I.T.C.M.: what changed
I.T.C.M.
Largest movements
- Receivables within one year -€8,208
down €8,208 (-73.7%), from €11,142 to €2,934
of which Trade receivables: -€9,646
- Cash -€7,228
down €7,228 (-62.4%), from €11,586 to €4,358
mainly Other debts (-€31,946) and Tax, wage and social debts (-€11,689)
- Tangible fixed assets -€5,450
down €5,450 (-2.1%), from €256,538 to €251,088
of which Land and buildings: -€14,046
- Other debts -€31,946
down €31,946 (-25.2%), from €126,813 to €94,866
- Reserves +€21,092
up €21,092 (+16.3%), from €129,674 to €150,766
- Tax, wage and social debts -€11,689
down €11,689 (-93.7%), from €12,471 to €783
- Trade debts +€5,765
up €5,765, from €0 to €5,765
- Current portion of long-term debt -€4,109
no longer reported in 2026 (was €4,109)
- Staff costs -€4,737
no longer reported in 2026 (was €4,737)
- Depreciation +€1,001
up €1,001 (+6.4%), from €15,622 to €16,623
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,266 | €258,380 | -€20,887 | -7.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €256,538 | €251,088 | -€5,450 | -2.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €256,538 | €251,088 | -€5,450 | -2.1% |
| Land and buildings | 22 | €253,784 | €239,738 | -€14,046 | -5.5% |
| Plant, machinery and equipment | 23 | €0 | €971 | +€971 | |
| Furniture and vehicles | 24 | €2,754 | €10,378 | +€7,625 | +277% |
| Current assets | 29/58 | €22,728 | €7,292 | -€15,436 | -67.9% |
| Amounts receivable within one year | 40/41 | €11,142 | €2,934 | -€8,208 | -73.7% |
| Trade receivables | 40 | €10,105 | €459 | -€9,646 | -95.5% |
| Other amounts receivable | 41 | €1,037 | €2,475 | +€1,438 | +139% |
| Cash at bank and in hand | 54/58 | €11,586 | €4,358 | -€7,228 | -62.4% |
| Total equity and liabilities | 10/49 | €279,266 | €258,380 | -€20,887 | -7.5% |
| Equity | 10/15 | €135,874 | €156,966 | +€21,092 | +15.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €129,674 | €150,766 | +€21,092 | +16.3% |
| Distributable reserves | 133 | €129,674 | €150,766 | +€21,092 | +16.3% |
| Amounts payable | 17/49 | €143,392 | €101,414 | -€41,979 | -29.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €143,392 | €101,414 | -€41,979 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €4,109 | - | -€4,109 | |
| Trade debts | 44 | €0 | €5,765 | +€5,765 | |
| Suppliers | 440/4 | €0 | €5,765 | +€5,765 | |
| Taxes, remuneration and social security | 45 | €12,471 | €783 | -€11,689 | -93.7% |
| Taxes | 450/3 | €12,471 | €783 | -€11,689 | -93.7% |
| Other amounts payable | 47/48 | €126,813 | €94,866 | -€31,946 | -25.2% |
| Remuneration, social security and pensions | 62 | €4,737 | - | -€4,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,622 | €16,623 | +€1,001 | +6.4% |
| Other operating charges | 640/8 | €3,357 | €3,449 | +€93 | +2.8% |
| Non-recurring operating charges | 66A | - | €2,754 | +€2,754 | |
| Gross operating margin | 9900 | €54,730 | €55,144 | +€414 | +0.8% |
| Operating profit (loss) | 9901 | €31,015 | €32,319 | +€1,304 | +4.2% |
| Financial charges | 65/66B | €772 | €444 | -€328 | -42.5% |
| Recurring financial charges | 65 | €772 | €444 | -€328 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €30,243 | €31,875 | +€1,632 | +5.4% |
| Income taxes | 67/77 | €10,823 | €10,783 | -€41 | -0.4% |
| Profit (loss) for the period | 9904 | €19,419 | €21,092 | +€1,673 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,419 | €21,092 | +€1,673 | +8.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.