ITC Co
Annual accounts 2025
full format, filed on 14-07-2026, 17 days before the deadlineMoney flows
of every €100 of turnover, €7.63 was lost in 2025Balance sheet
balance sheet total €77.3m on 31-12-2025in €m
in €m
Position in the sector
37.8%
Higher than 31% of 196 companies in 2025.
0.81
Higher than 11% of 192 companies in 2025.
-6.8%
Higher than 15% of 197 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: top quarter
Staff
Men and women31% women
299.9 men and 131.9 women in full-time equivalents in 2025.
€63,582
Men €66,104, women €57,847 per full-time equivalent. Jobs differ, so this is not a pay gap.
-20 people
In 2025, 25 people joined and 45 left. Training hours in 2025: 8,339. Agency workers: 7.3 on average.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
77.3m | 76.4m | 84.8m | 104.7m | |
21/28 |
53.9m | 51.8m | 50.7m | 51.9m | |
21 |
5.3m | 2.3m | 23,230 | 33,609 | |
22/27 |
15.9m | 16.8m | 18.0m | 19.2m | |
23 |
6.5m | 5.5m | 4.8m | 4.3m | |
24 |
280,872 | 215,307 | 19,844 | 28,499 | |
25 |
8.4m | 10.6m | 12.7m | 14.4m | |
26 |
687,364 | 561,486 | 406,068 | 406,068 | |
27 |
- | 18,500 | 50,535 | - | |
28 |
32.7m | 32.7m | 32.7m | 32.7m | |
280/1 |
32.6m | 32.6m | 32.6m | 32.6m | |
280 |
32.6m | 32.6m | 32.6m | 32.6m | |
284/8 |
49,224 | 49,224 | 49,224 | 49,224 | |
285/8 |
49,224 | 49,224 | 49,224 | 49,224 | |
29/58 |
23.4m | 24.6m | 34.0m | 52.8m | |
3 |
16.0m | 18.4m | 20.4m | 34.4m | |
30/36 |
16.0m | 18.4m | 20.4m | 34.4m | |
30/31 |
10.0m | 9.6m | 11.6m | 20.7m | |
32 |
3.1m | 3.0m | 4.1m | 5.2m | |
33 |
2.9m | 5.8m | 4.7m | 8.5m | |
40/41 |
7.2m | 4.8m | 5.3m | 4.8m | |
40 |
6.4m | 4.5m | 4.9m | 4.4m | |
41 |
870,596 | 286,695 | 401,684 | 380,712 | |
54/58 |
152,818 | 1.3m | 8.3m | 13.6m | |
490/1 |
18,046 | 21,259 | 31,203 | 27,267 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
77.3m | 76.4m | 84.8m | 104.7m | |
10/15 |
29.2m | 34.5m | 35.1m | 40.3m | |
10/11 |
21.0m | 21.0m | 21.0m | 21.0m | |
13 |
3.0m | 3.0m | 3.0m | 3.0m | |
130/1 |
1.5m | 1.5m | 1.5m | 1.5m | |
1319 |
1.5m | 1.5m | 1.5m | 1.5m | |
133 |
1.4m | 1.4m | 1.4m | 1.4m | |
14 |
5.2m | 10.5m | 11.1m | 16.3m | |
16 |
1.5m | - | - | - | |
160/5 |
1.5m | - | - | - | |
163 |
1.5m | - | - | - | |
17/49 |
46.5m | 41.9m | 49.7m | 64.4m | |
17 |
6.9m | 9.1m | 11.3m | 13.1m | |
170/4 |
6.9m | 9.1m | 11.3m | 13.1m | |
172 |
6.9m | 9.1m | 11.3m | 13.1m | |
42/48 |
29.1m | 19.5m | 22.2m | 31.9m | |
42 |
2.2m | 2.2m | 2.1m | 2.0m | |
43 |
7.4m | - | - | - | |
439 |
7.4m | - | - | - | |
44 |
13.8m | 10.7m | 14.2m | 23.7m | |
440/4 |
13.8m | 10.7m | 14.2m | 23.7m | |
45 |
5.6m | 6.6m | 6.0m | 6.1m | |
450/3 |
544,719 | 710,377 | 352,240 | 591,113 | |
454/9 |
5.1m | 5.8m | 5.6m | 5.5m | |
47/48 |
32,461 | 0 | 2,241 | 113,436 | |
492/3 |
10.6m | 13.3m | 16.2m | 19.5m | |
| Income statement | |||||
70/76A |
75.6m | 91.3m | 93.7m | 146.3m | |
70 |
69.2m | 86.9m | 94.3m | 138.7m | |
71 |
-3.2m | -330,715 | -5.4m | 1.6m | |
74 |
7.2m | 2.5m | 2.6m | 3.3m | |
76A |
2.3m | 2.3m | 2.2m | 2.7m | |
60/66A |
78.6m | 89.3m | 96.3m | 144.0m | |
60 |
24.8m | 36.7m | 45.3m | 71.8m | |
600/8 |
25.1m | 34.4m | 36.7m | 76.0m | |
609 |
-249,495 | 2.3m | 8.7m | -4.2m | |
61 |
20.5m | 20.4m | 22.2m | 36.1m | |
62 |
27.5m | 28.5m | 25.3m | 30.8m | |
630 |
4.6m | 4.2m | 3.4m | 4.2m | |
631/4 |
-439,840 | -624,659 | -103,348 | 792,960 | |
640/8 |
114,687 | 161,292 | 167,235 | 396,034 | |
66A |
1.5m | 0 | 10,275 | 32,638 | |
9901 |
-3.1m | 2.0m | -2.6m | 2.3m | |
75/76B |
121,320 | 127,094 | 172,492 | 167,479 | |
75 |
121,320 | 127,094 | 172,492 | 167,479 | |
752/9 |
121,320 | 127,094 | 172,492 | 167,479 | |
65/66B |
2.3m | 2.7m | 2.8m | 3.5m | |
65 |
2.3m | 2.7m | 2.8m | 3.5m | |
650 |
730,750 | 596,608 | 522,567 | 549,595 | |
652/9 |
1.6m | 2.1m | 2.3m | 3.0m | |
66B |
- | - | - | 0 | |
9903 |
-5.3m | -574,547 | -5.2m | -1.1m | |
67/77 |
15,503 | 17,146 | 13,560 | 15,976 | |
670/3 |
15,503 | 17,146 | 13,560 | 15,976 | |
9904 |
-5.3m | -591,693 | -5.2m | -1.1m | |
9905 |
-5.3m | -591,693 | -5.2m | -1.1m | |
| Appropriation of the result | |||||
9906 |
5.2m | 10.5m | 11.1m | 16.3m | |
14P |
10.5m | 11.1m | 16.3m | 17.4m | |
| Social balance sheet | |||||
9087 |
431.8 | 460.5 | 472.5 | 499.2 | |
Men (FTE)1003 |
299.9 | 317.1 | 325.6 | 335.9 | |
Women (FTE)1003 |
131.9 | 143.4 | 146.9 | 163.3 | |
Agency workers1501 |
7.3 | 7.6 | 6 | 13.7 | |
Hours worked1013 |
535,049 | 550,204 | 626,585 | 891,863 | |
| Document | |||||
The notes to these accounts have 89 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 14-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankSubsidies and aid
Flemish government 2023 to 2025, 6 entries, €104,928 awarded, €104,928 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €23,607 | €23,607 |
| 2024 | 3 | €41,712 | €41,712 |
| 2023 | 1 | €39,609 | €39,609 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 1.6m | 6.2m | 814,840 | 6.5m | ||
| -648,760 | 3.6m | -1.8m | 3.1m | ||
| 8.5m | 5.4m | 2.6m | 164.4m | ||
| -1.1m | -7.0m | -5.2m | - | ||
| -5.6m | 5.1m | 11.8m | 20.9m | ||
| -4.4% | 2.3% | -2.7% | 1.7% | ||
| 37.8% | 45.1% | 41.4% | 38.5% | ||
| 0.81 | 1.26 | 1.53 | 1.65 | ||
| 0.25 | 0.31 | 0.61 | 0.58 | ||
| 1.59 | 1.22 | 1.42 | 1.60 | ||
| -18.1% | -1.7% | -14.8% | -2.7% | ||
| -6.8% | -0.8% | -6.1% | -1.0% | ||
| 2.16 | 10.47 | 1.56 | 11.77 | ||
| 34 days | 19 days | 19 days | 12 days | ||
| 111 days | 69 days | 77 days | 80 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 434 | 456 | 464 | 518 |
| full-time | 382 | 403 | 411 | 460 |
| part-time | 52 | 53 | 53 | 58 |
| in full-time equivalents | 421.4 | 442.7 | 451.2 | 502.3 |
| 431.8 | 460.5 | 472.5 | 499.2 | |
| On a permanent contract | 430 | 456 | 462 | 510 |
| Joined | 25 | 47 | 20 | 565 |
| Left | 45 | 55 | 74 | 47 |
| Agency workers, average number | 7.3 | 7.6 | 6 | 13.7 |
| Training hours | 8,339 | 11,359 | 13,155 | 19,712 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €9.1m | €11.3m | €13.4m | €15.0m |
| Mortgages, amount registered | €3.7m | €3.7m | €3.7m | €3.7m |
| Carrying value of the mortgaged assets | €8.3m | €10.3m | €12.4m | €14.4m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €2.7m | €2.4m | €2.6m | €131.7m |
| Intangible fixed assets | €5.8m | €3.0m | - | €41,513 |
| Financial fixed assets | - | - | - | €32.6m |
| €4.6m | €4.2m | €3.4m | €4.2m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
feesThe auditor is PWC Bedrijfsrevisoren BCVBA.
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Fee for the audit | €59,900 | €58,700 | €56,900 | €54,500 |
| Other work by the auditor | - | - | - | €54,000 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Insights on ITC Co
The operating result for 2025 is a loss of €3.1m, after a profit of €2.0m in 2024. It is the lowest result since 2022.
Debt's share of the balance-sheet total rises from 54.9% to 60.2%. Equity is lower and debt is higher.
- 2023 Net result -386% on 2022. Part of BALTA INDUSTRIES received in a demerger, Official Gazette 20-04-2022, in the previous financial year. That operation now counts for a full year for the first time.