ITALVIN: 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.
ITALVIN
Largest movements
- Cash +€225,371
up €225,371 (+79.7%), from €282,674 to €508,045
mainly Trade debts (+€181,253) and Net result for the year (+€176,288)
- Stocks and contracts +€204,266
up €204,266 (+23.7%), from €862,146 to €1.1m
- Current investments -€92,750
no longer reported in 2025 (was €92,750)
- Tangible fixed assets +€55,865
up €55,865 (+56.6%), from €98,778 to €154,643
of which Furniture and vehicles: +€69,999
- Receivables within one year +€29,262
up €29,262 (+7.0%), from €417,066 to €446,328
of which Trade receivables: +€30,986
- Trade debts +€181,253
up €181,253 (+102%), from €177,835 to €359,088
- Reserves +€96,288
up €96,288 (+8.0%), from €1.2m to €1.3m
of which Distributable reserves: +€96,288
- Debts after one year +€56,087
new in 2025: €56,087
- Tax, wage and social debts +€37,833
up €37,833 (+42.1%), from €89,801 to €127,635
of which Taxes: +€36,040
- Other debts +€37,605
up €37,605 (+16.8%), from €223,358 to €260,963
- Gross operating margin +€43,162
up €43,162 (+6.0%), from €725,188 to €768,350
- Staff costs +€30,786
up €30,786 (+20.3%), from €151,580 to €182,366
- Financial income +€11,895
up €11,895 (+5,476%), from €217 to €12,113
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 | €1,760,786 | €2,186,766 | +€425,980 | +24.2% |
| Fixed assets | 21/28 | €98,854 | €160,696 | +€61,842 | +62.6% |
| Intangible fixed assets | 21 | - | €5,977 | +€5,977 | |
| Tangible fixed assets | 22/27 | €98,778 | €154,643 | +€55,865 | +56.6% |
| Land and buildings | 22 | €40,230 | €27,194 | -€13,036 | -32.4% |
| Plant, machinery and equipment | 23 | €7,395 | €6,297 | -€1,099 | -14.9% |
| Furniture and vehicles | 24 | €51,153 | €121,153 | +€69,999 | +137% |
| Financial fixed assets | 28 | €76 | €76 | = | 0.0% |
| Current assets | 29/58 | €1,661,932 | €2,026,070 | +€364,138 | +21.9% |
| Stocks and contracts in progress | 3 | €862,146 | €1,066,411 | +€204,266 | +23.7% |
| Stocks | 30/36 | €862,146 | €1,066,411 | +€204,266 | +23.7% |
| Amounts receivable within one year | 40/41 | €417,066 | €446,328 | +€29,262 | +7.0% |
| Trade receivables | 40 | €394,355 | €425,341 | +€30,986 | +7.9% |
| Other amounts receivable | 41 | €22,711 | €20,988 | -€1,724 | -7.6% |
| Current investments | 50/53 | €92,750 | - | -€92,750 | |
| Cash at bank and in hand | 54/58 | €282,674 | €508,045 | +€225,371 | +79.7% |
| Deferred charges and accrued income | 490/1 | €7,297 | €5,286 | -€2,011 | -27.6% |
| Total equity and liabilities | 10/49 | €1,760,786 | €2,186,766 | +€425,980 | +24.2% |
| Equity | 10/15 | €1,269,792 | €1,366,079 | +€96,288 | +7.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,207,792 | €1,304,079 | +€96,288 | +8.0% |
| Non-distributable reserves | 130/1 | €33,200 | €33,200 | = | 0.0% |
| Legal reserve | 130 | €33,200 | €33,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,589 | €19,589 | = | 0.0% |
| Distributable reserves | 133 | €1,155,003 | €1,251,290 | +€96,288 | +8.3% |
| Amounts payable | 17/49 | €490,994 | €820,686 | +€329,692 | +67.1% |
| Amounts payable after more than one year | 17 | - | €56,087 | +€56,087 | |
| Financial debts | 170/4 | - | €56,087 | +€56,087 | |
| Amounts payable within one year | 42/48 | €490,994 | €762,193 | +€271,199 | +55.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,508 | +€14,508 | |
| Trade debts | 44 | €177,835 | €359,088 | +€181,253 | +102% |
| Suppliers | 440/4 | €177,835 | €359,088 | +€181,253 | +102% |
| Taxes, remuneration and social security | 45 | €89,801 | €127,635 | +€37,833 | +42.1% |
| Taxes | 450/3 | €78,439 | €114,480 | +€36,040 | +45.9% |
| Remuneration and social security | 454/9 | €11,362 | €13,155 | +€1,793 | +15.8% |
| Other amounts payable | 47/48 | €223,358 | €260,963 | +€37,605 | +16.8% |
| Accrued charges and deferred income | 492/3 | - | €2,407 | +€2,407 | |
| Remuneration, social security and pensions | 62 | €151,580 | €182,366 | +€30,786 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,278 | €39,425 | +€5,147 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,173 | -€80 | +€5,093 | +98.5% |
| Other operating charges | 640/8 | €288,533 | €286,258 | -€2,275 | -0.8% |
| Gross operating margin | 9900 | €725,188 | €768,350 | +€43,162 | +6.0% |
| Operating profit (loss) | 9901 | €255,969 | €260,380 | +€4,411 | +1.7% |
| Financial income | 75/76B | €217 | €12,113 | +€11,895 | +5,476% |
| Recurring financial income | 75 | €217 | €12,113 | +€11,895 | +5,476% |
| Financial charges | 65/66B | €25,000 | €22,389 | -€2,611 | -10.4% |
| Recurring financial charges | 65 | €25,000 | €22,364 | -€2,636 | -10.5% |
| Non-recurring financial charges | 66B | - | €25 | +€25 | |
| Profit (loss) for the period before taxes | 9903 | €231,186 | €250,103 | +€18,917 | +8.2% |
| Income taxes | 67/77 | €71,899 | €73,816 | +€1,917 | +2.7% |
| Profit (loss) for the period | 9904 | €159,287 | €176,288 | +€17,001 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €159,287 | €176,288 | +€17,001 | +10.7% |
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 20 October 2026 via checked.be.