ISAPHAN: 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.
ISAPHAN
Largest movements
- Cash -€27,397
down €27,397 (-35.1%), from €77,984 to €50,587
mainly Receivables within one year (-€18,677) and Tax, wage and social debts (-€12,809)
- Receivables within one year +€18,677
up €18,677 (+179%), from €10,434 to €29,111
of which Other amounts receivable: +€26,447
- Tangible fixed assets -€10,036
down €10,036 (-25.6%), from €39,234 to €29,198
of which Other tangible fixed assets: -€6,567
- Tax, wage and social debts -€12,809
no longer reported in 2025 (was €12,809)
- Other debts -€2,196
down €2,196 (-10.2%), from €21,535 to €19,339
- Contributions -€2,000
no longer reported in 2025 (was €2,000)
- Profit (loss) carried forward -€1,685
down €1,685 (-3.5%), from €48,010 to €46,325
- Gross operating margin -€76,937
down €76,937, from €74,986 to -€1,951
- Taxes -€30,096
down €30,096, from €15,108 to -€14,988
- Other operating charges -€9,054
no longer reported in 2025 (was €9,054)
- Depreciation +€4,228
up €4,228 (+36.9%), from €11,451 to €15,679
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 | €131,389 | €112,633 | -€18,756 | -14.3% |
| Fixed assets | 21/28 | €39,234 | €29,198 | -€10,036 | -25.6% |
| Tangible fixed assets | 22/27 | €39,234 | €29,198 | -€10,036 | -25.6% |
| Plant, machinery and equipment | 23 | - | €2,231 | +€2,231 | |
| Furniture and vehicles | 24 | €19,743 | €14,043 | -€5,700 | -28.9% |
| Other tangible fixed assets | 26 | €19,491 | €12,924 | -€6,567 | -33.7% |
| Current assets | 29/58 | €92,155 | €83,435 | -€8,720 | -9.5% |
| Amounts receivable within one year | 40/41 | €10,434 | €29,111 | +€18,677 | +179% |
| Trade receivables | 40 | €7,770 | - | -€7,770 | |
| Other amounts receivable | 41 | €2,664 | €29,111 | +€26,447 | +993% |
| Cash at bank and in hand | 54/58 | €77,984 | €50,587 | -€27,397 | -35.1% |
| Deferred charges and accrued income | 490/1 | €3,737 | €3,737 | = | 0.0% |
| Total equity and liabilities | 10/49 | €131,389 | €112,633 | -€18,756 | -14.3% |
| Equity | 10/15 | €94,357 | €90,572 | -€3,785 | -4.0% |
| Contributions | 10/11 | €2,000 | - | -€2,000 | |
| Capital | 10 | €2,000 | - | -€2,000 | |
| Issued capital | 100 | €2,000 | - | -€2,000 | |
| Reserves | 13 | €44,347 | €44,247 | -€100 | -0.2% |
| Non-distributable reserves | 130/1 | €100 | - | -€100 | |
| Legal reserve | 130 | €100 | - | -€100 | |
| Tax-exempt reserves | 132 | €44,247 | €44,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,010 | €46,325 | -€1,685 | -3.5% |
| Amounts payable | 17/49 | €37,032 | €22,061 | -€14,971 | -40.4% |
| Amounts payable within one year | 42/48 | €37,032 | €22,061 | -€14,971 | -40.4% |
| Financial debts | 43 | - | €94 | +€94 | |
| Credit institutions | 430/8 | - | €94 | +€94 | |
| Trade debts | 44 | €2,688 | €2,628 | -€60 | -2.2% |
| Suppliers | 440/4 | €2,688 | €2,628 | -€60 | -2.2% |
| Taxes, remuneration and social security | 45 | €12,809 | - | -€12,809 | |
| Taxes | 450/3 | €12,809 | - | -€12,809 | |
| Other amounts payable | 47/48 | €21,535 | €19,339 | -€2,196 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,451 | €15,679 | +€4,228 | +36.9% |
| Other operating charges | 640/8 | €9,054 | - | -€9,054 | |
| Gross operating margin | 9900 | €74,986 | -€1,951 | -€76,937 | |
| Operating profit (loss) | 9901 | €54,481 | -€17,630 | -€72,111 | |
| Financial charges | 65/66B | €43 | €43 | = | 0.0% |
| Recurring financial charges | 65 | €43 | €43 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €54,438 | -€17,673 | -€72,111 | |
| Income taxes | 67/77 | €15,108 | -€14,988 | -€30,096 | |
| Profit (loss) for the period | 9904 | €39,330 | -€2,685 | -€42,015 | |
| Transfer from tax-exempt reserves | 789 | €8,680 | - | -€8,680 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,010 | -€2,685 | -€50,695 |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.