ISAM: 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.
ISAM
Largest movements
- Receivables within one year +€158,175
up €158,175 (+1276.1%), from €12,395 to €170,571
of which Other amounts receivable: +€90,270
- Tangible fixed assets -€45,497
down €45,497 (-53.8%), from €84,624 to €39,128
of which Land and buildings: -€36,874
- Stocks and contracts -€43,414
down €43,414 (-43.1%), from €100,841 to €57,427
- Deferred charges and accrued income -€13,177
down €13,177 (-64.7%), from €20,367 to €7,191
- Cash +€3,898
up €3,898 (+11.3%), from €34,342 to €38,240
mainly Net result for the year (+€63,031) and Short-term financial debts (+€59,272)
- Profit (loss) carried forward +€63,031
up €63,031 (+13.8%), from -€457,853 to -€394,822
- Short-term financial debts +€59,272
new in 2025: €59,272
- Tax, wage and social debts -€58,936
down €58,936 (-16.1%), from €366,984 to €308,048
of which Taxes: -€84,198
- Trade debts +€31,547
up €31,547 (+27.4%), from €115,054 to €146,601
- Other debts -€28,054
down €28,054 (-100.0%), from €28,054 to €0
- Gross operating margin +€246,361
up €246,361 (+39.7%), from €620,865 to €867,225
- Staff costs -€87,253
down €87,253 (-12.1%), from €721,862 to €634,610
- Financial charges +€55,744
up €55,744 (+96.4%), from €57,827 to €113,571
- Other operating charges +€16,195
up €16,195 (+60.2%), from €26,922 to €43,117
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 | €267,570 | €327,556 | +€59,986 | +22.4% |
| Fixed assets | 21/28 | €99,624 | €54,128 | -€45,497 | -45.7% |
| Tangible fixed assets | 22/27 | €84,624 | €39,128 | -€45,497 | -53.8% |
| Land and buildings | 22 | €57,174 | €20,301 | -€36,874 | -64.5% |
| Plant, machinery and equipment | 23 | €5,751 | €5,577 | -€174 | -3.0% |
| Furniture and vehicles | 24 | €21,699 | €13,250 | -€8,449 | -38.9% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €167,945 | €273,428 | +€105,483 | +62.8% |
| Stocks and contracts in progress | 3 | €100,841 | €57,427 | -€43,414 | -43.1% |
| Stocks | 30/36 | €100,841 | €57,427 | -€43,414 | -43.1% |
| Amounts receivable within one year | 40/41 | €12,395 | €170,571 | +€158,175 | +1276.1% |
| Trade receivables | 40 | €3,914 | €71,820 | +€67,906 | +1734.8% |
| Other amounts receivable | 41 | €8,481 | €98,751 | +€90,270 | +1064.4% |
| Cash at bank and in hand | 54/58 | €34,342 | €38,240 | +€3,898 | +11.3% |
| Deferred charges and accrued income | 490/1 | €20,367 | €7,191 | -€13,177 | -64.7% |
| Total equity and liabilities | 10/49 | €267,570 | €327,556 | +€59,986 | +22.4% |
| Equity | 10/15 | -€312,834 | -€249,803 | +€63,031 | +20.1% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €95,440 | €95,440 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,958 | €4,958 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,958 | €4,958 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,500 | €33,500 | = | 0.0% |
| Distributable reserves | 133 | €56,982 | €56,982 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€457,853 | -€394,822 | +€63,031 | +13.8% |
| Amounts payable | 17/49 | €580,403 | €577,359 | -€3,045 | -0.5% |
| Amounts payable within one year | 42/48 | €580,403 | €577,359 | -€3,045 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €70,313 | €63,438 | -€6,875 | -9.8% |
| Financial debts | 43 | - | €59,272 | +€59,272 | |
| Other loans | 439 | - | €59,272 | +€59,272 | |
| Trade debts | 44 | €115,054 | €146,601 | +€31,547 | +27.4% |
| Suppliers | 440/4 | €115,054 | €146,601 | +€31,547 | +27.4% |
| Taxes, remuneration and social security | 45 | €366,984 | €308,048 | -€58,936 | -16.1% |
| Taxes | 450/3 | €183,581 | €99,383 | -€84,198 | -45.9% |
| Remuneration and social security | 454/9 | €183,403 | €208,665 | +€25,262 | +13.8% |
| Other amounts payable | 47/48 | €28,054 | €0 | -€28,054 | -100.0% |
| Non-recurring operating income | 76A | €38,684 | €267,104 | +€228,419 | +590.5% |
| Remuneration, social security and pensions | 62 | €721,862 | €634,610 | -€87,253 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,627 | €15,000 | -€4,627 | -23.6% |
| Other operating charges | 640/8 | €26,922 | €43,117 | +€16,195 | +60.2% |
| Gross operating margin | 9900 | €620,865 | €867,225 | +€246,361 | +39.7% |
| Operating profit (loss) | 9901 | -€147,547 | €174,499 | +€322,046 | |
| Financial income | 75/76B | €699 | €2,321 | +€1,622 | +232.1% |
| Recurring financial income | 75 | €699 | €2,321 | +€1,622 | +232.1% |
| Financial charges | 65/66B | €57,827 | €113,571 | +€55,744 | +96.4% |
| Recurring financial charges | 65 | €57,827 | €113,571 | +€55,744 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | -€204,675 | €63,249 | +€267,924 | |
| Income taxes | 67/77 | €1,363 | €218 | -€1,145 | -84.0% |
| Profit (loss) for the period | 9904 | -€206,038 | €63,031 | +€269,069 | |
| Profit (loss) for the period to be appropriated | 9905 | -€206,038 | €63,031 | +€269,069 |
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 6 October 2026 via checked.be.