ISABAR: 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.
ISABAR
Largest movements
- Tangible fixed assets +€146,634
up €146,634 (+9.1%), from €1.6m to €1.8m
of which Land and buildings: +€156,377
- Receivables within one year -€54,384
down €54,384 (-18.4%), from €295,412 to €241,028
of which Other amounts receivable: -€78,584
- Cash +€53,484
up €53,484 (+157%), from €34,058 to €87,543
mainly Other debts (+€215,577) and Net result for the year (+€179,680)
- Other debts +€215,577
up €215,577 (+127%), from €169,163 to €384,740
- Reserves +€179,680
up €179,680 (+12.7%), from €1.4m to €1.6m
of which Distributable reserves: +€180,540
- Trade debts -€149,636
down €149,636 (-95.3%), from €157,077 to €7,441
- Debts after one year -€75,000
down €75,000 (-12.2%), from €612,500 to €537,500
- Tax, wage and social debts -€42,561
down €42,561 (-86.8%), from €49,041 to €6,481
of which Taxes: -€42,561
- Depreciation -€120,322
down €120,322 (-74.2%), from €162,143 to €41,820
- Gross operating margin -€95,462
down €95,462 (-21.6%), from €442,201 to €346,740
- Financial charges +€16,815
up €16,815 (+51.6%), from €32,576 to €49,391
- Financial income -€10,067
down €10,067 (-50.0%), from €20,124 to €10,057
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 | €2,760,526 | €2,913,185 | +€152,659 | +5.5% |
| Fixed assets | 21/28 | €1,606,515 | €1,753,149 | +€146,634 | +9.1% |
| Tangible fixed assets | 22/27 | €1,606,515 | €1,753,149 | +€146,634 | +9.1% |
| Land and buildings | 22 | €1,530,838 | €1,687,216 | +€156,377 | +10.2% |
| Furniture and vehicles | 24 | €5,447 | €2,536 | -€2,910 | -53.4% |
| Other tangible fixed assets | 26 | €70,230 | €63,397 | -€6,833 | -9.7% |
| Current assets | 29/58 | €1,154,011 | €1,160,037 | +€6,025 | +0.5% |
| Amounts receivable within one year | 40/41 | €295,412 | €241,028 | -€54,384 | -18.4% |
| Trade receivables | 40 | €334 | €24,534 | +€24,200 | +7,252% |
| Other amounts receivable | 41 | €295,078 | €216,494 | -€78,584 | -26.6% |
| Current investments | 50/53 | €824,541 | €831,446 | +€6,905 | +0.8% |
| Cash at bank and in hand | 54/58 | €34,058 | €87,543 | +€53,484 | +157% |
| Deferred charges and accrued income | 490/1 | - | €20 | +€20 | |
| Total equity and liabilities | 10/49 | €2,760,526 | €2,913,185 | +€152,659 | +5.5% |
| Equity | 10/15 | €1,467,052 | €1,646,732 | +€179,680 | +12.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,417,052 | €1,596,732 | +€179,680 | +12.7% |
| Tax-exempt reserves | 132 | €12,892 | €12,033 | -€859 | -6.7% |
| Distributable reserves | 133 | €1,404,160 | €1,584,699 | +€180,540 | +12.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,223 | €3,008 | -€215 | -6.7% |
| Deferred taxes | 168 | €3,223 | €3,008 | -€215 | -6.7% |
| Amounts payable | 17/49 | €1,290,251 | €1,263,445 | -€26,806 | -2.1% |
| Amounts payable after more than one year | 17 | €612,500 | €537,500 | -€75,000 | -12.2% |
| Financial debts | 170/4 | €612,500 | €537,500 | -€75,000 | -12.2% |
| Amounts payable within one year | 42/48 | €662,757 | €695,924 | +€33,167 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 43 | €212,476 | €222,263 | +€9,787 | +4.6% |
| Other loans | 439 | €212,476 | €222,263 | +€9,787 | +4.6% |
| Trade debts | 44 | €157,077 | €7,441 | -€149,636 | -95.3% |
| Suppliers | 440/4 | €157,077 | €7,441 | -€149,636 | -95.3% |
| Taxes, remuneration and social security | 45 | €49,041 | €6,481 | -€42,561 | -86.8% |
| Taxes | 450/3 | €49,041 | €6,481 | -€42,561 | -86.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €169,163 | €384,740 | +€215,577 | +127% |
| Accrued charges and deferred income | 492/3 | €14,995 | €30,021 | +€15,026 | +100% |
| Non-recurring operating income | 76A | €106,477 | €0 | -€106,477 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,143 | €41,820 | -€120,322 | -74.2% |
| Other operating charges | 640/8 | €8,189 | €6,484 | -€1,706 | -20.8% |
| Gross operating margin | 9900 | €442,201 | €346,740 | -€95,462 | -21.6% |
| Operating profit (loss) | 9901 | €271,869 | €298,436 | +€26,566 | +9.8% |
| Financial income | 75/76B | €20,124 | €10,057 | -€10,067 | -50.0% |
| Recurring financial income | 75 | €20,124 | €10,057 | -€10,067 | -50.0% |
| Financial charges | 65/66B | €32,576 | €49,391 | +€16,815 | +51.6% |
| Recurring financial charges | 65 | €32,576 | €49,391 | +€16,815 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €259,418 | €259,102 | -€316 | -0.1% |
| Transfer from deferred taxes | 780 | €215 | €215 | = | 0.0% |
| Income taxes | 67/77 | €78,807 | €79,637 | +€829 | +1.1% |
| Profit (loss) for the period | 9904 | €180,825 | €179,680 | -€1,145 | -0.6% |
| Transfer from tax-exempt reserves | 789 | €859 | €859 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,685 | €180,540 | -€1,145 | -0.6% |
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 1 November 2026 via checked.be.