ISSAF & CO: 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.
ISSAF & CO
Largest movements
- Cash +€69,630
up €69,630 (+223.3%), from €31,185 to €100,815
mainly Net result for the year (+€35,358) and Other debts (+€11,999)
- Deferred charges and accrued income -€7,858
down €7,858 (-82.3%), from €9,549 to €1,690
- Receivables within one year -€1,240
no longer reported in 2025 (was €1,240)
- Reserves +€35,300
up €35,300 (+174.8%), from €20,200 to €55,500
- Other debts +€11,999
up €11,999 (+145.5%), from €8,244 to €20,244
- Tax, wage and social debts +€8,635
up €8,635 (+93.1%), from €9,277 to €17,911
- Trade debts +€4,013
up €4,013 (+633.3%), from €634 to €4,647
- Gross operating margin +€22,994
up €22,994 (+74.6%), from €30,828 to €53,822
- Taxes +€6,459
up €6,459 (+72.3%), from €8,928 to €15,387
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 | €43,532 | €103,637 | +€60,105 | +138.1% |
| Fixed assets | 21/28 | €1,557 | €1,132 | -€426 | -27.3% |
| Tangible fixed assets | 22/27 | €1,557 | €1,132 | -€426 | -27.3% |
| Plant, machinery and equipment | 23 | €1,557 | €1,132 | -€426 | -27.3% |
| Current assets | 29/58 | €41,974 | €102,505 | +€60,531 | +144.2% |
| Amounts receivable within one year | 40/41 | €1,240 | - | -€1,240 | |
| Trade receivables | 40 | €1,240 | - | -€1,240 | |
| Cash at bank and in hand | 54/58 | €31,185 | €100,815 | +€69,630 | +223.3% |
| Deferred charges and accrued income | 490/1 | €9,549 | €1,690 | -€7,858 | -82.3% |
| Total equity and liabilities | 10/49 | €43,532 | €103,637 | +€60,105 | +138.1% |
| Equity | 10/15 | €22,877 | €58,235 | +€35,358 | +154.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €20,200 | €55,500 | +€35,300 | +174.8% |
| Distributable reserves | 133 | €20,200 | €55,500 | +€35,300 | +174.8% |
| Profit (loss) carried forward | 14 | €177 | €235 | +€58 | +33.0% |
| Amounts payable | 17/49 | €20,655 | €45,402 | +€24,747 | +119.8% |
| Amounts payable within one year | 42/48 | €18,155 | €42,802 | +€24,647 | +135.8% |
| Trade debts | 44 | €634 | €4,647 | +€4,013 | +633.3% |
| Suppliers | 440/4 | €634 | €4,647 | +€4,013 | +633.3% |
| Taxes, remuneration and social security | 45 | €9,277 | €17,911 | +€8,635 | +93.1% |
| Taxes | 450/3 | €9,277 | €17,911 | +€8,635 | +93.1% |
| Other amounts payable | 47/48 | €8,244 | €20,244 | +€11,999 | +145.5% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,600 | +€100 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €426 | €426 | = | 0.0% |
| Other operating charges | 640/8 | €924 | €928 | +€5 | +0.5% |
| Gross operating margin | 9900 | €30,828 | €53,822 | +€22,994 | +74.6% |
| Operating profit (loss) | 9901 | €29,479 | €52,468 | +€22,989 | +78.0% |
| Financial income | 75/76B | €5 | €115 | +€109 | +2083.6% |
| Recurring financial income | 75 | €5 | €115 | +€109 | +2083.6% |
| Financial charges | 65/66B | €1,434 | €1,837 | +€403 | +28.1% |
| Recurring financial charges | 65 | €1,434 | €1,837 | +€403 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €28,050 | €50,746 | +€22,695 | +80.9% |
| Income taxes | 67/77 | €8,928 | €15,387 | +€6,459 | +72.3% |
| Profit (loss) for the period | 9904 | €19,122 | €35,358 | +€16,236 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,122 | €35,358 | +€16,236 | +84.9% |
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 11 October 2026 via checked.be.