ISPA: 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.
ISPA
Largest movements
- Receivables within one year +€202,124
up €202,124 (+48869.4%), from €414 to €202,537
of which Other amounts receivable: +€201,392
- Current investments -€200,665
down €200,665 (-28.6%), from €701,274 to €500,609
- Tangible fixed assets +€65,409
up €65,409 (+5.1%), from €1.3m to €1.4m
of which Land and buildings: +€65,678
- Cash -€41,022
down €41,022 (-85.1%), from €48,194 to €7,172
mainly Receivables within one year (-€202,124) and Investment in fixed assets (net) (-€92,768)
- Reserves +€46,694
up €46,694 (+3.3%), from €1.4m to €1.5m
of which Distributable reserves: +€79,398
- Gross operating margin +€22,414
up €22,414 (+24.4%), from €92,032 to €114,446
- Taxes +€18,617
up €18,617 (+99.6%), from €18,687 to €37,304
- Financial income -€10,899
down €10,899 (-44.1%), from €24,723 to €13,824
- Financial charges -€4,363
down €4,363 (-97.8%), from €4,463 to €100
- Other operating charges +€3,465
up €3,465 (+16.3%), from €21,218 to €24,682
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,043,343 | €2,069,003 | +€25,660 | +1.3% |
| Fixed assets | 21/28 | €1,293,006 | €1,358,416 | +€65,409 | +5.1% |
| Tangible fixed assets | 22/27 | €1,291,862 | €1,357,271 | +€65,409 | +5.1% |
| Land and buildings | 22 | €1,291,045 | €1,356,723 | +€65,678 | +5.1% |
| Plant, machinery and equipment | 23 | €184 | €160 | -€25 | -13.5% |
| Furniture and vehicles | 24 | €633 | €389 | -€244 | -38.5% |
| Financial fixed assets | 28 | €1,144 | €1,144 | = | 0.0% |
| Current assets | 29/58 | €750,337 | €710,588 | -€39,749 | -5.3% |
| Amounts receivable within one year | 40/41 | €414 | €202,537 | +€202,124 | +48869.4% |
| Trade receivables | 40 | €0 | €732 | +€732 | |
| Other amounts receivable | 41 | €414 | €201,805 | +€201,392 | +48692.4% |
| Current investments | 50/53 | €701,274 | €500,609 | -€200,665 | -28.6% |
| Cash at bank and in hand | 54/58 | €48,194 | €7,172 | -€41,022 | -85.1% |
| Deferred charges and accrued income | 490/1 | €456 | €270 | -€186 | -40.8% |
| Total equity and liabilities | 10/49 | €2,043,343 | €2,069,003 | +€25,660 | +1.3% |
| Equity | 10/15 | €1,759,482 | €1,806,177 | +€46,694 | +2.7% |
| Contributions | 10/11 | €344,477 | €344,477 | = | 0.0% |
| Reserves | 13 | €1,415,005 | €1,461,700 | +€46,694 | +3.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €746,735 | €714,032 | -€32,703 | -4.4% |
| Distributable reserves | 133 | €668,270 | €747,668 | +€79,398 | +11.9% |
| Provisions and deferred taxes | 16 | €207,966 | €200,096 | -€7,870 | -3.8% |
| Deferred taxes | 168 | €207,966 | €200,096 | -€7,870 | -3.8% |
| Amounts payable | 17/49 | €75,895 | €62,730 | -€13,164 | -17.3% |
| Amounts payable within one year | 42/48 | €70,314 | €61,763 | -€8,552 | -12.2% |
| Trade debts | 44 | €13,461 | €6,247 | -€7,214 | -53.6% |
| Suppliers | 440/4 | €13,461 | €6,247 | -€7,214 | -53.6% |
| Taxes, remuneration and social security | 45 | €27,326 | €30,656 | +€3,330 | +12.2% |
| Taxes | 450/3 | €27,326 | €30,656 | +€3,330 | +12.2% |
| Other amounts payable | 47/48 | €29,527 | €24,860 | -€4,667 | -15.8% |
| Accrued charges and deferred income | 492/3 | €5,580 | €968 | -€4,613 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,902 | €27,358 | +€456 | +1.7% |
| Other operating charges | 640/8 | €21,218 | €24,682 | +€3,465 | +16.3% |
| Gross operating margin | 9900 | €92,032 | €114,446 | +€22,414 | +24.4% |
| Operating profit (loss) | 9901 | €43,912 | €62,405 | +€18,493 | +42.1% |
| Financial income | 75/76B | €24,723 | €13,824 | -€10,899 | -44.1% |
| Recurring financial income | 75 | €24,723 | €13,824 | -€10,899 | -44.1% |
| Financial charges | 65/66B | €4,463 | €100 | -€4,363 | -97.8% |
| Recurring financial charges | 65 | €4,463 | €100 | -€4,363 | -97.8% |
| Profit (loss) for the period before taxes | 9903 | €64,173 | €76,129 | +€11,956 | +18.6% |
| Transfer from deferred taxes | 780 | €3,137 | €7,870 | +€4,733 | +150.9% |
| Income taxes | 67/77 | €18,687 | €37,304 | +€18,617 | +99.6% |
| Profit (loss) for the period | 9904 | €48,623 | €46,694 | -€1,928 | -4.0% |
| Transfer from tax-exempt reserves | 789 | €14,504 | €32,703 | +€18,199 | +125.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,127 | €79,398 | +€16,270 | +25.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.