ItalSystem: 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.
ItalSystem
Largest movements
- Receivables within one year +€234,871
up €234,871 (+72.1%), from €325,672 to €560,543
of which Trade receivables: +€217,238
- Cash -€62,103
down €62,103 (-10.7%), from €579,653 to €517,549
mainly Receivables within one year (-€234,871) and Tax, wage and social debts (-€60,084)
- Tangible fixed assets -€28,431
down €28,431 (-42.9%), from €66,206 to €37,775
of which Furniture and vehicles: -€28,544
- Debts after one year +€77,468
up €77,468 (+307.7%), from €25,174 to €102,642
of which Financial debts: +€77,468
- Tax, wage and social debts -€60,084
down €60,084 (-69.0%), from €87,089 to €27,005
of which Remuneration and social security: -€54,631
- Profit (loss) carried forward +€49,201
up €49,201 (+26.1%), from €188,182 to €237,382
- Trade debts +€44,526
up €44,526 (+11.6%), from €385,114 to €429,640
- Current portion of long-term debt +€19,472
up €19,472 (+100.4%), from €19,401 to €38,873
- Gross operating margin +€256,317
up €256,317 (+59.8%), from €428,733 to €685,050
- Staff costs +€56,143
up €56,143 (+12.0%), from €469,099 to €525,242
- Taxes +€39,541
up €39,541 (+147.6%), from €26,796 to €66,337
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 | €981,995 | €1,134,941 | +€152,946 | +15.6% |
| Formation expenses | 20 | €840 | €655 | -€185 | -22.0% |
| Fixed assets | 21/28 | €66,616 | €38,185 | -€28,431 | -42.7% |
| Tangible fixed assets | 22/27 | €66,206 | €37,775 | -€28,431 | -42.9% |
| Plant, machinery and equipment | 23 | €5,931 | €6,043 | +€112 | +1.9% |
| Furniture and vehicles | 24 | €60,275 | €31,732 | -€28,544 | -47.4% |
| Financial fixed assets | 28 | €410 | €410 | = | 0.0% |
| Current assets | 29/58 | €914,538 | €1,096,101 | +€181,563 | +19.9% |
| Amounts receivable within one year | 40/41 | €325,672 | €560,543 | +€234,871 | +72.1% |
| Trade receivables | 40 | €292,081 | €509,319 | +€217,238 | +74.4% |
| Other amounts receivable | 41 | €33,591 | €51,224 | +€17,633 | +52.5% |
| Cash at bank and in hand | 54/58 | €579,653 | €517,549 | -€62,103 | -10.7% |
| Deferred charges and accrued income | 490/1 | €9,214 | €18,009 | +€8,795 | +95.5% |
| Total equity and liabilities | 10/49 | €981,995 | €1,134,941 | +€152,946 | +15.6% |
| Equity | 10/15 | €242,322 | €291,522 | +€49,201 | +20.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €33,680 | €33,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €33,680 | €33,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,182 | €237,382 | +€49,201 | +26.1% |
| Amounts payable | 17/49 | €739,673 | €843,419 | +€103,746 | +14.0% |
| Amounts payable after more than one year | 17 | €25,174 | €102,642 | +€77,468 | +307.7% |
| Financial debts | 170/4 | €16,445 | €93,913 | +€77,468 | +471.1% |
| Other amounts payable | 178/9 | €8,729 | €8,729 | = | 0.0% |
| Amounts payable within one year | 42/48 | €573,041 | €598,786 | +€25,745 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €19,401 | €38,873 | +€19,472 | +100.4% |
| Financial debts | 43 | €50,000 | €66,877 | +€16,877 | +33.8% |
| Other loans | 439 | €50,000 | €66,877 | +€16,877 | +33.8% |
| Trade debts | 44 | €385,114 | €429,640 | +€44,526 | +11.6% |
| Suppliers | 440/4 | €385,114 | €429,640 | +€44,526 | +11.6% |
| Taxes, remuneration and social security | 45 | €87,089 | €27,005 | -€60,084 | -69.0% |
| Taxes | 450/3 | €24,131 | €18,678 | -€5,453 | -22.6% |
| Remuneration and social security | 454/9 | €62,958 | €8,327 | -€54,631 | -86.8% |
| Other amounts payable | 47/48 | €31,437 | €36,391 | +€4,955 | +15.8% |
| Accrued charges and deferred income | 492/3 | €141,458 | €141,991 | +€533 | +0.4% |
| Non-recurring operating income | 76A | €390 | €11,574 | +€11,184 | +2867.4% |
| Remuneration, social security and pensions | 62 | €469,099 | €525,242 | +€56,143 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,147 | €29,789 | -€357 | -1.2% |
| Other operating charges | 640/8 | €3,740 | €7,399 | +€3,659 | +97.8% |
| Non-recurring operating charges | 66A | €481 | €274 | -€207 | -43.0% |
| Gross operating margin | 9900 | €428,733 | €685,050 | +€256,317 | +59.8% |
| Operating profit (loss) | 9901 | -€74,733 | €122,345 | +€197,079 | |
| Financial income | 75/76B | €11 | €1,001 | +€990 | +8780.3% |
| Recurring financial income | 75 | €11 | €1,001 | +€990 | +8780.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,939 | €7,808 | +€869 | +12.5% |
| Recurring financial charges | 65 | €6,939 | €7,808 | +€869 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€81,661 | €115,538 | +€197,199 | |
| Income taxes | 67/77 | €26,796 | €66,337 | +€39,541 | +147.6% |
| Profit (loss) for the period | 9904 | -€108,457 | €49,201 | +€157,658 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€108,457 | €49,201 | +€157,658 |
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.