ISABELLE PANIS: 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.
ISABELLE PANIS
Largest movements
- Cash -€261,278
down €261,278 (-46.6%), from €561,039 to €299,761
mainly Contributions, distributions and other (-€339,787) and Other debts (-€235,566)
- Current investments +€25,000
new in 2025: €25,000
- Tangible fixed assets -€18,065
down €18,065 (-19.0%), from €95,313 to €77,249
of which Furniture and vehicles: -€20,317
- Other debts -€235,566
down €235,566 (-77.4%), from €304,292 to €68,726
- Tax, wage and social debts -€13,888
down €13,888 (-34.8%), from €39,947 to €26,059
- Gross operating margin +€99,139
up €99,139 (+26.2%), from €378,599 to €477,738
- Taxes +€25,395
up €25,395 (+30.5%), from €83,232 to €108,628
- Depreciation +€14,902
up €14,902 (+248%), from €6,004 to €20,906
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 | €660,430 | €406,368 | -€254,061 | -38.5% |
| Fixed assets | 21/28 | €95,313 | €77,249 | -€18,065 | -19.0% |
| Tangible fixed assets | 22/27 | €95,313 | €77,249 | -€18,065 | -19.0% |
| Plant, machinery and equipment | 23 | - | €2,318 | +€2,318 | |
| Furniture and vehicles | 24 | €95,248 | €74,930 | -€20,317 | -21.3% |
| Other tangible fixed assets | 26 | €65 | €0 | -€65 | -100% |
| Current assets | 29/58 | €565,116 | €329,120 | -€235,997 | -41.8% |
| Amounts receivable within one year | 40/41 | €1,723 | €2,372 | +€649 | +37.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,723 | €2,372 | +€649 | +37.7% |
| Current investments | 50/53 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €561,039 | €299,761 | -€261,278 | -46.6% |
| Deferred charges and accrued income | 490/1 | €2,354 | €1,987 | -€368 | -15.6% |
| Total equity and liabilities | 10/49 | €660,430 | €406,368 | -€254,061 | -38.5% |
| Equity | 10/15 | €308,802 | €308,802 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €290,202 | €290,202 | = | 0.0% |
| Distributable reserves | 133 | €290,202 | €290,202 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €351,628 | €97,567 | -€254,061 | -72.3% |
| Amounts payable within one year | 42/48 | €350,441 | €94,896 | -€255,545 | -72.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,202 | €110 | -€6,092 | -98.2% |
| Suppliers | 440/4 | €6,202 | €110 | -€6,092 | -98.2% |
| Taxes, remuneration and social security | 45 | €39,947 | €26,059 | -€13,888 | -34.8% |
| Taxes | 450/3 | €39,947 | €26,059 | -€13,888 | -34.8% |
| Other amounts payable | 47/48 | €304,292 | €68,726 | -€235,566 | -77.4% |
| Accrued charges and deferred income | 492/3 | €1,187 | €2,671 | +€1,484 | +125% |
| Non-recurring operating income | 76A | €20,000 | €0 | -€20,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,004 | €20,906 | +€14,902 | +248% |
| Other operating charges | 640/8 | €7,620 | €5,140 | -€2,480 | -32.6% |
| Gross operating margin | 9900 | €378,599 | €477,738 | +€99,139 | +26.2% |
| Operating profit (loss) | 9901 | €364,975 | €451,692 | +€86,717 | +23.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,459 | €3,278 | +€1,819 | +125% |
| Recurring financial charges | 65 | €1,459 | €3,278 | +€1,819 | +125% |
| Profit (loss) for the period before taxes | 9903 | €363,516 | €448,414 | +€84,898 | +23.4% |
| Income taxes | 67/77 | €83,232 | €108,628 | +€25,395 | +30.5% |
| Profit (loss) for the period | 9904 | €280,284 | €339,787 | +€59,503 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €280,284 | €339,787 | +€59,503 | +21.2% |
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 18 October 2026 via checked.be.