ISPANICO: 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.
ISPANICO
Largest movements
- Receivables within one year +€25,652
up €25,652 (+26.5%), from €96,958 to €122,610
of which Other amounts receivable: +€17,601
- Cash -€18,006
down €18,006 (-74.6%), from €24,143 to €6,137
mainly Receivables within one year (-€25,652) and Trade debts (-€12,352)
- Tangible fixed assets -€10,164
down €10,164 (-23.8%), from €42,622 to €32,459
of which Furniture and vehicles: -€8,539
- Stocks and contracts +€3,403
up €3,403 (+36.3%), from €9,381 to €12,784
- Deferred charges and accrued income -€2,776
down €2,776 (-95.3%), from €2,912 to €136
- Trade debts -€12,352
down €12,352 (-43.3%), from €28,536 to €16,185
- Short-term financial debts +€7,909
new in 2025: €7,909
- Debts after one year -€5,524
down €5,524 (-32.2%), from €17,133 to €11,609
- Reserves +€5,393
up €5,393 (+10.7%), from €50,234 to €55,628
of which Distributable reserves: +€5,393
- Tax, wage and social debts +€2,205
up €2,205 (+3.9%), from €56,326 to €58,530
of which Remuneration and social security: +€10,009
- Gross operating margin -€37,747
down €37,747 (-17.2%), from €219,890 to €182,143
- Taxes -€17,234
down €17,234 (-70.3%), from €24,505 to €7,271
- Staff costs -€12,191
down €12,191 (-7.3%), from €165,979 to €153,788
- Depreciation +€8,571
up €8,571 (+281.8%), from €3,041 to €11,612
- Financial charges +€3,625
up €3,625 (+341.6%), from €1,061 to €4,687
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 | €176,016 | €174,126 | -€1,890 | -1.1% |
| Fixed assets | 21/28 | €42,622 | €32,459 | -€10,164 | -23.8% |
| Tangible fixed assets | 22/27 | €42,622 | €32,459 | -€10,164 | -23.8% |
| Plant, machinery and equipment | 23 | €52 | €333 | +€281 | +542.8% |
| Furniture and vehicles | 24 | €26,085 | €17,546 | -€8,539 | -32.7% |
| Other tangible fixed assets | 26 | €16,485 | €14,579 | -€1,906 | -11.6% |
| Current assets | 29/58 | €133,394 | €141,667 | +€8,274 | +6.2% |
| Stocks and contracts in progress | 3 | €9,381 | €12,784 | +€3,403 | +36.3% |
| Stocks | 30/36 | €9,381 | €12,784 | +€3,403 | +36.3% |
| Amounts receivable within one year | 40/41 | €96,958 | €122,610 | +€25,652 | +26.5% |
| Trade receivables | 40 | €1,638 | €9,690 | +€8,052 | +491.4% |
| Other amounts receivable | 41 | €95,320 | €112,920 | +€17,601 | +18.5% |
| Cash at bank and in hand | 54/58 | €24,143 | €6,137 | -€18,006 | -74.6% |
| Deferred charges and accrued income | 490/1 | €2,912 | €136 | -€2,776 | -95.3% |
| Total equity and liabilities | 10/49 | €176,016 | €174,126 | -€1,890 | -1.1% |
| Equity | 10/15 | €68,834 | €74,228 | +€5,393 | +7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,234 | €55,628 | +€5,393 | +10.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €48,374 | €53,768 | +€5,393 | +11.1% |
| Amounts payable | 17/49 | €107,182 | €99,898 | -€7,284 | -6.8% |
| Amounts payable after more than one year | 17 | €17,133 | €11,609 | -€5,524 | -32.2% |
| Financial debts | 170/4 | €17,133 | €11,609 | -€5,524 | -32.2% |
| Amounts payable within one year | 42/48 | €90,049 | €88,148 | -€1,901 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €5,187 | €5,524 | +€337 | +6.5% |
| Financial debts | 43 | - | €7,909 | +€7,909 | |
| Credit institutions | 430/8 | - | €7,909 | +€7,909 | |
| Trade debts | 44 | €28,536 | €16,185 | -€12,352 | -43.3% |
| Suppliers | 440/4 | €28,536 | €16,185 | -€12,352 | -43.3% |
| Taxes, remuneration and social security | 45 | €56,326 | €58,530 | +€2,205 | +3.9% |
| Taxes | 450/3 | €36,649 | €28,845 | -€7,805 | -21.3% |
| Remuneration and social security | 454/9 | €19,676 | €29,686 | +€10,009 | +50.9% |
| Accrued charges and deferred income | 492/3 | - | €142 | +€142 | |
| Remuneration, social security and pensions | 62 | €165,979 | €153,788 | -€12,191 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,041 | €11,612 | +€8,571 | +281.8% |
| Other operating charges | 640/8 | €3,039 | €4,956 | +€1,918 | +63.1% |
| Gross operating margin | 9900 | €219,890 | €182,143 | -€37,747 | -17.2% |
| Operating profit (loss) | 9901 | €47,831 | €11,787 | -€36,044 | -75.4% |
| Financial income | 75/76B | €5,219 | €5,565 | +€346 | +6.6% |
| Recurring financial income | 75 | €5,219 | €5,565 | +€346 | +6.6% |
| Financial charges | 65/66B | €1,061 | €4,687 | +€3,625 | +341.6% |
| Recurring financial charges | 65 | €1,061 | €4,687 | +€3,625 | +341.6% |
| Profit (loss) for the period before taxes | 9903 | €51,988 | €12,665 | -€39,323 | -75.6% |
| Income taxes | 67/77 | €24,505 | €7,271 | -€17,234 | -70.3% |
| Profit (loss) for the period | 9904 | €27,483 | €5,393 | -€22,090 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,483 | €5,393 | -€22,090 | -80.4% |
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 12 October 2026 via checked.be.