ITECH SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 20 filings
Turnover
≈ €170,000
Estimated: probably between €150,000 and €230,000
Total assets
€903,281▼ 0.8%
2024 · €910,643
Net result
€18,875▼ 70.9%
2024 · €64,964
Working capital
€288,709▲ 1.4%
2024 · €284,730
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€40,236
▼ 61.4%
2025
20182025
Net result
€18,875
▼ 70.9%
2025
middle half of the sector
20182025
Equity
€707,789
▲ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€903,281
▼ 0.8%
2025
highest quarter of the sector
20182025
Debt
€195,492
▼ 11.8%
2025
20182025
Working capital
€288,709
▲ 1.4%
2025
highest quarter of the sector
20182025
Solvency
78.4%
▲ 2.7pp
2025
middle half of the sector
20182025
Current ratio
2.48
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
2.1%
▼ 5.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€82,954-€63,077▼ 24.0%€84,817▲ 34.5%€83,474▼ 1.6%€95,062▲ 13.9%€106,419▲ 11.9%€104,314▼ 2.0%€40,236▼ 61.4%
Net result€48,033-€34,635▼ 27.9%€51,411above the sector's middle half▲ 48.4%€50,819above the sector's middle half▼ 1.2%€59,724above the sector's middle half▲ 17.5%€67,566above the sector's middle half▲ 13.1%€64,964above the sector's middle half▼ 3.9%€18,875within the sector's middle half▼ 70.9%
Equity€359,794-€394,429▲ 9.6%€445,840above the sector's middle half▲ 13.0%€496,660above the sector's middle half▲ 11.4%€556,384above the sector's middle half▲ 12.0%€623,950above the sector's middle half▲ 12.1%€688,914above the sector's middle half▲ 10.4%€707,789above the sector's middle half▲ 2.7%
Total assets€740,383-€760,601▲ 2.7%€788,105above the sector's middle half▲ 3.6%€816,821above the sector's middle half▲ 3.6%€852,089above the sector's middle half▲ 4.3%€867,392above the sector's middle half▲ 1.8%€910,643above the sector's middle half▲ 5.0%€903,281above the sector's middle half▼ 0.8%
Debt€380,589-€366,172▼ 3.8%€342,265▼ 6.5%€320,161▼ 6.5%€295,705▼ 7.6%€243,442▼ 17.7%€221,729▼ 8.9%€195,492▼ 11.8%
Working capital€43,437-€68,008▲ 56.6%€127,888above the sector's middle half▲ 88.0%€175,317above the sector's middle half▲ 37.1%€228,959above the sector's middle half▲ 30.6%€204,339above the sector's middle half▼ 10.8%€284,730above the sector's middle half▲ 39.3%€288,709above the sector's middle half▲ 1.4%
Solvency48.6%-51.9%▲ 3.3pp56.6%within the sector's middle half▲ 4.7pp60.8%within the sector's middle half▲ 4.2pp65.3%within the sector's middle half▲ 4.5pp71.9%within the sector's middle half▲ 6.6pp75.7%within the sector's middle half▲ 3.7pp78.4%within the sector's middle half▲ 2.7pp
Current ratio1.21-1.31▲ 0.101.58within the sector's middle half▲ 0.271.78within the sector's middle half▲ 0.202.00within the sector's middle half▲ 0.222.01within the sector's middle half▲ 0.012.42within the sector's middle half▲ 0.412.48within the sector's middle half▲ 0.06
Return on assets (ROA)6.5%-4.6%▼ 1.9pp6.5%within the sector's middle half▲ 2.0pp6.2%within the sector's middle half▼ 0.3pp7.0%within the sector's middle half▲ 0.8pp7.8%within the sector's middle half▲ 0.8pp7.1%within the sector's middle half▼ 0.7pp2.1%below the sector's middle half▼ 5.0pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2025 is 61% lower than in 2024 and the lowest since 2018. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €903,281
Fixed assets
€419,154 ▼ 1.5%
Current assets
€484,127 ▼ 0.2%
Equity and liabilities €903,281
Equity
€707,789 ▲ 2.7%
Debt
€195,492 ▼ 11.8%
Debt's share of the balance-sheet total falls from 24.3% to 21.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€87,879▼
2024 · €144,662
Cash flow
€66,518▼
2024 · €105,312
Debt to equity
0.28▼
2024 · 0.32
ROE
2.7%▼
2024 · 9.4%
Interest coverage
6.81▼
2024 · 9.95
Debt ≤ 1 year
€195,419▼
2024 · €200,564
Debt > 1 year
€0▼
2024 · €21,026
Income taxes
€8,594▼
2024 · €24,977
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | - | - | €215,000 |
| Carrying value of the mortgaged assets | €236,132 | €213,516 | €379,481 | €358,941 | €366,674 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €756 | €94,011 | €4,605 | €41,448 |
| Depreciation and write-downs of the year | €23,615 | €22,798 | €27,009 | €40,348 | €47,643 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €3,664 awarded · €3,664 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,791 | €1,791 |
| 2023 | 1 | €1,873 | €1,873 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,008 | €37,944 | €34,400 | €23,615 | €22,798 | €27,009 | €40,348 | €47,643 | ▲ 18.1% |
| Other operating charges640/8 | - | - | - | €2,848 | €2,903 | €2,637 | €3,029 | €3,294 | ▲ 8.8% |
| Gross operating margin9900 | €125,833 | €103,237 | €122,049 | €109,937 | €120,763 | €136,065 | €147,691 | €91,173 | ▼ 38.3% |
| Operating profit (loss)9901 | €82,954 | €63,077 | €84,817 | €83,474 | €95,062 | €106,419 | €104,314 | €40,236 | ▼ 61.4% |
| Financial income75/76B | - | - | - | - | €27 | €60 | €159 | €133 | ▼ 16.7% |
| Recurring financial income75 | €16 | €14 | €0 | - | €27 | €60 | €159 | €133 | ▼ 16.7% |
| Financial charges65/66B | - | - | - | €13,081 | €12,632 | €13,080 | €14,532 | €12,899 | ▼ 11.2% |
| Recurring financial charges65 | €16,152 | €14,775 | €13,822 | €13,081 | €12,632 | €13,080 | €14,532 | €12,899 | ▼ 11.2% |
| Profit (loss) for the period before taxes9903 | €66,818 | €48,316 | €70,995 | €70,392 | €82,457 | €93,398 | €89,941 | €27,470 | ▼ 69.5% |
| Income taxes67/77 | €18,785 | €13,680 | €19,584 | €19,573 | €22,732 | €25,833 | €24,977 | €8,594 | ▼ 65.6% |
| Profit (loss) for the period9904 | €48,033 | €34,635 | €51,411 | €50,819 | €59,724 | €67,566 | €64,964 | €18,875 | ▼ 70.9% |
| Profit (loss) for the period to be appropriated9905 | €48,033 | €34,635 | €51,411 | €50,819 | €59,724 | €67,566 | €64,964 | €18,875 | ▼ 70.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €740,383 | €760,601 | €788,105 | €816,821 | €852,089 | €867,392 | €910,643 | €903,281 | ▼ 0.8% |
| Fixed assets21/28 | €488,983 | €474,147 | €439,747 | €416,132 | €394,090 | €461,091 | €425,348 | €419,154 | ▼ 1.5% |
| Tangible fixed assets22/27 | €488,983 | €474,147 | €439,747 | €416,132 | €394,090 | €461,091 | €425,348 | €419,154 | ▼ 1.5% |
| Land and buildings22 | - | - | - | €416,132 | €393,516 | €379,481 | €358,941 | €366,674 | ▲ 2.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,314 | €2,056 | ▲ 56.5% |
| Furniture and vehicles24 | - | - | - | €0 | €574 | €81,611 | €65,094 | €50,424 | ▼ 22.5% |
| Current assets29/58 | €251,400 | €286,455 | €348,358 | €400,689 | €458,000 | €406,301 | €485,294 | €484,127 | ▼ 0.2% |
| Amounts receivable within one year40/41 | €59,058 | €57,461 | €48,705 | €50,975 | €53,216 | €45,293 | €38,027 | €42,130 | ▲ 10.8% |
| Trade receivables40 | - | - | - | €50,972 | €53,216 | €40,902 | €37,890 | €31,599 | ▼ 16.6% |
| Other amounts receivable41 | - | - | - | €3 | €0 | €4,392 | €138 | €10,531 | ▲ 76× |
| Cash at bank and in hand54/58 | €192,343 | €228,853 | €299,512 | €349,571 | €404,590 | €360,825 | €446,861 | €441,708 | ▼ 1.2% |
| Deferred charges and accrued income490/1 | - | - | - | €143 | €193 | €182 | €406 | €289 | ▼ 28.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €740,383 | €760,601 | €788,105 | €816,821 | €852,089 | €867,392 | €910,643 | €903,281 | ▼ 0.8% |
| Equity10/15 | €359,794 | €394,429 | €445,840 | €496,660 | €556,384 | €623,950 | €688,914 | €707,789 | ▲ 2.7% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €339,276 | €373,912 | €425,323 | €476,142 | €535,866 | €603,432 | €668,396 | €687,272 | ▲ 2.8% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €474,142 | €533,866 | €603,432 | €668,396 | €687,272 | ▲ 2.8% |
| Profit (loss) carried forward14 | €517 | €517 | €517 | €517 | €517 | €517 | €517 | €517 | = |
| Amounts payable17/49 | €380,589 | €366,172 | €342,265 | €320,161 | €295,705 | €243,442 | €221,729 | €195,492 | ▼ 11.8% |
| Amounts payable after more than one year17 | €172,144 | €147,295 | €121,418 | €94,469 | €66,403 | €41,279 | €21,026 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €94,469 | €66,403 | €41,279 | €21,026 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €207,963 | €218,446 | €220,470 | €225,372 | €229,040 | €201,962 | €200,564 | €195,419 | ▼ 2.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €28,427 | €29,600 | €26,717 | €21,907 | €22,743 | ▲ 3.8% |
| Trade debts44 | €384 | €3,036 | €1,792 | €1,795 | €4,833 | €4,875 | €3,548 | €5,399 | ▲ 52.2% |
| Suppliers440/4 | - | - | - | €1,795 | €4,833 | €4,875 | €3,548 | €5,399 | ▲ 52.2% |
| Taxes, remuneration and social security45 | - | - | - | €10,002 | €12,370 | €11,027 | €6,604 | €4,634 | ▼ 29.8% |
| Taxes450/3 | - | - | - | €7,599 | €9,951 | €8,555 | €4,104 | €2,134 | ▼ 48.0% |
| Remuneration and social security454/9 | - | - | - | €2,403 | €2,419 | €2,472 | €2,500 | €2,500 | = |
| Other amounts payable47/48 | - | - | - | €185,148 | €182,237 | €159,344 | €168,506 | €162,642 | ▼ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €320 | €262 | €201 | €139 | €73 | ▼ 47.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,033 | €34,635 | €51,411 | €50,819 | €59,724 | €67,566 | €64,964 | €18,875 | ▼ 70.9% |
| + Depreciation and write-downs630 | €34,008 | €37,944 | €34,400 | €23,615 | €22,798 | €27,009 | €40,348 | €47,643 | ▲ 18.1% |
| Operating cash flow (approximation) | €82,041 | €72,579 | €85,811 | €74,435 | €82,522 | €94,575 | €105,312 | €66,518 | ▼ 36.8% |
| Investment in fixed assets (approximation) | - | -€23,108 | €0 | €0 | -€756 | -€94,011 | -€4,605 | -€41,448 | ▼ 800% |
| Change in cash | - | €36,511 | €70,659 | €50,059 | €55,019 | -€43,765 | €86,036 | -€5,153 | - |
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, 14,766 companies had the same profile as ITECH SERVICES has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ITECH SERVICES itself: < 0.1% 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 14,766 companies, not a prediction for ITECH SERVICES. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00373233 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00237661 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00310710 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00124928 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20348144 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55300023 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-47400444 | |
| 31-12-2018 | micro format | 28-05-2019 | 2019-14900152 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29600428 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-18700250 |