VAN ISACKER: 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.
VAN ISACKER
Largest movements
- Receivables within one year -€36,926
down €36,926 (-10.6%), from €348,417 to €311,491
of which Other amounts receivable: -€32,933
- Short-term financial debts -€435,601
no longer reported in 2025 (was €435,601)
- Other debts +€207,472
new in 2025: €207,472
- Debts after one year +€181,815
up €181,815 (+30.9%), from €587,947 to €769,762
of which Financial debts: +€181,815
- Trade debts -€146,924
down €146,924 (-20.1%), from €730,747 to €583,823
- Tax, wage and social debts +€96,486
up €96,486 (+131%), from €73,711 to €170,197
of which Taxes: +€101,015
- Staff costs -€61,881
down €61,881 (-20.5%), from €302,129 to €240,248
- Financial charges +€19,576
up €19,576 (+66.6%), from €29,384 to €48,960
- Gross operating margin -€15,294
down €15,294 (-3.9%), from €395,721 to €380,426
- Other operating charges -€5,405
down €5,405 (-25.2%), from €21,457 to €16,052
- Taxes +€4,733
up €4,733 (+40.2%), from €11,772 to €16,505
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 | €1,533,485 | €1,466,380 | -€67,105 | -4.4% |
| Fixed assets | 21/28 | €78,803 | €73,239 | -€5,564 | -7.1% |
| Intangible fixed assets | 21 | €4,378 | €3,322 | -€1,056 | -24.1% |
| Tangible fixed assets | 22/27 | €73,208 | €68,500 | -€4,709 | -6.4% |
| Land and buildings | 22 | €25,743 | €29,357 | +€3,614 | +14.0% |
| Plant, machinery and equipment | 23 | €39,738 | €35,425 | -€4,312 | -10.9% |
| Furniture and vehicles | 24 | €7,727 | €3,717 | -€4,010 | -51.9% |
| Financial fixed assets | 28 | €1,217 | €1,417 | +€200 | +16.4% |
| Current assets | 29/58 | €1,454,682 | €1,393,142 | -€61,541 | -4.2% |
| Stocks and contracts in progress | 3 | €1,077,371 | €1,067,765 | -€9,606 | -0.9% |
| Stocks | 30/36 | €1,077,371 | €1,067,765 | -€9,606 | -0.9% |
| Amounts receivable within one year | 40/41 | €348,417 | €311,491 | -€36,926 | -10.6% |
| Trade receivables | 40 | €48,036 | €44,044 | -€3,993 | -8.3% |
| Other amounts receivable | 41 | €300,380 | €267,447 | -€32,933 | -11.0% |
| Cash at bank and in hand | 54/58 | €25,100 | €10,382 | -€14,717 | -58.6% |
| Deferred charges and accrued income | 490/1 | €3,795 | €3,503 | -€292 | -7.7% |
| Total equity and liabilities | 10/49 | €1,533,485 | €1,466,380 | -€67,105 | -4.4% |
| Equity | 10/15 | -€299,958 | -€267,909 | +€32,048 | +10.7% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €261,159 | €261,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,158 | €21,158 | = | 0.0% |
| Legal reserve | 130 | €21,158 | €21,158 | = | 0.0% |
| Distributable reserves | 133 | €240,001 | €240,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€747,037 | -€714,989 | +€32,048 | +4.3% |
| Amounts payable | 17/49 | €1,833,443 | €1,734,290 | -€99,153 | -5.4% |
| Amounts payable after more than one year | 17 | €587,947 | €769,762 | +€181,815 | +30.9% |
| Financial debts | 170/4 | €569,397 | €751,212 | +€181,815 | +31.9% |
| Other amounts payable | 178/9 | €18,550 | €18,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,240,059 | €961,492 | -€278,567 | -22.5% |
| Financial debts | 43 | €435,601 | - | -€435,601 | |
| Credit institutions | 430/8 | €435,601 | - | -€435,601 | |
| Trade debts | 44 | €730,747 | €583,823 | -€146,924 | -20.1% |
| Suppliers | 440/4 | €730,747 | €583,823 | -€146,924 | -20.1% |
| Taxes, remuneration and social security | 45 | €73,711 | €170,197 | +€96,486 | +131% |
| Taxes | 450/3 | €48,866 | €149,882 | +€101,015 | +207% |
| Remuneration and social security | 454/9 | €24,845 | €20,315 | -€4,530 | -18.2% |
| Other amounts payable | 47/48 | - | €207,472 | +€207,472 | |
| Accrued charges and deferred income | 492/3 | €5,437 | €3,036 | -€2,401 | -44.2% |
| Remuneration, social security and pensions | 62 | €302,129 | €240,248 | -€61,881 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,963 | €19,988 | +€24 | +0.1% |
| Other operating charges | 640/8 | €21,457 | €16,052 | -€5,405 | -25.2% |
| Non-recurring operating charges | 66A | - | €6,700 | +€6,700 | |
| Gross operating margin | 9900 | €395,721 | €380,426 | -€15,294 | -3.9% |
| Operating profit (loss) | 9901 | €52,171 | €97,438 | +€45,267 | +86.8% |
| Financial income | 75/76B | €994 | €75 | -€919 | -92.4% |
| Recurring financial income | 75 | €994 | €75 | -€919 | -92.4% |
| Financial charges | 65/66B | €29,384 | €48,960 | +€19,576 | +66.6% |
| Recurring financial charges | 65 | €29,384 | €48,960 | +€19,576 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €23,781 | €48,554 | +€24,773 | +104% |
| Income taxes | 67/77 | €11,772 | €16,505 | +€4,733 | +40.2% |
| Profit (loss) for the period | 9904 | €12,008 | €32,048 | +€20,040 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €12,008 | €32,048 | +€20,040 | +167% |
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.