Isaure Musschoot: 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.
Isaure Musschoot
Largest movements
- Tangible fixed assets +€438,944
up €438,944 (+1,914%), from €22,936 to €461,880
of which Land and buildings: +€447,950
- Cash -€316,366
down €316,366 (-78.3%), from €404,015 to €87,649
mainly Investment in fixed assets (net) (-€465,000) and Contributions, distributions and other (-€100,000)
- Receivables within one year -€95,772
down €95,772 (-83.4%), from €114,784 to €19,012
- Reserves +€82,576
up €82,576 (+19.8%), from €415,999 to €498,574
- Tax, wage and social debts -€58,325
down €58,325 (-49.1%), from €118,748 to €60,423
- Gross operating margin +€63,172
up €63,172 (+24.0%), from €263,587 to €326,758
- Other operating charges +€59,184
up €59,184 (+6,107%), from €969 to €60,153
- Depreciation +€17,401
up €17,401 (+201%), from €8,654 to €26,056
- Taxes -€4,063
down €4,063 (-6.6%), from €61,752 to €57,689
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 | €546,735 | €573,542 | +€26,807 | +4.9% |
| Fixed assets | 21/28 | €22,936 | €461,880 | +€438,944 | +1,914% |
| Tangible fixed assets | 22/27 | €22,936 | €461,880 | +€438,944 | +1,914% |
| Land and buildings | 22 | - | €447,950 | +€447,950 | |
| Furniture and vehicles | 24 | €22,936 | €13,930 | -€9,006 | -39.3% |
| Current assets | 29/58 | €523,799 | €111,661 | -€412,137 | -78.7% |
| Amounts receivable within one year | 40/41 | €114,784 | €19,012 | -€95,772 | -83.4% |
| Other amounts receivable | 41 | €114,784 | €19,012 | -€95,772 | -83.4% |
| Cash at bank and in hand | 54/58 | €404,015 | €87,649 | -€316,366 | -78.3% |
| Deferred charges and accrued income | 490/1 | €5,000 | €5,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €546,735 | €573,542 | +€26,807 | +4.9% |
| Equity | 10/15 | €417,999 | €500,574 | +€82,576 | +19.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €415,999 | €498,574 | +€82,576 | +19.8% |
| Distributable reserves | 133 | €415,999 | €498,574 | +€82,576 | +19.8% |
| Amounts payable | 17/49 | €128,736 | €72,967 | -€55,769 | -43.3% |
| Amounts payable within one year | 42/48 | €128,736 | €72,967 | -€55,769 | -43.3% |
| Trade debts | 44 | €1,933 | €2,849 | +€916 | +47.4% |
| Suppliers | 440/4 | €1,933 | €2,849 | +€916 | +47.4% |
| Taxes, remuneration and social security | 45 | €118,748 | €60,423 | -€58,325 | -49.1% |
| Taxes | 450/3 | €118,748 | €60,423 | -€58,325 | -49.1% |
| Other amounts payable | 47/48 | €8,055 | €9,695 | +€1,641 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,654 | €26,056 | +€17,401 | +201% |
| Other operating charges | 640/8 | €969 | €60,153 | +€59,184 | +6,107% |
| Gross operating margin | 9900 | €263,587 | €326,758 | +€63,172 | +24.0% |
| Operating profit (loss) | 9901 | €253,963 | €240,550 | -€13,413 | -5.3% |
| Financial income | 75/76B | €2,356 | €0 | -€2,356 | -100.0% |
| Recurring financial income | 75 | €2,356 | €0 | -€2,356 | -100.0% |
| Financial charges | 65/66B | €89 | €285 | +€196 | +220% |
| Recurring financial charges | 65 | €89 | €285 | +€196 | +220% |
| Profit (loss) for the period before taxes | 9903 | €256,230 | €240,265 | -€15,966 | -6.2% |
| Income taxes | 67/77 | €61,752 | €57,689 | -€4,063 | -6.6% |
| Profit (loss) for the period | 9904 | €194,479 | €182,576 | -€11,903 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €194,479 | €182,576 | -€11,903 | -6.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.