ISEMAX: 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.
ISEMAX
Largest movements
- Current investments +€65,000
new in 2025: €65,000
- Cash +€22,845
up €22,845 (+37.6%), from €60,756 to €83,601
mainly Net result for the year (+€90,262) and Depreciation (+€16,539)
- Tangible fixed assets -€16,539
down €16,539 (-46.4%), from €35,635 to €19,096
of which Leasing and similar rights: -€15,207
- Receivables within one year +€9,826
up €9,826 (+47.9%), from €20,496 to €30,322
of which Trade receivables: +€7,606
- Reserves +€88,596
up €88,596 (+121.8%), from €72,767 to €161,363
- Debts after one year -€13,735
down €13,735 (-100.0%), from €13,735 to €0
- Tax, wage and social debts +€3,234
up €3,234 (+30.5%), from €10,610 to €13,844
of which Taxes: +€3,234
- Gross operating margin +€11,633
up €11,633 (+9.5%), from €122,701 to €134,334
- Taxes -€4,220
down €4,220 (-14.7%), from €28,744 to €24,524
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 | €116,949 | €198,086 | +€81,137 | +69.4% |
| Fixed assets | 21/28 | €35,635 | €19,096 | -€16,539 | -46.4% |
| Tangible fixed assets | 22/27 | €35,635 | €19,096 | -€16,539 | -46.4% |
| Plant, machinery and equipment | 23 | €2,064 | €1,835 | -€229 | -11.1% |
| Furniture and vehicles | 24 | €2,585 | €1,481 | -€1,104 | -42.7% |
| Leasing and similar rights | 25 | €30,986 | €15,779 | -€15,207 | -49.1% |
| Current assets | 29/58 | €81,314 | €178,991 | +€97,677 | +120.1% |
| Amounts receivable within one year | 40/41 | €20,496 | €30,322 | +€9,826 | +47.9% |
| Trade receivables | 40 | €14,240 | €21,846 | +€7,606 | +53.4% |
| Other amounts receivable | 41 | €6,256 | €8,476 | +€2,220 | +35.5% |
| Current investments | 50/53 | - | €65,000 | +€65,000 | |
| Cash at bank and in hand | 54/58 | €60,756 | €83,601 | +€22,845 | +37.6% |
| Deferred charges and accrued income | 490/1 | €62 | €68 | +€6 | +9.8% |
| Total equity and liabilities | 10/49 | €116,949 | €198,086 | +€81,137 | +69.4% |
| Equity | 10/15 | €75,767 | €164,363 | +€88,596 | +116.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,767 | €161,363 | +€88,596 | +121.8% |
| Distributable reserves | 133 | €72,767 | €161,363 | +€88,596 | +121.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,183 | €33,724 | -€7,459 | -18.1% |
| Amounts payable after more than one year | 17 | €13,735 | €0 | -€13,735 | -100.0% |
| Financial debts | 170/4 | €13,735 | €0 | -€13,735 | -100.0% |
| Amounts payable within one year | 42/48 | €27,193 | €33,465 | +€6,272 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €13,089 | €13,735 | +€646 | +4.9% |
| Trade debts | 44 | €1,571 | €2,488 | +€917 | +58.4% |
| Suppliers | 440/4 | €1,571 | €2,488 | +€917 | +58.4% |
| Taxes, remuneration and social security | 45 | €10,610 | €13,844 | +€3,234 | +30.5% |
| Taxes | 450/3 | €8,610 | €11,844 | +€3,234 | +37.6% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €1,923 | €3,398 | +€1,475 | +76.7% |
| Accrued charges and deferred income | 492/3 | €255 | €259 | +€4 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,585 | €16,539 | +€955 | +6.1% |
| Other operating charges | 640/8 | €1,974 | €1,791 | -€183 | -9.3% |
| Gross operating margin | 9900 | €122,701 | €134,334 | +€11,633 | +9.5% |
| Operating profit (loss) | 9901 | €105,143 | €116,004 | +€10,862 | +10.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,966 | €1,218 | -€748 | -38.0% |
| Recurring financial charges | 65 | €1,966 | €1,218 | -€748 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €103,177 | €114,786 | +€11,609 | +11.3% |
| Income taxes | 67/77 | €28,744 | €24,524 | -€4,220 | -14.7% |
| Profit (loss) for the period | 9904 | €74,433 | €90,262 | +€15,829 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,433 | €90,262 | +€15,829 | +21.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.