From the official registers: KBO 10 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
ITZU is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €7.2m and a net result of -€131,927. Equity remains stable across the filed financial years (±2% per year). Its solvency ranks better than 51% of 3,028 sector peers (NACE 64, financial year 2025). The company has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
2025 annual accounts filed late (61 days) Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00537153.
Latest annual accounts filed
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 30-09-2026
- Format
- full format
- Reference
- 2026-00537153
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€7.2m▼ 1.8%
2024 · €7.3m
Net result
-€131,927
2024 · €138,369
Total assets
€11.6m▼ 4.7%
2024 · €12.1m
Solvency
61.9%▲ 1.8pp
2024 · 60.1%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €33,042 after €210,970 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€2.8m
2025
Operating result-€0.03m
2025
Net result-€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€11.6m
2025
Equity€7.2m
2025
Debt€4.4m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.1m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-1.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency61.9%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.05
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)8.9
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.9m-€1.0m▲ 19.2%€1.2m▲ 18.9%€1.2m▼ 3.2%€2.0m▲ 62.9%€2.8m▲ 40.6%€3.0m▲ 10.5%€2.8m▼ 8.4%
Operating result-€0.09m--€0.1m▼ 58.0%-€0.07m▲ 52.1%-€0.3m▼ 340%-€0.4m▼ 20.6%€0.1m€0.2m▲ 113%-€0.03m
Net result€0.1m-€0.03m▼ 77.8%€0.3mwithin the sector's middle half▲ 751%€0.08mwithin the sector's middle half▼ 71.4%€0.1mwithin the sector's middle half▲ 79.4%€0.2mwithin the sector's middle half▲ 8.6%€0.1mwithin the sector's middle half▼ 9.9%-€0.1mbelow the sector's middle half
Equity€6.5m-€6.5m▲ 0.5%€6.8mwithin the sector's middle half▲ 4.2%€6.9mwithin the sector's middle half▲ 1.2%€7.0mwithin the sector's middle half▲ 2.1%€7.1mwithin the sector's middle half▲ 2.2%€7.3mwithin the sector's middle half▲ 1.9%€7.2mwithin the sector's middle half▼ 1.8%
Total assets€9.3m-€9.4m▲ 1.0%€9.6mwithin the sector's middle half▲ 1.4%€9.6mwithin the sector's middle half▲ 0.5%€9.2mwithin the sector's middle half▼ 4.6%€10.3mwithin the sector's middle half▲ 11.8%€12.1mwithin the sector's middle half▲ 18.3%€11.6mwithin the sector's middle half▼ 4.7%
Debt€2.9m-€2.9m▲ 2.1%€2.8m▼ 4.9%€2.8m▼ 1.1%€2.2m▼ 21.3%€3.1m▲ 42.9%€4.8m▲ 55.9%€4.4m▼ 9.0%
Working capital-€0.7m--€1.3m▼ 89.9%-€1.2mbelow the sector's middle half▲ 6.8%-€1.3mbelow the sector's middle half▼ 12.2%€0.02mwithin the sector's middle half-€0.2mwithin the sector's middle half€1.3mwithin the sector's middle half€0.1mwithin the sector's middle half▼ 92.7%
Solvency69.2%-68.9%▼ 0.3pp70.8%within the sector's middle half▲ 1.9pp71.3%within the sector's middle half▲ 0.5pp76.3%within the sector's middle half▲ 5.0pp69.7%within the sector's middle half▼ 6.6pp60.1%within the sector's middle half▼ 9.6pp61.9%within the sector's middle half▲ 1.8pp
Current ratio0.43-0.18▼ 0.250.25below the sector's middle half▲ 0.070.30below the sector's middle half▲ 0.051.01within the sector's middle half▲ 0.710.89within the sector's middle half▼ 0.131.66within the sector's middle half▲ 0.771.05within the sector's middle half▼ 0.61
Return on assets (ROA)1.6%-0.3%▼ 1.2pp2.9%within the sector's middle half▲ 2.5pp0.8%within the sector's middle half▼ 2.1pp1.5%within the sector's middle half▲ 0.7pp1.5%within the sector's middle half=1.1%within the sector's middle half▼ 0.4pp-1.1%below the sector's middle half▼ 2.3pp
Staff (FTE)4.3-5▲ 16.3%4.6within the sector's middle half▼ 8.0%4.6within the sector's middle half=6.5within the sector's middle half▲ 41.3%9.5above the sector's middle half▲ 46.2%9.2within the sector's middle half▼ 3.2%8.9within the sector's middle half▼ 3.3%
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.6m
Fixed assets
€9.6m ▲ 9.2%
Current assets
€2.0m ▼ 40.8%
Equity and liabilities €11.6m
Equity
€7.2m ▼ 1.8%
Debt
€4.4m ▼ 9.0%
Debt's share of the balance-sheet total falls from 39.9% to 38.1%. Equity and debt are lower.
Key figures and ratios
ROE
-1.8%▼
2024 · 1.9%
Debt ≤ 1 year
€1.9m▼
2024 · €2.0m
Debt > 1 year
€2.5m▼
2024 · €2.8m
Income taxes
€1,701▼
2024 · €2,375
Staff costs
€780,506▲
2024 · €772,714
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.2m | €2.0m | €2.8m | €3.1m | €2.8m | ▼ 8.2% |
| Turnover70 | €0.9m | €1.0m | €1.2m | €1.2m | €2.0m | €2.8m | €3.0m | €2.8m | ▼ 8.4% |
| Other operating income74 | - | - | - | €0.002m | €0.01m | €0.01m | €0.05m | €0.05m | ▼ 0.1% |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €1.5m | €2.3m | €2.7m | €2.9m | €2.9m | ▼ 0.4% |
| Services and other goods61 | - | - | - | €1.2m | €1.8m | €1.9m | €2.0m | €1.9m | ▼ 2.0% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.5m | €0.7m | €0.8m | €0.8m | ▲ 1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.04m | €0.05m | €0.05m | €0.08m | €0.1m | €0.1m | €0.09m | ▼ 37.8% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.01m | €0.009m | €0.01m | ▲ 12.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | €0 | €0.07m | - |
| Operating profit (loss)9901 | -€0.09m | -€0.1m | -€0.07m | -€0.3m | -€0.4m | €0.1m | €0.2m | -€0.03m | - |
| Financial income75/76B | - | - | - | €0.4m | €2.3m | €0.5m | €0.3m | €1.7m | ▲ 516% |
| Recurring financial income75 | €0.3m | €0.2m | €0.4m | €0.4m | €0.6m | €0.04m | €0.3m | €0.1m | ▼ 47.9% |
| Income from financial fixed assets750 | - | - | - | €0.4m | €0.6m | €0.04m | €0.2m | €0.07m | ▼ 67.0% |
| Income from current assets751 | - | - | - | €0 | - | - | €0.05m | €0.03m | ▼ 44.8% |
| Other financial income752/9 | - | - | - | €0 | €381 | €0 | €0.04m | €0.06m | ▲ 51.9% |
| Non-recurring financial income76B | - | - | - | - | €1.7m | €0.4m | €0 | €1.6m | - |
| Financial charges65/66B | - | - | - | €0.07m | €1.8m | €0.4m | €0.4m | €1.8m | ▲ 421% |
| Recurring financial charges65 | €0.05m | €0.07m | €0.06m | €0.06m | €0.05m | €0.06m | €0.2m | €0.2m | ▲ 43.1% |
| Debt charges650 | €0.05m | €0.07m | €0.06m | €0.05m | €0.04m | €0.05m | €0.1m | €0.2m | ▲ 45.1% |
| Other financial charges652/9 | - | - | - | €0.004m | €0.005m | €0.008m | €0.05m | €0.06m | ▲ 37.9% |
| Non-recurring financial charges66B | - | - | - | €0.01m | €1.8m | €0.3m | €0.2m | €1.6m | ▲ 775% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.03m | €0.3m | €0.08m | €0.1m | €0.2m | €0.1m | -€0.1m | - |
| Income taxes67/77 | €0.003m | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▼ 28.4% |
| Taxes670/3 | - | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▼ 28.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €172 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €0.1m | €0.03m | €0.3m | €0.08m | €0.1m | €0.2m | €0.1m | -€0.1m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.03m | €0.3m | €0.08m | €0.1m | €0.2m | €0.1m | -€0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.3m | €9.4m | €9.6m | €9.6m | €9.2m | €10.3m | €12.1m | €11.6m | ▼ 4.7% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €8.8m | €9.2m | €9.2m | €9.0m | €7.5m | €8.5m | €8.8m | €9.6m | ▲ 9.2% |
| Intangible fixed assets21 | €1.2m | €1.2m | €1.2m | €1.2m | €1.4m | €1.3m | €1.2m | €0.03m | ▼ 97.8% |
| Tangible fixed assets22/27 | €0.008m | €0.01m | €0.02m | €0.03m | €0.03m | €0.02m | €0.03m | €0.03m | ▼ 8.0% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.006m | €0.006m | €0.005m | ▼ 2.4% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 9.2% |
| Financial fixed assets28 | €7.7m | €7.9m | €8.0m | €7.9m | €6.1m | €7.2m | €7.5m | €9.5m | ▲ 27.0% |
| Affiliated companies280/1 | - | - | - | €7.9m | €6.1m | €7.2m | €7.5m | €9.3m | ▲ 24.4% |
| Participating interests280 | - | - | - | €7.9m | €6.1m | €7.2m | €7.5m | €8.5m | ▲ 13.4% |
| Amounts receivable281 | - | - | - | - | - | - | - | €0.8m | - |
| Companies linked by participating interests282/3 | - | - | - | - | - | - | - | €0.2m | - |
| Participating interests282 | - | - | - | - | - | - | - | €0.2m | - |
| Current assets29/58 | €0.5m | €0.3m | €0.4m | €0.6m | €1.6m | €1.7m | €3.4m | €2.0m | ▼ 40.8% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.5m | €0.2m | €0.2m | €0.5m | €1.6m | €1.7m | €3.2m | €1.8m | ▼ 44.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.6m | €0.8m | €1.2m | €0.6m | ▼ 47.6% |
| Other amounts receivable41 | - | - | - | €0.3m | €1.0m | €0.9m | €2.0m | €1.2m | ▼ 41.8% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.2m | €0.005m | €0.001m | €0.009m | €0.05m | €0.01m | ▼ 79.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.04m | €0.04m | €0.09m | €0.2m | ▲ 101% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.3m | €9.4m | €9.6m | €9.6m | €9.2m | €10.3m | €12.1m | €11.6m | ▼ 4.7% |
| Equity10/15 | €6.5m | €6.5m | €6.8m | €6.9m | €7.0m | €7.1m | €7.3m | €7.2m | ▼ 1.8% |
| Contributions10/11 | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | = |
| Capital10 | - | - | - | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | = |
| Issued capital100 | - | - | - | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m | = |
| Reserves13 | €0.9m | €1.0m | €1.2m | €1.3m | €1.4m | €1.6m | €1.7m | €1.6m | ▼ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.08m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.08m | €0.09m | €0.09m | = |
| Distributable reserves133 | - | - | - | €1.2m | €1.4m | €1.5m | €1.7m | €1.5m | ▼ 8.0% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €2.9m | €2.9m | €2.8m | €2.8m | €2.2m | €3.1m | €4.8m | €4.4m | ▼ 9.0% |
| Amounts payable after more than one year17 | €1.7m | €1.4m | €1.2m | €0.8m | €0.4m | €1.1m | €2.8m | €2.5m | ▼ 10.9% |
| Financial debts170/4 | - | - | - | €0.8m | €0.4m | €1.1m | €2.8m | €2.5m | ▼ 10.9% |
| Subordinated loans170 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Credit institutions173 | - | - | - | €0.3m | €0 | €0.7m | €2.4m | €2.1m | ▼ 13.0% |
| Amounts payable within one year42/48 | €1.1m | €1.5m | €1.6m | €1.9m | €1.6m | €1.9m | €2.0m | €1.9m | ▼ 6.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.3m | €0.1m | €0.3m | €0.3m | ▲ 4.5% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.3m | €0.4m | €0.6m | €0.8m | €0.6m | ▼ 24.3% |
| Suppliers440/4 | - | - | - | €0.3m | €0.4m | €0.6m | €0.8m | €0.6m | ▼ 24.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.06m | €0.09m | €0.07m | €0.08m | ▲ 13.8% |
| Taxes450/3 | - | - | - | €0.008m | €0.01m | €0.003m | €0.005m | €0.002m | ▼ 63.5% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.05m | €0.09m | €0.07m | €0.08m | ▲ 19.2% |
| Other amounts payable47/48 | - | - | - | €1.2m | €0.8m | €1.2m | €0.8m | €0.9m | ▲ 5.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.07m | €0.1m | €0.07m | €0.003m | €0.005m | ▲ 82.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.03m | €0.3m | €0.08m | €0.1m | €0.2m | €0.1m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.01m | €0.04m | €0.05m | €0.05m | €0.08m | €0.1m | €0.1m | €0.09m | ▼ 37.8% |
| Operating cash flow (approximation) | €0.2m | €0.08m | €0.3m | €0.1m | €0.2m | €0.3m | €0.3m | -€0.04m | - |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.06m | €0.07m | €1.4m | -€1.1m | -€0.4m | -€0.9m | ▼ 141% |
| Change in cash | - | €0.007m | €0.1m | -€0.2m | -€0.004m | €0.009m | €0.05m | -€0.04m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-09-2026 | 2026-00537153 | NBB |
| 31-12-2024 | full format | 23-10-2025 | 2025-00548157 | |
| 31-12-2023 | full format | 24-10-2024 | 2024-00513760 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00413572 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20388968 | |
| 31-12-2020 | full format | 29-07-2021 | 2021-42300418 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-49300009 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-55500449 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-40100347 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-37600265 |
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