I.S.H.: 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.H.
Largest movements
- Tangible fixed assets -€50,802
down €50,802 (-10.4%), from €489,213 to €438,411
- Debts after one year -€63,336
down €63,336 (-9.7%), from €654,432 to €591,096
- Trade debts -€27,975
down €27,975 (-99.4%), from €28,151 to €175
- Tax, wage and social debts +€18,019
up €18,019 (+93.1%), from €19,351 to €37,369
- Other debts +€12,323
up €12,323 (+27.7%), from €44,522 to €56,845
- Gross operating margin +€16,021
up €16,021 (+11.9%), from €134,613 to €150,634
- Taxes +€4,016
up €4,016 (+24.1%), from €16,677 to €20,693
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 | €908,057 | €847,050 | -€61,007 | -6.7% |
| Fixed assets | 21/28 | €489,213 | €438,411 | -€50,802 | -10.4% |
| Tangible fixed assets | 22/27 | €489,213 | €438,411 | -€50,802 | -10.4% |
| Land and buildings | 22 | €489,213 | €438,411 | -€50,802 | -10.4% |
| Current assets | 29/58 | €418,844 | €408,639 | -€10,205 | -2.4% |
| Amounts receivable within one year | 40/41 | €411,110 | €402,212 | -€8,898 | -2.2% |
| Trade receivables | 40 | €144,501 | €177,315 | +€32,814 | +22.7% |
| Other amounts receivable | 41 | €266,610 | €224,897 | -€41,712 | -15.6% |
| Cash at bank and in hand | 54/58 | €7,734 | €6,427 | -€1,306 | -16.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €908,057 | €847,050 | -€61,007 | -6.7% |
| Equity | 10/15 | €97,878 | €97,878 | = | 0.0% |
| Contributions | 10/11 | €37,979 | €37,979 | = | 0.0% |
| Reserves | 13 | €59,900 | €59,900 | = | 0.0% |
| Distributable reserves | 133 | €59,900 | €59,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €810,178 | €749,171 | -€61,007 | -7.5% |
| Amounts payable after more than one year | 17 | €654,432 | €591,096 | -€63,336 | -9.7% |
| Financial debts | 170/4 | €654,432 | €591,096 | -€63,336 | -9.7% |
| Amounts payable within one year | 42/48 | €155,359 | €157,725 | +€2,366 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €63,336 | €63,336 | = | 0.0% |
| Trade debts | 44 | €28,151 | €175 | -€27,975 | -99.4% |
| Suppliers | 440/4 | €28,151 | €175 | -€27,975 | -99.4% |
| Taxes, remuneration and social security | 45 | €19,351 | €37,369 | +€18,019 | +93.1% |
| Taxes | 450/3 | €19,351 | €37,369 | +€18,019 | +93.1% |
| Other amounts payable | 47/48 | €44,522 | €56,845 | +€12,323 | +27.7% |
| Accrued charges and deferred income | 492/3 | €387 | €350 | -€37 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,802 | €50,802 | = | 0.0% |
| Other operating charges | 640/8 | €11,030 | €11,375 | +€345 | +3.1% |
| Gross operating margin | 9900 | €134,613 | €150,634 | +€16,021 | +11.9% |
| Operating profit (loss) | 9901 | €72,781 | €88,456 | +€15,676 | +21.5% |
| Financial income | 75/76B | €2,916 | €2,443 | -€472 | -16.2% |
| Recurring financial income | 75 | €2,916 | €2,443 | -€472 | -16.2% |
| Financial charges | 65/66B | €14,498 | €13,362 | -€1,135 | -7.8% |
| Recurring financial charges | 65 | €14,498 | €13,362 | -€1,135 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €61,199 | €77,537 | +€16,339 | +26.7% |
| Income taxes | 67/77 | €16,677 | €20,693 | +€4,016 | +24.1% |
| Profit (loss) for the period | 9904 | €44,522 | €56,845 | +€12,323 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,522 | €56,845 | +€12,323 | +27.7% |
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 22 October 2026 via checked.be.