I.E.S.M.: 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.
I.E.S.M.
Largest movements
- Cash -€3,619
down €3,619 (-10.1%), from €35,722 to €32,103
mainly Net result for the year (-€3,659) and Investment in fixed assets (net) (-€3,369)
- Receivables within one year -€2,420
down €2,420 (-75.7%), from €3,195 to €776
- Profit (loss) carried forward -€3,659
down €3,659, from €2,219 to -€1,439
- Trade debts -€2,605
no longer reported in 2025 (was €2,605)
- Gross operating margin +€5,645
up €5,645, from -€4,467 to €1,177
- Purchases and services -€5,472
down €5,472 (-74.8%), from €7,318 to €1,846
- Depreciation +€1,732
up €1,732 (+109.8%), from €1,577 to €3,309
- Turnover +€173
up €173 (+6.1%), from €2,850 to €3,023
- Other operating charges +€47
up €47 (+3.1%), from €1,536 to €1,584
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 | €49,881 | €43,617 | -€6,264 | -12.6% |
| Fixed assets | 21/28 | €10,678 | €10,738 | +€60 | +0.6% |
| Tangible fixed assets | 22/27 | €10,678 | €10,738 | +€60 | +0.6% |
| Land and buildings | 22 | €10,678 | €10,738 | +€60 | +0.6% |
| Current assets | 29/58 | €39,202 | €32,879 | -€6,324 | -16.1% |
| Amounts receivable within one year | 40/41 | €3,195 | €776 | -€2,420 | -75.7% |
| Other amounts receivable | 41 | €3,195 | €776 | -€2,420 | -75.7% |
| Cash at bank and in hand | 54/58 | €35,722 | €32,103 | -€3,619 | -10.1% |
| Deferred charges and accrued income | 490/1 | €285 | - | -€285 | |
| Total equity and liabilities | 10/49 | €49,881 | €43,617 | -€6,264 | -12.6% |
| Equity | 10/15 | €47,275 | €43,617 | -€3,659 | -7.7% |
| Contributions | 10/11 | €21,541 | €21,541 | = | 0.0% |
| Reserves | 13 | €23,515 | €23,515 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,515 | €3,515 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,515 | €3,515 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,219 | -€1,439 | -€3,659 | |
| Amounts payable | 17/49 | €2,605 | - | -€2,605 | |
| Amounts payable within one year | 42/48 | €2,605 | - | -€2,605 | |
| Trade debts | 44 | €2,605 | - | -€2,605 | |
| Suppliers | 440/4 | €2,605 | - | -€2,605 | |
| Turnover | 70 | €2,850 | €3,023 | +€173 | +6.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €7,318 | €1,846 | -€5,472 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,577 | €3,309 | +€1,732 | +109.8% |
| Other operating charges | 640/8 | €1,536 | €1,584 | +€47 | +3.1% |
| Gross operating margin | 9900 | -€4,467 | €1,177 | +€5,645 | |
| Operating profit (loss) | 9901 | -€7,581 | -€3,715 | +€3,865 | +51.0% |
| Financial income | 75/76B | €104 | €105 | +€1 | +0.7% |
| Recurring financial income | 75 | €104 | €105 | +€1 | +0.7% |
| Financial charges | 65/66B | €47 | €48 | +€2 | +3.2% |
| Recurring financial charges | 65 | €47 | €48 | +€2 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,523 | -€3,659 | +€3,864 | +51.4% |
| Profit (loss) for the period | 9904 | -€7,523 | -€3,659 | +€3,864 | +51.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,523 | -€3,659 | +€3,864 | +51.4% |
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 30 September 2026 via checked.be.