ISECOPHAR: 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.
ISECOPHAR
Largest movements
- Cash +€68,930
up €68,930 (+32.9%), from €209,620 to €278,549
mainly Net result for the year (+€50,170) and Receivables within one year (+€6,695)
- Receivables within one year -€6,695
down €6,695 (-42.8%), from €15,651 to €8,955
of which Trade receivables: -€3,444
- Reserves +€50,573
up €50,573 (+35.6%), from €141,970 to €192,543
of which Distributable reserves: +€50,573
- Tax, wage and social debts +€6,132
up €6,132 (+108.5%), from €5,650 to €11,783
- Gross operating margin -€2,516
down €2,516 (-3.1%), from €81,895 to €79,379
- Depreciation -€1,350
down €1,350 (-22.6%), from €5,969 to €4,620
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 | €232,939 | €292,254 | +€59,314 | +25.5% |
| Fixed assets | 21/28 | €5,407 | €3,926 | -€1,480 | -27.4% |
| Tangible fixed assets | 22/27 | €5,407 | €3,926 | -€1,480 | -27.4% |
| Furniture and vehicles | 24 | €5,407 | €3,926 | -€1,480 | -27.4% |
| Current assets | 29/58 | €227,533 | €288,327 | +€60,794 | +26.7% |
| Amounts receivable within one year | 40/41 | €15,651 | €8,955 | -€6,695 | -42.8% |
| Trade receivables | 40 | €12,303 | €8,859 | -€3,444 | -28.0% |
| Other amounts receivable | 41 | €3,348 | €96 | -€3,252 | -97.1% |
| Cash at bank and in hand | 54/58 | €209,620 | €278,549 | +€68,930 | +32.9% |
| Deferred charges and accrued income | 490/1 | €2,263 | €823 | -€1,440 | -63.6% |
| Total equity and liabilities | 10/49 | €232,939 | €292,254 | +€59,314 | +25.5% |
| Equity | 10/15 | €223,398 | €273,568 | +€50,170 | +22.5% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €141,970 | €192,543 | +€50,573 | +35.6% |
| 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 | €140,110 | €190,683 | +€50,573 | +36.1% |
| Profit (loss) carried forward | 14 | €75,223 | €74,820 | -€403 | -0.5% |
| Amounts payable | 17/49 | €9,542 | €18,686 | +€9,144 | +95.8% |
| Amounts payable within one year | 42/48 | €9,542 | €18,686 | +€9,144 | +95.8% |
| Trade debts | 44 | €665 | €1,672 | +€1,007 | +151.5% |
| Suppliers | 440/4 | €665 | €1,672 | +€1,007 | +151.5% |
| Taxes, remuneration and social security | 45 | €5,650 | €11,783 | +€6,132 | +108.5% |
| Taxes | 450/3 | €5,650 | €11,783 | +€6,132 | +108.5% |
| Other amounts payable | 47/48 | €3,227 | €5,232 | +€2,005 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,969 | €4,620 | -€1,350 | -22.6% |
| Other operating charges | 640/8 | €1,009 | €608 | -€401 | -39.8% |
| Gross operating margin | 9900 | €81,895 | €79,379 | -€2,516 | -3.1% |
| Operating profit (loss) | 9901 | €74,917 | €74,152 | -€765 | -1.0% |
| Financial income | 75/76B | €967 | €1,343 | +€376 | +38.9% |
| Recurring financial income | 75 | €967 | €1,343 | +€376 | +38.9% |
| Financial charges | 65/66B | €715 | €877 | +€162 | +22.7% |
| Recurring financial charges | 65 | €715 | €877 | +€162 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €75,169 | €74,618 | -€551 | -0.7% |
| Income taxes | 67/77 | €24,995 | €24,448 | -€547 | -2.2% |
| Profit (loss) for the period | 9904 | €50,174 | €50,170 | -€4 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,174 | €50,170 | -€4 | 0.0% |
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 12 October 2026 via checked.be.