ISAKA: 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.
ISAKA
Largest movements
- Tangible fixed assets +€965,543
up €965,543 (+28.2%), from €3.4m to €4.4m
of which Other tangible fixed assets: +€935,658
- Cash -€297,380
down €297,380 (-54.2%), from €548,688 to €251,308
mainly Investment in fixed assets (net) (-€1.1m) and Accrued charges and deferred income (-€6,172)
- Current investments -€153,511
down €153,511 (-9.1%), from €1.7m to €1.5m
- Debts after one year +€474,329
up €474,329 (+7.6%), from €6.3m to €6.7m
- Gross operating margin +€64,581
up €64,581 (+39.6%), from €163,074 to €227,655
- Financial income -€19,971
down €19,971 (-36.2%), from €55,240 to €35,269
of which Financial income: -€19,511
- Financial charges -€10,164
down €10,164 (-8.7%), from €116,640 to €106,476
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 | €7,769,380 | €8,272,301 | +€502,922 | +6.5% |
| Fixed assets | 21/28 | €5,502,257 | €6,467,800 | +€965,543 | +17.5% |
| Tangible fixed assets | 22/27 | €3,426,921 | €4,392,464 | +€965,543 | +28.2% |
| Land and buildings | 22 | €2,919,969 | €2,919,199 | -€770 | 0.0% |
| Plant, machinery and equipment | 23 | €3,142 | €10,061 | +€6,919 | +220.2% |
| Furniture and vehicles | 24 | - | €23,736 | +€23,736 | |
| Other tangible fixed assets | 26 | €503,810 | €1,439,467 | +€935,658 | +185.7% |
| Financial fixed assets | 28 | €2,075,336 | €2,075,336 | = | 0.0% |
| Current assets | 29/58 | €2,267,122 | €1,804,501 | -€462,621 | -20.4% |
| Amounts receivable within one year | 40/41 | €21,603 | €22,733 | +€1,131 | +5.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €21,603 | €22,733 | +€1,131 | +5.2% |
| Current investments | 50/53 | €1,678,065 | €1,524,554 | -€153,511 | -9.1% |
| Cash at bank and in hand | 54/58 | €548,688 | €251,308 | -€297,380 | -54.2% |
| Deferred charges and accrued income | 490/1 | €18,767 | €5,905 | -€12,861 | -68.5% |
| Total equity and liabilities | 10/49 | €7,769,380 | €8,272,301 | +€502,922 | +6.5% |
| Equity | 10/15 | €1,415,267 | €1,432,901 | +€17,634 | +1.2% |
| Contributions | 10/11 | €717,600 | €717,600 | = | 0.0% |
| Capital | 10 | €717,600 | €717,600 | = | 0.0% |
| Issued capital | 100 | €717,600 | €717,600 | = | 0.0% |
| Reserves | 13 | €839,947 | €839,947 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,990 | €70,990 | = | 0.0% |
| Distributable reserves | 133 | €688,957 | €688,957 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,280 | -€124,646 | +€17,634 | +12.4% |
| Amounts payable | 17/49 | €6,354,113 | €6,839,400 | +€485,287 | +7.6% |
| Amounts payable after more than one year | 17 | €6,259,398 | €6,733,728 | +€474,329 | +7.6% |
| Financial debts | 170/4 | €6,259,398 | €6,733,728 | +€474,329 | +7.6% |
| Amounts payable within one year | 42/48 | €81,913 | €99,043 | +€17,130 | +20.9% |
| Trade debts | 44 | €28,657 | €51,332 | +€22,675 | +79.1% |
| Suppliers | 440/4 | €28,657 | €51,332 | +€22,675 | +79.1% |
| Taxes, remuneration and social security | 45 | €33,174 | €28,552 | -€4,622 | -13.9% |
| Taxes | 450/3 | €33,174 | €28,552 | -€4,622 | -13.9% |
| Other amounts payable | 47/48 | €20,082 | €19,159 | -€923 | -4.6% |
| Accrued charges and deferred income | 492/3 | €12,801 | €6,629 | -€6,172 | -48.2% |
| Non-recurring operating income | 76A | - | €34,895 | +€34,895 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,052 | €93,971 | +€920 | +1.0% |
| Other operating charges | 640/8 | €43,000 | €44,715 | +€1,715 | +4.0% |
| Gross operating margin | 9900 | €163,074 | €227,655 | +€64,581 | +39.6% |
| Operating profit (loss) | 9901 | €27,023 | €88,969 | +€61,946 | +229.2% |
| Financial income | 75/76B | €55,240 | €35,269 | -€19,971 | -36.2% |
| Recurring financial income | 75 | €54,081 | €34,570 | -€19,511 | -36.1% |
| Non-recurring financial income | 76B | €1,160 | €700 | -€460 | -39.7% |
| Financial charges | 65/66B | €116,640 | €106,476 | -€10,164 | -8.7% |
| Recurring financial charges | 65 | €116,640 | €106,476 | -€10,164 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,376 | €17,762 | +€52,138 | |
| Income taxes | 67/77 | €160 | €128 | -€32 | -20.2% |
| Profit (loss) for the period | 9904 | -€34,536 | €17,634 | +€52,171 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,536 | €17,634 | +€52,171 |
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.