AL ITIHAD: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AL ITIHAD
Largest movements
- Receivables within one year -€19,619
down €19,619 (-81.8%), from €23,984 to €4,365
of which Trade receivables: -€19,556
- Cash +€6,028
up €6,028 (+27.3%), from €22,095 to €28,122
mainly Net result for the year (+€67,021) and Receivables within one year (+€19,619)
- Stocks and contracts +€3,401
up €3,401 (+20.9%), from €16,309 to €19,710
- Tangible fixed assets +€3,220
up €3,220 (+65.3%), from €4,929 to €8,149
of which Land and buildings: +€2,818
- Deferred charges and accrued income +€945
new in 2025: €945
- Profit (loss) carried forward +€67,021
up €67,021 (+33.9%), from -€197,569 to -€130,548
- Other debts -€48,379
down €48,379 (-26.4%), from €182,941 to €134,562
- Trade debts -€15,223
down €15,223 (-40.6%), from €37,527 to €22,304
- Tax, wage and social debts -€9,444
down €9,444 (-39.3%), from €24,007 to €14,563
of which Taxes: -€5,142
- Gross operating margin +€93,191
up €93,191 (+73.5%), from €126,814 to €220,005
- Other operating charges +€30,675
up €30,675 (+552.6%), from €5,551 to €36,226
- Taxes -€10,891
down €10,891 (-100.0%), from €10,891 to €0
- Staff costs +€6,573
up €6,573 (+6.3%), from €103,904 to €110,477
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,366 | €61,340 | -€6,026 | -8.9% |
| Fixed assets | 21/28 | €4,979 | €8,199 | +€3,220 | +64.7% |
| Tangible fixed assets | 22/27 | €4,929 | €8,149 | +€3,220 | +65.3% |
| Land and buildings | 22 | - | €2,818 | +€2,818 | |
| Plant, machinery and equipment | 23 | €2,288 | €3,633 | +€1,345 | +58.8% |
| Furniture and vehicles | 24 | €2,022 | €1,256 | -€766 | -37.9% |
| Other tangible fixed assets | 26 | €619 | €442 | -€177 | -28.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €62,387 | €53,141 | -€9,246 | -14.8% |
| Stocks and contracts in progress | 3 | €16,309 | €19,710 | +€3,401 | +20.9% |
| Stocks | 30/36 | €16,309 | €19,710 | +€3,401 | +20.9% |
| Amounts receivable within one year | 40/41 | €23,984 | €4,365 | -€19,619 | -81.8% |
| Trade receivables | 40 | €23,921 | €4,365 | -€19,556 | -81.8% |
| Other amounts receivable | 41 | €63 | €0 | -€63 | -100.0% |
| Cash at bank and in hand | 54/58 | €22,095 | €28,122 | +€6,028 | +27.3% |
| Deferred charges and accrued income | 490/1 | - | €945 | +€945 | |
| Total equity and liabilities | 10/49 | €67,366 | €61,340 | -€6,026 | -8.9% |
| Equity | 10/15 | -€177,109 | -€110,088 | +€67,021 | +37.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,569 | -€130,548 | +€67,021 | +33.9% |
| Amounts payable | 17/49 | €244,475 | €171,428 | -€73,047 | -29.9% |
| Amounts payable within one year | 42/48 | €244,475 | €171,428 | -€73,047 | -29.9% |
| Trade debts | 44 | €37,527 | €22,304 | -€15,223 | -40.6% |
| Suppliers | 440/4 | €37,527 | €22,304 | -€15,223 | -40.6% |
| Taxes, remuneration and social security | 45 | €24,007 | €14,563 | -€9,444 | -39.3% |
| Taxes | 450/3 | €9,122 | €3,980 | -€5,142 | -56.4% |
| Remuneration and social security | 454/9 | €14,885 | €10,583 | -€4,302 | -28.9% |
| Other amounts payable | 47/48 | €182,941 | €134,562 | -€48,379 | -26.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €103,904 | €110,477 | +€6,573 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,358 | €2,801 | +€1,443 | +106.2% |
| Other operating charges | 640/8 | €5,551 | €36,226 | +€30,675 | +552.6% |
| Gross operating margin | 9900 | €126,814 | €220,005 | +€93,191 | +73.5% |
| Operating profit (loss) | 9901 | €16,001 | €70,501 | +€54,499 | +340.6% |
| Financial income | 75/76B | €4 | €108 | +€104 | +2694.6% |
| Recurring financial income | 75 | €4 | €108 | +€104 | +2694.6% |
| Financial charges | 65/66B | €3,731 | €3,588 | -€143 | -3.8% |
| Recurring financial charges | 65 | €3,731 | €3,588 | -€143 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €12,274 | €67,021 | +€54,747 | +446.0% |
| Income taxes | 67/77 | €10,891 | €0 | -€10,891 | -100.0% |
| Profit (loss) for the period | 9904 | €1,383 | €67,021 | +€65,638 | +4746.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,383 | €67,021 | +€65,638 | +4746.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.