ITALO: 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.
What changed
ITALO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11,784
2024 · €23,246-€11,462
Equity
€2.7m
2024 · €2.7m+€11,784
Cash
€40,097
2024 · €13,620+€26,478
Balance sheet total
€4.2m
2024 · €4.0m+€166,425
Largest movements
Assets
- Receivables within one year +€157,855
up €157,855 (+101%), from €156,328 to €314,182
of which Trade receivables: +€115,322
Equity and liabilities
- Trade debts +€135,104
up €135,104 (+319%), from €42,410 to €177,513
Income statement
- Turnover +€78,000
up €78,000 (+24.1%), from €324,000 to €402,000
- Services and other goods +€73,174
up €73,174 (+34.5%), from €211,835 to €285,009
- Other operating income -€13,775
down €13,775 (-41.9%), from €32,863 to €19,088
- Taxes +€5,220
up €5,220 (+121%), from €4,322 to €9,543
- Staff costs -€4,552
down €4,552 (-7.4%), from €61,440 to €56,888
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.
Result 2024
€23,246
Turnover
+€78,000
Other operating income
-€13,775
Services and other goods
-€73,174
Staff costs
+€4,552
Depreciation
+€0
Other operating charges
+€831
Other operating items
-€6,661
Financial charges
+€3,985
Taxes
-€5,220
Result 2025
€11,784
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€8,202
Investment
€0
Financing
+€18,276
Cash 2024
€13,620
From operations (derived)
+€8,202
Net result for the year
+€11,784
Depreciation
+€19,178
Receivables within one year
-€157,855
Deferred charges and accrued income
-€1,271
Trade debts
+€135,104
Tax, wage and social debts
-€3,426
Other debts
-€3,236
Accrued charges and deferred income
+€7,924
Financing
+€18,276
Debts after one year
+€17,604
Current portion of long-term debt
+€672
Cash 2025
€40,097
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,016,316 | €4,182,741 | +€166,425 | +4.1% |
| Fixed assets | 21/28 | €3,843,412 | €3,824,234 | -€19,178 | -0.5% |
| Tangible fixed assets | 22/27 | €76,711 | €57,533 | -€19,178 | -25.0% |
| Furniture and vehicles | 24 | €76,711 | €57,533 | -€19,178 | -25.0% |
| Financial fixed assets | 28 | €3,766,701 | €3,766,701 | = | 0.0% |
| Affiliated companies | 280/1 | €3,766,701 | €3,766,701 | = | 0.0% |
| Participating interests | 280 | €3,766,701 | €3,766,701 | = | 0.0% |
| Current assets | 29/58 | €172,904 | €358,507 | +€185,603 | +107% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €156,328 | €314,182 | +€157,855 | +101% |
| Trade receivables | 40 | €83,855 | €199,177 | +€115,322 | +138% |
| Other amounts receivable | 41 | €72,473 | €115,006 | +€42,533 | +58.7% |
| Cash at bank and in hand | 54/58 | €13,620 | €40,097 | +€26,478 | +194% |
| Deferred charges and accrued income | 490/1 | €2,957 | €4,227 | +€1,271 | +43.0% |
| Total equity and liabilities | 10/49 | €4,016,316 | €4,182,741 | +€166,425 | +4.1% |
| Equity | 10/15 | €2,666,991 | €2,678,776 | +€11,784 | +0.4% |
| Contributions | 10/11 | €2,498,000 | €2,498,000 | = | 0.0% |
| Reserves | 13 | €168,991 | €180,776 | +€11,784 | +7.0% |
| Distributable reserves | 133 | €168,991 | €180,776 | +€11,784 | +7.0% |
| Amounts payable | 17/49 | €1,349,324 | €1,503,965 | +€154,641 | +11.5% |
| Amounts payable after more than one year | 17 | €1,235,404 | €1,253,008 | +€17,604 | +1.4% |
| Financial debts | 170/4 | €43,011 | €22,743 | -€20,269 | -47.1% |
| Credit institutions | 173 | €43,011 | €22,743 | -€20,269 | -47.1% |
| Other amounts payable | 178/9 | €1,192,393 | €1,230,265 | +€37,873 | +3.2% |
| Amounts payable within one year | 42/48 | €113,920 | €243,034 | +€129,113 | +113% |
| Current portion of amounts payable after more than one year | 42 | €19,597 | €20,269 | +€672 | +3.4% |
| Trade debts | 44 | €42,410 | €177,513 | +€135,104 | +319% |
| Suppliers | 440/4 | €42,410 | €177,513 | +€135,104 | +319% |
| Taxes, remuneration and social security | 45 | €14,042 | €10,616 | -€3,426 | -24.4% |
| Taxes | 450/3 | €5,255 | €2,043 | -€3,213 | -61.1% |
| Remuneration and social security | 454/9 | €8,786 | €8,573 | -€214 | -2.4% |
| Other amounts payable | 47/48 | €37,873 | €34,636 | -€3,236 | -8.5% |
| Accrued charges and deferred income | 492/3 | - | €7,924 | +€7,924 | |
| Operating income | 70/76A | €363,348 | €421,263 | +€57,914 | +15.9% |
| Turnover | 70 | €324,000 | €402,000 | +€78,000 | +24.1% |
| Other operating income | 74 | €32,863 | €19,088 | -€13,775 | -41.9% |
| Non-recurring operating income | 76A | €6,486 | €175 | -€6,311 | -97.3% |
| Operating charges | 60/66A | €295,274 | €363,415 | +€68,141 | +23.1% |
| Services and other goods | 61 | €211,835 | €285,009 | +€73,174 | +34.5% |
| Remuneration, social security and pensions | 62 | €61,440 | €56,888 | -€4,552 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,178 | €19,178 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,821 | €1,990 | -€831 | -29.5% |
| Non-recurring operating charges | 66A | - | €350 | +€350 | |
| Operating profit (loss) | 9901 | €68,074 | €57,848 | -€10,226 | -15.0% |
| Financial charges | 65/66B | €40,506 | €36,521 | -€3,985 | -9.8% |
| Recurring financial charges | 65 | €40,506 | €36,521 | -€3,985 | -9.8% |
| Debt charges | 650 | €40,105 | €36,449 | -€3,656 | -9.1% |
| Other financial charges | 652/9 | €401 | €72 | -€329 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | €27,568 | €21,327 | -€6,241 | -22.6% |
| Income taxes | 67/77 | €4,322 | €9,543 | +€5,220 | +121% |
| Taxes | 670/3 | €4,322 | €9,543 | +€5,220 | +121% |
| Profit (loss) for the period | 9904 | €23,246 | €11,784 | -€11,462 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,246 | €11,784 | -€11,462 | -49.3% |
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 18 October 2026 via checked.be.