ISAFA: 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.
ISAFA
Largest movements
- Receivables within one year +€257,122
up €257,122 (+47.2%), from €544,688 to €801,809
of which Other amounts receivable: +€322,540
- Tangible fixed assets +€208,201
up €208,201 (+109.1%), from €190,882 to €399,082
of which Plant, machinery and equipment: +€184,154
- Stocks and contracts -€84,375
down €84,375 (-14.9%), from €566,934 to €482,560
- Deferred charges and accrued income +€49,438
up €49,438 (+825.6%), from €5,988 to €55,426
- Intangible fixed assets -€39,991
down €39,991 (-21.4%), from €186,917 to €146,926
- Trade debts +€314,138
up €314,138 (+26.9%), from €1.2m to €1.5m
of which Suppliers: +€614,138
- Advances received +€205,889
new in 2024: €205,889
- Debts after one year -€159,590
down €159,590 (-33.8%), from €471,568 to €311,979
of which Financial debts: -€317,093
- Profit (loss) carried forward -€121,333
down €121,333, from €7,119 to -€114,213
- Accrued charges and deferred income +€83,281
new in 2024: €83,281
- Gross operating margin +€874,277
up €874,277 (+154.6%), from €565,606 to €1.4m
- Staff costs +€763,510
up €763,510 (+144.7%), from €527,627 to €1.3m
- Financial charges +€116,035
up €116,035 (+900.8%), from €12,882 to €128,916
of which Financial charges: +€87,087
- Depreciation +€72,624
up €72,624 (+428.5%), from €16,950 to €89,574
- Other operating charges +€57,547
up €57,547 (+5743.6%), from €1,002 to €58,549
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,184,041 | €2,609,277 | +€425,236 | +19.5% |
| Fixed assets | 21/28 | €377,799 | €546,008 | +€168,210 | +44.5% |
| Intangible fixed assets | 21 | €186,917 | €146,926 | -€39,991 | -21.4% |
| Tangible fixed assets | 22/27 | €190,882 | €399,082 | +€208,201 | +109.1% |
| Plant, machinery and equipment | 23 | €176,507 | €360,661 | +€184,154 | +104.3% |
| Furniture and vehicles | 24 | €11,431 | €35,626 | +€24,195 | +211.7% |
| Other tangible fixed assets | 26 | €2,943 | €2,796 | -€148 | -5.0% |
| Current assets | 29/58 | €1,806,242 | €2,063,269 | +€257,027 | +14.2% |
| Stocks and contracts in progress | 3 | €566,934 | €482,560 | -€84,375 | -14.9% |
| Stocks | 30/36 | €566,934 | €482,560 | -€84,375 | -14.9% |
| Amounts receivable within one year | 40/41 | €544,688 | €801,809 | +€257,122 | +47.2% |
| Trade receivables | 40 | €505,147 | €439,729 | -€65,418 | -13.0% |
| Other amounts receivable | 41 | €39,540 | €362,080 | +€322,540 | +815.7% |
| Cash at bank and in hand | 54/58 | €688,631 | €723,474 | +€34,842 | +5.1% |
| Deferred charges and accrued income | 490/1 | €5,988 | €55,426 | +€49,438 | +825.6% |
| Total equity and liabilities | 10/49 | €2,184,041 | €2,609,277 | +€425,236 | +19.5% |
| Equity | 10/15 | €107,494 | -€13,839 | -€121,333 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €375 | €375 | = | 0.0% |
| Non-distributable reserves | 130/1 | €375 | €375 | = | 0.0% |
| Legal reserve | 130 | €375 | €375 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,119 | -€114,213 | -€121,333 | |
| Amounts payable | 17/49 | €2,076,547 | €2,623,116 | +€546,569 | +26.3% |
| Amounts payable after more than one year | 17 | €471,568 | €311,979 | -€159,590 | -33.8% |
| Financial debts | 170/4 | €471,568 | €154,475 | -€317,093 | -67.2% |
| Trade debts | 175 | - | €153,704 | +€153,704 | |
| Other amounts payable | 178/9 | - | €3,800 | +€3,800 | |
| Amounts payable within one year | 42/48 | €1,604,978 | €2,227,856 | +€622,878 | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €293,504 | €363,198 | +€69,694 | +23.7% |
| Trade debts | 44 | €1,169,715 | €1,483,853 | +€314,138 | +26.9% |
| Suppliers | 440/4 | €869,715 | €1,483,853 | +€614,138 | +70.6% |
| Bills of exchange payable | 441 | €300,000 | - | -€300,000 | |
| Advances received on contracts in progress | 46 | - | €205,889 | +€205,889 | |
| Taxes, remuneration and social security | 45 | €134,555 | €166,662 | +€32,106 | +23.9% |
| Taxes | 450/3 | €17,844 | €2,324 | -€15,520 | -87.0% |
| Remuneration and social security | 454/9 | €116,711 | €164,337 | +€47,626 | +40.8% |
| Other amounts payable | 47/48 | €7,204 | €8,255 | +€1,051 | +14.6% |
| Accrued charges and deferred income | 492/3 | - | €83,281 | +€83,281 | |
| Non-recurring operating income | 76A | - | €1,962 | +€1,962 | |
| Remuneration, social security and pensions | 62 | €527,627 | €1,291,137 | +€763,510 | +144.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,950 | €89,574 | +€72,624 | +428.5% |
| Other operating charges | 640/8 | €1,002 | €58,549 | +€57,547 | +5743.6% |
| Non-recurring operating charges | 66A | €222 | €1,650 | +€1,428 | +641.8% |
| Gross operating margin | 9900 | €565,606 | €1,439,883 | +€874,277 | +154.6% |
| Operating profit (loss) | 9901 | €19,804 | -€1,028 | -€20,832 | |
| Financial income | 75/76B | €916 | €9,204 | +€8,288 | +905.2% |
| Recurring financial income | 75 | €916 | €9,204 | +€8,288 | +905.2% |
| Financial charges | 65/66B | €12,882 | €128,916 | +€116,035 | +900.8% |
| Recurring financial charges | 65 | €12,882 | €99,968 | +€87,087 | +676.0% |
| Non-recurring financial charges | 66B | - | €28,948 | +€28,948 | |
| Profit (loss) for the period before taxes | 9903 | €7,838 | -€120,741 | -€128,579 | |
| Income taxes | 67/77 | €344 | €592 | +€248 | +72.0% |
| Profit (loss) for the period | 9904 | €7,494 | -€121,333 | -€128,826 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,494 | -€121,333 | -€128,826 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.