ITALIAN PUB: 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.
ITALIAN PUB
Largest movements
- Receivables within one year -€7,565
down €7,565 (-2.6%), from €290,498 to €282,933
- Cash -€5,970
down €5,970 (-23.7%), from €25,229 to €19,259
mainly Debts after one year (-€27,761) and Net result for the year (-€26,430)
- Tax, wage and social debts +€41,499
up €41,499 (+89.6%), from €46,334 to €87,833
of which Taxes: +€30,846
- Debts after one year -€27,761
no longer reported in 2025 (was €27,761)
- Profit (loss) carried forward -€26,430
down €26,430 (-36.4%), from €72,658 to €46,228
- Trade debts +€10,249
up €10,249 (+13.1%), from €78,129 to €88,377
- Current portion of long-term debt -€6,728
down €6,728 (-18.8%), from €35,868 to €29,141
- Staff costs +€34,535
up €34,535 (+17.6%), from €196,658 to €231,192
- Gross operating margin +€17,518
up €17,518 (+8.5%), from €206,502 to €224,020
- Financial charges +€6,562
up €6,562 (+59.0%), from €11,131 to €17,693
- Depreciation -€2,718
down €2,718 (-90.2%), from €3,014 to €296
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 | €321,503 | €309,239 | -€12,264 | -3.8% |
| Fixed assets | 21/28 | - | €1,736 | +€1,736 | |
| Tangible fixed assets | 22/27 | - | €1,736 | +€1,736 | |
| Plant, machinery and equipment | 23 | - | €1,736 | +€1,736 | |
| Current assets | 29/58 | €321,503 | €307,503 | -€14,000 | -4.4% |
| Stocks and contracts in progress | 3 | €5,776 | €5,312 | -€465 | -8.0% |
| Stocks | 30/36 | €5,776 | €5,312 | -€465 | -8.0% |
| Amounts receivable within one year | 40/41 | €290,498 | €282,933 | -€7,565 | -2.6% |
| Other amounts receivable | 41 | €290,498 | €282,933 | -€7,565 | -2.6% |
| Cash at bank and in hand | 54/58 | €25,229 | €19,259 | -€5,970 | -23.7% |
| Total equity and liabilities | 10/49 | €321,503 | €309,239 | -€12,264 | -3.8% |
| Equity | 10/15 | €123,169 | €96,739 | -€26,430 | -21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,911 | €31,911 | = | 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% |
| Distributable reserves | 133 | €30,051 | €30,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,658 | €46,228 | -€26,430 | -36.4% |
| Amounts payable | 17/49 | €198,334 | €212,500 | +€14,165 | +7.1% |
| Amounts payable after more than one year | 17 | €27,761 | - | -€27,761 | |
| Financial debts | 170/4 | €27,761 | - | -€27,761 | |
| Amounts payable within one year | 42/48 | €170,573 | €212,500 | +€41,927 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €35,868 | €29,141 | -€6,728 | -18.8% |
| Financial debts | 43 | €10,242 | €7,149 | -€3,093 | -30.2% |
| Credit institutions | 430/8 | €10,242 | €7,149 | -€3,093 | -30.2% |
| Trade debts | 44 | €78,129 | €88,377 | +€10,249 | +13.1% |
| Suppliers | 440/4 | €78,129 | €88,377 | +€10,249 | +13.1% |
| Taxes, remuneration and social security | 45 | €46,334 | €87,833 | +€41,499 | +89.6% |
| Taxes | 450/3 | €32,966 | €63,812 | +€30,846 | +93.6% |
| Remuneration and social security | 454/9 | €13,368 | €24,021 | +€10,653 | +79.7% |
| Remuneration, social security and pensions | 62 | €196,658 | €231,192 | +€34,535 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,014 | €296 | -€2,718 | -90.2% |
| Other operating charges | 640/8 | €1,411 | €1,225 | -€186 | -13.2% |
| Gross operating margin | 9900 | €206,502 | €224,020 | +€17,518 | +8.5% |
| Operating profit (loss) | 9901 | €5,419 | -€8,694 | -€14,112 | |
| Financial income | 75/76B | €0 | €15 | +€15 | +36,900% |
| Recurring financial income | 75 | €0 | €15 | +€15 | +36,900% |
| Financial charges | 65/66B | €11,131 | €17,693 | +€6,562 | +59.0% |
| Recurring financial charges | 65 | €11,131 | €17,693 | +€6,562 | +59.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,712 | -€26,371 | -€20,659 | -362% |
| Income taxes | 67/77 | €56 | €58 | +€2 | +4.4% |
| Profit (loss) for the period | 9904 | -€5,768 | -€26,430 | -€20,662 | -358% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,768 | -€26,430 | -€20,662 | -358% |
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 26 October 2026 via checked.be.