ISTATE: 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.
ISTATE
Largest movements
- Stocks and contracts -€2.6m
down €2.6m (-96.3%), from €2.7m to €97,550
of which Stocks: -€1.7m
- Cash +€1.1m
up €1.1m (+90.4%), from €1.2m to €2.2m
mainly Stocks and contracts (+€2.6m) and Other debts (+€325,723)
- Receivables within one year -€58,043
down €58,043 (-54.9%), from €105,717 to €47,674
- Current portion of long-term debt -€1.8m
down €1.8m (-60.0%), from €3.1m to €1.2m
- Other debts +€325,723
up €325,723 (+2934.4%), from €11,100 to €336,823
- Debts after one year -€100,000
down €100,000 (-14.7%), from €682,000 to €582,000
of which Financial debts: -€100,000
- Financial charges +€22,249
up €22,249 (+10.8%), from €205,354 to €227,603
- Gross operating margin +€8,943
up €8,943 (+3.3%), from €268,009 to €276,952
- Taxes -€2,900
down €2,900 (-19.1%), from €15,188 to €12,288
- Depreciation -€2,892
down €2,892 (-74.9%), from €3,861 to €968
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 | €3,948,659 | €2,382,775 | -€1.6m | -39.7% |
| Fixed assets | 21/28 | €968 | - | -€968 | |
| Intangible fixed assets | 21 | €968 | - | -€968 | |
| Current assets | 29/58 | €3,947,690 | €2,382,775 | -€1.6m | -39.6% |
| Stocks and contracts in progress | 3 | €2,666,686 | €97,550 | -€2.6m | -96.3% |
| Stocks | 30/36 | €1,822,447 | €97,550 | -€1.7m | -94.6% |
| Contracts in progress | 37 | €844,239 | - | -€844,239 | |
| Amounts receivable within one year | 40/41 | €105,717 | €47,674 | -€58,043 | -54.9% |
| Other amounts receivable | 41 | €105,717 | €47,674 | -€58,043 | -54.9% |
| Cash at bank and in hand | 54/58 | €1,175,287 | €2,237,551 | +€1.1m | +90.4% |
| Total equity and liabilities | 10/49 | €3,948,659 | €2,382,775 | -€1.6m | -39.7% |
| Equity | 10/15 | €173,801 | €207,557 | +€33,756 | +19.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €7,166 | €7,166 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,166 | €7,166 | = | 0.0% |
| Legal reserve | 130 | €7,166 | €7,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,635 | €100,391 | +€33,756 | +50.7% |
| Amounts payable | 17/49 | €3,774,858 | €2,175,218 | -€1.6m | -42.4% |
| Amounts payable after more than one year | 17 | €682,000 | €582,000 | -€100,000 | -14.7% |
| Financial debts | 170/4 | €681,000 | €581,000 | -€100,000 | -14.7% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,092,858 | €1,593,218 | -€1.5m | -48.5% |
| Current portion of amounts payable after more than one year | 42 | €3,064,144 | €1,226,030 | -€1.8m | -60.0% |
| Trade debts | 44 | €984 | €1,447 | +€464 | +47.1% |
| Suppliers | 440/4 | €984 | €1,447 | +€464 | +47.1% |
| Taxes, remuneration and social security | 45 | €16,630 | €28,918 | +€12,288 | +73.9% |
| Taxes | 450/3 | €16,630 | €28,918 | +€12,288 | +73.9% |
| Other amounts payable | 47/48 | €11,100 | €336,823 | +€325,723 | +2934.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,861 | €968 | -€2,892 | -74.9% |
| Other operating charges | 640/8 | €118 | €2,337 | +€2,219 | +1880.2% |
| Gross operating margin | 9900 | €268,009 | €276,952 | +€8,943 | +3.3% |
| Operating profit (loss) | 9901 | €264,030 | €273,647 | +€9,617 | +3.6% |
| Financial charges | 65/66B | €205,354 | €227,603 | +€22,249 | +10.8% |
| Recurring financial charges | 65 | €205,354 | €227,603 | +€22,249 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €58,676 | €46,044 | -€12,632 | -21.5% |
| Income taxes | 67/77 | €15,188 | €12,288 | -€2,900 | -19.1% |
| Profit (loss) for the period | 9904 | €43,489 | €33,756 | -€9,733 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,489 | €33,756 | -€9,733 | -22.4% |
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 5 October 2026 via checked.be.