ISEO PROJECTION: 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.
ISEO PROJECTION
Largest movements
- Tangible fixed assets +€245,071
up €245,071 (+24.2%), from €1.0m to €1.3m
of which Other tangible fixed assets: +€270,189
- Intangible fixed assets +€140,147
up €140,147 (+184%), from €76,173 to €216,320
- Cash -€75,063
down €75,063 (-31.0%), from €242,515 to €167,451
mainly Investment in fixed assets (net) (-€771,384) and Contributions, distributions and other (-€213,252)
- Stocks and contracts +€74,966
up €74,966 (+42.0%), from €178,492 to €253,458
- Receivables after one year -€40,485
down €40,485 (-100%), from €40,485 to €0
- Short-term financial debts +€295,346
up €295,346 (+2,112%), from €13,982 to €309,328
- Tax, wage and social debts -€118,008
down €118,008 (-63.1%), from €187,141 to €69,133
of which Taxes: -€101,244
- Trade debts +€68,172
up €68,172 (+7.7%), from €880,528 to €948,700
- Other debts +€67,177
up €67,177 (+18.6%), from €360,393 to €427,570
- Advances received +€57,841
up €57,841 (+15.4%), from €375,096 to €432,937
- Gross operating margin -€345,150
down €345,150 (-19.8%), from €1.7m to €1.4m
- Taxes -€116,234
down €116,234 (-56.4%), from €206,178 to €89,944
- Depreciation +€72,564
up €72,564 (+23.1%), from €314,281 to €386,846
- Staff costs -€26,330
down €26,330 (-4.3%), from €618,613 to €592,283
- Write-downs +€24,039
up €24,039, from -€13,788 to €10,251
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 | €3,273,668 | €3,647,524 | +€373,856 | +11.4% |
| Fixed assets | 21/28 | €1,094,892 | €1,479,430 | +€384,538 | +35.1% |
| Intangible fixed assets | 21 | €76,173 | €216,320 | +€140,147 | +184% |
| Tangible fixed assets | 22/27 | €1,013,439 | €1,258,510 | +€245,071 | +24.2% |
| Plant, machinery and equipment | 23 | €88,103 | €129,117 | +€41,014 | +46.6% |
| Furniture and vehicles | 24 | €188,727 | €234,342 | +€45,615 | +24.2% |
| Leasing and similar rights | 25 | €721,377 | €609,631 | -€111,746 | -15.5% |
| Other tangible fixed assets | 26 | €15,231 | €285,420 | +€270,189 | +1,774% |
| Financial fixed assets | 28 | €5,280 | €4,600 | -€680 | -12.9% |
| Current assets | 29/58 | €2,178,776 | €2,168,094 | -€10,682 | -0.5% |
| Amounts receivable after more than one year | 29 | €40,485 | €0 | -€40,485 | -100% |
| Other amounts receivable | 291 | €40,485 | €0 | -€40,485 | -100% |
| Stocks and contracts in progress | 3 | €178,492 | €253,458 | +€74,966 | +42.0% |
| Stocks | 30/36 | €178,492 | €253,458 | +€74,966 | +42.0% |
| Amounts receivable within one year | 40/41 | €1,651,259 | €1,678,612 | +€27,352 | +1.7% |
| Trade receivables | 40 | €1,438,245 | €932,789 | -€505,456 | -35.1% |
| Other amounts receivable | 41 | €213,015 | €745,823 | +€532,808 | +250% |
| Current investments | 50/53 | €1,883 | €1,883 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €242,515 | €167,451 | -€75,063 | -31.0% |
| Deferred charges and accrued income | 490/1 | €64,143 | €66,691 | +€2,547 | +4.0% |
| Total equity and liabilities | 10/49 | €3,273,668 | €3,647,524 | +€373,856 | +11.4% |
| Equity | 10/15 | €650,514 | €684,231 | +€33,717 | +5.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €562,372 | €609,341 | +€46,969 | +8.4% |
| Investment grants | 15 | €20,492 | €7,240 | -€13,252 | -64.7% |
| Amounts payable | 17/49 | €2,623,154 | €2,963,293 | +€340,139 | +13.0% |
| Amounts payable after more than one year | 17 | €482,728 | €479,155 | -€3,573 | -0.7% |
| Financial debts | 170/4 | €482,728 | €479,155 | -€3,573 | -0.7% |
| Amounts payable within one year | 42/48 | €2,131,680 | €2,463,207 | +€331,526 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €314,540 | €275,539 | -€39,001 | -12.4% |
| Financial debts | 43 | €13,982 | €309,328 | +€295,346 | +2,112% |
| Credit institutions | 430/8 | €13,982 | €309,328 | +€295,346 | +2,112% |
| Trade debts | 44 | €880,528 | €948,700 | +€68,172 | +7.7% |
| Suppliers | 440/4 | €880,528 | €948,700 | +€68,172 | +7.7% |
| Advances received on contracts in progress | 46 | €375,096 | €432,937 | +€57,841 | +15.4% |
| Taxes, remuneration and social security | 45 | €187,141 | €69,133 | -€118,008 | -63.1% |
| Taxes | 450/3 | €112,891 | €11,647 | -€101,244 | -89.7% |
| Remuneration and social security | 454/9 | €74,249 | €57,486 | -€16,764 | -22.6% |
| Other amounts payable | 47/48 | €360,393 | €427,570 | +€67,177 | +18.6% |
| Accrued charges and deferred income | 492/3 | €8,746 | €20,931 | +€12,186 | +139% |
| Non-recurring operating income | 76A | €5,801 | €11,958 | +€6,157 | +106% |
| Remuneration, social security and pensions | 62 | €618,613 | €592,283 | -€26,330 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,281 | €386,846 | +€72,564 | +23.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€13,788 | €10,251 | +€24,039 | |
| Other operating charges | 640/8 | €38,009 | €42,989 | +€4,980 | +13.1% |
| Non-recurring operating charges | 66A | €9,065 | €3,574 | -€5,491 | -60.6% |
| Gross operating margin | 9900 | €1,744,167 | €1,399,017 | -€345,150 | -19.8% |
| Operating profit (loss) | 9901 | €777,986 | €363,074 | -€414,913 | -53.3% |
| Financial income | 75/76B | €15,341 | €13,460 | -€1,881 | -12.3% |
| Recurring financial income | 75 | €15,341 | €13,460 | -€1,881 | -12.3% |
| Financial charges | 65/66B | €24,884 | €39,621 | +€14,737 | +59.2% |
| Recurring financial charges | 65 | €24,884 | €39,621 | +€14,737 | +59.2% |
| Profit (loss) for the period before taxes | 9903 | €768,443 | €336,913 | -€431,530 | -56.2% |
| Income taxes | 67/77 | €206,178 | €89,944 | -€116,234 | -56.4% |
| Profit (loss) for the period | 9904 | €562,265 | €246,969 | -€315,296 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €562,265 | €246,969 | -€315,296 | -56.1% |
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.