ISVE-TWO: 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.
ISVE-TWO
Largest movements
- Receivables within one year -€25,855
no longer reported in 2025 (was €25,855)
- Tangible fixed assets -€10,743
down €10,743 (-1.3%), from €838,505 to €827,762
- Tax, wage and social debts -€20,192
no longer reported in 2025 (was €20,192)
- Financial charges -€1,014
down €1,014 (-12.0%), from €8,432 to €7,419
- Gross operating margin +€741
up €741 (+5.7%), from €13,082 to €13,824
- Other operating charges -€253
down €253 (-5.5%), from €4,597 to €4,344
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 | €896,301 | €868,247 | -€28,054 | -3.1% |
| Fixed assets | 21/28 | €838,505 | €827,762 | -€10,743 | -1.3% |
| Tangible fixed assets | 22/27 | €838,505 | €827,762 | -€10,743 | -1.3% |
| Land and buildings | 22 | €838,505 | €827,762 | -€10,743 | -1.3% |
| Current assets | 29/58 | €57,796 | €40,485 | -€17,311 | -30.0% |
| Amounts receivable within one year | 40/41 | €25,855 | - | -€25,855 | |
| Other amounts receivable | 41 | €25,855 | - | -€25,855 | |
| Cash at bank and in hand | 54/58 | €31,941 | €40,485 | +€8,544 | +26.7% |
| Total equity and liabilities | 10/49 | €896,301 | €868,247 | -€28,054 | -3.1% |
| Equity | 10/15 | €503,388 | €494,706 | -€8,682 | -1.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €214,079 | €214,079 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,156 | €12,156 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,156 | €12,156 | = | 0.0% |
| Distributable reserves | 133 | €201,922 | €201,922 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,690 | -€19,372 | -€8,682 | -81.2% |
| Amounts payable | 17/49 | €392,913 | €373,541 | -€19,372 | -4.9% |
| Amounts payable after more than one year | 17 | €325,977 | €330,526 | +€4,550 | +1.4% |
| Financial debts | 170/4 | €325,977 | €330,526 | +€4,550 | +1.4% |
| Amounts payable within one year | 42/48 | €66,936 | €43,015 | -€23,922 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €40,959 | €42,016 | +€1,058 | +2.6% |
| Trade debts | 44 | €5,785 | €998 | -€4,787 | -82.7% |
| Suppliers | 440/4 | €5,785 | €998 | -€4,787 | -82.7% |
| Taxes, remuneration and social security | 45 | €20,192 | - | -€20,192 | |
| Taxes | 450/3 | €20,192 | - | -€20,192 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,743 | €10,743 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,597 | €4,344 | -€253 | -5.5% |
| Gross operating margin | 9900 | €13,082 | €13,824 | +€741 | +5.7% |
| Operating profit (loss) | 9901 | -€2,258 | -€1,263 | +€995 | +44.0% |
| Financial charges | 65/66B | €8,432 | €7,419 | -€1,014 | -12.0% |
| Recurring financial charges | 65 | €8,432 | €7,419 | -€1,014 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,690 | -€8,682 | +€2,008 | +18.8% |
| Profit (loss) for the period | 9904 | -€10,690 | -€8,682 | +€2,008 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,690 | -€8,682 | +€2,008 | +18.8% |
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 29 September 2026 via checked.be.