ISEO: 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.
ISEO
Largest movements
- Receivables within one year +€21,323
up €21,323 (+203.7%), from €10,465 to €31,788
of which Other amounts receivable: +€31,555
- Cash -€2,439
down €2,439 (-16.8%), from €14,556 to €12,117
mainly Receivables within one year (-€21,323) and Smaller working-capital items (-€47)
- Tangible fixed assets -€632
down €632 (-29.8%), from €2,117 to €1,485
of which Plant, machinery and equipment: -€356
- Reserves +€12,976
up €12,976 (+142.7%), from €9,092 to €22,067
- Tax, wage and social debts +€4,882
up €4,882 (+268.2%), from €1,820 to €6,702
- Gross operating margin +€8,518
up €8,518 (+84.6%), from €10,067 to €18,586
- Taxes +€1,730
up €1,730 (+76.3%), from €2,268 to €3,998
- Other operating charges +€481
up €481 (+76.5%), from €629 to €1,110
- Financial income +€395
new in 2025: €395
- Depreciation +€302
up €302 (+91.3%), from €330 to €632
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 | €27,512 | €45,812 | +€18,300 | +66.5% |
| Fixed assets | 21/28 | €2,117 | €1,485 | -€632 | -29.8% |
| Tangible fixed assets | 22/27 | €2,117 | €1,485 | -€632 | -29.8% |
| Plant, machinery and equipment | 23 | €816 | €460 | -€356 | -43.6% |
| Furniture and vehicles | 24 | €1,301 | €1,025 | -€276 | -21.2% |
| Current assets | 29/58 | €25,396 | €44,327 | +€18,931 | +74.5% |
| Amounts receivable within one year | 40/41 | €10,465 | €31,788 | +€21,323 | +203.7% |
| Trade receivables | 40 | €10,233 | - | -€10,233 | |
| Other amounts receivable | 41 | €232 | €31,788 | +€31,555 | +13593.9% |
| Cash at bank and in hand | 54/58 | €14,556 | €12,117 | -€2,439 | -16.8% |
| Deferred charges and accrued income | 490/1 | €374 | €422 | +€48 | +12.7% |
| Total equity and liabilities | 10/49 | €27,512 | €45,812 | +€18,300 | +66.5% |
| Equity | 10/15 | €24,092 | €37,067 | +€12,976 | +53.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €9,092 | €22,067 | +€12,976 | +142.7% |
| Distributable reserves | 133 | €9,092 | €22,067 | +€12,976 | +142.7% |
| Amounts payable | 17/49 | €3,421 | €8,745 | +€5,324 | +155.6% |
| Amounts payable within one year | 42/48 | €2,306 | €7,585 | +€5,279 | +228.9% |
| Trade debts | 44 | €441 | €883 | +€441 | +100.1% |
| Suppliers | 440/4 | €441 | €883 | +€441 | +100.1% |
| Taxes, remuneration and social security | 45 | €1,820 | €6,702 | +€4,882 | +268.2% |
| Taxes | 450/3 | €1,820 | €6,702 | +€4,882 | +268.2% |
| Other amounts payable | 47/48 | €45 | - | -€45 | |
| Accrued charges and deferred income | 492/3 | €1,115 | €1,160 | +€45 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330 | €632 | +€302 | +91.3% |
| Other operating charges | 640/8 | €629 | €1,110 | +€481 | +76.5% |
| Gross operating margin | 9900 | €10,067 | €18,586 | +€8,518 | +84.6% |
| Operating profit (loss) | 9901 | €9,108 | €16,844 | +€7,736 | +84.9% |
| Financial income | 75/76B | - | €395 | +€395 | |
| Recurring financial income | 75 | - | €395 | +€395 | |
| Financial charges | 65/66B | €173 | €266 | +€92 | +53.3% |
| Recurring financial charges | 65 | €173 | €266 | +€92 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €8,935 | €16,973 | +€8,038 | +90.0% |
| Income taxes | 67/77 | €2,268 | €3,998 | +€1,730 | +76.3% |
| Profit (loss) for the period | 9904 | €6,667 | €12,976 | +€6,309 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,667 | €12,976 | +€6,309 | +94.6% |
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 5 October 2026 via checked.be.