ISAPHAR: 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.
ISAPHAR
Largest movements
- Receivables within one year +€75,571
up €75,571 (+41.7%), from €181,416 to €256,987
of which Other amounts receivable: +€76,144
- Cash +€51,533
up €51,533 (+82.9%), from €62,197 to €113,731
mainly Trade debts (+€145,388) and Depreciation (+€48,638)
- Stocks and contracts +€38,028
up €38,028 (+25.6%), from €148,791 to €186,819
- Tangible fixed assets -€22,202
down €22,202 (-5.7%), from €390,624 to €368,422
of which Other tangible fixed assets: -€24,594
- Trade debts +€145,388
up €145,388 (+335.2%), from €43,369 to €188,757
- Debts after one year -€16,167
down €16,167 (-16.3%), from €99,346 to €83,179
- Tax, wage and social debts +€14,424
up €14,424 (+57.0%), from €25,323 to €39,747
of which Remuneration and social security: +€14,657
- Current portion of long-term debt +€10,716
up €10,716 (+59.6%), from €17,970 to €28,686
- Gross operating margin +€16,365
up €16,365 (+6.8%), from €240,316 to €256,682
- Other operating charges -€10,327
down €10,327 (-73.1%), from €14,136 to €3,809
- Taxes -€7,464
new in 2025: -€7,464
- Staff costs +€6,441
up €6,441 (+3.1%), from €205,962 to €212,403
- Depreciation +€5,747
up €5,747 (+13.4%), from €42,891 to €48,638
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 | €784,869 | €928,025 | +€143,157 | +18.2% |
| Fixed assets | 21/28 | €390,674 | €368,472 | -€22,202 | -5.7% |
| Tangible fixed assets | 22/27 | €390,624 | €368,422 | -€22,202 | -5.7% |
| Land and buildings | 22 | €287,334 | €269,074 | -€18,261 | -6.4% |
| Plant, machinery and equipment | 23 | €1,688 | - | -€1,688 | |
| Furniture and vehicles | 24 | - | €22,341 | +€22,341 | |
| Other tangible fixed assets | 26 | €101,602 | €77,008 | -€24,594 | -24.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €394,195 | €559,553 | +€165,358 | +41.9% |
| Stocks and contracts in progress | 3 | €148,791 | €186,819 | +€38,028 | +25.6% |
| Stocks | 30/36 | €148,791 | €186,819 | +€38,028 | +25.6% |
| Amounts receivable within one year | 40/41 | €181,416 | €256,987 | +€75,571 | +41.7% |
| Trade receivables | 40 | €645 | €73 | -€573 | -88.7% |
| Other amounts receivable | 41 | €180,771 | €256,914 | +€76,144 | +42.1% |
| Cash at bank and in hand | 54/58 | €62,197 | €113,731 | +€51,533 | +82.9% |
| Deferred charges and accrued income | 490/1 | €1,791 | €2,017 | +€226 | +12.6% |
| Total equity and liabilities | 10/49 | €784,869 | €928,025 | +€143,157 | +18.2% |
| Equity | 10/15 | €598,861 | €587,656 | -€11,204 | -1.9% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €372,261 | €369,056 | -€3,204 | -0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €370,401 | €367,196 | -€3,204 | -0.9% |
| Profit (loss) carried forward | 14 | €8,000 | - | -€8,000 | |
| Amounts payable | 17/49 | €186,008 | €340,369 | +€154,361 | +83.0% |
| Amounts payable after more than one year | 17 | €99,346 | €83,179 | -€16,167 | -16.3% |
| Financial debts | 170/4 | €99,346 | €83,179 | -€16,167 | -16.3% |
| Amounts payable within one year | 42/48 | €86,662 | €257,190 | +€170,528 | +196.8% |
| Current portion of amounts payable after more than one year | 42 | €17,970 | €28,686 | +€10,716 | +59.6% |
| Trade debts | 44 | €43,369 | €188,757 | +€145,388 | +335.2% |
| Suppliers | 440/4 | €43,369 | €188,757 | +€145,388 | +335.2% |
| Taxes, remuneration and social security | 45 | €25,323 | €39,747 | +€14,424 | +57.0% |
| Taxes | 450/3 | €719 | €486 | -€233 | -32.4% |
| Remuneration and social security | 454/9 | €24,604 | €39,261 | +€14,657 | +59.6% |
| Non-recurring operating income | 76A | €3,029 | - | -€3,029 | |
| Remuneration, social security and pensions | 62 | €205,962 | €212,403 | +€6,441 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,891 | €48,638 | +€5,747 | +13.4% |
| Other operating charges | 640/8 | €14,136 | €3,809 | -€10,327 | -73.1% |
| Gross operating margin | 9900 | €240,316 | €256,682 | +€16,365 | +6.8% |
| Operating profit (loss) | 9901 | -€22,672 | -€8,168 | +€14,504 | +64.0% |
| Financial income | 75/76B | €930 | €167 | -€763 | -82.1% |
| Recurring financial income | 75 | €930 | €167 | -€763 | -82.1% |
| Financial charges | 65/66B | €1,708 | €2,667 | +€959 | +56.1% |
| Recurring financial charges | 65 | €1,708 | €2,667 | +€959 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,451 | -€10,669 | +€12,782 | +54.5% |
| Income taxes | 67/77 | - | -€7,464 | -€7,464 | |
| Profit (loss) for the period | 9904 | -€23,451 | -€3,204 | +€20,247 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,451 | -€3,204 | +€20,247 | +86.3% |
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 9 October 2026 via checked.be.