ISEM: 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.
What changed
ISEM
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€188,103
2024 · €94,999+€93,105
Equity
€239,193
2024 · €230,290+€8,903
Cash
€2,841
2024 · €18,657-€15,816
Balance sheet total
€2.3m
2024 · €2.2m+€109,942
Largest movements
Assets
- Receivables after one year +€100,000
up €100,000 (+5.0%), from €2.0m to €2.1m
- Receivables within one year +€26,907
up €26,907 (+23.4%), from €115,082 to €141,989
Equity and liabilities
- Other debts +€200,461
up €200,461 (+11.8%), from €1.7m to €1.9m
- Debts after one year -€66,378
down €66,378 (-79.5%), from €83,491 to €17,113
- Advances received -€25,000
down €25,000 (-100%), from €25,000 to €0
Income statement
- Taxes -€136,885
down €136,885 (-66.2%), from €206,673 to €69,788
- Gross operating margin -€45,967
down €45,967 (-15.3%), from €301,376 to €255,409
- Financial income +€4,138
up €4,138 (+13.1%), from €31,646 to €35,784
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.
Result 2024
€94,999
Gross operating margin
-€45,967
Depreciation
+€348
Other operating charges
+€62
Financial income
+€4,138
Financial charges
-€2,361
Taxes
+€136,885
Result 2025
€188,103
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€226,629
Investment
€0
Financing
-€242,445
Cash 2024
€18,657
From operations (derived)
+€226,629
Net result for the year
+€188,103
Depreciation
+€1,149
Receivables after one year
-€100,000
Receivables within one year
-€26,907
Trade debts
+€385
Tax, wage and social debts
-€9,064
Advances received
-€25,000
Other debts
+€200,461
Accrued charges and deferred income
-€2,499
Financing
-€242,445
Debts after one year
-€66,378
Current portion of long-term debt
+€3,198
Short-term financial debts
-€65
Contributions, distributions and other
-€179,200
Cash 2025
€2,841
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,156,635 | €2,266,578 | +€109,942 | +5.1% |
| Fixed assets | 21/28 | €2,897 | €1,748 | -€1,149 | -39.7% |
| Tangible fixed assets | 22/27 | €2,897 | €1,748 | -€1,149 | -39.7% |
| Furniture and vehicles | 24 | €2,897 | €1,748 | -€1,149 | -39.7% |
| Current assets | 29/58 | €2,153,738 | €2,264,830 | +€111,092 | +5.2% |
| Amounts receivable after more than one year | 29 | €2,020,000 | €2,120,000 | +€100,000 | +5.0% |
| Other amounts receivable | 291 | €2,020,000 | €2,120,000 | +€100,000 | +5.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €115,082 | €141,989 | +€26,907 | +23.4% |
| Other amounts receivable | 41 | €115,082 | €141,989 | +€26,907 | +23.4% |
| Cash at bank and in hand | 54/58 | €18,657 | €2,841 | -€15,816 | -84.8% |
| Total equity and liabilities | 10/49 | €2,156,635 | €2,266,578 | +€109,942 | +5.1% |
| Equity | 10/15 | €230,290 | €239,193 | +€8,903 | +3.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €30,290 | €39,193 | +€8,903 | +29.4% |
| Non-distributable reserves | 130/1 | €24,000 | €24,000 | = | 0.0% |
| Legal reserve | 130 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €6,290 | €15,193 | +€8,903 | +142% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,926,345 | €2,027,385 | +€101,039 | +5.2% |
| Amounts payable after more than one year | 17 | €83,491 | €17,113 | -€66,378 | -79.5% |
| Financial debts | 170/4 | €83,491 | €17,113 | -€66,378 | -79.5% |
| Amounts payable within one year | 42/48 | €1,837,956 | €2,007,872 | +€169,916 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €63,180 | €66,378 | +€3,198 | +5.1% |
| Financial debts | 43 | €21,986 | €21,921 | -€65 | -0.3% |
| Credit institutions | 430/8 | €21,986 | €21,921 | -€65 | -0.3% |
| Trade debts | 44 | €518 | €903 | +€385 | +74.5% |
| Suppliers | 440/4 | €518 | €903 | +€385 | +74.5% |
| Advances received on contracts in progress | 46 | €25,000 | €0 | -€25,000 | -100% |
| Taxes, remuneration and social security | 45 | €32,578 | €23,514 | -€9,064 | -27.8% |
| Taxes | 450/3 | €32,578 | €23,514 | -€9,064 | -27.8% |
| Other amounts payable | 47/48 | €1,694,694 | €1,895,156 | +€200,461 | +11.8% |
| Accrued charges and deferred income | 492/3 | €4,899 | €2,400 | -€2,499 | -51.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,498 | €1,149 | -€348 | -23.3% |
| Other operating charges | 640/8 | €5,074 | €5,012 | -€62 | -1.2% |
| Gross operating margin | 9900 | €301,376 | €255,409 | -€45,967 | -15.3% |
| Operating profit (loss) | 9901 | €294,804 | €249,248 | -€45,557 | -15.5% |
| Financial income | 75/76B | €31,646 | €35,784 | +€4,138 | +13.1% |
| Recurring financial income | 75 | €31,646 | €35,784 | +€4,138 | +13.1% |
| Financial charges | 65/66B | €24,779 | €27,140 | +€2,361 | +9.5% |
| Recurring financial charges | 65 | €24,779 | €27,140 | +€2,361 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €301,672 | €257,891 | -€43,780 | -14.5% |
| Income taxes | 67/77 | €206,673 | €69,788 | -€136,885 | -66.2% |
| Profit (loss) for the period | 9904 | €94,999 | €188,103 | +€93,105 | +98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,999 | €188,103 | +€93,105 | +98.0% |
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 30 October 2026 via checked.be.