I.S.A.: 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.
I.S.A.
Largest movements
- Tangible fixed assets -€43,606
down €43,606 (-12.0%), from €364,104 to €320,498
of which Land and buildings: -€22,987
- Current investments +€18,642
up €18,642 (+14.9%), from €124,936 to €143,578
- Cash +€16,444
up €16,444 (+47.8%), from €34,425 to €50,869
mainly Depreciation (+€54,774) and Net result for the year (+€8,028)
- Debts after one year -€18,248
down €18,248 (-59.2%), from €30,822 to €12,573
- Reserves +€8,028
up €8,028 (+4.7%), from €170,734 to €178,762
of which Distributable reserves: +€8,028
- Gross operating margin +€7,730
up €7,730 (+12.3%), from €62,967 to €70,697
- Taxes +€1,997
up €1,997 (+205%), from €972 to €2,969
- Depreciation +€1,461
up €1,461 (+2.7%), from €53,313 to €54,774
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 | €540,412 | €530,565 | -€9,848 | -1.8% |
| Fixed assets | 21/28 | €364,104 | €320,498 | -€43,606 | -12.0% |
| Tangible fixed assets | 22/27 | €364,104 | €320,498 | -€43,606 | -12.0% |
| Land and buildings | 22 | €297,750 | €274,762 | -€22,987 | -7.7% |
| Plant, machinery and equipment | 23 | €8,471 | €8,054 | -€417 | -4.9% |
| Furniture and vehicles | 24 | €57,883 | €37,682 | -€20,202 | -34.9% |
| Current assets | 29/58 | €176,309 | €210,066 | +€33,758 | +19.1% |
| Stocks and contracts in progress | 3 | - | €1,093 | +€1,093 | |
| Stocks | 30/36 | - | €1,093 | +€1,093 | |
| Amounts receivable within one year | 40/41 | €4,619 | €1,866 | -€2,753 | -59.6% |
| Trade receivables | 40 | €3,006 | €0 | -€3,006 | -100% |
| Other amounts receivable | 41 | €1,613 | €1,866 | +€253 | +15.7% |
| Current investments | 50/53 | €124,936 | €143,578 | +€18,642 | +14.9% |
| Cash at bank and in hand | 54/58 | €34,425 | €50,869 | +€16,444 | +47.8% |
| Deferred charges and accrued income | 490/1 | €12,328 | €12,660 | +€332 | +2.7% |
| Total equity and liabilities | 10/49 | €540,412 | €530,565 | -€9,848 | -1.8% |
| Equity | 10/15 | €484,926 | €492,954 | +€8,028 | +1.7% |
| Contributions | 10/11 | €6,203 | €6,203 | = | 0.0% |
| Reserves | 13 | €170,734 | €178,762 | +€8,028 | +4.7% |
| Tax-exempt reserves | 132 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €169,734 | €177,762 | +€8,028 | +4.7% |
| Profit (loss) carried forward | 14 | €307,990 | €307,990 | = | 0.0% |
| Amounts payable | 17/49 | €55,486 | €37,610 | -€17,876 | -32.2% |
| Amounts payable after more than one year | 17 | €30,822 | €12,573 | -€18,248 | -59.2% |
| Financial debts | 170/4 | €30,822 | €12,573 | -€18,248 | -59.2% |
| Amounts payable within one year | 42/48 | €24,664 | €25,037 | +€373 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €17,540 | €18,248 | +€709 | +4.0% |
| Trade debts | 44 | €2,562 | €1,183 | -€1,380 | -53.8% |
| Suppliers | 440/4 | €2,562 | €1,183 | -€1,380 | -53.8% |
| Taxes, remuneration and social security | 45 | €906 | €83 | -€823 | -90.9% |
| Taxes | 450/3 | €906 | €83 | -€823 | -90.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,656 | €5,523 | +€1,867 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,313 | €54,774 | +€1,461 | +2.7% |
| Other operating charges | 640/8 | €4,145 | €4,131 | -€14 | -0.3% |
| Gross operating margin | 9900 | €62,967 | €70,697 | +€7,730 | +12.3% |
| Operating profit (loss) | 9901 | €5,509 | €11,792 | +€6,283 | +114% |
| Financial income | 75/76B | €652 | €918 | +€266 | +40.7% |
| Recurring financial income | 75 | €652 | €918 | +€266 | +40.7% |
| Financial charges | 65/66B | €2,285 | €1,714 | -€572 | -25.0% |
| Recurring financial charges | 65 | €2,285 | €1,714 | -€572 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €3,876 | €10,996 | +€7,121 | +184% |
| Income taxes | 67/77 | €972 | €2,969 | +€1,997 | +205% |
| Profit (loss) for the period | 9904 | €2,904 | €8,028 | +€5,124 | +176% |
| Profit (loss) for the period to be appropriated | 9905 | €2,904 | €8,028 | +€5,124 | +176% |
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 20 October 2026 via checked.be.