PROJECT ISOBEL: 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.
PROJECT ISOBEL
Largest movements
- Cash -€22,036
down €22,036 (-48.0%), from €45,871 to €23,835
mainly Receivables within one year (-€15,400) and Tax, wage and social debts (-€8,721)
- Receivables within one year +€15,400
up €15,400 (+65.1%), from €23,641 to €39,041
of which Trade receivables: +€14,953
- Tangible fixed assets -€2,148
down €2,148 (-27.8%), from €7,728 to €5,580
of which Plant, machinery and equipment: -€2,342
- Formation expenses -€820
down €820 (-100%), from €820 to €0
- Tax, wage and social debts -€8,721
down €8,721 (-71.3%), from €12,240 to €3,519
of which Taxes: -€6,066
- Trade debts -€8,677
down €8,677 (-67.2%), from €12,906 to €4,230
- Profit (loss) carried forward +€7,801
up €7,801, from -€4,434 to €3,367
- Gross operating margin +€13,396
up €13,396 (+493%), from €2,717 to €16,113
- Taxes +€2,582
up €2,582 (+749%), from €345 to €2,927
- Depreciation +€1,095
up €1,095 (+38.3%), from €2,857 to €3,953
- Financial income -€615
down €615 (-95.1%), from €647 to €32
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 | €78,060 | €68,456 | -€9,604 | -12.3% |
| Formation expenses | 20 | €820 | €0 | -€820 | -100% |
| Fixed assets | 21/28 | €7,728 | €5,580 | -€2,148 | -27.8% |
| Tangible fixed assets | 22/27 | €7,728 | €5,580 | -€2,148 | -27.8% |
| Plant, machinery and equipment | 23 | €5,291 | €2,950 | -€2,342 | -44.3% |
| Furniture and vehicles | 24 | €2,037 | €2,230 | +€194 | +9.5% |
| Other tangible fixed assets | 26 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €69,512 | €62,876 | -€6,636 | -9.5% |
| Amounts receivable within one year | 40/41 | €23,641 | €39,041 | +€15,400 | +65.1% |
| Trade receivables | 40 | €11,838 | €26,790 | +€14,953 | +126% |
| Other amounts receivable | 41 | €11,803 | €12,251 | +€447 | +3.8% |
| Cash at bank and in hand | 54/58 | €45,871 | €23,835 | -€22,036 | -48.0% |
| Total equity and liabilities | 10/49 | €78,060 | €68,456 | -€9,604 | -12.3% |
| Equity | 10/15 | €52,906 | €60,707 | +€7,801 | +14.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €55,340 | €55,340 | = | 0.0% |
| Distributable reserves | 133 | €55,340 | €55,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,434 | €3,367 | +€7,801 | |
| Amounts payable | 17/49 | €25,153 | €7,749 | -€17,404 | -69.2% |
| Amounts payable within one year | 42/48 | €25,147 | €7,749 | -€17,398 | -69.2% |
| Trade debts | 44 | €12,906 | €4,230 | -€8,677 | -67.2% |
| Suppliers | 440/4 | €12,906 | €4,230 | -€8,677 | -67.2% |
| Taxes, remuneration and social security | 45 | €12,240 | €3,519 | -€8,721 | -71.3% |
| Taxes | 450/3 | €9,564 | €3,497 | -€6,066 | -63.4% |
| Remuneration and social security | 454/9 | €2,677 | €22 | -€2,655 | -99.2% |
| Accrued charges and deferred income | 492/3 | €7 | €0 | -€7 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,857 | €3,953 | +€1,095 | +38.3% |
| Other operating charges | 640/8 | €473 | €466 | -€7 | -1.5% |
| Non-recurring operating charges | 66A | €4,000 | €924 | -€3,076 | -76.9% |
| Gross operating margin | 9900 | €2,717 | €16,113 | +€13,396 | +493% |
| Operating profit (loss) | 9901 | -€4,614 | €10,770 | +€15,383 | |
| Financial income | 75/76B | €647 | €32 | -€615 | -95.1% |
| Recurring financial income | 75 | €647 | €32 | -€615 | -95.1% |
| Financial charges | 65/66B | €122 | €74 | -€48 | -39.5% |
| Recurring financial charges | 65 | €122 | €74 | -€48 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,089 | €10,727 | +€14,817 | |
| Income taxes | 67/77 | €345 | €2,927 | +€2,582 | +749% |
| Profit (loss) for the period | 9904 | -€4,434 | €7,801 | +€12,235 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,434 | €7,801 | +€12,235 |
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 15 October 2026 via checked.be.