ISJA: 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.
ISJA
Largest movements
- Stocks and contracts -€238,034
down €238,034 (-100.0%), from €238,034 to €0
- Tangible fixed assets -€104,498
down €104,498 (-18.0%), from €581,427 to €476,929
- Cash -€96,781
down €96,781 (-29.8%), from €324,562 to €227,781
mainly Contributions, distributions and other (-€462,975) and Advances received (-€70,377)
- Deferred charges and accrued income -€55,876
down €55,876 (-76.8%), from €72,780 to €16,904
- Receivables within one year +€37,539
up €37,539 (+26.5%), from €141,686 to €179,225
of which Trade receivables: +€64,073
- Reserves -€380,087
down €380,087 (-53.3%), from €713,598 to €333,511
- Other debts +€97,642
up €97,642 (+66.1%), from €147,689 to €245,331
- Advances received -€70,377
down €70,377 (-100.0%), from €70,377 to €0
- Tax, wage and social debts -€44,153
down €44,153 (-99.9%), from €44,206 to €53
of which Remuneration and social security: -€26,049
- Trade debts -€42,072
down €42,072 (-99.2%), from €42,404 to €331
- Gross operating margin -€312,169
down €312,169 (-59.5%), from €524,556 to €212,387
- Staff costs -€252,078
down €252,078 (-100.0%), from €252,078 to €0
- Provisions +€53,000
up €53,000, from -€53,000 to €0
- Taxes -€33,600
down €33,600 (-51.2%), from €65,668 to €32,068
- Depreciation -€16,827
down €16,827 (-17.8%), from €94,549 to €77,722
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 | €1,360,892 | €900,839 | -€460,053 | -33.8% |
| Fixed assets | 21/28 | €583,580 | €476,929 | -€106,651 | -18.3% |
| Intangible fixed assets | 21 | €1,023 | €0 | -€1,023 | -100.0% |
| Tangible fixed assets | 22/27 | €581,427 | €476,929 | -€104,498 | -18.0% |
| Land and buildings | 22 | €413,915 | €361,795 | -€52,119 | -12.6% |
| Plant, machinery and equipment | 23 | €103,457 | €52,758 | -€50,700 | -49.0% |
| Furniture and vehicles | 24 | €64,055 | €62,376 | -€1,679 | -2.6% |
| Financial fixed assets | 28 | €1,130 | €0 | -€1,130 | -100.0% |
| Current assets | 29/58 | €777,312 | €423,910 | -€353,402 | -45.5% |
| Stocks and contracts in progress | 3 | €238,034 | €0 | -€238,034 | -100.0% |
| Stocks | 30/36 | €238,034 | €0 | -€238,034 | -100.0% |
| Amounts receivable within one year | 40/41 | €141,686 | €179,225 | +€37,539 | +26.5% |
| Trade receivables | 40 | €89,792 | €153,864 | +€64,073 | +71.4% |
| Other amounts receivable | 41 | €51,895 | €25,361 | -€26,534 | -51.1% |
| Current investments | 50/53 | €250 | €0 | -€250 | -100.0% |
| Cash at bank and in hand | 54/58 | €324,562 | €227,781 | -€96,781 | -29.8% |
| Deferred charges and accrued income | 490/1 | €72,780 | €16,904 | -€55,876 | -76.8% |
| Total equity and liabilities | 10/49 | €1,360,892 | €900,839 | -€460,053 | -33.8% |
| Equity | 10/15 | €719,798 | €335,723 | -€384,074 | -53.4% |
| Contributions | 10/11 | €6,200 | €2,212 | -€3,988 | -64.3% |
| Reserves | 13 | €713,598 | €333,511 | -€380,087 | -53.3% |
| Distributable reserves | 133 | €713,598 | €333,511 | -€380,087 | -53.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,000 | €0 | -€7,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €7,000 | €0 | -€7,000 | -100.0% |
| Other liabilities and charges | 164/5 | €7,000 | €0 | -€7,000 | -100.0% |
| Amounts payable | 17/49 | €634,094 | €565,116 | -€68,979 | -10.9% |
| Amounts payable after more than one year | 17 | €272,155 | €266,271 | -€5,884 | -2.2% |
| Financial debts | 170/4 | €272,155 | €266,271 | -€5,884 | -2.2% |
| Amounts payable within one year | 42/48 | €354,774 | €295,368 | -€59,405 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €49,967 | €49,341 | -€626 | -1.3% |
| Financial debts | 43 | €132 | €313 | +€181 | +137.6% |
| Credit institutions | 430/8 | €96 | €0 | -€96 | -100.0% |
| Other loans | 439 | €36 | €313 | +€277 | +768.8% |
| Trade debts | 44 | €42,404 | €331 | -€42,072 | -99.2% |
| Suppliers | 440/4 | €42,404 | €331 | -€42,072 | -99.2% |
| Advances received on contracts in progress | 46 | €70,377 | €0 | -€70,377 | -100.0% |
| Taxes, remuneration and social security | 45 | €44,206 | €53 | -€44,153 | -99.9% |
| Taxes | 450/3 | €18,157 | €53 | -€18,104 | -99.7% |
| Remuneration and social security | 454/9 | €26,049 | €0 | -€26,049 | -100.0% |
| Other amounts payable | 47/48 | €147,689 | €245,331 | +€97,642 | +66.1% |
| Accrued charges and deferred income | 492/3 | €7,166 | €3,477 | -€3,689 | -51.5% |
| Remuneration, social security and pensions | 62 | €252,078 | €0 | -€252,078 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,549 | €77,722 | -€16,827 | -17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€281 | €0 | +€281 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€53,000 | €0 | +€53,000 | |
| Other operating charges | 640/8 | €12,635 | €5,222 | -€7,413 | -58.7% |
| Non-recurring operating charges | 66A | - | €3,044 | +€3,044 | |
| Gross operating margin | 9900 | €524,556 | €212,387 | -€312,169 | -59.5% |
| Operating profit (loss) | 9901 | €218,575 | €126,399 | -€92,175 | -42.2% |
| Financial income | 75/76B | €6,121 | €1,199 | -€4,922 | -80.4% |
| Recurring financial income | 75 | €6,121 | €1,199 | -€4,922 | -80.4% |
| Financial charges | 65/66B | €11,854 | €16,629 | +€4,775 | +40.3% |
| Recurring financial charges | 65 | €11,854 | €16,629 | +€4,775 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €212,841 | €110,969 | -€101,872 | -47.9% |
| Income taxes | 67/77 | €65,668 | €32,068 | -€33,600 | -51.2% |
| Profit (loss) for the period | 9904 | €147,173 | €78,901 | -€68,272 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €147,173 | €78,901 | -€68,272 | -46.4% |
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 10 October 2026 via checked.be.