IESU: 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.
IESU
Largest movements
- Receivables within one year +€150,889
up €150,889 (+330.9%), from €45,594 to €196,483
of which Other amounts receivable: +€147,132
- Cash -€19,066
down €19,066 (-6.9%), from €277,225 to €258,159
mainly Receivables within one year (-€150,889) and Tax, wage and social debts (-€31,143)
- Tangible fixed assets -€6,558
down €6,558 (-28.8%), from €22,764 to €16,206
- Profit (loss) carried forward +€155,979
up €155,979 (+58.3%), from €267,595 to €423,574
- Tax, wage and social debts -€31,143
down €31,143 (-39.0%), from €79,949 to €48,806
- Gross operating margin +€28,987
up €28,987 (+16.4%), from €176,441 to €205,428
- Taxes +€8,367
up €8,367 (+21.5%), from €38,846 to €47,213
- Financial income +€4,448
up €4,448 (+18516.5%), from €24 to €4,472
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 | €347,709 | €472,482 | +€124,773 | +35.9% |
| Fixed assets | 21/28 | €22,764 | €16,206 | -€6,558 | -28.8% |
| Tangible fixed assets | 22/27 | €22,764 | €16,206 | -€6,558 | -28.8% |
| Furniture and vehicles | 24 | €22,764 | €16,206 | -€6,558 | -28.8% |
| Current assets | 29/58 | €324,945 | €456,276 | +€131,331 | +40.4% |
| Amounts receivable within one year | 40/41 | €45,594 | €196,483 | +€150,889 | +330.9% |
| Trade receivables | 40 | €38,780 | €42,537 | +€3,757 | +9.7% |
| Other amounts receivable | 41 | €6,815 | €153,946 | +€147,132 | +2159.1% |
| Cash at bank and in hand | 54/58 | €277,225 | €258,159 | -€19,066 | -6.9% |
| Deferred charges and accrued income | 490/1 | €2,126 | €1,634 | -€492 | -23.2% |
| Total equity and liabilities | 10/49 | €347,709 | €472,482 | +€124,773 | +35.9% |
| Equity | 10/15 | €267,695 | €423,674 | +€155,979 | +58.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €267,595 | €423,574 | +€155,979 | +58.3% |
| Amounts payable | 17/49 | €80,014 | €48,808 | -€31,206 | -39.0% |
| Amounts payable within one year | 42/48 | €80,014 | €48,808 | -€31,206 | -39.0% |
| Trade debts | 44 | €65 | €2 | -€63 | -96.9% |
| Suppliers | 440/4 | €65 | €2 | -€63 | -96.9% |
| Taxes, remuneration and social security | 45 | €79,949 | €48,806 | -€31,143 | -39.0% |
| Taxes | 450/3 | €79,949 | €48,806 | -€31,143 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,558 | €6,558 | = | 0.0% |
| Gross operating margin | 9900 | €176,441 | €205,428 | +€28,987 | +16.4% |
| Operating profit (loss) | 9901 | €169,883 | €198,870 | +€28,987 | +17.1% |
| Financial income | 75/76B | €24 | €4,472 | +€4,448 | +18516.5% |
| Recurring financial income | 75 | €24 | €4,472 | +€4,448 | +18516.5% |
| Financial charges | 65/66B | €75 | €150 | +€75 | +100.0% |
| Recurring financial charges | 65 | €75 | €150 | +€75 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | €169,832 | €203,192 | +€33,360 | +19.6% |
| Income taxes | 67/77 | €38,846 | €47,213 | +€8,367 | +21.5% |
| Profit (loss) for the period | 9904 | €130,986 | €155,979 | +€24,993 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,986 | €155,979 | +€24,993 | +19.1% |
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.