ISIDOR: 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
ISIDOR
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€122,850
2024 · €159,445-€36,594
Equity
€1.1m
2024 · €1.0m+€47,748
Cash
€3,967
2024 · €13,165-€9,198
Balance sheet total
€2.2m
2024 · €2.1m+€34,927
Largest movements
Assets
- Deferred charges and accrued income +€26,689
up €26,689 (+1,601%), from €1,667 to €28,356
Equity and liabilities
- Debts after one year -€180,000
down €180,000 (-25.0%), from €720,000 to €540,000
- Other debts +€173,430
up €173,430 (+61.4%), from €282,244 to €455,673
- Reserves +€47,748
up €47,748 (+29.7%), from €160,763 to €208,511
Income statement
- Financial income -€25,955
down €25,955 (-21.2%), from €122,155 to €96,199
- Financial charges +€3,308
up €3,308 (+13.2%), from €24,997 to €28,305
- Gross operating margin -€2,868
down €2,868 (-3.6%), from €78,988 to €76,120
- Taxes +€2,521
up €2,521 (+18.4%), from €13,668 to €16,190
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
€159,445
Gross operating margin
-€2,868
Depreciation
+€678
Other operating charges
-€104
Other operating items
-€2,515
Financial income
-€25,955
Financial charges
-€3,308
Taxes
-€2,521
Result 2025
€122,850
raises the resultlowers the resultnot broken down further in the accounts
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
+€248,169
Investment
-€2,264
Financing
-€255,102
Cash 2024
€13,165
From operations (derived)
+€248,169
Net result for the year
+€122,850
Depreciation
+€981
Receivables within one year
-€16,152
Deferred charges and accrued income
-€26,689
Trade debts
-€2,170
Tax, wage and social debts
-€6,581
Other debts
+€173,430
Accrued charges and deferred income
+€2,500
Investment (derived)
-€2,264
Investment in fixed assets (net)
-€2,264
Financing
-€255,102
Debts after one year
-€180,000
Contributions, distributions and other
-€75,102
Cash 2025
€3,967
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,118,965 | €2,153,892 | +€34,927 | +1.6% |
| Fixed assets | 21/28 | €1,700,249 | €1,701,532 | +€1,283 | +0.1% |
| Tangible fixed assets | 22/27 | €1,802 | €3,085 | +€1,283 | +71.2% |
| Furniture and vehicles | 24 | €1,802 | €3,085 | +€1,283 | +71.2% |
| Financial fixed assets | 28 | €1,698,447 | €1,698,447 | = | 0.0% |
| Current assets | 29/58 | €418,716 | €452,360 | +€33,643 | +8.0% |
| Amounts receivable within one year | 40/41 | €403,884 | €420,036 | +€16,152 | +4.0% |
| Other amounts receivable | 41 | €403,884 | €420,036 | +€16,152 | +4.0% |
| Cash at bank and in hand | 54/58 | €13,165 | €3,967 | -€9,198 | -69.9% |
| Deferred charges and accrued income | 490/1 | €1,667 | €28,356 | +€26,689 | +1,601% |
| Total equity and liabilities | 10/49 | €2,118,965 | €2,153,892 | +€34,927 | +1.6% |
| Equity | 10/15 | €1,021,944 | €1,069,692 | +€47,748 | +4.7% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €160,763 | €208,511 | +€47,748 | +29.7% |
| Distributable reserves | 133 | €160,763 | €208,511 | +€47,748 | +29.7% |
| Profit (loss) carried forward | 14 | €854,972 | €854,972 | = | 0.0% |
| Amounts payable | 17/49 | €1,097,021 | €1,084,200 | -€12,821 | -1.2% |
| Amounts payable after more than one year | 17 | €720,000 | €540,000 | -€180,000 | -25.0% |
| Financial debts | 170/4 | €720,000 | €540,000 | -€180,000 | -25.0% |
| Amounts payable within one year | 42/48 | €377,021 | €541,700 | +€164,679 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €8,218 | €6,048 | -€2,170 | -26.4% |
| Suppliers | 440/4 | €8,218 | €6,048 | -€2,170 | -26.4% |
| Taxes, remuneration and social security | 45 | €26,559 | €19,978 | -€6,581 | -24.8% |
| Taxes | 450/3 | €26,559 | €19,978 | -€6,581 | -24.8% |
| Other amounts payable | 47/48 | €282,244 | €455,673 | +€173,430 | +61.4% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | €2,515 | €13,920 | +€11,405 | +454% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,659 | €981 | -€678 | -40.8% |
| Other operating charges | 640/8 | €1,374 | €1,478 | +€104 | +7.6% |
| Non-recurring operating charges | 66A | €0 | €2,515 | +€2,515 | |
| Gross operating margin | 9900 | €78,988 | €76,120 | -€2,868 | -3.6% |
| Operating profit (loss) | 9901 | €75,956 | €71,146 | -€4,810 | -6.3% |
| Financial income | 75/76B | €122,155 | €96,199 | -€25,955 | -21.2% |
| Recurring financial income | 75 | €122,155 | €96,199 | -€25,955 | -21.2% |
| Financial charges | 65/66B | €24,997 | €28,305 | +€3,308 | +13.2% |
| Recurring financial charges | 65 | €24,997 | €28,305 | +€3,308 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €173,113 | €139,040 | -€34,073 | -19.7% |
| Income taxes | 67/77 | €13,668 | €16,190 | +€2,521 | +18.4% |
| Profit (loss) for the period | 9904 | €159,445 | €122,850 | -€36,594 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €159,445 | €122,850 | -€36,594 | -23.0% |
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 19 October 2026 via checked.be.