Ishtar365: 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.
Ishtar365
Largest movements
- Receivables within one year -€257,262
down €257,262 (-64.5%), from €398,568 to €141,306
of which Other amounts receivable: -€267,112
- Deferred charges and accrued income -€29,435
down €29,435 (-89.9%), from €32,743 to €3,308
- Intangible fixed assets -€26,418
down €26,418 (-2.1%), from €1.2m to €1.2m
- Cash +€22,453
up €22,453 (+205%), from €10,965 to €33,418
mainly Debts after one year (+€422,285) and Depreciation (+€409,515)
- Reserves +€535,716
up €535,716 (+4,368%), from €12,266 to €547,982
of which Tax-exempt reserves: +€535,716
- Profit (loss) carried forward -€532,361
down €532,361 (-44.9%), from -€1.2m to -€1.7m
- Debts after one year +€422,285
up €422,285 (+95.1%), from €444,036 to €866,322
of which Other amounts payable: +€305,000
- Trade debts -€336,774
down €336,774 (-71.1%), from €473,912 to €137,138
- Current portion of long-term debt -€244,431
down €244,431 (-55.7%), from €439,111 to €194,680
- Gross operating margin +€510,903
up €510,903 (+339%), from €150,607 to €661,510
- Depreciation +€245,593
up €245,593 (+150%), from €163,923 to €409,515
- Staff costs -€84,550
down €84,550 (-30.6%), from €276,728 to €192,177
- Financial charges +€14,315
up €14,315 (+35.9%), from €39,843 to €54,158
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,692,485 | €1,396,525 | -€295,961 | -17.5% |
| Fixed assets | 21/28 | €1,250,209 | €1,218,492 | -€31,716 | -2.5% |
| Intangible fixed assets | 21 | €1,242,373 | €1,215,955 | -€26,418 | -2.1% |
| Tangible fixed assets | 22/27 | €7,636 | €2,211 | -€5,425 | -71.0% |
| Furniture and vehicles | 24 | €7,636 | €2,211 | -€5,425 | -71.0% |
| Financial fixed assets | 28 | €200 | €327 | +€127 | +63.5% |
| Current assets | 29/58 | €442,277 | €178,032 | -€264,244 | -59.7% |
| Amounts receivable within one year | 40/41 | €398,568 | €141,306 | -€257,262 | -64.5% |
| Trade receivables | 40 | €127,807 | €137,657 | +€9,850 | +7.7% |
| Other amounts receivable | 41 | €270,761 | €3,649 | -€267,112 | -98.7% |
| Cash at bank and in hand | 54/58 | €10,965 | €33,418 | +€22,453 | +205% |
| Deferred charges and accrued income | 490/1 | €32,743 | €3,308 | -€29,435 | -89.9% |
| Total equity and liabilities | 10/49 | €1,692,485 | €1,396,525 | -€295,961 | -17.5% |
| Equity | 10/15 | €164,029 | €167,384 | +€3,355 | +2.0% |
| Contributions | 10/11 | €1,337,112 | €1,337,112 | = | 0.0% |
| Reserves | 13 | €12,266 | €547,982 | +€535,716 | +4,368% |
| Non-distributable reserves | 130/1 | €613 | €613 | = | 0.0% |
| Other | 1319 | €613 | €613 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €535,716 | +€535,716 | |
| Distributable reserves | 133 | €11,652 | €11,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,185,349 | -€1,717,710 | -€532,361 | -44.9% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €1,528,457 | €1,229,140 | -€299,316 | -19.6% |
| Amounts payable after more than one year | 17 | €444,036 | €866,322 | +€422,285 | +95.1% |
| Financial debts | 170/4 | €394,036 | €511,322 | +€117,285 | +29.8% |
| Other amounts payable | 178/9 | €50,000 | €355,000 | +€305,000 | +610% |
| Amounts payable within one year | 42/48 | €987,478 | €345,114 | -€642,364 | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €439,111 | €194,680 | -€244,431 | -55.7% |
| Financial debts | 43 | €15,000 | €0 | -€15,000 | -100% |
| Credit institutions | 430/8 | €15,000 | €0 | -€15,000 | -100% |
| Trade debts | 44 | €473,912 | €137,138 | -€336,774 | -71.1% |
| Suppliers | 440/4 | €473,912 | €137,138 | -€336,774 | -71.1% |
| Taxes, remuneration and social security | 45 | €55,944 | €10,004 | -€45,940 | -82.1% |
| Taxes | 450/3 | €2,993 | €2,024 | -€969 | -32.4% |
| Remuneration and social security | 454/9 | €52,951 | €7,980 | -€44,971 | -84.9% |
| Other amounts payable | 47/48 | €3,511 | €3,291 | -€220 | -6.3% |
| Accrued charges and deferred income | 492/3 | €96,942 | €17,705 | -€79,237 | -81.7% |
| Non-recurring operating income | 76A | €32,936 | €535,716 | +€502,781 | +1,527% |
| Remuneration, social security and pensions | 62 | €276,728 | €192,177 | -€84,550 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,923 | €409,515 | +€245,593 | +150% |
| Other operating charges | 640/8 | €259 | €1,771 | +€1,512 | +585% |
| Non-recurring operating charges | 66A | €645 | €0 | -€645 | -100% |
| Gross operating margin | 9900 | €150,607 | €661,510 | +€510,903 | +339% |
| Operating profit (loss) | 9901 | -€290,948 | €58,046 | +€348,994 | |
| Financial income | 75/76B | €62 | €64 | +€3 | +4.6% |
| Recurring financial income | 75 | €62 | €64 | +€3 | +4.6% |
| Financial charges | 65/66B | €39,843 | €54,158 | +€14,315 | +35.9% |
| Recurring financial charges | 65 | €39,843 | €54,158 | +€14,315 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | -€330,729 | €3,953 | +€334,682 | |
| Income taxes | 67/77 | €561 | €597 | +€36 | +6.4% |
| Profit (loss) for the period | 9904 | -€331,291 | €3,355 | +€334,646 | |
| Transfer to tax-exempt reserves | 689 | - | €535,716 | +€535,716 | |
| Profit (loss) for the period to be appropriated | 9905 | -€331,291 | -€532,361 | -€201,071 | -60.7% |
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 29 October 2026 via checked.be.