ISARO: 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.
ISARO
Largest movements
- Receivables within one year +€37,275
up €37,275 (+44.2%), from €84,279 to €121,554
of which Trade receivables: +€22,638
- Tangible fixed assets +€19,755
up €19,755 (+68.7%), from €28,758 to €48,513
of which Other tangible fixed assets: +€18,341
- Cash -€6,231
down €6,231 (-6.6%), from €95,115 to €88,884
mainly Receivables within one year (-€37,275) and Investment in fixed assets (net) (-€33,105)
- Stocks and contracts -€4,216
down €4,216 (-40.7%), from €10,354 to €6,138
- Intangible fixed assets +€3,304
up €3,304 (+154.7%), from €2,136 to €5,440
- Profit (loss) carried forward +€39,581
up €39,581 (+79.9%), from €49,529 to €89,111
- Other debts +€3,943
up €3,943 (+60.4%), from €6,530 to €10,474
- Tax, wage and social debts +€3,096
up €3,096 (+6.1%), from €50,693 to €53,789
of which Remuneration and social security: +€6,845
- Trade debts +€2,895
up €2,895 (+6.6%), from €43,742 to €46,638
- Staff costs +€24,673
up €24,673 (+8.9%), from €277,303 to €301,975
- Gross operating margin +€17,007
up €17,007 (+4.8%), from €356,153 to €373,160
- Depreciation -€3,776
down €3,776 (-27.3%), from €13,822 to €10,046
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 | €231,434 | €280,950 | +€49,516 | +21.4% |
| Fixed assets | 21/28 | €41,294 | €64,354 | +€23,059 | +55.8% |
| Intangible fixed assets | 21 | €2,136 | €5,440 | +€3,304 | +154.7% |
| Tangible fixed assets | 22/27 | €28,758 | €48,513 | +€19,755 | +68.7% |
| Plant, machinery and equipment | 23 | €8,350 | €10,339 | +€1,988 | +23.8% |
| Furniture and vehicles | 24 | €10,828 | €10,253 | -€575 | -5.3% |
| Other tangible fixed assets | 26 | €9,580 | €27,921 | +€18,341 | +191.4% |
| Financial fixed assets | 28 | €10,400 | €10,400 | = | 0.0% |
| Current assets | 29/58 | €190,140 | €216,597 | +€26,457 | +13.9% |
| Stocks and contracts in progress | 3 | €10,354 | €6,138 | -€4,216 | -40.7% |
| Stocks | 30/36 | €10,354 | €6,138 | -€4,216 | -40.7% |
| Amounts receivable within one year | 40/41 | €84,279 | €121,554 | +€37,275 | +44.2% |
| Trade receivables | 40 | €0 | €22,638 | +€22,638 | |
| Other amounts receivable | 41 | €84,279 | €98,916 | +€14,637 | +17.4% |
| Cash at bank and in hand | 54/58 | €95,115 | €88,884 | -€6,231 | -6.6% |
| Deferred charges and accrued income | 490/1 | €392 | €21 | -€371 | -94.5% |
| Total equity and liabilities | 10/49 | €231,434 | €280,950 | +€49,516 | +21.4% |
| Equity | 10/15 | €130,469 | €170,050 | +€39,581 | +30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,339 | €62,339 | = | 0.0% |
| Distributable reserves | 133 | €62,339 | €62,339 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,529 | €89,111 | +€39,581 | +79.9% |
| Amounts payable | 17/49 | €100,965 | €110,900 | +€9,935 | +9.8% |
| Amounts payable within one year | 42/48 | €100,965 | €110,900 | +€9,935 | +9.8% |
| Trade debts | 44 | €43,742 | €46,638 | +€2,895 | +6.6% |
| Suppliers | 440/4 | €43,742 | €46,638 | +€2,895 | +6.6% |
| Taxes, remuneration and social security | 45 | €50,693 | €53,789 | +€3,096 | +6.1% |
| Taxes | 450/3 | €25,095 | €21,346 | -€3,749 | -14.9% |
| Remuneration and social security | 454/9 | €25,598 | €32,443 | +€6,845 | +26.7% |
| Other amounts payable | 47/48 | €6,530 | €10,474 | +€3,943 | +60.4% |
| Non-recurring operating income | 76A | - | €9,604 | +€9,604 | |
| Remuneration, social security and pensions | 62 | €277,303 | €301,975 | +€24,673 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,822 | €10,046 | -€3,776 | -27.3% |
| Other operating charges | 640/8 | €775 | €2,303 | +€1,528 | +197.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €356,153 | €373,160 | +€17,007 | +4.8% |
| Operating profit (loss) | 9901 | €64,253 | €58,836 | -€5,418 | -8.4% |
| Financial income | 75/76B | €152 | €1,107 | +€955 | +629.8% |
| Recurring financial income | 75 | €152 | €1,107 | +€955 | +629.8% |
| Financial charges | 65/66B | €4,519 | €5,628 | +€1,109 | +24.5% |
| Recurring financial charges | 65 | €4,519 | €5,628 | +€1,109 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €59,886 | €54,314 | -€5,572 | -9.3% |
| Income taxes | 67/77 | €17,775 | €14,733 | -€3,042 | -17.1% |
| Profit (loss) for the period | 9904 | €42,111 | €39,581 | -€2,530 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,111 | €39,581 | -€2,530 | -6.0% |
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 7 October 2026 via checked.be.