ITMA Services
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 10 filings
Turnover
€5.5m▼ 11.8%
2024 · €6.2m
EBIT margin
7.4%▲ 11.8pp
2024 · -4.4%
Net result
€8,759▼ 2.3%
2024 · €8,967
Working capital
€2.3m▲ 159%
2024 · €897,418
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€5.5m
▼ 11.8%
2025
20182025
Operating result
€407,404
2025
20182025
Net result
€8,759
▼ 2.3%
2025
middle half of the sector
20182025
EBIT margin
7.4%
▲ 11.8pp
2025
20182025
Equity
€971,856
▲ 0.9%
2025
middle half of the sector
20182025
Total assets
€9.3m
▲ 32.2%
2025
middle half of the sector
20182025
Debt
€8.4m
▲ 37.2%
2025
20182025
Working capital
€2.3m
▲ 159%
2025
highest quarter of the sector
20182025
Solvency
10.4%
▼ 3.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.33
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.01m€5.2m▲ 527×€6.2m€5.5m▼ 11.8%
Operating result-€0.008m-€0.08m€0.03m▼ 61.7%€0.07m▲ 140%-€0.03m€0.07m-€0.3m€0.4m
Net result€0.006m-€0.007m▲ 19.6%€0.005mwithin the sector's middle half▼ 25.2%€0.01mwithin the sector's middle half▲ 99.2%€0.007mwithin the sector's middle half▼ 26.6%€0.006mwithin the sector's middle half▼ 18.4%€0.009mwithin the sector's middle half▲ 47.1%€0.009mwithin the sector's middle half▼ 2.3%
EBIT margin315.2%1.4%▼ 313.8pp-4.4%7.4%▲ 11.8pp
Equity€0.9m-€0.9m▲ 0.7%€0.9mwithin the sector's middle half▲ 0.6%€0.9mwithin the sector's middle half▲ 1.1%€0.9mwithin the sector's middle half▲ 0.8%€1.0mwithin the sector's middle half▲ 0.6%€1.0mwithin the sector's middle half▲ 0.9%€1.0mwithin the sector's middle half▲ 0.9%
Total assets€13.6m-€7.6m▼ 43.9%€5.1mabove the sector's middle half▼ 33.4%€5.9mabove the sector's middle half▲ 15.8%€32.4mabove the sector's middle half▲ 449%€19.3mabove the sector's middle half▼ 40.5%€7.1mabove the sector's middle half▼ 63.4%€9.3mwithin the sector's middle half▲ 32.2%
Debt€12.7m-€6.7m▼ 47.2%€4.2m▼ 38.1%€5.0m▲ 19.1%€31.4m▲ 534%€18.3m▼ 41.7%€6.1m▼ 66.7%€8.4m▲ 37.2%
Working capital€0.9m-€0.9m▲ 0.9%€0.9mabove the sector's middle half▲ 2.6%€0.9mabove the sector's middle half▲ 2.5%€1.1mabove the sector's middle half▲ 18.0%€0.9mabove the sector's middle half▼ 16.6%€0.9mabove the sector's middle half▲ 1.0%€2.3mabove the sector's middle half▲ 159%
Solvency6.7%-12.1%▲ 5.4pp18.3%within the sector's middle half▲ 6.2pp15.9%within the sector's middle half▼ 2.3pp2.9%below the sector's middle half▼ 13.0pp5.0%below the sector's middle half▲ 2.0pp13.7%below the sector's middle half▲ 8.7pp10.4%below the sector's middle half▼ 3.2pp
Current ratio1.07-1.13▲ 0.061.21within the sector's middle half▲ 0.081.18within the sector's middle half▼ 0.031.03within the sector's middle half▼ 0.151.05within the sector's middle half▲ 0.011.15within the sector's middle half▲ 0.101.33within the sector's middle half▲ 0.19
Return on assets (ROA)0.0%-0.1%=0.1%within the sector's middle half=0.2%within the sector's middle half▲ 0.1pp0.0%within the sector's middle half▼ 0.1pp0.0%within the sector's middle half=0.1%within the sector's middle half▲ 0.1pp0.1%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a profit of €407,404, after a loss of €273,538 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.3m
Fixed assets
€65,678 =
Current assets
€9.3m ▲ 32.5%
Equity and liabilities €9.3m
Equity
€971,856 ▲ 0.9%
Debt
€8.4m ▲ 37.2%
Debt's share of the balance-sheet total rises from 86.3% to 89.6%. Equity and debt are higher.
Key figures and ratios
Debt to equity
8.60▲
2024 · 6.33
ROE
0.9%▼
2024 · 0.9%
Debt ≤ 1 year
€6.9m▲
2024 · €6.1m
Income taxes
€3,551▼
2024 · €3,881
Customer credit
422 days▲
2024 · 212 days
Supplier credit
303 days▲
2024 · 280 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €7,500 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €5.2m | - | - | - | - | - |
| Turnover70 | - | - | €0.01m | €5.2m | - | - | €6.2m | €5.5m | ▼ 11.8% |
| Other operating income74 | - | - | - | €0.02m | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €5.1m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €7.7m | €3.9m | ▼ 49.7% |
| Services and other goods61 | - | - | - | €1.1m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €0.001m | €0.001m | €0 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.001m | €0 | €0.002m | €83 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €4.0m | €0 | €100 | €0 | €0.001m | - |
| Gross operating margin9900 | -€0.008m | €14.3m | - | - | -€0.03m | €0.08m | -€0.3m | €0.4m | - |
| Operating profit (loss)9901 | -€0.008m | €0.08m | €0.03m | €0.07m | -€0.03m | €0.07m | -€0.3m | €0.4m | - |
| Financial income75/76B | - | - | - | €0.02m | €0.09m | €0.08m | €0.3m | €0.04m | ▼ 87.5% |
| Recurring financial income75 | €0.02m | €0.006m | €0.03m | €0.02m | €0.09m | €0.08m | €0.3m | €0.04m | ▼ 87.5% |
| Other financial income752/9 | - | - | - | €0.02m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.09m | €0.04m | €0.1m | €0.06m | €0.4m | ▲ 651% |
| Recurring financial charges65 | - | €0.08m | €0.05m | €0.09m | €0.04m | €0.1m | €0.06m | €0.4m | ▲ 651% |
| Other financial charges652/9 | - | - | - | €0.09m | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 4.2% |
| Income taxes67/77 | €0.003m | €0.004m | €0.005m | €0.001m | €0.003m | €0.006m | €0.004m | €0.004m | ▼ 8.5% |
| Taxes670/3 | - | - | - | €0.001m | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.006m | €0.007m | €0.005m | €0.01m | €0.007m | €0.006m | €0.009m | €0.009m | ▼ 2.3% |
| Profit (loss) for the period to be appropriated9905 | €0.006m | €0.007m | €0.005m | €0.01m | €0.007m | €0.006m | €0.009m | €0.009m | ▼ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13.6m | €7.6m | €5.1m | €5.9m | €32.4m | €19.3m | €7.1m | €9.3m | ▲ 32.2% |
| Fixed assets21/28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tangible fixed assets22/27 | €0.002m | €0.001m | €0 | - | - | - | - | - | - |
| Financial fixed assets28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Affiliated companies280/1 | - | - | - | €0.07m | - | - | - | - | - |
| Participating interests280 | - | - | - | €0.07m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €270 | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €270 | - | - | - | - | - |
| Current assets29/58 | €13.6m | €7.6m | €5.0m | €5.8m | €32.3m | €19.2m | €7.0m | €9.3m | ▲ 32.5% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | - | - | €1.2m | €0 | ▼ 100% |
| Contracts in progress37 | - | - | - | - | - | - | €1.2m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €6.2m | €1.3m | €0.7m | €1.5m | €21.3m | €5.6m | €3.7m | €6.4m | ▲ 73.3% |
| Trade receivables40 | - | - | - | €1.4m | €21.3m | €5.3m | €3.6m | €6.4m | ▲ 75.3% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.03m | €0.3m | €0.07m | €0.05m | ▼ 28.5% |
| Current investments50/53 | €7.3m | - | - | - | - | - | €0.8m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | - | €6.3m | €3.0m | €2.0m | €5.7m | €13.5m | €1.3m | €0.9m | ▼ 26.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2.4m | €5.3m | €0.06m | €0.02m | €1.9m | ▲ 83× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13.6m | €7.6m | €5.1m | €5.9m | €32.4m | €19.3m | €7.1m | €9.3m | ▲ 32.2% |
| Equity10/15 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 0.9% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | €0.003m | €0.003m | €0.004m | ▲ 13.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.003m | €0.004m | ▲ 13.9% |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.003m | €0.003m | €0.004m | ▲ 13.9% |
| Profit (loss) carried forward14 | €0.02m | €0.02m | €0.03m | €0.04m | €0.05m | €0.05m | €0.06m | €0.07m | ▲ 13.9% |
| Amounts payable17/49 | €12.7m | €6.7m | €4.2m | €5.0m | €31.4m | €18.3m | €6.1m | €8.4m | ▲ 37.2% |
| Amounts payable within one year42/48 | €12.7m | €6.7m | €4.1m | €4.9m | €31.2m | €18.3m | €6.1m | €6.9m | ▲ 14.0% |
| Trade debts44 | €7.1m | €6.5m | €0.1m | €2.5m | €0.04m | €18.3m | €5.9m | €3.2m | ▼ 45.6% |
| Suppliers440/4 | - | - | - | €2.5m | €0.04m | €18.3m | €5.9m | €3.2m | ▼ 45.6% |
| Advances received on contracts in progress46 | - | - | - | €2.4m | €31.2m | €0.02m | €0.1m | €0.04m | ▼ 74.4% |
| Taxes, remuneration and social security45 | - | - | - | €0 | €0.007m | €0.001m | €0.003m | €0.004m | ▲ 36.2% |
| Taxes450/3 | - | - | - | €0 | €0.007m | €0.001m | €0.003m | €0.004m | ▲ 36.2% |
| Other amounts payable47/48 | - | - | - | €0 | €0 | - | - | €3.7m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.2m | €0 | - | €1.4m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.006m | €0.007m | €0.005m | €0.01m | €0.007m | €0.006m | €0.009m | €0.009m | ▼ 2.3% |
| + Depreciation and write-downs630 | - | €0.001m | €0.001m | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | €0.006m | €0.008m | €0.006m | €0.01m | €0.007m | €0.006m | €0.009m | €0.009m | ▼ 2.3% |
| Investment in fixed assets (approximation) | - | -€270 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | -€3.3m | -€1.0m | €3.7m | €7.8m | -€12.3m | -€0.3m | ▲ 97.3% |
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, 290 companies had the same profile as ITMA Services has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of ITMA Services itself: 0.2% 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 290 companies, not a prediction for ITMA 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00229767 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00245448 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00255766 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00303306 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20102802 | |
| 31-12-2020 | full format | 23-07-2021 | 2021-40200581 | |
| 31-12-2019 | abbreviated format | 07-07-2020 | 2020-27300461 | |
| 31-12-2018 | abbreviated format | 27-06-2019 | 2019-24500551 | |
| 31-12-2017 | abbreviated format | 25-06-2018 | 2018-23900424 | |
| 31-12-2016 | abbreviated format | 21-06-2017 | 2017-20600531 |