ITAF: 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.
ITAF
Largest movements
- Financial fixed assets +€633,000
up €633,000 (+22607.1%), from €2,800 to €635,800
- Intangible fixed assets -€113,156
down €113,156 (-12.5%), from €906,090 to €792,934
- Cash -€92,219
down €92,219 (-25.1%), from €368,028 to €275,808
mainly Investment in fixed assets (net) (-€764,228) and Tax, wage and social debts (-€99,742)
- Stocks and contracts -€52,840
down €52,840 (-23.3%), from €227,249 to €174,409
of which Contracts in progress: -€69,629
- Receivables within one year -€45,509
down €45,509 (-6.0%), from €755,814 to €710,305
of which Trade receivables: -€52,430
- Debts after one year +€268,508
up €268,508 (+122.6%), from €219,030 to €487,539
- Other debts +€158,787
up €158,787 (+143.5%), from €110,622 to €269,409
- Tax, wage and social debts -€99,742
down €99,742 (-31.7%), from €314,278 to €214,535
of which Remuneration and social security: -€75,665
- Short-term financial debts -€56,987
down €56,987 (-49.6%), from €114,808 to €57,821
- Trade debts +€31,572
up €31,572 (+3.8%), from €838,220 to €869,792
- Staff costs +€110,776
up €110,776 (+8.8%), from €1.3m to €1.4m
- Gross operating margin +€61,108
up €61,108 (+3.7%), from €1.7m to €1.7m
- Financial income -€36,100
down €36,100 (-86.5%), from €41,733 to €5,633
of which Non-recurring financial income: -€36,026
- Taxes -€19,931
down €19,931 (-54.1%), from €36,869 to €16,938
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 | €2,557,029 | €2,904,495 | +€347,466 | +13.6% |
| Fixed assets | 21/28 | €1,172,395 | €1,677,927 | +€505,532 | +43.1% |
| Intangible fixed assets | 21 | €906,090 | €792,934 | -€113,156 | -12.5% |
| Tangible fixed assets | 22/27 | €263,505 | €249,193 | -€14,311 | -5.4% |
| Plant, machinery and equipment | 23 | €23,262 | €20,133 | -€3,129 | -13.5% |
| Furniture and vehicles | 24 | €199,884 | €170,464 | -€29,420 | -14.7% |
| Other tangible fixed assets | 26 | €40,359 | €58,596 | +€18,237 | +45.2% |
| Financial fixed assets | 28 | €2,800 | €635,800 | +€633,000 | +22607.1% |
| Current assets | 29/58 | €1,384,634 | €1,226,568 | -€158,066 | -11.4% |
| Stocks and contracts in progress | 3 | €227,249 | €174,409 | -€52,840 | -23.3% |
| Stocks | 30/36 | €43,345 | €60,133 | +€16,789 | +38.7% |
| Contracts in progress | 37 | €183,904 | €114,275 | -€69,629 | -37.9% |
| Amounts receivable within one year | 40/41 | €755,814 | €710,305 | -€45,509 | -6.0% |
| Trade receivables | 40 | €695,661 | €643,231 | -€52,430 | -7.5% |
| Other amounts receivable | 41 | €60,152 | €67,074 | +€6,921 | +11.5% |
| Cash at bank and in hand | 54/58 | €368,028 | €275,808 | -€92,219 | -25.1% |
| Deferred charges and accrued income | 490/1 | €33,544 | €66,046 | +€32,502 | +96.9% |
| Total equity and liabilities | 10/49 | €2,557,029 | €2,904,495 | +€347,466 | +13.6% |
| Equity | 10/15 | €783,893 | €800,614 | +€16,721 | +2.1% |
| Contributions | 10/11 | €79,856 | €79,856 | = | 0.0% |
| Reserves | 13 | €704,037 | €720,758 | +€16,721 | +2.4% |
| Distributable reserves | 133 | €704,037 | €720,758 | +€16,721 | +2.4% |
| Amounts payable | 17/49 | €1,773,136 | €2,103,880 | +€330,745 | +18.7% |
| Amounts payable after more than one year | 17 | €219,030 | €487,539 | +€268,508 | +122.6% |
| Financial debts | 170/4 | €219,030 | €487,539 | +€268,508 | +122.6% |
| Amounts payable within one year | 42/48 | €1,540,151 | €1,588,714 | +€48,563 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €162,223 | €177,155 | +€14,933 | +9.2% |
| Financial debts | 43 | €114,808 | €57,821 | -€56,987 | -49.6% |
| Credit institutions | 430/8 | €114,808 | €57,821 | -€56,987 | -49.6% |
| Trade debts | 44 | €838,220 | €869,792 | +€31,572 | +3.8% |
| Suppliers | 440/4 | €838,220 | €869,792 | +€31,572 | +3.8% |
| Taxes, remuneration and social security | 45 | €314,278 | €214,535 | -€99,742 | -31.7% |
| Taxes | 450/3 | €85,879 | €61,802 | -€24,077 | -28.0% |
| Remuneration and social security | 454/9 | €228,399 | €152,734 | -€75,665 | -33.1% |
| Other amounts payable | 47/48 | €110,622 | €269,409 | +€158,787 | +143.5% |
| Accrued charges and deferred income | 492/3 | €13,954 | €27,628 | +€13,674 | +98.0% |
| Remuneration, social security and pensions | 62 | €1,260,447 | €1,371,223 | +€110,776 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,968 | €258,696 | +€8,728 | +3.5% |
| Other operating charges | 640/8 | €6,837 | €8,806 | +€1,969 | +28.8% |
| Gross operating margin | 9900 | €1,673,282 | €1,734,390 | +€61,108 | +3.7% |
| Operating profit (loss) | 9901 | €156,030 | €95,665 | -€60,365 | -38.7% |
| Financial income | 75/76B | €41,733 | €5,633 | -€36,100 | -86.5% |
| Recurring financial income | 75 | €1,332 | €1,258 | -€74 | -5.5% |
| Non-recurring financial income | 76B | €40,401 | €4,375 | -€36,026 | -89.2% |
| Financial charges | 65/66B | €82,486 | €67,639 | -€14,847 | -18.0% |
| Recurring financial charges | 65 | €65,610 | €66,272 | +€662 | +1.0% |
| Non-recurring financial charges | 66B | €16,876 | €1,367 | -€15,509 | -91.9% |
| Profit (loss) for the period before taxes | 9903 | €115,277 | €33,660 | -€81,617 | -70.8% |
| Income taxes | 67/77 | €36,869 | €16,938 | -€19,931 | -54.1% |
| Profit (loss) for the period | 9904 | €78,408 | €16,721 | -€61,687 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,408 | €16,721 | -€61,687 | -78.7% |
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 2 October 2026 via checked.be.