ISERA VASTGOED: 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.
ISERA VASTGOED
Largest movements
- Financial fixed assets +€741,000
up €741,000 (+542%), from €136,775 to €877,775
- Receivables within one year +€104,118
up €104,118 (+97.7%), from €106,600 to €210,718
of which Trade receivables: +€71,771
- Tangible fixed assets +€60,482
up €60,482 (+9.6%), from €629,021 to €689,503
of which Other tangible fixed assets: +€33,234
- Cash +€38,777
up €38,777 (+44.9%), from €86,344 to €125,121
mainly Debts after one year (+€456,227) and Short-term financial debts (+€250,000)
- Debts after one year +€456,227
up €456,227 (+106%), from €431,421 to €887,647
- Short-term financial debts +€250,000
new in 2025: €250,000
- Current portion of long-term debt +€105,952
up €105,952 (+68.8%), from €154,079 to €260,031
- Tax, wage and social debts +€62,767
up €62,767 (+60.3%), from €104,020 to €166,788
of which Remuneration and social security: +€35,522
- Trade debts +€57,688
up €57,688 (+60.9%), from €94,760 to €152,448
- Gross operating margin +€184,877
up €184,877 (+26.2%), from €704,528 to €889,406
- Staff costs +€157,812
up €157,812 (+31.1%), from €506,975 to €664,787
- Other operating charges +€20,575
up €20,575 (+647%), from €3,180 to €23,755
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,455,422 | €2,408,849 | +€953,427 | +65.5% |
| Fixed assets | 21/28 | €1,059,644 | €1,857,207 | +€797,563 | +75.3% |
| Intangible fixed assets | 21 | €293,848 | €289,930 | -€3,919 | -1.3% |
| Tangible fixed assets | 22/27 | €629,021 | €689,503 | +€60,482 | +9.6% |
| Land and buildings | 22 | €437,694 | €423,964 | -€13,730 | -3.1% |
| Plant, machinery and equipment | 23 | €6,194 | €29,013 | +€22,819 | +368% |
| Furniture and vehicles | 24 | €185,133 | €177,425 | -€7,707 | -4.2% |
| Leasing and similar rights | 25 | - | €25,865 | +€25,865 | |
| Other tangible fixed assets | 26 | - | €33,234 | +€33,234 | |
| Financial fixed assets | 28 | €136,775 | €877,775 | +€741,000 | +542% |
| Current assets | 29/58 | €395,778 | €551,642 | +€155,864 | +39.4% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,666 | +€666 | +0.4% |
| Other amounts receivable | 291 | €180,000 | €180,666 | +€666 | +0.4% |
| Amounts receivable within one year | 40/41 | €106,600 | €210,718 | +€104,118 | +97.7% |
| Trade receivables | 40 | €44,679 | €116,449 | +€71,771 | +161% |
| Other amounts receivable | 41 | €61,922 | €94,269 | +€32,347 | +52.2% |
| Cash at bank and in hand | 54/58 | €86,344 | €125,121 | +€38,777 | +44.9% |
| Deferred charges and accrued income | 490/1 | €22,834 | €35,137 | +€12,304 | +53.9% |
| Total equity and liabilities | 10/49 | €1,455,422 | €2,408,849 | +€953,427 | +65.5% |
| Equity | 10/15 | €560,683 | €567,129 | +€6,446 | +1.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €540,223 | €546,669 | +€6,446 | +1.2% |
| Distributable reserves | 133 | €540,223 | €546,669 | +€6,446 | +1.2% |
| Amounts payable | 17/49 | €894,740 | €1,841,721 | +€946,981 | +106% |
| Amounts payable after more than one year | 17 | €431,421 | €887,647 | +€456,227 | +106% |
| Financial debts | 170/4 | €431,421 | €887,647 | +€456,227 | +106% |
| Amounts payable within one year | 42/48 | €440,547 | €948,308 | +€507,761 | +115% |
| Current portion of amounts payable after more than one year | 42 | €154,079 | €260,031 | +€105,952 | +68.8% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €94,760 | €152,448 | +€57,688 | +60.9% |
| Suppliers | 440/4 | €94,760 | €152,448 | +€57,688 | +60.9% |
| Taxes, remuneration and social security | 45 | €104,020 | €166,788 | +€62,767 | +60.3% |
| Taxes | 450/3 | €28,296 | €55,541 | +€27,245 | +96.3% |
| Remuneration and social security | 454/9 | €75,724 | €111,246 | +€35,522 | +46.9% |
| Other amounts payable | 47/48 | €87,687 | €119,041 | +€31,354 | +35.8% |
| Accrued charges and deferred income | 492/3 | €22,773 | €5,766 | -€17,007 | -74.7% |
| Non-recurring operating income | 76A | €4,142 | €15,000 | +€10,858 | +262% |
| Remuneration, social security and pensions | 62 | €506,975 | €664,787 | +€157,812 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,048 | €137,054 | +€6,006 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,488 | +€7,488 | |
| Other operating charges | 640/8 | €3,180 | €23,755 | +€20,575 | +647% |
| Non-recurring operating charges | 66A | €1,900 | €0 | -€1,900 | -100% |
| Gross operating margin | 9900 | €704,528 | €889,406 | +€184,877 | +26.2% |
| Operating profit (loss) | 9901 | €61,425 | €56,321 | -€5,104 | -8.3% |
| Financial income | 75/76B | €319 | €375 | +€56 | +17.6% |
| Recurring financial income | 75 | €319 | €375 | +€56 | +17.6% |
| Financial charges | 65/66B | €26,313 | €27,278 | +€964 | +3.7% |
| Recurring financial charges | 65 | €26,313 | €27,278 | +€964 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €35,431 | €29,419 | -€6,012 | -17.0% |
| Income taxes | 67/77 | €20,815 | €22,973 | +€2,158 | +10.4% |
| Profit (loss) for the period | 9904 | €14,616 | €6,446 | -€8,170 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,616 | €6,446 | -€8,170 | -55.9% |
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 28 October 2026 via checked.be.