.8m
- Taxes -€525,755
down €525,755 (-30.4%), from €1.7m to €1.2m
- Financial charges +€209,792
up €209,792 (+1,014%), from €20,685 to €230,477
- Purchases and services -€185,684
no longer reported in 2025 (was €185,684)
- Gross operating margin -€143,629
down €143,629, from €100,193 to -€43,437
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 | €12,334,201 | €16,248,213 | +€3.9m | +31.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,230,887 | €4,592,743 | +€3.4m | +273% |
| Tangible fixed assets | 22/27 | €8,498 | €2,532,813 | +€2.5m | +29,705% |
| Land and buildings | 22 | - | €2,532,813 | +€2.5m | |
| Furniture and vehicles | 24 | €8,498 | €0 | -€8,498 | -100% |
| Financial fixed assets | 28 | €1,222,389 | €2,059,930 | +€837,541 | +68.5% |
| Current assets | 29/58 | €11,103,314 | €11,655,470 | +€552,156 | +5.0% |
| Amounts receivable after more than one year | 29 | €350,000 | €110,000 | -€240,000 | -68.6% |
| Other amounts receivable | 291 | €350,000 | €110,000 | -€240,000 | -68.6% |
| Amounts receivable within one year | 40/41 | €607,613 | €833,000 | +€225,387 | +37.1% |
| Trade receivables | 40 | €33,018 | €15,844 | -€17,173 | -52.0% |
| Other amounts receivable | 41 | €574,595 | €817,155 | +€242,560 | +42.2% |
| Current investments | 50/53 | €9,625,035 | €7,426,576 | -€2.2m | -22.8% |
| Cash at bank and in hand | 54/58 | €517,712 | €3,278,883 | +€2.8m | +533% |
| Deferred charges and accrued income | 490/1 | €2,954 | €7,011 | +€4,057 | +137% |
| Total equity and liabilities | 10/49 | €12,334,201 | €16,248,213 | +€3.9m | +31.7% |
| Equity | 10/15 | €9,099,257 | €14,234,804 | +€5.1m | +56.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,929 | €12,929 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,069 | €11,069 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,067,728 | €14,203,275 | +€5.1m | +56.6% |
| Amounts payable | 17/49 | €3,234,944 | €2,013,409 | -€1.2m | -37.8% |
| Amounts payable after more than one year | 17 | - | €0 | = | |
| Financial debts | 170/4 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €3,234,573 | €2,011,718 | -€1.2m | -37.8% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €31,975 | €7,488 | -€24,487 | -76.6% |
| Suppliers | 440/4 | €31,975 | €7,488 | -€24,487 | -76.6% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €3,202,598 | €2,004,230 | -€1.2m | -37.4% |
| Accrued charges and deferred income | 492/3 | €371 | €1,691 | +€1,320 | +356% |
| Turnover | 70 | €83,223 | - | -€83,223 | |
| Goods, raw materials, services and sundry goods | 60/61 | €185,684 | - | -€185,684 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,040 | €112,719 | +€97,679 | +649% |
| Other operating charges | 640/8 | €77,176 | €1,240 | -€75,936 | -98.4% |
| Gross operating margin | 9900 | €100,193 | -€43,437 | -€143,629 | |
| Operating profit (loss) | 9901 | €7,977 | -€157,396 | -€165,373 | |
| Financial income | 75/76B | €14,005,259 | €17,725,821 | +€3.7m | +26.6% |
| Recurring financial income | 75 | €4,312,292 | €208,468 | -€4.1m | -95.2% |
| Non-recurring financial income | 76B | €9,692,967 | €17,517,353 | +€7.8m | +80.7% |
| Financial charges | 65/66B | €20,685 | €230,477 | +€209,792 | +1,014% |
| Recurring financial charges | 65 | €20,685 | €230,477 | +€209,792 | +1,014% |
| Profit (loss) for the period before taxes | 9903 | €13,992,551 | €17,337,948 | +€3.3m | +23.9% |
| Income taxes | 67/77 | €1,728,157 | €1,202,402 | -€525,755 | -30.4% |
| Profit (loss) for the period | 9904 | €12,264,394 | €16,135,547 | +€3.9m | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,264,394 | €16,135,547 | +€3.9m | +31.6% |
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 14 October 2026 via checked.be.