ISVG: 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
ISVG
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.8m
2024 · -€13,964+€6.9m
Equity
€107.4m
2024 · €100.6m+€6.8m
Cash
€476,307
2024 · €10,037+€466,270
Balance sheet total
€153.5m
2024 · €140.1m+€13.4m
Largest movements
Assets
- Receivables after one year +€43.2m
up €43.2m (+8815.5%), from €490,000 to €43.7m
- Receivables within one year -€35.5m
down €35.5m (-99.5%), from €35.7m to €187,873
- Current investments +€5.3m
up €5.3m (+289.0%), from €1.8m to €7.1m
Equity and liabilities
- Debts after one year +€43.4m
new in 2025: €43.4m
- Other debts -€35.0m
down €35.0m (-96.0%), from €36.5m to €1.5m
- Reserves +€6.5m
new in 2025: €6.5m
of which Distributable reserves: +€6.2m
- Short-term financial debts -€1.8m
no longer reported in 2025 (was €1.8m)
Income statement
- Financial income +€6.9m
up €6.9m (+596.0%), from €1.2m to €8.1m
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
-€13,964
Other operating charges
+€401
Other operating items
-€160,360
Financial income
+€6.9m
Financial charges
+€93,226
Result 2025
€6.8m
Cash bridge derived
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
-€35.8m
Investment
-€5.3m
Financing
+€41.6m
Cash 2024
€10,037
From operations (derived)
-€35.8m
Net result for the year
+€6.8m
Receivables after one year
-€43.2m
Receivables within one year
+€35.5m
Deferred charges and accrued income
+€16,811
Trade debts
+€168,009
Other debts
-€35.0m
Accrued charges and deferred income
-€126,109
Investment (derived)
-€5.3m
Current investments
-€5.3m
Financing
+€41.6m
Debts after one year
+€43.4m
Short-term financial debts
-€1.8m
Cash 2025
€476,307
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,083,290 | €153,519,684 | +€13.4m | +9.6% |
| Fixed assets | 21/28 | €100,924,523 | €100,924,523 | = | 0.0% |
| Financial fixed assets | 28 | €100,924,523 | €100,924,523 | = | 0.0% |
| Affiliated companies | 280/1 | €100,924,523 | €100,924,523 | = | 0.0% |
| Participating interests | 280 | €100,924,523 | €100,924,523 | = | 0.0% |
| Current assets | 29/58 | €39,158,768 | €52,595,161 | +€13.4m | +34.3% |
| Amounts receivable after more than one year | 29 | €490,000 | €43,685,953 | +€43.2m | +8815.5% |
| Other amounts receivable | 291 | €490,000 | €43,685,953 | +€43.2m | +8815.5% |
| Amounts receivable within one year | 40/41 | €35,671,484 | €187,873 | -€35.5m | -99.5% |
| Other amounts receivable | 41 | €35,671,484 | €187,873 | -€35.5m | -99.5% |
| Current investments | 50/53 | €1,824,950 | €7,099,543 | +€5.3m | +289.0% |
| Other investments | 51/53 | €1,824,950 | €7,099,543 | +€5.3m | +289.0% |
| Cash at bank and in hand | 54/58 | €10,037 | €476,307 | +€466,270 | +4645.5% |
| Deferred charges and accrued income | 490/1 | €1,162,296 | €1,145,485 | -€16,811 | -1.4% |
| Total equity and liabilities | 10/49 | €140,083,290 | €153,519,684 | +€13.4m | +9.6% |
| Equity | 10/15 | €100,590,625 | €107,439,135 | +€6.8m | +6.8% |
| Contributions | 10/11 | €100,948,630 | €100,948,630 | = | 0.0% |
| Capital | 10 | €100,948,600 | €100,948,600 | = | 0.0% |
| Issued capital | 100 | €100,948,600 | €100,948,600 | = | 0.0% |
| Contributions outside capital | 11 | €30 | €30 | = | 0.0% |
| Share premium | 1100/10 | €30 | €30 | = | 0.0% |
| Reserves | 13 | - | €6,490,505 | +€6.5m | |
| Non-distributable reserves | 130/1 | - | €324,535 | +€324,535 | |
| Legal reserve | 130 | - | €324,535 | +€324,535 | |
| Distributable reserves | 133 | - | €6,165,970 | +€6.2m | |
| Profit (loss) carried forward | 14 | -€358,004 | - | +€358,004 | |
| Amounts payable | 17/49 | €39,492,665 | €46,080,549 | +€6.6m | +16.7% |
| Amounts payable after more than one year | 17 | - | €43,395,225 | +€43.4m | |
| Other amounts payable | 178/9 | - | €43,395,225 | +€43.4m | |
| Amounts payable within one year | 42/48 | €38,325,795 | €1,644,562 | -€36.7m | -95.7% |
| Financial debts | 43 | €1,825,000 | - | -€1.8m | |
| Credit institutions | 430/8 | €1,825,000 | - | -€1.8m | |
| Trade debts | 44 | - | €168,009 | +€168,009 | |
| Suppliers | 440/4 | - | €168,009 | +€168,009 | |
| Other amounts payable | 47/48 | €36,500,795 | €1,476,553 | -€35.0m | -96.0% |
| Accrued charges and deferred income | 492/3 | €1,166,870 | €1,040,761 | -€126,109 | -10.8% |
| Operating charges | 60/66A | €9,540 | €169,500 | +€159,960 | +1676.7% |
| Services and other goods | 61 | €7,649 | €168,009 | +€160,360 | +2096.6% |
| Other operating charges | 640/8 | €1,891 | €1,491 | -€401 | -21.2% |
| Operating profit (loss) | 9901 | -€9,540 | -€169,500 | -€159,960 | -1676.7% |
| Financial income | 75/76B | €1,162,549 | €8,091,756 | +€6.9m | +596.0% |
| Recurring financial income | 75 | €1,162,549 | €8,091,756 | +€6.9m | +596.0% |
| Income from financial fixed assets | 750 | - | €6,850,000 | +€6.9m | |
| Income from current assets | 751 | €1,162,549 | €1,241,565 | +€79,016 | +6.8% |
| Other financial income | 752/9 | - | €191 | +€191 | |
| Financial charges | 65/66B | €1,166,972 | €1,073,747 | -€93,226 | -8.0% |
| Recurring financial charges | 65 | €1,166,972 | €1,073,747 | -€93,226 | -8.0% |
| Debt charges | 650 | €1,166,870 | €1,072,951 | -€93,919 | -8.0% |
| Other financial charges | 652/9 | €103 | €795 | +€693 | +676.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,964 | €6,848,509 | +€6.9m | |
| Profit (loss) for the period | 9904 | -€13,964 | €6,848,509 | +€6.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,964 | €6,848,509 | +€6.9m |
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 12 October 2026 via checked.be.