ISA Projects: 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.
ISA Projects
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+64.4%), from €1.8m to €2.9m
of which Furniture and vehicles: +€1.3m
- Receivables within one year +€205,514
up €205,514 (+45.3%), from €453,446 to €658,960
of which Trade receivables: +€241,738
- Cash +€142,347
up €142,347 (+1260.6%), from €11,292 to €153,639
mainly Debts after one year (+€1.2m) and Other debts (+€507,981)
- Debts after one year +€1.2m
up €1.2m (+51.7%), from €2.3m to €3.4m
- Other debts +€507,981
up €507,981 (+96.6%), from €525,890 to €1.0m
- Profit (loss) carried forward -€358,500
down €358,500 (-41.3%), from -€867,026 to -€1.2m
- Advances received +€155,000
new in 2025: €155,000
- Current portion of long-term debt -€66,471
down €66,471 (-66.4%), from €100,152 to €33,680
- Gross operating margin +€185,200
up €185,200, from -€97,251 to €87,949
- Depreciation +€34,220
up €34,220 (+39.5%), from €86,593 to €120,813
- Financial charges -€16,346
down €16,346 (-13.4%), from €122,423 to €106,077
- Other operating charges +€10,682
up €10,682 (+1104.1%), from €968 to €11,650
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 | €3,007,173 | €4,485,348 | +€1.5m | +49.2% |
| Fixed assets | 21/28 | €2,538,645 | €3,670,179 | +€1.1m | +44.6% |
| Tangible fixed assets | 22/27 | €1,756,867 | €2,888,401 | +€1.1m | +64.4% |
| Furniture and vehicles | 24 | €1,587,293 | €2,888,401 | +€1.3m | +82.0% |
| Other tangible fixed assets | 26 | €169,574 | €0 | -€169,574 | -100.0% |
| Financial fixed assets | 28 | €781,778 | €781,778 | = | 0.0% |
| Current assets | 29/58 | €468,528 | €815,169 | +€346,641 | +74.0% |
| Amounts receivable within one year | 40/41 | €453,446 | €658,960 | +€205,514 | +45.3% |
| Trade receivables | 40 | €106,310 | €348,048 | +€241,738 | +227.4% |
| Other amounts receivable | 41 | €347,137 | €310,912 | -€36,224 | -10.4% |
| Cash at bank and in hand | 54/58 | €11,292 | €153,639 | +€142,347 | +1260.6% |
| Deferred charges and accrued income | 490/1 | €3,790 | €2,570 | -€1,220 | -32.2% |
| Total equity and liabilities | 10/49 | €3,007,173 | €4,485,348 | +€1.5m | +49.2% |
| Equity | 10/15 | -€148,468 | -€506,968 | -€358,500 | -241.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €699,958 | €699,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€867,026 | -€1,225,526 | -€358,500 | -41.3% |
| Amounts payable | 17/49 | €3,155,641 | €4,992,316 | +€1.8m | +58.2% |
| Amounts payable after more than one year | 17 | €2,270,025 | €3,442,776 | +€1.2m | +51.7% |
| Financial debts | 170/4 | €2,270,025 | €3,442,776 | +€1.2m | +51.7% |
| Amounts payable within one year | 42/48 | €731,919 | €1,339,675 | +€607,756 | +83.0% |
| Current portion of amounts payable after more than one year | 42 | €100,152 | €33,680 | -€66,471 | -66.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €64,385 | €77,271 | +€12,886 | +20.0% |
| Suppliers | 440/4 | €64,385 | €77,271 | +€12,886 | +20.0% |
| Advances received on contracts in progress | 46 | - | €155,000 | +€155,000 | |
| Taxes, remuneration and social security | 45 | €41,492 | €39,852 | -€1,640 | -4.0% |
| Taxes | 450/3 | €41,492 | €39,852 | -€1,640 | -4.0% |
| Other amounts payable | 47/48 | €525,890 | €1,033,872 | +€507,981 | +96.6% |
| Accrued charges and deferred income | 492/3 | €153,697 | €209,865 | +€56,169 | +36.5% |
| Non-recurring operating income | 76A | €898 | €0 | -€898 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,593 | €120,813 | +€34,220 | +39.5% |
| Other operating charges | 640/8 | €968 | €11,650 | +€10,682 | +1104.1% |
| Non-recurring operating charges | 66A | - | €213,753 | +€213,753 | |
| Gross operating margin | 9900 | -€97,251 | €87,949 | +€185,200 | |
| Operating profit (loss) | 9901 | -€184,812 | -€258,267 | -€73,456 | -39.7% |
| Financial income | 75/76B | €6,249 | €5,844 | -€405 | -6.5% |
| Recurring financial income | 75 | €6,249 | €5,844 | -€405 | -6.5% |
| Financial charges | 65/66B | €122,423 | €106,077 | -€16,346 | -13.4% |
| Recurring financial charges | 65 | €122,423 | €106,077 | -€16,346 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€300,986 | -€358,500 | -€57,514 | -19.1% |
| Profit (loss) for the period | 9904 | -€300,986 | -€358,500 | -€57,514 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€300,986 | -€358,500 | -€57,514 | -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 28 September 2026 via checked.be.