ISHAFLEUR: 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.
ISHAFLEUR
Largest movements
- Cash +€95,436
up €95,436 (+34.1%), from €279,748 to €375,184
mainly Net result for the year (+€153,228) and Receivables after one year (+€17,301)
- Current investments +€24,000
up €24,000 (+52.2%), from €46,000 to €70,000
- Receivables after one year -€17,301
down €17,301 (-16.5%), from €104,543 to €87,242
- Financial fixed assets +€10,000
up €10,000 (+40.0%), from €25,000 to €35,000
- Reserves +€124,700
up €124,700 (+26.6%), from €468,760 to €593,460
- Tax, wage and social debts -€13,491
down €13,491 (-54.6%), from €24,730 to €11,238
- Gross operating margin +€9,212
up €9,212 (+4.2%), from €217,359 to €226,571
- Taxes +€3,823
up €3,823 (+5.6%), from €67,679 to €71,503
- Financial income +€2,652
up €2,652 (+69.4%), from €3,823 to €6,475
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 | €517,173 | €626,030 | +€108,858 | +21.0% |
| Fixed assets | 21/28 | €73,079 | €78,143 | +€5,063 | +6.9% |
| Tangible fixed assets | 22/27 | €48,079 | €43,143 | -€4,937 | -10.3% |
| Land and buildings | 22 | €31,878 | €30,478 | -€1,400 | -4.4% |
| Plant, machinery and equipment | 23 | €2,091 | €1,445 | -€646 | -30.9% |
| Furniture and vehicles | 24 | €13,872 | €11,220 | -€2,652 | -19.1% |
| Other tangible fixed assets | 26 | €239 | €0 | -€239 | -100.0% |
| Financial fixed assets | 28 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Current assets | 29/58 | €444,093 | €547,888 | +€103,794 | +23.4% |
| Amounts receivable after more than one year | 29 | €104,543 | €87,242 | -€17,301 | -16.5% |
| Other amounts receivable | 291 | €104,543 | €87,242 | -€17,301 | -16.5% |
| Amounts receivable within one year | 40/41 | €12,777 | €14,396 | +€1,619 | +12.7% |
| Trade receivables | 40 | €10,996 | €12,516 | +€1,520 | +13.8% |
| Other amounts receivable | 41 | €1,781 | €1,880 | +€99 | +5.6% |
| Current investments | 50/53 | €46,000 | €70,000 | +€24,000 | +52.2% |
| Cash at bank and in hand | 54/58 | €279,748 | €375,184 | +€95,436 | +34.1% |
| Deferred charges and accrued income | 490/1 | €1,025 | €1,066 | +€40 | +3.9% |
| Total equity and liabilities | 10/49 | €517,173 | €626,030 | +€108,858 | +21.0% |
| Equity | 10/15 | €488,749 | €613,477 | +€124,728 | +25.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €468,760 | €593,460 | +€124,700 | +26.6% |
| Distributable reserves | 133 | €468,760 | €593,460 | +€124,700 | +26.6% |
| Profit (loss) carried forward | 14 | €1,389 | €1,417 | +€28 | +2.0% |
| Amounts payable | 17/49 | €28,424 | €12,554 | -€15,870 | -55.8% |
| Amounts payable within one year | 42/48 | €28,424 | €12,554 | -€15,870 | -55.8% |
| Trade debts | 44 | €1,007 | €1,261 | +€254 | +25.2% |
| Suppliers | 440/4 | €1,007 | €1,261 | +€254 | +25.2% |
| Advances received on contracts in progress | 46 | €726 | €0 | -€726 | -100.0% |
| Taxes, remuneration and social security | 45 | €24,730 | €11,238 | -€13,491 | -54.6% |
| Taxes | 450/3 | €24,730 | €11,238 | -€13,491 | -54.6% |
| Other amounts payable | 47/48 | €1,962 | €55 | -€1,907 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,442 | €7,114 | -€328 | -4.4% |
| Other operating charges | 640/8 | €629 | €647 | +€18 | +2.8% |
| Gross operating margin | 9900 | €217,359 | €226,571 | +€9,212 | +4.2% |
| Operating profit (loss) | 9901 | €209,288 | €218,811 | +€9,522 | +4.5% |
| Financial income | 75/76B | €3,823 | €6,475 | +€2,652 | +69.4% |
| Recurring financial income | 75 | €3,823 | €6,475 | +€2,652 | +69.4% |
| Financial charges | 65/66B | €394 | €555 | +€161 | +40.7% |
| Recurring financial charges | 65 | €394 | €555 | +€161 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €212,717 | €224,730 | +€12,014 | +5.6% |
| Income taxes | 67/77 | €67,679 | €71,503 | +€3,823 | +5.6% |
| Profit (loss) for the period | 9904 | €145,037 | €153,228 | +€8,190 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €145,037 | €153,228 | +€8,190 | +5.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.