ISMANARA: 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
ISMANARA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€418,605
2024 · €215,125+€203,479
Equity
€5.0m
2024 · €4.6m+€418,605
Cash
€5,412
2024 · €26,627-€21,214
Balance sheet total
€7.3m
2024 · €7.2m+€30,684
Largest movements
Assets
- Receivables after one year +€683,006
up €683,006 (+22.5%), from €3.0m to €3.7m
- Tangible fixed assets -€624,186
down €624,186 (-15.1%), from €4.1m to €3.5m
Equity and liabilities
- Profit (loss) carried forward +€379,632
up €379,632 (+16.5%), from €2.3m to €2.7m
- Debts after one year -€155,405
down €155,405 (-11.3%), from €1.4m to €1.2m
of which Financial debts: -€107,824
- Short-term financial debts -€137,640
down €137,640 (-20.0%), from €688,320 to €550,680
Income statement
- Gross operating margin +€229,511
up €229,511 (+34.0%), from €675,434 to €904,944
- Taxes +€43,042
up €43,042 (+44.3%), from €97,122 to €140,164
- Depreciation -€23,239
down €23,239 (-7.7%), from €301,116 to €277,877
- Financial charges -€17,555
down €17,555 (-32.3%), from €54,435 to €36,879
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
€215,125
Gross operating margin
+€229,511
Depreciation
+€23,239
Other operating charges
+€2,993
Financial income
+€4,422
Financial charges
+€17,555
Taxes
-€43,042
Deferred taxes and other
-€31,198
Result 2025
€418,605
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
-€75,554
Investment
+€346,308
Financing
-€291,969
Cash 2024
€26,627
From operations (derived)
-€75,554
Net result for the year
+€418,605
Depreciation
+€277,877
Receivables after one year
-€683,006
Smaller working-capital items
-€63
Deferred charges and accrued income
+€6,449
Provisions
+€6,691
Trade debts
-€48,401
Tax, wage and social debts
-€29,234
Advances received
-€24,472
Investment (derived)
+€346,308
Investment in fixed assets (net)
+€346,308
Financing
-€291,969
Debts after one year
-€155,405
Current portion of long-term debt
+€1,076
Short-term financial debts
-€137,640
Cash 2025
€5,412
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,231,140 | €7,261,824 | +€30,684 | +0.4% |
| Fixed assets | 21/28 | €4,146,217 | €3,522,031 | -€624,186 | -15.1% |
| Tangible fixed assets | 22/27 | €4,145,666 | €3,521,480 | -€624,186 | -15.1% |
| Land and buildings | 22 | €4,145,666 | €3,521,480 | -€624,186 | -15.1% |
| Financial fixed assets | 28 | €552 | €552 | = | 0.0% |
| Current assets | 29/58 | €3,084,922 | €3,739,792 | +€654,870 | +21.2% |
| Amounts receivable after more than one year | 29 | €3,042,170 | €3,725,176 | +€683,006 | +22.5% |
| Other amounts receivable | 291 | €3,042,170 | €3,725,176 | +€683,006 | +22.5% |
| Amounts receivable within one year | 40/41 | €8,825 | €8,353 | -€472 | -5.4% |
| Trade receivables | 40 | €5,945 | €5,472 | -€472 | -7.9% |
| Other amounts receivable | 41 | €2,880 | €2,880 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,627 | €5,412 | -€21,214 | -79.7% |
| Deferred charges and accrued income | 490/1 | €7,301 | €852 | -€6,449 | -88.3% |
| Total equity and liabilities | 10/49 | €7,231,140 | €7,261,824 | +€30,684 | +0.4% |
| Equity | 10/15 | €4,604,338 | €5,022,943 | +€418,605 | +9.1% |
| Contributions | 10/11 | €1,449,000 | €1,449,000 | = | 0.0% |
| Capital | 10 | €1,449,000 | €1,449,000 | = | 0.0% |
| Issued capital | 100 | €1,449,000 | €1,449,000 | = | 0.0% |
| Reserves | 13 | €859,854 | €898,826 | +€38,972 | +4.5% |
| Non-distributable reserves | 130/1 | €126,000 | €144,900 | +€18,900 | +15.0% |
| Legal reserve | 130 | €126,000 | €144,900 | +€18,900 | +15.0% |
| Tax-exempt reserves | 132 | €724,298 | €744,370 | +€20,072 | +2.8% |
| Distributable reserves | 133 | €9,556 | €9,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,295,484 | €2,675,116 | +€379,632 | +16.5% |
| Provisions and deferred taxes | 16 | €241,433 | €248,123 | +€6,691 | +2.8% |
| Deferred taxes | 168 | €241,433 | €248,123 | +€6,691 | +2.8% |
| Amounts payable | 17/49 | €2,385,369 | €1,990,758 | -€394,611 | -16.5% |
| Amounts payable after more than one year | 17 | €1,374,721 | €1,219,316 | -€155,405 | -11.3% |
| Financial debts | 170/4 | €1,187,959 | €1,080,135 | -€107,824 | -9.1% |
| Other amounts payable | 178/9 | €186,762 | €139,181 | -€47,581 | -25.5% |
| Amounts payable within one year | 42/48 | €1,005,701 | €767,030 | -€238,670 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €106,748 | €107,824 | +€1,076 | +1.0% |
| Financial debts | 43 | €688,320 | €550,680 | -€137,640 | -20.0% |
| Credit institutions | 430/8 | €688,320 | €550,680 | -€137,640 | -20.0% |
| Trade debts | 44 | €63,285 | €14,884 | -€48,401 | -76.5% |
| Suppliers | 440/4 | €63,285 | €14,884 | -€48,401 | -76.5% |
| Advances received on contracts in progress | 46 | €37,959 | €13,486 | -€24,472 | -64.5% |
| Taxes, remuneration and social security | 45 | €109,389 | €80,156 | -€29,234 | -26.7% |
| Taxes | 450/3 | €109,389 | €80,156 | -€29,234 | -26.7% |
| Accrued charges and deferred income | 492/3 | €4,948 | €4,412 | -€536 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301,116 | €277,877 | -€23,239 | -7.7% |
| Other operating charges | 640/8 | €61,790 | €58,797 | -€2,993 | -4.8% |
| Gross operating margin | 9900 | €675,434 | €904,944 | +€229,511 | +34.0% |
| Operating profit (loss) | 9901 | €312,528 | €568,270 | +€255,742 | +81.8% |
| Financial income | 75/76B | €29,646 | €34,069 | +€4,422 | +14.9% |
| Recurring financial income | 75 | €29,646 | €34,069 | +€4,422 | +14.9% |
| Financial charges | 65/66B | €54,435 | €36,879 | -€17,555 | -32.3% |
| Recurring financial charges | 65 | €54,435 | €36,879 | -€17,555 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €287,740 | €565,459 | +€277,720 | +96.5% |
| Transfer from deferred taxes | 780 | €24,507 | €56,732 | +€32,225 | +131% |
| Transfer to deferred taxes | 680 | - | €63,423 | +€63,423 | |
| Income taxes | 67/77 | €97,122 | €140,164 | +€43,042 | +44.3% |
| Profit (loss) for the period | 9904 | €215,125 | €418,605 | +€203,479 | +94.6% |
| Transfer from tax-exempt reserves | 789 | €73,522 | €170,196 | +€96,675 | +131% |
| Transfer to tax-exempt reserves | 689 | - | €190,269 | +€190,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €288,647 | €398,532 | +€109,886 | +38.1% |
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 16 October 2026 via checked.be.