ISAGA: 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.
ISAGA
Largest movements
- Stocks and contracts -€12,353
no longer reported in 2025 (was €12,353)
- Tangible fixed assets -€12,218
no longer reported in 2025 (was €12,218)
- Cash -€3,262
down €3,262 (-40.9%), from €7,984 to €4,722
mainly Debts after one year (-€14,865) and Other debts (-€11,669)
- Debts after one year -€14,865
down €14,865 (-45.2%), from €32,865 to €18,000
- Other debts -€11,669
down €11,669 (-38.5%), from €30,287 to €18,618
- Current portion of long-term debt -€7,696
down €7,696 (-56.2%), from €13,696 to €6,000
- Profit (loss) carried forward +€7,433
up €7,433 (+59.5%), from -€12,500 to -€5,067
- Accrued charges and deferred income -€1,785
down €1,785 (-73.3%), from €2,436 to €651
- Gross operating margin +€21,710
up €21,710 (+532.5%), from €4,077 to €25,787
- Write-downs +€12,353
new in 2025: €12,353
- Depreciation -€9,164
down €9,164 (-97.6%), from €9,392 to €228
- Taxes +€2,825
up €2,825 (+457.7%), from €617 to €3,442
- Financial charges -€1,272
down €1,272 (-56.2%), from €2,264 to €992
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 | €86,081 | €57,485 | -€28,596 | -33.2% |
| Formation expenses | 20 | €514 | €285 | -€228 | -44.4% |
| Fixed assets | 21/28 | €63,218 | €51,000 | -€12,218 | -19.3% |
| Tangible fixed assets | 22/27 | €12,218 | - | -€12,218 | |
| Furniture and vehicles | 24 | €12,218 | - | -€12,218 | |
| Financial fixed assets | 28 | €51,000 | €51,000 | = | 0.0% |
| Current assets | 29/58 | €22,349 | €6,199 | -€16,149 | -72.3% |
| Stocks and contracts in progress | 3 | €12,353 | - | -€12,353 | |
| Stocks | 30/36 | €12,353 | - | -€12,353 | |
| Amounts receivable within one year | 40/41 | €375 | €340 | -€35 | -9.4% |
| Trade receivables | 40 | €0 | €275 | +€275 | |
| Other amounts receivable | 41 | €375 | €65 | -€310 | -82.6% |
| Cash at bank and in hand | 54/58 | €7,984 | €4,722 | -€3,262 | -40.9% |
| Deferred charges and accrued income | 490/1 | €1,636 | €1,137 | -€499 | -30.5% |
| Total equity and liabilities | 10/49 | €86,081 | €57,485 | -€28,596 | -33.2% |
| Equity | 10/15 | -€9,500 | -€2,067 | +€7,433 | +78.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,500 | -€5,067 | +€7,433 | +59.5% |
| Amounts payable | 17/49 | €95,581 | €59,552 | -€36,029 | -37.7% |
| Amounts payable after more than one year | 17 | €32,865 | €18,000 | -€14,865 | -45.2% |
| Financial debts | 170/4 | €32,865 | €18,000 | -€14,865 | -45.2% |
| Amounts payable within one year | 42/48 | €60,281 | €40,901 | -€19,380 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €13,696 | €6,000 | -€7,696 | -56.2% |
| Trade debts | 44 | €11,250 | €11,725 | +€475 | +4.2% |
| Suppliers | 440/4 | €11,250 | €11,725 | +€475 | +4.2% |
| Taxes, remuneration and social security | 45 | €5,047 | €4,558 | -€489 | -9.7% |
| Taxes | 450/3 | €5,047 | €4,558 | -€489 | -9.7% |
| Other amounts payable | 47/48 | €30,287 | €18,618 | -€11,669 | -38.5% |
| Accrued charges and deferred income | 492/3 | €2,436 | €651 | -€1,785 | -73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,392 | €228 | -€9,164 | -97.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,353 | +€12,353 | |
| Other operating charges | 640/8 | €950 | €1,340 | +€389 | +41.0% |
| Gross operating margin | 9900 | €4,077 | €25,787 | +€21,710 | +532.5% |
| Operating profit (loss) | 9901 | -€6,266 | €11,865 | +€18,131 | |
| Financial income | 75/76B | €137 | €2 | -€135 | -98.7% |
| Recurring financial income | 75 | €137 | €2 | -€135 | -98.7% |
| Financial charges | 65/66B | €2,264 | €992 | -€1,272 | -56.2% |
| Recurring financial charges | 65 | €2,264 | €992 | -€1,272 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,393 | €10,875 | +€19,268 | |
| Income taxes | 67/77 | €617 | €3,442 | +€2,825 | +457.7% |
| Profit (loss) for the period | 9904 | -€9,010 | €7,433 | +€16,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,010 | €7,433 | +€16,443 |
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 8 October 2026 via checked.be.