ISALEX: 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.
ISALEX
Largest movements
- Tangible fixed assets -€19,802
down €19,802 (-5.0%), from €394,754 to €374,952
of which Other tangible fixed assets: -€22,595
- Cash +€12,056
up €12,056 (+93.5%), from €12,896 to €24,952
mainly Net result for the year (+€66,057) and Depreciation (+€44,579)
- Intangible fixed assets -€10,683
down €10,683 (-74.9%), from €14,254 to €3,571
- Debts after one year -€83,274
down €83,274 (-17.5%), from €474,571 to €391,296
- Profit (loss) carried forward +€66,057
up €66,057 (+86.8%), from -€76,071 to -€10,013
- Gross operating margin +€41,512
up €41,512 (+55.1%), from €75,309 to €116,821
- Depreciation +€2,421
up €2,421 (+5.7%), from €42,158 to €44,579
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 | €430,788 | €415,332 | -€15,456 | -3.6% |
| Fixed assets | 21/28 | €409,007 | €378,523 | -€30,485 | -7.5% |
| Intangible fixed assets | 21 | €14,254 | €3,571 | -€10,683 | -74.9% |
| Tangible fixed assets | 22/27 | €394,754 | €374,952 | -€19,802 | -5.0% |
| Land and buildings | 22 | €8,310 | €14,836 | +€6,526 | +78.5% |
| Plant, machinery and equipment | 23 | €1,501 | €987 | -€514 | -34.2% |
| Furniture and vehicles | 24 | €15,867 | €12,648 | -€3,219 | -20.3% |
| Other tangible fixed assets | 26 | €369,076 | €346,480 | -€22,595 | -6.1% |
| Current assets | 29/58 | €21,781 | €36,809 | +€15,028 | +69.0% |
| Amounts receivable within one year | 40/41 | €8,386 | €11,252 | +€2,867 | +34.2% |
| Trade receivables | 40 | €8,381 | €11,252 | +€2,871 | +34.3% |
| Other amounts receivable | 41 | €5 | €0 | -€5 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,896 | €24,952 | +€12,056 | +93.5% |
| Deferred charges and accrued income | 490/1 | €499 | €604 | +€105 | +21.0% |
| Total equity and liabilities | 10/49 | €430,788 | €415,332 | -€15,456 | -3.6% |
| Equity | 10/15 | -€63,671 | €2,387 | +€66,057 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,071 | -€10,013 | +€66,057 | +86.8% |
| Amounts payable | 17/49 | €494,459 | €412,945 | -€81,514 | -16.5% |
| Amounts payable after more than one year | 17 | €474,571 | €391,296 | -€83,274 | -17.5% |
| Financial debts | 170/4 | €474,571 | €391,296 | -€83,274 | -17.5% |
| Amounts payable within one year | 42/48 | €19,888 | €21,649 | +€1,761 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €13,399 | €13,624 | +€225 | +1.7% |
| Trade debts | 44 | €2,602 | €2,453 | -€149 | -5.7% |
| Suppliers | 440/4 | €2,602 | €2,453 | -€149 | -5.7% |
| Taxes, remuneration and social security | 45 | €3,886 | €5,571 | +€1,685 | +43.4% |
| Taxes | 450/3 | €3,886 | €5,571 | +€1,685 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,158 | €44,579 | +€2,421 | +5.7% |
| Other operating charges | 640/8 | €2,853 | €2,006 | -€847 | -29.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €75,309 | €116,821 | +€41,512 | +55.1% |
| Operating profit (loss) | 9901 | €30,298 | €70,235 | +€39,938 | +131.8% |
| Financial income | 75/76B | €30 | €79 | +€48 | +158.8% |
| Recurring financial income | 75 | €30 | €79 | +€48 | +158.8% |
| Financial charges | 65/66B | €4,445 | €4,257 | -€188 | -4.2% |
| Recurring financial charges | 65 | €4,445 | €4,257 | -€188 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €25,883 | €66,057 | +€40,174 | +155.2% |
| Profit (loss) for the period | 9904 | €25,883 | €66,057 | +€40,174 | +155.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,883 | €66,057 | +€40,174 | +155.2% |
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 8 October 2026 via checked.be.