ITAL - GAMMA: what changed
Two financial 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.
ITAL - GAMMA
Largest movements
- Tangible fixed assets -€84,422
down €84,422 (-10.2%), from €830,883 to €746,462
of which Plant, machinery and equipment: -€65,434
- Receivables within one year +€12,646
up €12,646 (+82.8%), from €15,269 to €27,915
of which Trade receivables: +€12,965
- Cash +€9,850
up €9,850 (+54.3%), from €18,139 to €27,989
mainly Depreciation (+€96,169) and Tax, wage and social debts (+€66,065)
- Profit (loss) carried forward -€69,872
down €69,872 (-58.2%), from €120,004 to €50,132
- Tax, wage and social debts +€66,065
up €66,065 (+87.6%), from €75,453 to €141,518
of which Taxes: +€51,006
- Debts after one year -€51,496
down €51,496 (-12.5%), from €412,109 to €360,613
- Other debts -€19,672
down €19,672 (-57.1%), from €34,477 to €14,805
- Short-term financial debts +€18,982
up €18,982 (+38.0%), from €50,000 to €68,982
- Purchases and services +€1.1m
new in 2025: €1.1m
- Staff costs +€169,214
up €169,214 (+78.4%), from €215,792 to €385,006
- Gross operating margin +€30,118
up €30,118 (+7.0%), from €428,347 to €458,466
- Other operating charges -€5,646
down €5,646 (-29.5%), from €19,124 to €13,478
- Depreciation -€4,884
down €4,884 (-4.8%), from €101,053 to €96,169
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.
Derived cash bridge
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 | €946,743 | €877,788 | -€68,955 | -7.3% |
| Fixed assets | 21/28 | €831,195 | €746,773 | -€84,422 | -10.2% |
| Tangible fixed assets | 22/27 | €830,883 | €746,462 | -€84,422 | -10.2% |
| Land and buildings | 22 | €168,755 | €156,591 | -€12,163 | -7.2% |
| Plant, machinery and equipment | 23 | €646,107 | €580,673 | -€65,434 | -10.1% |
| Furniture and vehicles | 24 | €16,022 | €9,198 | -€6,824 | -42.6% |
| Financial fixed assets | 28 | €311 | €311 | = | 0.0% |
| Current assets | 29/58 | €115,548 | €131,015 | +€15,467 | +13.4% |
| Stocks and contracts in progress | 3 | €66,683 | €65,764 | -€919 | -1.4% |
| Stocks | 30/36 | €66,683 | €65,764 | -€919 | -1.4% |
| Amounts receivable within one year | 40/41 | €15,269 | €27,915 | +€12,646 | +82.8% |
| Trade receivables | 40 | €12,585 | €25,550 | +€12,965 | +103% |
| Other amounts receivable | 41 | €2,684 | €2,365 | -€319 | -11.9% |
| Cash at bank and in hand | 54/58 | €18,139 | €27,989 | +€9,850 | +54.3% |
| Deferred charges and accrued income | 490/1 | €15,457 | €9,347 | -€6,110 | -39.5% |
| Total equity and liabilities | 10/49 | €946,743 | €877,788 | -€68,955 | -7.3% |
| Equity | 10/15 | €141,172 | €71,300 | -€69,872 | -49.5% |
| Contributions | 10/11 | €19,244 | €19,244 | = | 0.0% |
| Reserves | 13 | €1,924 | €1,924 | = | 0.0% |
| Distributable reserves | 133 | €1,924 | €1,924 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,004 | €50,132 | -€69,872 | -58.2% |
| Amounts payable | 17/49 | €805,571 | €806,488 | +€918 | +0.1% |
| Amounts payable after more than one year | 17 | €412,109 | €360,613 | -€51,496 | -12.5% |
| Financial debts | 170/4 | €412,109 | €360,613 | -€51,496 | -12.5% |
| Amounts payable within one year | 42/48 | €393,462 | €445,875 | +€52,413 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €50,071 | €51,496 | +€1,424 | +2.8% |
| Financial debts | 43 | €50,000 | €68,982 | +€18,982 | +38.0% |
| Credit institutions | 430/8 | €50,000 | €68,982 | +€18,982 | +38.0% |
| Trade debts | 44 | €183,460 | €169,075 | -€14,385 | -7.8% |
| Suppliers | 440/4 | €183,460 | €169,075 | -€14,385 | -7.8% |
| Taxes, remuneration and social security | 45 | €75,453 | €141,518 | +€66,065 | +87.6% |
| Taxes | 450/3 | €40,875 | €91,881 | +€51,006 | +125% |
| Remuneration and social security | 454/9 | €34,578 | €49,637 | +€15,059 | +43.6% |
| Other amounts payable | 47/48 | €34,477 | €14,805 | -€19,672 | -57.1% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,118,134 | +€1.1m | |
| Remuneration, social security and pensions | 62 | €215,792 | €385,006 | +€169,214 | +78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,053 | €96,169 | -€4,884 | -4.8% |
| Other operating charges | 640/8 | €19,124 | €13,478 | -€5,646 | -29.5% |
| Non-recurring operating charges | 66A | €523 | €374 | -€148 | -28.4% |
| Gross operating margin | 9900 | €428,347 | €458,466 | +€30,118 | +7.0% |
| Operating profit (loss) | 9901 | €91,856 | -€36,562 | -€128,418 | |
| Financial income | 75/76B | €41 | - | -€41 | |
| Recurring financial income | 75 | €41 | - | -€41 | |
| Financial charges | 65/66B | €29,966 | €33,310 | +€3,345 | +11.2% |
| Recurring financial charges | 65 | €29,966 | €33,310 | +€3,345 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €61,931 | -€69,872 | -€131,803 | |
| Profit (loss) for the period | 9904 | €61,931 | -€69,872 | -€131,803 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,931 | -€69,872 | -€131,803 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.