ISTANBUL 23: 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.
ISTANBUL 23
Largest movements
- Tangible fixed assets -€24,564
down €24,564 (-16.8%), from €145,913 to €121,349
of which Furniture and vehicles: -€15,119
- Cash -€15,347
down €15,347 (-41.3%), from €37,149 to €21,801
mainly Investment in fixed assets (net) (-€17,631) and Current portion of long-term debt (-€15,241)
- Receivables within one year +€7,519
up €7,519 (+107%), from €7,050 to €14,569
of which Other amounts receivable: +€6,918
- Deferred charges and accrued income +€4,923
new in 2025: €4,923
- Current portion of long-term debt -€15,241
no longer reported in 2025 (was €15,241)
- Tax, wage and social debts -€12,334
down €12,334 (-41.0%), from €30,103 to €17,770
of which Remuneration and social security: -€11,856
- Profit (loss) carried forward +€2,356
up €2,356 (+1.9%), from €124,013 to €126,369
- Staff costs +€13,726
up €13,726 (+6.4%), from €213,737 to €227,463
- Taxes -€4,428
down €4,428 (-87.4%), from €5,067 to €639
- Depreciation -€3,721
down €3,721 (-8.1%), from €45,915 to €42,194
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.
Derived cash bridge
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 | €200,414 | €173,833 | -€26,581 | -13.3% |
| Fixed assets | 21/28 | €145,913 | €121,349 | -€24,564 | -16.8% |
| Tangible fixed assets | 22/27 | €145,913 | €121,349 | -€24,564 | -16.8% |
| Plant, machinery and equipment | 23 | €65,037 | €55,464 | -€9,574 | -14.7% |
| Furniture and vehicles | 24 | €28,197 | €13,078 | -€15,119 | -53.6% |
| Other tangible fixed assets | 26 | €52,678 | €52,808 | +€129 | +0.2% |
| Current assets | 29/58 | €54,501 | €52,484 | -€2,017 | -3.7% |
| Stocks and contracts in progress | 3 | €10,302 | €11,190 | +€888 | +8.6% |
| Stocks | 30/36 | €10,302 | €11,190 | +€888 | +8.6% |
| Amounts receivable within one year | 40/41 | €7,050 | €14,569 | +€7,519 | +107% |
| Trade receivables | 40 | €6,182 | €6,783 | +€601 | +9.7% |
| Other amounts receivable | 41 | €868 | €7,786 | +€6,918 | +797% |
| Cash at bank and in hand | 54/58 | €37,149 | €21,801 | -€15,347 | -41.3% |
| Deferred charges and accrued income | 490/1 | - | €4,923 | +€4,923 | |
| Total equity and liabilities | 10/49 | €200,414 | €173,833 | -€26,581 | -13.3% |
| Equity | 10/15 | €144,473 | €146,829 | +€2,356 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,013 | €126,369 | +€2,356 | +1.9% |
| Amounts payable | 17/49 | €55,941 | €27,004 | -€28,937 | -51.7% |
| Amounts payable within one year | 42/48 | €55,941 | €27,004 | -€28,937 | -51.7% |
| Current portion of amounts payable after more than one year | 42 | €15,241 | - | -€15,241 | |
| Trade debts | 44 | €9,149 | €9,235 | +€86 | +0.9% |
| Suppliers | 440/4 | €9,149 | €9,235 | +€86 | +0.9% |
| Taxes, remuneration and social security | 45 | €30,103 | €17,770 | -€12,334 | -41.0% |
| Taxes | 450/3 | €16,936 | €16,458 | -€477 | -2.8% |
| Remuneration and social security | 454/9 | €13,168 | €1,311 | -€11,856 | -90.0% |
| Other amounts payable | 47/48 | €1,449 | - | -€1,449 | |
| Remuneration, social security and pensions | 62 | €213,737 | €227,463 | +€13,726 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,915 | €42,194 | -€3,721 | -8.1% |
| Other operating charges | 640/8 | €2,980 | €4,319 | +€1,339 | +44.9% |
| Gross operating margin | 9900 | €278,594 | €277,890 | -€704 | -0.3% |
| Operating profit (loss) | 9901 | €15,962 | €3,913 | -€12,049 | -75.5% |
| Financial income | 75/76B | €1,219 | €412 | -€807 | -66.2% |
| Recurring financial income | 75 | €1,219 | €412 | -€807 | -66.2% |
| Financial charges | 65/66B | €2,875 | €1,330 | -€1,545 | -53.7% |
| Recurring financial charges | 65 | €2,875 | €1,330 | -€1,545 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €14,306 | €2,995 | -€11,311 | -79.1% |
| Income taxes | 67/77 | €5,067 | €639 | -€4,428 | -87.4% |
| Profit (loss) for the period | 9904 | €9,239 | €2,356 | -€6,883 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,239 | €2,356 | -€6,883 | -74.5% |
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 28 October 2026 via checked.be.