ISHKA: 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.
ISHKA
Largest movements
- Stocks and contracts +€35,967
new in 2025: €35,967
- Receivables within one year +€29,532
up €29,532 (+20.5%), from €144,166 to €173,697
- Other debts +€104,220
up €104,220 (+16.5%), from €632,372 to €736,591
- Profit (loss) carried forward -€38,201
down €38,201 (-197.4%), from -€19,349 to -€57,550
- Financial income -€186,198
down €186,198 (-96.0%), from €193,914 to €7,716
of which Non-recurring financial income: -€165,000
- Other operating charges -€169,116
down €169,116 (-98.2%), from €172,139 to €3,023
- Financial charges -€165,574
down €165,574 (-89.9%), from €184,209 to €18,635
of which Non-recurring financial charges: -€165,000
- Gross operating margin -€133,790
down €133,790, from €126,972 to -€6,819
- Write-downs +€12,219
up €12,219, from -€12,219 to €0
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 | €1,845,530 | €1,893,692 | +€48,162 | +2.6% |
| Fixed assets | 21/28 | €1,693,407 | €1,677,299 | -€16,108 | -1.0% |
| Tangible fixed assets | 22/27 | €142,422 | €126,314 | -€16,108 | -11.3% |
| Land and buildings | 22 | €142,422 | €126,314 | -€16,108 | -11.3% |
| Financial fixed assets | 28 | €1,550,985 | €1,550,985 | = | 0.0% |
| Current assets | 29/58 | €152,123 | €216,393 | +€64,270 | +42.2% |
| Stocks and contracts in progress | 3 | - | €35,967 | +€35,967 | |
| Stocks | 30/36 | - | €35,967 | +€35,967 | |
| Amounts receivable within one year | 40/41 | €144,166 | €173,697 | +€29,532 | +20.5% |
| Other amounts receivable | 41 | €144,166 | €173,697 | +€29,532 | +20.5% |
| Cash at bank and in hand | 54/58 | €5,739 | €5,778 | +€39 | +0.7% |
| Deferred charges and accrued income | 490/1 | €2,219 | €951 | -€1,268 | -57.2% |
| Total equity and liabilities | 10/49 | €1,845,530 | €1,893,692 | +€48,162 | +2.6% |
| Equity | 10/15 | €754,077 | €715,876 | -€38,201 | -5.1% |
| Contributions | 10/11 | €71,000 | €71,000 | = | 0.0% |
| Revaluation surpluses | 12 | €702,426 | €702,426 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€19,349 | -€57,550 | -€38,201 | -197.4% |
| Amounts payable | 17/49 | €1,091,453 | €1,177,816 | +€86,362 | +7.9% |
| Amounts payable after more than one year | 17 | €417,966 | €406,252 | -€11,714 | -2.8% |
| Financial debts | 170/4 | €417,966 | €406,252 | -€11,714 | -2.8% |
| Amounts payable within one year | 42/48 | €659,119 | €755,726 | +€96,607 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €18,333 | €18,333 | = | 0.0% |
| Trade debts | 44 | €211 | €0 | -€211 | -100.0% |
| Suppliers | 440/4 | €211 | €0 | -€211 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,203 | €801 | -€7,402 | -90.2% |
| Taxes | 450/3 | €8,203 | €801 | -€7,402 | -90.2% |
| Other amounts payable | 47/48 | €632,372 | €736,591 | +€104,220 | +16.5% |
| Accrued charges and deferred income | 492/3 | €14,368 | €15,838 | +€1,469 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,352 | €17,440 | +€89 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,219 | €0 | +€12,219 | |
| Other operating charges | 640/8 | €172,139 | €3,023 | -€169,116 | -98.2% |
| Gross operating margin | 9900 | €126,972 | -€6,819 | -€133,790 | |
| Operating profit (loss) | 9901 | -€50,300 | -€27,282 | +€23,019 | +45.8% |
| Financial income | 75/76B | €193,914 | €7,716 | -€186,198 | -96.0% |
| Recurring financial income | 75 | €28,914 | €7,716 | -€21,198 | -73.3% |
| Non-recurring financial income | 76B | €165,000 | €0 | -€165,000 | -100.0% |
| Financial charges | 65/66B | €184,209 | €18,635 | -€165,574 | -89.9% |
| Recurring financial charges | 65 | €19,209 | €18,635 | -€574 | -3.0% |
| Non-recurring financial charges | 66B | €165,000 | €0 | -€165,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,595 | -€38,201 | +€2,394 | +5.9% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€40,595 | -€38,201 | +€2,394 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,595 | -€38,201 | +€2,394 | +5.9% |
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 6 October 2026 via checked.be.