Isofaq: 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.
Isofaq
Largest movements
- Receivables within one year -€921,140
down €921,140 (-52.1%), from €1.8m to €847,222
of which Trade receivables: -€874,881
- Cash +€238,258
up €238,258 (+22.7%), from €1.0m to €1.3m
mainly Receivables within one year (+€921,140) and Net result for the year (+€259,725)
- Trade debts -€533,219
down €533,219 (-66.7%), from €799,095 to €265,876
- Other debts -€65,000
down €65,000 (-21.0%), from €310,000 to €245,000
- Financial income -€283,246
down €283,246 (-81.1%), from €349,145 to €65,899
of which Non-recurring financial income: -€272,289
- Gross operating margin +€66,328
up €66,328 (+12.3%), from €541,422 to €607,750
- Taxes -€49,094
down €49,094 (-67.4%), from €72,812 to €23,718
- Financial charges -€36,040
down €36,040 (-81.1%), from €44,435 to €8,394
- Staff costs +€31,589
up €31,589 (+11.4%), from €277,973 to €309,562
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 | €3,949,534 | €3,331,031 | -€618,503 | -15.7% |
| Fixed assets | 21/28 | €244,638 | €277,428 | +€32,790 | +13.4% |
| Intangible fixed assets | 21 | €4,793 | €2,163 | -€2,630 | -54.9% |
| Tangible fixed assets | 22/27 | €239,710 | €275,130 | +€35,420 | +14.8% |
| Land and buildings | 22 | €225,319 | €269,972 | +€44,653 | +19.8% |
| Plant, machinery and equipment | 23 | €1,266 | - | -€1,266 | |
| Furniture and vehicles | 24 | €13,125 | €5,157 | -€7,968 | -60.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €3,704,896 | €3,053,603 | -€651,293 | -17.6% |
| Stocks and contracts in progress | 3 | €886,012 | €920,445 | +€34,433 | +3.9% |
| Stocks | 30/36 | €886,012 | €920,445 | +€34,433 | +3.9% |
| Amounts receivable within one year | 40/41 | €1,768,361 | €847,222 | -€921,140 | -52.1% |
| Trade receivables | 40 | €1,718,417 | €843,536 | -€874,881 | -50.9% |
| Other amounts receivable | 41 | €49,944 | €3,685 | -€46,259 | -92.6% |
| Current investments | 50/53 | €49 | - | -€49 | |
| Cash at bank and in hand | 54/58 | €1,047,679 | €1,285,937 | +€238,258 | +22.7% |
| Deferred charges and accrued income | 490/1 | €2,795 | - | -€2,795 | |
| Total equity and liabilities | 10/49 | €3,949,534 | €3,331,031 | -€618,503 | -15.7% |
| Equity | 10/15 | €2,742,159 | €2,756,884 | +€14,725 | +0.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €2,593,779 | €2,593,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,279 | €86,279 | = | 0.0% |
| Distributable reserves | 133 | €2,500,000 | €2,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,380 | €88,106 | +€14,725 | +20.1% |
| Amounts payable | 17/49 | €1,207,376 | €574,147 | -€633,229 | -52.4% |
| Amounts payable within one year | 42/48 | €1,207,376 | €574,147 | -€633,229 | -52.4% |
| Current portion of amounts payable after more than one year | 42 | €4,127 | - | -€4,127 | |
| Trade debts | 44 | €799,095 | €265,876 | -€533,219 | -66.7% |
| Suppliers | 440/4 | €799,095 | €265,876 | -€533,219 | -66.7% |
| Taxes, remuneration and social security | 45 | €94,154 | €63,271 | -€30,883 | -32.8% |
| Taxes | 450/3 | €51,944 | €18,432 | -€33,512 | -64.5% |
| Remuneration and social security | 454/9 | €42,210 | €44,839 | +€2,629 | +6.2% |
| Other amounts payable | 47/48 | €310,000 | €245,000 | -€65,000 | -21.0% |
| Remuneration, social security and pensions | 62 | €277,973 | €309,562 | +€31,589 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,747 | €45,911 | -€11,836 | -20.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,481 | €30 | -€1,451 | -98.0% |
| Other operating charges | 640/8 | €25,612 | €26,308 | +€696 | +2.7% |
| Gross operating margin | 9900 | €541,422 | €607,750 | +€66,328 | +12.3% |
| Operating profit (loss) | 9901 | €178,609 | €225,938 | +€47,330 | +26.5% |
| Financial income | 75/76B | €349,145 | €65,899 | -€283,246 | -81.1% |
| Recurring financial income | 75 | €76,856 | €65,899 | -€10,957 | -14.3% |
| Non-recurring financial income | 76B | €272,289 | - | -€272,289 | |
| Financial charges | 65/66B | €44,435 | €8,394 | -€36,040 | -81.1% |
| Recurring financial charges | 65 | €44,435 | €8,394 | -€36,040 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €483,319 | €283,443 | -€199,876 | -41.4% |
| Income taxes | 67/77 | €72,812 | €23,718 | -€49,094 | -67.4% |
| Profit (loss) for the period | 9904 | €410,507 | €259,725 | -€150,782 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €410,507 | €259,725 | -€150,782 | -36.7% |
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 9 October 2026 via checked.be.