ITAM: 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.
ITAM
Largest movements
- Receivables within one year +€47,273
up €47,273 (+130%), from €36,475 to €83,748
of which Trade receivables: +€47,273
- Cash +€25,025
up €25,025 (+626%), from €3,996 to €29,022
mainly Net result for the year (+€56,391) and Trade debts (+€44,674)
- Tangible fixed assets +€8,944
up €8,944 (+4.0%), from €223,928 to €232,872
of which Furniture and vehicles: +€27,435
- Reserves +€56,391
up €56,391 (+40.0%), from €141,049 to €197,440
of which Distributable reserves: +€56,391
- Other debts -€48,263
down €48,263 (-52.5%), from €91,859 to €43,596
- Trade debts +€44,674
up €44,674 (+1,399%), from €3,194 to €47,868
- Debts after one year +€13,670
new in 2025: €13,670
- Tax, wage and social debts +€11,041
up €11,041 (+106%), from €10,413 to €21,454
of which Taxes: +€13,071
- Gross operating margin +€87,690
up €87,690 (+312%), from €28,100 to €115,789
- Taxes +€26,555
up €26,555 (+1,427%), from €1,861 to €28,416
- Depreciation +€6,485
up €6,485 (+28.4%), from €22,818 to €29,303
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 | €265,114 | €346,464 | +€81,350 | +30.7% |
| Fixed assets | 21/28 | €223,928 | €232,872 | +€8,944 | +4.0% |
| Tangible fixed assets | 22/27 | €223,928 | €232,872 | +€8,944 | +4.0% |
| Land and buildings | 22 | €109,867 | €103,467 | -€6,400 | -5.8% |
| Plant, machinery and equipment | 23 | €109,932 | €97,841 | -€12,091 | -11.0% |
| Furniture and vehicles | 24 | €4,129 | €31,564 | +€27,435 | +664% |
| Current assets | 29/58 | €41,186 | €113,593 | +€72,406 | +176% |
| Amounts receivable within one year | 40/41 | €36,475 | €83,748 | +€47,273 | +130% |
| Trade receivables | 40 | €34,336 | €81,609 | +€47,273 | +138% |
| Other amounts receivable | 41 | €2,139 | €2,139 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,996 | €29,022 | +€25,025 | +626% |
| Deferred charges and accrued income | 490/1 | €715 | €823 | +€108 | +15.1% |
| Total equity and liabilities | 10/49 | €265,114 | €346,464 | +€81,350 | +30.7% |
| Equity | 10/15 | €159,649 | €216,040 | +€56,391 | +35.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,049 | €197,440 | +€56,391 | +40.0% |
| Tax-exempt reserves | 132 | €42 | €42 | = | 0.0% |
| Distributable reserves | 133 | €141,007 | €197,398 | +€56,391 | +40.0% |
| Amounts payable | 17/49 | €105,465 | €130,425 | +€24,959 | +23.7% |
| Amounts payable after more than one year | 17 | - | €13,670 | +€13,670 | |
| Financial debts | 170/4 | - | €13,670 | +€13,670 | |
| Amounts payable within one year | 42/48 | €105,465 | €116,755 | +€11,290 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | - | €3,837 | +€3,837 | |
| Trade debts | 44 | €3,194 | €47,868 | +€44,674 | +1,399% |
| Suppliers | 440/4 | €3,194 | €47,868 | +€44,674 | +1,399% |
| Taxes, remuneration and social security | 45 | €10,413 | €21,454 | +€11,041 | +106% |
| Taxes | 450/3 | €8,384 | €21,454 | +€13,071 | +156% |
| Remuneration and social security | 454/9 | €2,029 | - | -€2,029 | |
| Other amounts payable | 47/48 | €91,859 | €43,596 | -€48,263 | -52.5% |
| Non-recurring operating income | 76A | - | €5,785 | +€5,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,818 | €29,303 | +€6,485 | +28.4% |
| Other operating charges | 640/8 | €615 | €1,083 | +€467 | +75.9% |
| Gross operating margin | 9900 | €28,100 | €115,789 | +€87,690 | +312% |
| Operating profit (loss) | 9901 | €4,666 | €85,403 | +€80,738 | +1,730% |
| Financial charges | 65/66B | €59 | €597 | +€538 | +920% |
| Recurring financial charges | 65 | €59 | €597 | +€538 | +920% |
| Profit (loss) for the period before taxes | 9903 | €4,607 | €84,807 | +€80,200 | +1,741% |
| Income taxes | 67/77 | €1,861 | €28,416 | +€26,555 | +1,427% |
| Profit (loss) for the period | 9904 | €2,746 | €56,391 | +€53,645 | +1,953% |
| Profit (loss) for the period to be appropriated | 9905 | €2,746 | €56,391 | +€53,645 | +1,953% |
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 15 October 2026 via checked.be.