ISARD: 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.
ISARD
Largest movements
- Receivables within one year +€30,247
up €30,247 (+30.2%), from €100,188 to €130,434
of which Other amounts receivable: +€30,247
- Cash +€13,522
up €13,522 (+815.9%), from €1,657 to €15,179
mainly Other debts (+€47,675) and Trade debts (+€16,338)
- Other debts +€47,675
up €47,675 (+7.1%), from €671,781 to €719,455
- Profit (loss) carried forward -€26,158
down €26,158 (-20.4%), from €127,956 to €101,797
- Trade debts +€16,338
up €16,338 (+35.2%), from €46,448 to €62,785
- Gross operating margin -€17,529
down €17,529 (-1684.8%), from -€1,040 to -€18,569
- Depreciation -€5,403
down €5,403 (-47.5%), from €11,381 to €5,978
- Other operating charges +€1,517
up €1,517, from €0 to €1,517
- Financial income -€1,113
down €1,113 (-74.8%), from €1,488 to €375
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 | €854,244 | €892,098 | +€37,854 | +4.4% |
| Fixed assets | 21/28 | €752,399 | €746,484 | -€5,915 | -0.8% |
| Intangible fixed assets | 21 | €8,785 | €2,807 | -€5,978 | -68.0% |
| Financial fixed assets | 28 | €743,614 | €743,677 | +€63 | 0.0% |
| Current assets | 29/58 | €101,845 | €145,613 | +€43,768 | +43.0% |
| Amounts receivable within one year | 40/41 | €100,188 | €130,434 | +€30,247 | +30.2% |
| Trade receivables | 40 | €1,200 | €1,200 | = | 0.0% |
| Other amounts receivable | 41 | €98,988 | €129,235 | +€30,247 | +30.6% |
| Cash at bank and in hand | 54/58 | €1,657 | €15,179 | +€13,522 | +815.9% |
| Total equity and liabilities | 10/49 | €854,244 | €892,098 | +€37,854 | +4.4% |
| Equity | 10/15 | €136,016 | €109,857 | -€26,158 | -19.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,956 | €101,797 | -€26,158 | -20.4% |
| Amounts payable | 17/49 | €718,228 | €782,240 | +€64,012 | +8.9% |
| Amounts payable within one year | 42/48 | €718,228 | €782,240 | +€64,012 | +8.9% |
| Trade debts | 44 | €46,448 | €62,785 | +€16,338 | +35.2% |
| Suppliers | 440/4 | €46,448 | €62,785 | +€16,338 | +35.2% |
| Other amounts payable | 47/48 | €671,781 | €719,455 | +€47,675 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,381 | €5,978 | -€5,403 | -47.5% |
| Other operating charges | 640/8 | €0 | €1,517 | +€1,517 | |
| Gross operating margin | 9900 | -€1,040 | -€18,569 | -€17,529 | -1684.8% |
| Operating profit (loss) | 9901 | -€12,422 | -€26,064 | -€13,642 | -109.8% |
| Financial income | 75/76B | €1,488 | €375 | -€1,113 | -74.8% |
| Recurring financial income | 75 | €1,488 | €375 | -€1,113 | -74.8% |
| Financial charges | 65/66B | €335 | €470 | +€134 | +40.1% |
| Recurring financial charges | 65 | €335 | €470 | +€134 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,269 | -€26,158 | -€14,890 | -132.1% |
| Profit (loss) for the period | 9904 | -€11,269 | -€26,158 | -€14,890 | -132.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,269 | -€26,158 | -€14,890 | -132.1% |
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 29 September 2026 via checked.be.