ISAFRA: 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.
ISAFRA
Largest movements
- Tangible fixed assets -€136,814
down €136,814 (-37.5%), from €364,516 to €227,702
of which Land and buildings: -€128,017
- Cash +€96,222
up €96,222 (+70.6%), from €136,237 to €232,459
mainly Investment in fixed assets (net) (+€119,739) and Net result for the year (+€106,966)
- Receivables within one year -€16,188
down €16,188 (-57.2%), from €28,295 to €12,107
- Debts after one year -€151,813
no longer reported in 2025 (was €151,813)
- Profit (loss) carried forward +€106,966
up €106,966, from -€90,602 to €16,365
- Other debts -€10,683
down €10,683 (-5.1%), from €211,439 to €200,756
- Financial charges -€16,726
down €16,726 (-73.1%), from €22,866 to €6,140
- Gross operating margin +€13,329
up €13,329 (+8.6%), from €154,356 to €167,685
- Taxes +€11,647
up €11,647 (+44.8%), from €26,026 to €37,673
- Depreciation -€4,277
down €4,277 (-20.0%), from €21,352 to €17,075
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 | €529,586 | €472,580 | -€57,006 | -10.8% |
| Fixed assets | 21/28 | €364,516 | €227,702 | -€136,814 | -37.5% |
| Tangible fixed assets | 22/27 | €364,516 | €227,702 | -€136,814 | -37.5% |
| Land and buildings | 22 | €323,597 | €195,580 | -€128,017 | -39.6% |
| Furniture and vehicles | 24 | €40,181 | €31,753 | -€8,428 | -21.0% |
| Other tangible fixed assets | 26 | €739 | €369 | -€369 | -50.0% |
| Current assets | 29/58 | €165,070 | €244,877 | +€79,807 | +48.3% |
| Amounts receivable within one year | 40/41 | €28,295 | €12,107 | -€16,188 | -57.2% |
| Other amounts receivable | 41 | €28,295 | €12,107 | -€16,188 | -57.2% |
| Cash at bank and in hand | 54/58 | €136,237 | €232,459 | +€96,222 | +70.6% |
| Deferred charges and accrued income | 490/1 | €538 | €311 | -€228 | -42.3% |
| Total equity and liabilities | 10/49 | €529,586 | €472,580 | -€57,006 | -10.8% |
| Equity | 10/15 | €79,398 | €186,365 | +€106,966 | +134.7% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,602 | €16,365 | +€106,966 | |
| Provisions and deferred taxes | 16 | €82,276 | €79,757 | -€2,519 | -3.1% |
| Provisions for liabilities and charges | 160/5 | €82,276 | €79,757 | -€2,519 | -3.1% |
| Environmental obligations | 163 | €82,276 | €79,757 | -€2,519 | -3.1% |
| Amounts payable | 17/49 | €367,912 | €206,458 | -€161,454 | -43.9% |
| Amounts payable after more than one year | 17 | €151,813 | - | -€151,813 | |
| Financial debts | 170/4 | €151,813 | - | -€151,813 | |
| Amounts payable within one year | 42/48 | €216,098 | €206,458 | -€9,640 | -4.5% |
| Trade debts | 44 | €949 | €319 | -€630 | -66.4% |
| Suppliers | 440/4 | €949 | €319 | -€630 | -66.4% |
| Taxes, remuneration and social security | 45 | €3,711 | €5,384 | +€1,673 | +45.1% |
| Taxes | 450/3 | €3,711 | €5,384 | +€1,673 | +45.1% |
| Other amounts payable | 47/48 | €211,439 | €200,756 | -€10,683 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,352 | €17,075 | -€4,277 | -20.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,427 | -€2,519 | -€92 | -3.8% |
| Other operating charges | 640/8 | €3,702 | €3,332 | -€370 | -10.0% |
| Gross operating margin | 9900 | €154,356 | €167,685 | +€13,329 | +8.6% |
| Operating profit (loss) | 9901 | €131,730 | €149,797 | +€18,068 | +13.7% |
| Financial income | 75/76B | €552 | €982 | +€431 | +78.1% |
| Recurring financial income | 75 | €552 | €982 | +€431 | +78.1% |
| Financial charges | 65/66B | €22,866 | €6,140 | -€16,726 | -73.1% |
| Recurring financial charges | 65 | €22,866 | €6,140 | -€16,726 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | €109,415 | €144,639 | +€35,224 | +32.2% |
| Income taxes | 67/77 | €26,026 | €37,673 | +€11,647 | +44.8% |
| Profit (loss) for the period | 9904 | €83,389 | €106,966 | +€23,577 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €83,389 | €106,966 | +€23,577 | +28.3% |
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 11 October 2026 via checked.be.