ISEAS: 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.
ISEAS
Largest movements
- Cash -€25,748
down €25,748 (-65.8%), from €39,114 to €13,366
mainly Tax, wage and social debts (-€12,697) and Net result for the year (-€11,640)
- Receivables within one year +€2,332
up €2,332 (+48.2%), from €4,840 to €7,172
of which Other amounts receivable: +€7,172
- Tax, wage and social debts -€12,697
down €12,697 (-100.0%), from €12,701 to €4
- Reserves -€11,640
down €11,640 (-44.7%), from €26,035 to €14,395
- Trade debts +€718
up €718 (+139.1%), from €517 to €1,235
- Gross operating margin -€46,082
down €46,082, from €34,878 to -€11,204
- Taxes -€7,479
no longer reported in 2025 (was €7,479)
- Staff costs -€1,172
no longer reported in 2025 (was €1,172)
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 | €44,572 | €20,947 | -€23,626 | -53.0% |
| Fixed assets | 21/28 | €618 | €409 | -€209 | -33.8% |
| Tangible fixed assets | 22/27 | €618 | €409 | -€209 | -33.8% |
| Furniture and vehicles | 24 | €618 | €409 | -€209 | -33.8% |
| Current assets | 29/58 | €43,954 | €20,538 | -€23,417 | -53.3% |
| Amounts receivable within one year | 40/41 | €4,840 | €7,172 | +€2,332 | +48.2% |
| Trade receivables | 40 | €4,840 | - | -€4,840 | |
| Other amounts receivable | 41 | - | €7,172 | +€7,172 | |
| Cash at bank and in hand | 54/58 | €39,114 | €13,366 | -€25,748 | -65.8% |
| Total equity and liabilities | 10/49 | €44,572 | €20,947 | -€23,626 | -53.0% |
| Equity | 10/15 | €26,535 | €14,895 | -€11,640 | -43.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €26,035 | €14,395 | -€11,640 | -44.7% |
| Distributable reserves | 133 | €26,035 | €14,395 | -€11,640 | -44.7% |
| Amounts payable | 17/49 | €18,037 | €6,051 | -€11,986 | -66.5% |
| Amounts payable within one year | 42/48 | €18,037 | €6,051 | -€11,986 | -66.5% |
| Trade debts | 44 | €517 | €1,235 | +€718 | +139.1% |
| Suppliers | 440/4 | €517 | €1,235 | +€718 | +139.1% |
| Taxes, remuneration and social security | 45 | €12,701 | €4 | -€12,697 | -100.0% |
| Taxes | 450/3 | €12,701 | €4 | -€12,697 | -100.0% |
| Other amounts payable | 47/48 | €4,820 | €4,813 | -€7 | -0.1% |
| Remuneration, social security and pensions | 62 | €1,172 | - | -€1,172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9 | €209 | +€200 | +2339.3% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €34,878 | -€11,204 | -€46,082 | |
| Operating profit (loss) | 9901 | €33,557 | -€11,557 | -€45,114 | |
| Financial charges | 65/66B | €43 | €83 | +€40 | +93.0% |
| Recurring financial charges | 65 | €43 | €83 | +€40 | +93.0% |
| Profit (loss) for the period before taxes | 9903 | €33,514 | -€11,640 | -€45,154 | |
| Income taxes | 67/77 | €7,479 | - | -€7,479 | |
| Profit (loss) for the period | 9904 | €26,035 | -€11,640 | -€37,675 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,035 | -€11,640 | -€37,675 |
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 4 October 2026 via checked.be.