ISMALUX: 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.
ISMALUX
Largest movements
- Cash +€280,825
up €280,825 (+209%), from €134,387 to €415,212
mainly Current investments (+€200,000) and Net result for the year (+€114,567)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Deferred charges and accrued income +€36,729
up €36,729 (+4,009%), from €916 to €37,646
- Tangible fixed assets -€18,955
down €18,955 (-14.9%), from €127,303 to €108,348
of which Land and buildings: -€15,178
- Receivables within one year +€11,821
up €11,821 (+260%), from €4,547 to €16,368
of which Trade receivables: +€14,718
- Reserves +€114,567
up €114,567 (+59.6%), from €192,375 to €306,942
of which Distributable reserves: +€114,567
- Debts after one year -€13,752
down €13,752 (-21.8%), from €62,990 to €49,238
- Tax, wage and social debts +€10,223
up €10,223 (+139%), from €7,345 to €17,568
- Financial income +€92,313
up €92,313 (+96,270%), from €96 to €92,409
- Taxes +€8,651
up €8,651 (+64.1%), from €13,505 to €22,156
- Gross operating margin -€4,740
down €4,740 (-5.5%), from €86,220 to €81,480
- Depreciation -€1,856
down €1,856 (-5.5%), from €34,027 to €32,171
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 | €646,334 | €756,755 | +€110,420 | +17.1% |
| Fixed assets | 21/28 | €306,484 | €287,529 | -€18,955 | -6.2% |
| Tangible fixed assets | 22/27 | €127,303 | €108,348 | -€18,955 | -14.9% |
| Land and buildings | 22 | €94,417 | €79,239 | -€15,178 | -16.1% |
| Furniture and vehicles | 24 | €3,221 | €5,522 | +€2,300 | +71.4% |
| Assets under construction and advance payments | 27 | €29,664 | €23,587 | -€6,077 | -20.5% |
| Financial fixed assets | 28 | €179,181 | €179,181 | = | 0.0% |
| Current assets | 29/58 | €339,850 | €469,226 | +€129,376 | +38.1% |
| Amounts receivable within one year | 40/41 | €4,547 | €16,368 | +€11,821 | +260% |
| Trade receivables | 40 | - | €14,718 | +€14,718 | |
| Other amounts receivable | 41 | €4,547 | €1,650 | -€2,898 | -63.7% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €134,387 | €415,212 | +€280,825 | +209% |
| Deferred charges and accrued income | 490/1 | €916 | €37,646 | +€36,729 | +4,009% |
| Total equity and liabilities | 10/49 | €646,334 | €756,755 | +€110,420 | +17.1% |
| Equity | 10/15 | €559,783 | €674,350 | +€114,567 | +20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €192,375 | €306,942 | +€114,567 | +59.6% |
| Tax-exempt reserves | 132 | €160 | €160 | = | 0.0% |
| Distributable reserves | 133 | €192,216 | €306,783 | +€114,567 | +59.6% |
| Profit (loss) carried forward | 14 | €348,808 | €348,808 | = | 0.0% |
| Amounts payable | 17/49 | €86,551 | €82,404 | -€4,147 | -4.8% |
| Amounts payable after more than one year | 17 | €62,990 | €49,238 | -€13,752 | -21.8% |
| Financial debts | 170/4 | €62,990 | €49,238 | -€13,752 | -21.8% |
| Amounts payable within one year | 42/48 | €23,495 | €33,099 | +€9,604 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €13,752 | €13,752 | = | 0.0% |
| Trade debts | 44 | €2,398 | €1,779 | -€619 | -25.8% |
| Suppliers | 440/4 | €2,398 | €1,779 | -€619 | -25.8% |
| Taxes, remuneration and social security | 45 | €7,345 | €17,568 | +€10,223 | +139% |
| Taxes | 450/3 | €7,345 | €17,568 | +€10,223 | +139% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,027 | €32,171 | -€1,856 | -5.5% |
| Other operating charges | 640/8 | €1,813 | €1,765 | -€49 | -2.7% |
| Non-recurring operating charges | 66A | €80 | €127 | +€47 | +58.4% |
| Gross operating margin | 9900 | €86,220 | €81,480 | -€4,740 | -5.5% |
| Operating profit (loss) | 9901 | €50,300 | €47,418 | -€2,881 | -5.7% |
| Financial income | 75/76B | €96 | €92,409 | +€92,313 | +96,270% |
| Recurring financial income | 75 | €96 | €92,409 | +€92,313 | +96,270% |
| Financial charges | 65/66B | €3,671 | €3,104 | -€567 | -15.4% |
| Recurring financial charges | 65 | €3,671 | €3,104 | -€567 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €46,725 | €136,724 | +€89,999 | +193% |
| Income taxes | 67/77 | €13,505 | €22,156 | +€8,651 | +64.1% |
| Profit (loss) for the period | 9904 | €33,220 | €114,567 | +€81,347 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €33,220 | €114,567 | +€81,347 | +245% |
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 25 October 2026 via checked.be.