ITC
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 26-08-2025 PDF all 17 filings
Equity
-€437,561▼ 33.6%
2023 · -€327,593
Total assets
€71,727▲ 10.4%
2023 · €64,979
Net result
-€109,968▲ 27.0%
2023 · -€150,550
Working capital
-€475,041▼ 29.2%
2023 · -€367,668
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€109,641
▲ 26.8%
2024
20182024
Net result
-€109,968
▲ 27.0%
2024
lowest quarter of the sector
20182024
Equity
-€437,561
▼ 33.6%
2024
lowest quarter of the sector
20182024
Total assets
€71,727
▲ 10.4%
2024
middle half of the sector
20182024
Debt
€509,289
▲ 29.7%
2024
20182024
Working capital
-€475,041
▼ 29.2%
2024
lowest quarter of the sector
20182024
Solvency
-610.0%
▼ 105.9pp
2024
lowest quarter of the sector
20182024
Current ratio
0.06
▲ 0.02
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-153.3%
▲ 78.4pp
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€32,671--€57,722-€21,149▲ 63.4%-€57,574▼ 172%-€54,068▲ 6.1%-€149,829▼ 177%-€109,641▲ 26.8%
Net result-€20,884--€62,020▼ 197%-€23,800below the sector's middle half▲ 61.6%-€59,263below the sector's middle half▼ 149%-€54,941below the sector's middle half▲ 7.3%-€150,550below the sector's middle half▼ 174%-€109,968below the sector's middle half▲ 27.0%
Equity€22,980--€39,040-€62,840below the sector's middle half▼ 61.0%-€122,102below the sector's middle half▼ 94.3%-€177,044below the sector's middle half▼ 45.0%-€327,593below the sector's middle half▼ 85.0%-€437,561below the sector's middle half▼ 33.6%
Total assets€318,203-€353,774▲ 11.2%€270,837within the sector's middle half▼ 23.4%€267,669within the sector's middle half▼ 1.2%€191,681within the sector's middle half▼ 28.4%€64,979below the sector's middle half▼ 66.1%€71,727within the sector's middle half▲ 10.4%
Debt€295,223-€392,814▲ 33.1%€333,677▼ 15.1%€389,771▲ 16.8%€368,724▼ 5.4%€392,572▲ 6.5%€509,289▲ 29.7%
Working capital-€111,892--€151,685▼ 35.6%-€170,659below the sector's middle half▼ 12.5%-€190,114below the sector's middle half▼ 11.4%-€245,794below the sector's middle half▼ 29.3%-€367,668below the sector's middle half▼ 49.6%-€475,041below the sector's middle half▼ 29.2%
Solvency7.2%--11.0%▼ 18.3pp-23.2%below the sector's middle half▼ 12.2pp-45.6%below the sector's middle half▼ 22.4pp-92.4%below the sector's middle half▼ 46.7pp-504.2%below the sector's middle half▼ 411.8pp-610.0%below the sector's middle half▼ 105.9pp
Current ratio0.61-0.61=0.49below the sector's middle half▼ 0.130.50below the sector's middle half▲ 0.010.31below the sector's middle half▼ 0.180.04below the sector's middle half▼ 0.270.06below the sector's middle half▲ 0.02
Return on assets (ROA)-6.6%--17.5%▼ 11.0pp-8.8%below the sector's middle half▲ 8.7pp-22.1%below the sector's middle half▼ 13.4pp-28.7%below the sector's middle half▼ 6.5pp-231.7%below the sector's middle half▼ 203.0pp-153.3%below the sector's middle half▲ 78.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €109,641, smaller than the loss of €149,829 in 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €71,727
Fixed assets
€42,796 ▼ 13.1%
Current assets
€28,931 ▲ 83.8%
Equity and liabilities
Equity-€437,561
Debt€509,289
Equity is negative. Debt (€509,289) exceeds the balance-sheet total (€71,727).
Key figures and ratios
EBITDA
-€104,349▲
2023 · -€119,930
Cash flow
-€104,676▲
2023 · -€120,651
Interest coverage
-836.46▼
2023 · -203.31
Debt ≤ 1 year
€503,972▲
2023 · €383,406
Debt > 1 year
€5,317▼
2023 · €9,167
Income taxes
€203▲
2023 · €132
Staff costs
€373▼
2023 · €1,510
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €1,043 | €459 | - | - |
| Depreciation and write-downs of the year | €29,851 | - | €29,899 | €5,292 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €7,871 | €11,810 | €1,510 | €373 | ▼ 75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,087 | €33,692 | €5,704 | €29,851 | - | €29,899 | €5,292 | ▼ 82.3% |
| Other operating charges640/8 | - | - | - | €6,314 | €6,086 | €2,269 | €2,090 | ▼ 7.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,152 | - |
| Gross operating margin9900 | €70,406 | -€18,339 | -€9,354 | -€13,538 | -€36,172 | -€116,151 | -€100,733 | ▲ 13.3% |
| Operating profit (loss)9901 | €32,671 | -€57,722 | -€21,149 | -€57,574 | -€54,068 | -€149,829 | -€109,641 | ▲ 26.8% |
| Financial income75/76B | - | - | - | €1 | €0 | €0 | €0 | - |
| Recurring financial income75 | €1,451 | €5 | €47 | €1 | €0 | €0 | €0 | - |
| Financial charges65/66B | - | - | - | €1,572 | €754 | €590 | €125 | ▼ 78.9% |
| Recurring financial charges65 | €54,217 | €4,270 | €2,581 | €1,572 | €754 | €590 | €125 | ▼ 78.9% |
| Profit (loss) for the period before taxes9903 | -€20,094 | -€61,988 | -€23,684 | -€59,146 | -€54,821 | -€150,418 | -€109,765 | ▲ 27.0% |
| Income taxes67/77 | €789 | €32 | €116 | €117 | €120 | €132 | €203 | ▲ 54.2% |
| Profit (loss) for the period9904 | -€20,884 | -€62,020 | -€23,800 | -€59,263 | -€54,941 | -€150,550 | -€109,968 | ▲ 27.0% |
| Profit (loss) for the period to be appropriated9905 | -€20,884 | -€62,020 | -€23,800 | -€59,263 | -€54,941 | -€150,550 | -€109,968 | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €318,203 | €353,774 | €270,837 | €267,669 | €191,681 | €64,979 | €71,727 | ▲ 10.4% |
| Fixed assets21/28 | €141,894 | €112,645 | €107,819 | €79,011 | €79,140 | €49,241 | €42,796 | ▼ 13.1% |
| Intangible fixed assets21 | €55,589 | €51,683 | €47,777 | €43,871 | €43,871 | €46,047 | €41,127 | ▼ 10.7% |
| Tangible fixed assets22/27 | €86,305 | €60,947 | €60,042 | €35,140 | €35,269 | €3,194 | €1,669 | ▼ 47.7% |
| Land and buildings22 | - | - | - | €1,962 | €1,962 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €32,848 | €33,307 | €360 | €268 | ▼ 25.5% |
| Furniture and vehicles24 | - | - | - | €330 | €0 | €1,152 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,682 | €1,401 | ▼ 16.7% |
| Financial fixed assets28 | - | €15 | - | - | - | - | - | - |
| Current assets29/58 | €176,309 | €241,129 | €163,018 | €188,658 | €112,541 | €15,738 | €28,931 | ▲ 83.8% |
| Amounts receivable after more than one year29 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Other amounts receivable291 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Stocks and contracts in progress3 | €75,000 | €75,000 | €75,000 | €98,000 | €98,000 | €0 | - | - |
| Stocks30/36 | - | - | - | €98,000 | €98,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €86,061 | €156,403 | €7,451 | €10,127 | €7,581 | €9,789 | €22,736 | ▲ 132% |
| Trade receivables40 | - | - | - | €6,499 | €4,998 | €5,952 | €14,151 | ▲ 138% |
| Other amounts receivable41 | - | - | - | €3,628 | €2,584 | €3,837 | €8,585 | ▲ 124% |
| Cash at bank and in hand54/58 | €873 | €3,377 | €895 | €1,339 | €1,349 | €949 | €159 | ▼ 83.2% |
| Deferred charges and accrued income490/1 | - | - | - | €74,191 | €610 | €0 | €1,036 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €318,203 | €353,774 | €270,837 | €267,669 | €191,681 | €64,979 | €71,727 | ▲ 10.4% |
| Equity10/15 | €22,980 | -€39,040 | -€62,840 | -€122,102 | -€177,044 | -€327,593 | -€437,561 | ▼ 33.6% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €980 | -€61,040 | -€84,840 | -€144,102 | -€199,044 | -€349,593 | -€459,561 | ▼ 31.5% |
| Amounts payable17/49 | €295,223 | €392,814 | €333,677 | €389,771 | €368,724 | €392,572 | €509,289 | ▲ 29.7% |
| Amounts payable after more than one year17 | €7,021 | - | - | €11,000 | €10,389 | €9,167 | €5,317 | ▼ 42.0% |
| Financial debts170/4 | - | - | - | €11,000 | €10,389 | €9,167 | €5,317 | ▼ 42.0% |
| Amounts payable within one year42/48 | €288,201 | €392,814 | €333,677 | €378,771 | €358,335 | €383,406 | €503,972 | ▲ 31.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €3,850 | - |
| Trade debts44 | €168,446 | €174,631 | €106,558 | €89,849 | €73,371 | €80,776 | €183,479 | ▲ 127% |
| Suppliers440/4 | - | - | - | €89,849 | €73,371 | €80,776 | €183,479 | ▲ 127% |
| Taxes, remuneration and social security45 | - | - | - | €1,906 | €237 | €368 | €334 | ▼ 9.2% |
| Taxes450/3 | - | - | - | €260 | €237 | €368 | €334 | ▼ 9.2% |
| Remuneration and social security454/9 | - | - | - | €1,646 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €287,016 | €284,727 | €302,262 | €316,309 | ▲ 4.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,884 | -€62,020 | -€23,800 | -€59,263 | -€54,941 | -€150,550 | -€109,968 | ▲ 27.0% |
| + Depreciation and write-downs630 | €33,087 | €33,692 | €5,704 | €29,851 | - | €29,899 | €5,292 | ▼ 82.3% |
| Operating cash flow (approximation) | €12,203 | -€28,328 | -€18,096 | -€29,412 | -€54,941 | -€120,651 | -€104,676 | ▲ 13.2% |
| Investment in fixed assets (approximation) | - | -€4,444 | -€878 | -€1,043 | -€129 | €0 | €1,152 | - |
| Change in cash | - | €2,504 | -€2,482 | €444 | €10 | -€400 | -€790 | ▼ 97.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,907 companies had the same profile as ITC has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ITC itself: 4.9% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for ITC. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 26-08-2025 | 2025-00405169 | |
| 31-12-2023 | micro format | 27-04-2025 | 2025-00076748 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350661 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20385913 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49700374 | |
| 31-12-2019 | micro format | 25-09-2020 | 2020-55700437 | |
| 31-12-2018 | micro format | 24-10-2019 | 2019-71200310 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60500559 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-28000276 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-58000108 |