ISIRO APM: 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.
ISIRO APM
Largest movements
- Receivables within one year +€137,927
up €137,927 (+21.5%), from €640,952 to €778,879
of which Other amounts receivable: +€126,402
- Cash -€36,452
down €36,452 (-24.6%), from €147,938 to €111,486
mainly Receivables within one year (-€137,927) and Contributions, distributions and other (-€100,000)
- Trade debts +€87,058
up €87,058 (+101.9%), from €85,474 to €172,532
- Other debts +€40,000
up €40,000 (+6.6%), from €605,000 to €645,000
- Debts after one year -€39,887
down €39,887 (-11.5%), from €346,145 to €306,258
- Profit (loss) carried forward +€16,665
up €16,665 (+5.1%), from €324,478 to €341,143
- Financial income -€119,384
down €119,384 (-100.0%), from €119,384 to €0
of which Non-recurring financial income: -€119,383
- Gross operating margin +€36,475
up €36,475 (+20.5%), from €178,017 to €214,492
- Staff costs -€13,596
down €13,596 (-16.4%), from €82,880 to €69,284
- Taxes +€3,878
up €3,878 (+56.3%), from €6,889 to €10,766
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 | €1,470,536 | €1,572,113 | +€101,577 | +6.9% |
| Fixed assets | 21/28 | €680,049 | €679,596 | -€452 | -0.1% |
| Tangible fixed assets | 22/27 | €849 | €396 | -€452 | -53.3% |
| Furniture and vehicles | 24 | €849 | €396 | -€452 | -53.3% |
| Financial fixed assets | 28 | €679,200 | €679,200 | = | 0.0% |
| Current assets | 29/58 | €790,487 | €892,517 | +€102,030 | +12.9% |
| Amounts receivable within one year | 40/41 | €640,952 | €778,879 | +€137,927 | +21.5% |
| Trade receivables | 40 | €60,610 | €72,135 | +€11,524 | +19.0% |
| Other amounts receivable | 41 | €580,341 | €706,744 | +€126,402 | +21.8% |
| Cash at bank and in hand | 54/58 | €147,938 | €111,486 | -€36,452 | -24.6% |
| Deferred charges and accrued income | 490/1 | €1,597 | €2,152 | +€554 | +34.7% |
| Total equity and liabilities | 10/49 | €1,470,536 | €1,572,113 | +€101,577 | +6.9% |
| Equity | 10/15 | €363,408 | €380,073 | +€16,665 | +4.6% |
| Contributions | 10/11 | €35,400 | €35,400 | = | 0.0% |
| Reserves | 13 | €3,530 | €3,530 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,530 | €3,530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,530 | €3,530 | = | 0.0% |
| Profit (loss) carried forward | 14 | €324,478 | €341,143 | +€16,665 | +5.1% |
| Amounts payable | 17/49 | €1,107,128 | €1,192,040 | +€84,912 | +7.7% |
| Amounts payable after more than one year | 17 | €346,145 | €306,258 | -€39,887 | -11.5% |
| Financial debts | 170/4 | €346,145 | €306,258 | -€39,887 | -11.5% |
| Amounts payable within one year | 42/48 | €759,695 | €884,621 | +€124,926 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €41,455 | €43,140 | +€1,685 | +4.1% |
| Trade debts | 44 | €85,474 | €172,532 | +€87,058 | +101.9% |
| Suppliers | 440/4 | €85,474 | €172,532 | +€87,058 | +101.9% |
| Taxes, remuneration and social security | 45 | €27,766 | €23,949 | -€3,816 | -13.7% |
| Taxes | 450/3 | €9,333 | €20,967 | +€11,634 | +124.7% |
| Remuneration and social security | 454/9 | €18,433 | €2,982 | -€15,451 | -83.8% |
| Other amounts payable | 47/48 | €605,000 | €645,000 | +€40,000 | +6.6% |
| Accrued charges and deferred income | 492/3 | €1,289 | €1,162 | -€127 | -9.9% |
| Remuneration, social security and pensions | 62 | €82,880 | €69,284 | -€13,596 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452 | €452 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,417 | €1,878 | +€462 | +32.6% |
| Gross operating margin | 9900 | €178,017 | €214,492 | +€36,475 | +20.5% |
| Operating profit (loss) | 9901 | €93,268 | €142,876 | +€49,609 | +53.2% |
| Financial income | 75/76B | €119,384 | €0 | -€119,384 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Non-recurring financial income | 76B | €119,383 | €0 | -€119,383 | -100.0% |
| Financial charges | 65/66B | €16,354 | €15,445 | -€909 | -5.6% |
| Recurring financial charges | 65 | €16,354 | €15,445 | -€909 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €196,297 | €127,432 | -€68,866 | -35.1% |
| Income taxes | 67/77 | €6,889 | €10,766 | +€3,878 | +56.3% |
| Profit (loss) for the period | 9904 | €189,408 | €116,665 | -€72,743 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €189,408 | €116,665 | -€72,743 | -38.4% |
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.