ISPIA: 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.
ISPIA
Largest movements
- Receivables within one year +€27,147
up €27,147 (+108.8%), from €24,950 to €52,097
of which Trade receivables: +€33,003
- Tangible fixed assets -€5,693
down €5,693 (-22.0%), from €25,849 to €20,156
of which Plant, machinery and equipment: -€2,960
- Reserves +€29,297
up €29,297 (+20.2%), from €145,346 to €174,643
- Other debts -€7,720
down €7,720 (-89.3%), from €8,647 to €927
- Accrued charges and deferred income -€3,434
no longer reported in 2025 (was €3,434)
- Tax, wage and social debts +€3,018
up €3,018 (+483.3%), from €624 to €3,643
- Gross operating margin -€9,650
down €9,650 (-16.1%), from €59,883 to €50,233
- Taxes +€2,527
up €2,527 (+22.8%), from €11,104 to €13,631
- Financial income +€2,226
up €2,226 (+140.7%), from €1,582 to €3,808
- Depreciation -€1,081
down €1,081 (-13.4%), from €8,071 to €6,990
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 | €164,346 | €185,537 | +€21,191 | +12.9% |
| Fixed assets | 21/28 | €25,849 | €20,156 | -€5,693 | -22.0% |
| Tangible fixed assets | 22/27 | €25,849 | €20,156 | -€5,693 | -22.0% |
| Land and buildings | 22 | €7,393 | €6,555 | -€837 | -11.3% |
| Plant, machinery and equipment | 23 | €7,253 | €4,293 | -€2,960 | -40.8% |
| Furniture and vehicles | 24 | €11,204 | €9,307 | -€1,897 | -16.9% |
| Current assets | 29/58 | €138,497 | €165,381 | +€26,884 | +19.4% |
| Amounts receivable within one year | 40/41 | €24,950 | €52,097 | +€27,147 | +108.8% |
| Trade receivables | 40 | €14,913 | €47,916 | +€33,003 | +221.3% |
| Other amounts receivable | 41 | €10,037 | €4,181 | -€5,856 | -58.3% |
| Cash at bank and in hand | 54/58 | €110,599 | €110,786 | +€187 | +0.2% |
| Deferred charges and accrued income | 490/1 | €2,947 | €2,498 | -€449 | -15.3% |
| Total equity and liabilities | 10/49 | €164,346 | €185,537 | +€21,191 | +12.9% |
| Equity | 10/15 | €151,346 | €180,643 | +€29,297 | +19.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €145,346 | €174,643 | +€29,297 | +20.2% |
| Distributable reserves | 133 | €145,346 | €174,643 | +€29,297 | +20.2% |
| Amounts payable | 17/49 | €13,000 | €4,894 | -€8,106 | -62.4% |
| Amounts payable within one year | 42/48 | €9,565 | €4,894 | -€4,672 | -48.8% |
| Trade debts | 44 | €294 | €324 | +€30 | +10.3% |
| Suppliers | 440/4 | €294 | €324 | +€30 | +10.3% |
| Taxes, remuneration and social security | 45 | €624 | €3,643 | +€3,018 | +483.3% |
| Taxes | 450/3 | €624 | €3,643 | +€3,018 | +483.3% |
| Other amounts payable | 47/48 | €8,647 | €927 | -€7,720 | -89.3% |
| Accrued charges and deferred income | 492/3 | €3,434 | - | -€3,434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,071 | €6,990 | -€1,081 | -13.4% |
| Other operating charges | 640/8 | €1,050 | €593 | -€457 | -43.6% |
| Non-recurring operating charges | 66A | - | €750 | +€750 | |
| Gross operating margin | 9900 | €59,883 | €50,233 | -€9,650 | -16.1% |
| Operating profit (loss) | 9901 | €50,762 | €41,900 | -€8,861 | -17.5% |
| Financial income | 75/76B | €1,582 | €3,808 | +€2,226 | +140.7% |
| Recurring financial income | 75 | €1,582 | €3,808 | +€2,226 | +140.7% |
| Financial charges | 65/66B | €3,130 | €2,780 | -€350 | -11.2% |
| Recurring financial charges | 65 | €3,130 | €2,780 | -€350 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €49,214 | €42,928 | -€6,286 | -12.8% |
| Income taxes | 67/77 | €11,104 | €13,631 | +€2,527 | +22.8% |
| Profit (loss) for the period | 9904 | €38,110 | €29,297 | -€8,813 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,110 | €29,297 | -€8,813 | -23.1% |
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 8 October 2026 via checked.be.