ISABEL: 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.
What changed
ISABEL
NACE 62.100, Computer programming
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13.2m
2024 · €310.1m-€296.8m
Equity
€73.5m
2024 · €145.3m-€71.8m
Cash
€26.8m
2024 · €29.8m-€3.0m
Balance sheet total
€170.5m
2024 · €391.2m-€220.7m
Largest movements
Assets
- Current investments -€220.0m
down €220.0m (-64.7%), from €340.0m to €120.0m
Equity and liabilities
- Other debts -€150.0m
down €150.0m (-63.8%), from €235.3m to €85.3m
- Profit (loss) carried forward -€71.8m
down €71.8m (-53.2%), from €135.0m to €63.3m
Income statement
- Financial income -€317.7m
down €317.7m (-98.5%), from €322.7m to €5.0m
of which Non-recurring financial income: -€319.4m
- Services and other goods -€15.4m
down €15.4m (-31.2%), from €49.3m to €33.9m
- Financial charges -€6.1m
down €6.1m (-97.5%), from €6.2m to €156,565
of which Non-recurring financial charges: -€6.1m
- Turnover +€3.4m
up €3.4m (+5.2%), from €65.1m to €68.5m
- Other operating income -€2.6m
down €2.6m (-41.1%), from €6.4m to €3.8m
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.
Result 2024
€310.1m
Turnover
+€3.4m
Other operating income
-€2.6m
Goods and materials
+€537,448
Services and other goods
+€15.4m
Staff costs
-€1.5m
Depreciation
-€1,112
Write-downs
-€4,092
Provisions
-€121,514
Other operating charges
-€56,462
Financial income
-€317.7m
Financial charges
+€6.1m
Taxes
-€242,971
Result 2025
€13.2m
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.
From operations
-€136.4m
Investment
+€218.4m
Financing
-€85.0m
Cash 2024
€29.8m
From operations (derived)
-€136.4m
Net result for the year
+€13.2m
Depreciation
+€1.6m
Smaller working-capital items
+€383,000
Receivables within one year
-€959,617
Deferred charges and accrued income
-€1.3m
Tax, wage and social debts
+€634,731
Other debts
-€150.0m
Investment (derived)
+€218.4m
Investment in fixed assets (net)
-€1.6m
Current investments
+€220.0m
Financing
-€85.0m
Contributions, distributions and other
-€85.0m
Cash 2025
€26.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €391,203,114 | €170,493,991 | -€220.7m | -56.4% |
| Fixed assets | 21/28 | €11,335,957 | €11,362,730 | +€26,773 | +0.2% |
| Intangible fixed assets | 21 | €579,443 | €459,209 | -€120,234 | -20.7% |
| Tangible fixed assets | 22/27 | €2,007,939 | €1,979,616 | -€28,323 | -1.4% |
| Furniture and vehicles | 24 | €2,007,939 | €1,934,201 | -€73,738 | -3.7% |
| Assets under construction and advance payments | 27 | - | €45,415 | +€45,415 | |
| Financial fixed assets | 28 | €8,748,574 | €8,923,904 | +€175,330 | +2.0% |
| Affiliated companies | 280/1 | €8,684,390 | €8,860,419 | +€176,029 | +2.0% |
| Participating interests | 280 | €6,819,672 | €6,939,672 | +€120,000 | +1.8% |
| Amounts receivable | 281 | €1,864,718 | €1,920,747 | +€56,029 | +3.0% |
| Other financial fixed assets | 284/8 | €64,184 | €63,486 | -€698 | -1.1% |
| Amounts receivable and cash guarantees | 285/8 | €64,184 | €63,486 | -€698 | -1.1% |
| Current assets | 29/58 | €379,867,157 | €159,131,261 | -€220.7m | -58.1% |
| Stocks and contracts in progress | 3 | €880,591 | €934,283 | +€53,692 | +6.1% |
| Stocks | 30/36 | €880,591 | €934,283 | +€53,692 | +6.1% |
| Goods purchased for resale | 34 | €880,591 | €934,283 | +€53,692 | +6.1% |
| Amounts receivable within one year | 40/41 | €6,771,189 | €7,730,806 | +€959,617 | +14.2% |
| Trade receivables | 40 | €6,447,497 | €7,536,782 | +€1.1m | +16.9% |
| Other amounts receivable | 41 | €323,692 | €194,025 | -€129,667 | -40.1% |
| Current investments | 50/53 | €340,000,000 | €120,000,000 | -€220.0m | -64.7% |
| Other investments | 51/53 | €340,000,000 | €120,000,000 | -€220.0m | -64.7% |
| Cash at bank and in hand | 54/58 | €29,819,362 | €26,781,707 | -€3.0m | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,396,016 | €3,684,465 | +€1.3m | +53.8% |
| Total equity and liabilities | 10/49 | €391,203,114 | €170,493,991 | -€220.7m | -56.4% |
| Equity | 10/15 | €145,322,218 | €73,541,673 | -€71.8m | -49.4% |
| Contributions | 10/11 | €3,200,000 | €3,200,000 | = | 0.0% |
| Capital | 10 | €3,200,000 | €3,200,000 | = | 0.0% |
| Issued capital | 100 | €3,200,000 | €3,200,000 | = | 0.0% |
| Reserves | 13 | €7,076,950 | €7,076,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €321,086 | €321,086 | = | 0.0% |
| Legal reserve | 130 | €321,086 | €321,086 | = | 0.0% |
| Distributable reserves | 133 | €6,755,864 | €6,755,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,045,268 | €63,264,723 | -€71.8m | -53.2% |
| Provisions and deferred taxes | 16 | €1,053,111 | €1,399,307 | +€346,196 | +32.9% |
| Provisions for liabilities and charges | 160/5 | €1,053,111 | €1,399,307 | +€346,196 | +32.9% |
| Pensions and similar obligations | 160 | €294,117 | €351,133 | +€57,016 | +19.4% |
| Other liabilities and charges | 164/5 | €758,994 | €1,048,174 | +€289,180 | +38.1% |
| Amounts payable | 17/49 | €244,827,784 | €95,553,011 | -€149.3m | -61.0% |
| Amounts payable within one year | 42/48 | €244,821,604 | €95,539,031 | -€149.3m | -61.0% |
| Trade debts | 44 | €4,321,081 | €4,403,777 | +€82,696 | +1.9% |
| Suppliers | 440/4 | €4,321,081 | €4,403,777 | +€82,696 | +1.9% |
| Taxes, remuneration and social security | 45 | €5,242,649 | €5,877,380 | +€634,731 | +12.1% |
| Taxes | 450/3 | €566,861 | €664,194 | +€97,332 | +17.2% |
| Remuneration and social security | 454/9 | €4,675,788 | €5,213,187 | +€537,399 | +11.5% |
| Other amounts payable | 47/48 | €235,257,874 | €85,257,874 | -€150.0m | -63.8% |
| Accrued charges and deferred income | 492/3 | €6,180 | €13,980 | +€7,800 | +126.2% |
| Operating income | 70/76A | €71,511,901 | €72,255,782 | +€743,881 | +1.0% |
| Turnover | 70 | €65,087,031 | €68,473,014 | +€3.4m | +5.2% |
| Other operating income | 74 | €6,424,870 | €3,782,768 | -€2.6m | -41.1% |
| Operating charges | 60/66A | €73,237,621 | €58,971,629 | -€14.3m | -19.5% |
| Goods for resale, raw materials and consumables | 60 | €1,102,538 | €565,089 | -€537,448 | -48.7% |
| Purchases | 600/8 | €395,576 | €618,781 | +€223,205 | +56.4% |
| Change in stocks: decrease (increase) | 609 | €706,962 | -€53,692 | -€760,654 | |
| Services and other goods | 61 | €49,307,481 | €33,914,974 | -€15.4m | -31.2% |
| Remuneration, social security and pensions | 62 | €20,947,737 | €22,428,519 | +€1.5m | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,617,149 | €1,618,261 | +€1,112 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,132 | -€2,040 | +€4,092 | +66.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €224,681 | €346,196 | +€121,514 | +54.1% |
| Other operating charges | 640/8 | €44,167 | €100,629 | +€56,462 | +127.8% |
| Operating profit (loss) | 9901 | -€1,725,719 | €13,284,153 | +€15.0m | |
| Financial income | 75/76B | €322,669,128 | €4,995,603 | -€317.7m | -98.5% |
| Recurring financial income | 75 | €3,265,406 | €4,995,603 | +€1.7m | +53.0% |
| Income from financial fixed assets | 750 | €103,875 | €108,596 | +€4,721 | +4.5% |
| Income from current assets | 751 | €3,160,553 | €4,884,529 | +€1.7m | +54.5% |
| Other financial income | 752/9 | €978 | €2,478 | +€1,500 | +153.4% |
| Non-recurring financial income | 76B | €319,403,722 | - | -€319.4m | |
| Financial charges | 65/66B | €6,221,138 | €156,565 | -€6.1m | -97.5% |
| Recurring financial charges | 65 | €120,337 | €156,565 | +€36,227 | +30.1% |
| Debt charges | 650 | €92,430 | €109,103 | +€16,674 | +18.0% |
| Other financial charges | 652/9 | €27,908 | €47,462 | +€19,554 | +70.1% |
| Non-recurring financial charges | 66B | €6,100,800 | - | -€6.1m | |
| Profit (loss) for the period before taxes | 9903 | €314,722,271 | €18,123,192 | -€296.6m | -94.2% |
| Income taxes | 67/77 | €4,660,766 | €4,903,737 | +€242,971 | +5.2% |
| Taxes | 670/3 | €4,733,535 | €4,903,737 | +€170,202 | +3.6% |
| Tax adjustments and reversals of tax provisions | 77 | €72,769 | - | -€72,769 | |
| Profit (loss) for the period | 9904 | €310,061,505 | €13,219,455 | -€296.8m | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €310,061,505 | €13,219,455 | -€296.8m | -95.7% |
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 4 October 2026 via checked.be.