VAN ISTERBEEK: 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.
VAN ISTERBEEK
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+31.1%), from €3.4m to €4.5m
- Receivables within one year +€200,238
up €200,238 (+72.1%), from €277,833 to €478,071
of which Trade receivables: +€182,873
- Cash -€190,095
down €190,095 (-72.7%), from €261,413 to €71,318
mainly Stocks and contracts (-€1.1m) and Receivables within one year (-€200,238)
- Short-term financial debts +€700,003
up €700,003 (+107.7%), from €650,000 to €1.4m
of which Credit institutions: +€700,000
- Other debts +€405,974
up €405,974 (+27.1%), from €1.5m to €1.9m
- Debts after one year -€173,324
down €173,324 (-62.6%), from €277,021 to €103,696
- Accrued charges and deferred income +€123,132
up €123,132, from €0 to €123,132
- Gross operating margin -€59,206
down €59,206 (-11.3%), from €526,180 to €466,974
- Financial charges +€57,181
up €57,181 (+38.9%), from €147,153 to €204,334
- Taxes -€34,962
down €34,962 (-31.0%), from €112,901 to €77,939
- Write-downs +€18,850
up €18,850 (+243.2%), from €7,750 to €26,600
- Depreciation +€11,627
up €11,627 (+53.1%), from €21,895 to €33,522
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,107,072 | €5,174,957 | +€1.1m | +26.0% |
| Fixed assets | 21/28 | €141,169 | €132,647 | -€8,522 | -6.0% |
| Tangible fixed assets | 22/27 | €141,169 | €132,647 | -€8,522 | -6.0% |
| Land and buildings | 22 | €9,081 | €7,742 | -€1,339 | -14.7% |
| Plant, machinery and equipment | 23 | - | €10,358 | +€10,358 | |
| Furniture and vehicles | 24 | €132,088 | €114,547 | -€17,541 | -13.3% |
| Current assets | 29/58 | €3,965,903 | €5,042,310 | +€1.1m | +27.1% |
| Stocks and contracts in progress | 3 | €3,417,069 | €4,480,792 | +€1.1m | +31.1% |
| Stocks | 30/36 | €3,417,069 | €4,480,792 | +€1.1m | +31.1% |
| Amounts receivable within one year | 40/41 | €277,833 | €478,071 | +€200,238 | +72.1% |
| Trade receivables | 40 | €236,456 | €419,329 | +€182,873 | +77.3% |
| Other amounts receivable | 41 | €41,377 | €58,742 | +€17,364 | +42.0% |
| Cash at bank and in hand | 54/58 | €261,413 | €71,318 | -€190,095 | -72.7% |
| Deferred charges and accrued income | 490/1 | €9,589 | €12,130 | +€2,541 | +26.5% |
| Total equity and liabilities | 10/49 | €4,107,072 | €5,174,957 | +€1.1m | +26.0% |
| Equity | 10/15 | €1,441,390 | €1,480,263 | +€38,873 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,422,790 | €1,461,663 | +€38,873 | +2.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €193,660 | €193,660 | = | 0.0% |
| Distributable reserves | 133 | €1,229,130 | €1,268,003 | +€38,873 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,665,682 | €3,694,694 | +€1.0m | +38.6% |
| Amounts payable after more than one year | 17 | €277,021 | €103,696 | -€173,324 | -62.6% |
| Financial debts | 170/4 | €277,021 | €103,696 | -€173,324 | -62.6% |
| Amounts payable within one year | 42/48 | €2,388,661 | €3,467,865 | +€1.1m | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €180,327 | €173,324 | -€7,003 | -3.9% |
| Financial debts | 43 | €650,000 | €1,350,003 | +€700,003 | +107.7% |
| Credit institutions | 430/8 | €650,000 | €1,350,000 | +€700,000 | +107.7% |
| Other loans | 439 | - | €3 | +€3 | |
| Trade debts | 44 | €15,635 | €10,000 | -€5,635 | -36.0% |
| Suppliers | 440/4 | €15,635 | €10,000 | -€5,635 | -36.0% |
| Advances received on contracts in progress | 46 | €3,067 | €0 | -€3,067 | -100.0% |
| Taxes, remuneration and social security | 45 | €40,064 | €28,996 | -€11,068 | -27.6% |
| Taxes | 450/3 | €40,064 | €28,996 | -€11,068 | -27.6% |
| Other amounts payable | 47/48 | €1,499,568 | €1,905,542 | +€405,974 | +27.1% |
| Accrued charges and deferred income | 492/3 | €0 | €123,132 | +€123,132 | |
| Remuneration, social security and pensions | 62 | €201 | €0 | -€201 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,895 | €33,522 | +€11,627 | +53.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,750 | €26,600 | +€18,850 | +243.2% |
| Other operating charges | 640/8 | €4,543 | €8,704 | +€4,161 | +91.6% |
| Non-recurring operating charges | 66A | €20,666 | €5,030 | -€15,635 | -75.7% |
| Gross operating margin | 9900 | €526,180 | €466,974 | -€59,206 | -11.3% |
| Operating profit (loss) | 9901 | €471,125 | €393,118 | -€78,007 | -16.6% |
| Financial income | 75/76B | €165 | €10,102 | +€9,937 | +6017.8% |
| Recurring financial income | 75 | €165 | €10,102 | +€9,937 | +6017.8% |
| Financial charges | 65/66B | €147,153 | €204,334 | +€57,181 | +38.9% |
| Recurring financial charges | 65 | €147,153 | €204,334 | +€57,181 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €324,138 | €198,886 | -€125,251 | -38.6% |
| Income taxes | 67/77 | €112,901 | €77,939 | -€34,962 | -31.0% |
| Profit (loss) for the period | 9904 | €211,236 | €120,948 | -€90,289 | -42.7% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €0 | -€210,500 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €67,360 | €0 | -€67,360 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €354,376 | €120,948 | -€233,429 | -65.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.