ISABELLE DE MAREZ: 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.
ISABELLE DE MAREZ
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€26,667
down €26,667 (-20.2%), from €132,222 to €105,556
- Other debts -€22,971
down €22,971 (-4.3%), from €539,478 to €516,507
- Reserves +€14,620
up €14,620 (+5.8%), from €252,352 to €266,972
of which Distributable reserves: +€14,620
- Tax, wage and social debts +€13,606
up €13,606 (+105%), from €12,910 to €26,516
- Gross operating margin +€35,329
up €35,329 (+91.0%), from €38,841 to €74,170
- Financial income -€24,750
no longer reported in 2025 (was €24,750)
- Depreciation -€23,768
down €23,768 (-57.1%), from €41,642 to €17,875
- Taxes +€13,753
up €13,753 (+627%), from €2,192 to €15,945
- Other operating charges -€3,145
down €3,145 (-64.3%), from €4,892 to €1,747
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 | €1,270,120 | €1,245,543 | -€24,576 | -1.9% |
| Fixed assets | 21/28 | €1,243,081 | €1,231,404 | -€11,677 | -0.9% |
| Tangible fixed assets | 22/27 | €755,174 | €743,497 | -€11,677 | -1.5% |
| Land and buildings | 22 | €718,928 | €714,035 | -€4,892 | -0.7% |
| Plant, machinery and equipment | 23 | €11,625 | €10,751 | -€874 | -7.5% |
| Furniture and vehicles | 24 | €24,621 | €18,711 | -€5,910 | -24.0% |
| Financial fixed assets | 28 | €487,907 | €487,907 | = | 0.0% |
| Current assets | 29/58 | €27,039 | €14,140 | -€12,899 | -47.7% |
| Amounts receivable within one year | 40/41 | €878 | - | -€878 | |
| Trade receivables | 40 | €878 | - | -€878 | |
| Cash at bank and in hand | 54/58 | €26,160 | €14,140 | -€12,021 | -46.0% |
| Total equity and liabilities | 10/49 | €1,270,120 | €1,245,543 | -€24,576 | -1.9% |
| Equity | 10/15 | €553,943 | €568,571 | +€14,628 | +2.6% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €252,352 | €266,972 | +€14,620 | +5.8% |
| Non-distributable reserves | 130/1 | €16,152 | €16,152 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,152 | €16,152 | = | 0.0% |
| Distributable reserves | 133 | €236,200 | €250,820 | +€14,620 | +6.2% |
| Profit (loss) carried forward | 14 | €115,591 | €115,599 | +€8 | 0.0% |
| Amounts payable | 17/49 | €716,177 | €676,972 | -€39,204 | -5.5% |
| Amounts payable after more than one year | 17 | €132,222 | €105,556 | -€26,667 | -20.2% |
| Financial debts | 170/4 | €132,222 | €105,556 | -€26,667 | -20.2% |
| Amounts payable within one year | 42/48 | €583,954 | €571,416 | -€12,538 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €26,667 | €26,667 | = | 0.0% |
| Trade debts | 44 | €4,899 | €1,726 | -€3,173 | -64.8% |
| Suppliers | 440/4 | €4,899 | €1,726 | -€3,173 | -64.8% |
| Taxes, remuneration and social security | 45 | €12,910 | €26,516 | +€13,606 | +105% |
| Taxes | 450/3 | €12,910 | €26,516 | +€13,606 | +105% |
| Other amounts payable | 47/48 | €539,478 | €516,507 | -€22,971 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,642 | €17,875 | -€23,768 | -57.1% |
| Other operating charges | 640/8 | €4,892 | €1,747 | -€3,145 | -64.3% |
| Gross operating margin | 9900 | €38,841 | €74,170 | +€35,329 | +91.0% |
| Operating profit (loss) | 9901 | -€7,693 | €54,549 | +€62,242 | |
| Financial income | 75/76B | €24,750 | - | -€24,750 | |
| Recurring financial income | 75 | €24,750 | - | -€24,750 | |
| Financial charges | 65/66B | €25,741 | €23,976 | -€1,765 | -6.9% |
| Recurring financial charges | 65 | €25,741 | €23,976 | -€1,765 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,684 | €30,573 | +€39,257 | |
| Income taxes | 67/77 | €2,192 | €15,945 | +€13,753 | +627% |
| Profit (loss) for the period | 9904 | -€10,876 | €14,628 | +€25,504 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,876 | €14,628 | +€25,504 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.