Dr. Maes Isatis: 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.
Dr. Maes Isatis
Largest movements
- Cash -€84,407
down €84,407 (-77.2%), from €109,312 to €24,905
mainly Contributions, distributions and other (-€158,067) and Investment in fixed assets (net) (-€30,250)
- Tangible fixed assets +€21,880
up €21,880 (+2,400%), from €912 to €22,792
- Receivables within one year -€11,919
down €11,919 (-88.0%), from €13,539 to €1,620
- Profit (loss) carried forward -€120,776
no longer reported in 2025 (was €120,776)
- Other debts +€23,857
new in 2025: €23,857
- Debts after one year +€13,076
new in 2025: €13,076
of which Financial debts: +€12,911
- Current portion of long-term debt +€10,011
new in 2025: €10,011
- Gross operating margin +€10,727
up €10,727 (+22.4%), from €47,927 to €58,654
- Depreciation +€8,039
up €8,039 (+1,316%), from €611 to €8,650
- Taxes +€759
up €759 (+7.5%), from €10,121 to €10,880
- Financial charges +€742
up €742 (+185%), from €402 to €1,144
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 | €130,646 | €56,658 | -€73,988 | -56.6% |
| Formation expenses | 20 | €617 | €337 | -€280 | -45.4% |
| Fixed assets | 21/28 | €912 | €22,792 | +€21,880 | +2,400% |
| Tangible fixed assets | 22/27 | €912 | €22,792 | +€21,880 | +2,400% |
| Furniture and vehicles | 24 | €912 | €22,792 | +€21,880 | +2,400% |
| Current assets | 29/58 | €129,118 | €33,529 | -€95,589 | -74.0% |
| Amounts receivable within one year | 40/41 | €13,539 | €1,620 | -€11,919 | -88.0% |
| Other amounts receivable | 41 | €13,539 | €1,620 | -€11,919 | -88.0% |
| Cash at bank and in hand | 54/58 | €109,312 | €24,905 | -€84,407 | -77.2% |
| Deferred charges and accrued income | 490/1 | €6,267 | €7,004 | +€737 | +11.8% |
| Total equity and liabilities | 10/49 | €130,646 | €56,658 | -€73,988 | -56.6% |
| Equity | 10/15 | €123,276 | €2,500 | -€120,776 | -98.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,776 | - | -€120,776 | |
| Amounts payable | 17/49 | €7,371 | €54,158 | +€46,787 | +635% |
| Amounts payable after more than one year | 17 | - | €13,076 | +€13,076 | |
| Financial debts | 170/4 | - | €12,911 | +€12,911 | |
| Other amounts payable | 178/9 | - | €165 | +€165 | |
| Amounts payable within one year | 42/48 | €7,371 | €41,082 | +€33,712 | +457% |
| Current portion of amounts payable after more than one year | 42 | - | €10,011 | +€10,011 | |
| Trade debts | 44 | €3,267 | €3,004 | -€263 | -8.1% |
| Suppliers | 440/4 | €3,267 | €3,004 | -€263 | -8.1% |
| Taxes, remuneration and social security | 45 | €4,104 | €4,210 | +€106 | +2.6% |
| Taxes | 450/3 | €4,104 | €4,210 | +€106 | +2.6% |
| Other amounts payable | 47/48 | - | €23,857 | +€23,857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €611 | €8,650 | +€8,039 | +1,316% |
| Other operating charges | 640/8 | €427 | €689 | +€262 | +61.4% |
| Gross operating margin | 9900 | €47,927 | €58,654 | +€10,727 | +22.4% |
| Operating profit (loss) | 9901 | €46,889 | €49,315 | +€2,426 | +5.2% |
| Financial income | 75/76B | €1 | €1 | +€0 | +17.6% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +17.6% |
| Financial charges | 65/66B | €402 | €1,144 | +€742 | +185% |
| Recurring financial charges | 65 | €402 | €1,144 | +€742 | +185% |
| Profit (loss) for the period before taxes | 9903 | €46,487 | €48,172 | +€1,684 | +3.6% |
| Income taxes | 67/77 | €10,121 | €10,880 | +€759 | +7.5% |
| Profit (loss) for the period | 9904 | €36,366 | €37,292 | +€925 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,366 | €37,292 | +€925 | +2.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.