ISL BELGIEN: what changed
ISL BELGIEN
Largest movements
- Stocks and contracts +€45,775
up €45,775 (+424%), from €10,793 to €56,568
- Tangible fixed assets -€30,444
down €30,444 (-56.1%), from €54,272 to €23,827
of which Plant, machinery and equipment: -€18,923
- Cash +€20,767
up €20,767 (+18.5%), from €112,237 to €133,004
mainly Net result for the year (+€47,673) and Depreciation (+€30,439)
- Receivables within one year +€5,670
up €5,670 (+25.4%), from €22,339 to €28,008
of which Trade receivables: +€14,787
- Profit (loss) carried forward +€50,073
up €50,073 (+44.6%), from €112,315 to €162,388
- Tax, wage and social debts -€5,397
down €5,397 (-22.3%), from €24,243 to €18,846
of which Remuneration and social security: -€11,500
- Gross operating margin +€20,756
up €20,756 (+27.0%), from €76,928 to €97,684
- Taxes +€16,869
up €16,869 (+724%), from €2,328 to €19,197
- Depreciation -€7,777
down €7,777 (-20.3%), from €38,216 to €30,439
- Financial charges -€1,749
down €1,749 (-81.9%), from €2,136 to €387
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,440 | €245,497 | +€40,057 | +19.5% |
| Fixed assets | 21/28 | €54,307 | €23,862 | -€30,444 | -56.1% |
| Tangible fixed assets | 22/27 | €54,272 | €23,827 | -€30,444 | -56.1% |
| Plant, machinery and equipment | 23 | €30,273 | €11,350 | -€18,923 | -62.5% |
| Furniture and vehicles | 24 | €23,999 | €12,478 | -€11,521 | -48.0% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €151,133 | €221,634 | +€70,501 | +46.6% |
| Stocks and contracts in progress | 3 | €10,793 | €56,568 | +€45,775 | +424% |
| Stocks | 30/36 | €10,793 | €56,568 | +€45,775 | +424% |
| Amounts receivable within one year | 40/41 | €22,339 | €28,008 | +€5,670 | +25.4% |
| Trade receivables | 40 | €7,805 | €22,592 | +€14,787 | +189% |
| Other amounts receivable | 41 | €14,534 | €5,416 | -€9,118 | -62.7% |
| Cash at bank and in hand | 54/58 | €112,237 | €133,004 | +€20,767 | +18.5% |
| Deferred charges and accrued income | 490/1 | €5,764 | €4,054 | -€1,710 | -29.7% |
| Total equity and liabilities | 10/49 | €205,440 | €245,497 | +€40,057 | +19.5% |
| Equity | 10/15 | €165,254 | €212,927 | +€47,673 | +28.8% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €32,487 | €30,087 | -€2,400 | -7.4% |
| Tax-exempt reserves | 132 | €22,998 | €20,598 | -€2,400 | -10.4% |
| Distributable reserves | 133 | €9,489 | €9,489 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,315 | €162,388 | +€50,073 | +44.6% |
| Provisions and deferred taxes | 16 | €7,666 | €6,866 | -€800 | -10.4% |
| Deferred taxes | 168 | €7,666 | €6,866 | -€800 | -10.4% |
| Amounts payable | 17/49 | €32,520 | €25,704 | -€6,816 | -21.0% |
| Amounts payable within one year | 42/48 | €32,520 | €25,704 | -€6,816 | -21.0% |
| Trade debts | 44 | €8,244 | €6,825 | -€1,419 | -17.2% |
| Suppliers | 440/4 | €8,244 | €6,825 | -€1,419 | -17.2% |
| Taxes, remuneration and social security | 45 | €24,243 | €18,846 | -€5,397 | -22.3% |
| Taxes | 450/3 | €8,500 | €14,603 | +€6,103 | +71.8% |
| Remuneration and social security | 454/9 | €15,743 | €4,243 | -€11,500 | -73.0% |
| Other amounts payable | 47/48 | €33 | €33 | = | 0.0% |
| Non-recurring operating income | 76A | €26,000 | - | -€26,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,216 | €30,439 | -€7,777 | -20.3% |
| Other operating charges | 640/8 | €620 | €820 | +€201 | +32.4% |
| Gross operating margin | 9900 | €76,928 | €97,684 | +€20,756 | +27.0% |
| Operating profit (loss) | 9901 | €38,093 | €66,425 | +€28,332 | +74.4% |
| Financial income | 75/76B | €76 | €32 | -€44 | -58.2% |
| Recurring financial income | 75 | €76 | €32 | -€44 | -58.2% |
| Financial charges | 65/66B | €2,136 | €387 | -€1,749 | -81.9% |
| Recurring financial charges | 65 | €2,136 | €387 | -€1,749 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | €36,034 | €66,070 | +€30,036 | +83.4% |
| Transfer from deferred taxes | 780 | €800 | €800 | = | 0.0% |
| Transfer to deferred taxes | 680 | €6,500 | - | -€6,500 | |
| Income taxes | 67/77 | €2,328 | €19,197 | +€16,869 | +724% |
| Profit (loss) for the period | 9904 | €28,005 | €47,673 | +€19,668 | +70.2% |
| Transfer from tax-exempt reserves | 789 | €2,400 | €2,400 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €19,500 | - | -€19,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,905 | €50,073 | +€39,168 | +359% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.