ITAO: 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.
ITAO
Largest movements
- Receivables within one year +€15,423
up €15,423 (+90.3%), from €17,071 to €32,493
of which Other amounts receivable: +€8,818
- Cash +€11,403
up €11,403 (+55.1%), from €20,701 to €32,104
mainly Net result for the year (+€54,908) and Other debts (+€20,805)
- Tangible fixed assets -€1,925
down €1,925 (-50.1%), from €3,841 to €1,916
- Other debts +€20,805
up €20,805 (+84.2%), from €24,724 to €45,529
- Trade debts +€5,377
new in 2025: €5,377
- Tax, wage and social debts -€1,248
down €1,248 (-8.4%), from €14,897 to €13,650
- Gross operating margin +€27,862
up €27,862 (+55.8%), from €49,921 to €77,784
- Taxes +€3,588
up €3,588 (+32.7%), from €10,979 to €14,567
- Other operating charges -€2,671
down €2,671 (-59.3%), from €4,501 to €1,830
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 | €41,680 | €66,591 | +€24,911 | +59.8% |
| Fixed assets | 21/28 | €3,841 | €1,916 | -€1,925 | -50.1% |
| Tangible fixed assets | 22/27 | €3,841 | €1,916 | -€1,925 | -50.1% |
| Furniture and vehicles | 24 | €3,841 | €1,916 | -€1,925 | -50.1% |
| Current assets | 29/58 | €37,839 | €64,674 | +€26,836 | +70.9% |
| Amounts receivable within one year | 40/41 | €17,071 | €32,493 | +€15,423 | +90.3% |
| Trade receivables | 40 | €14,363 | €20,967 | +€6,604 | +46.0% |
| Other amounts receivable | 41 | €2,708 | €11,526 | +€8,818 | +326% |
| Cash at bank and in hand | 54/58 | €20,701 | €32,104 | +€11,403 | +55.1% |
| Deferred charges and accrued income | 490/1 | €67 | €77 | +€10 | +15.2% |
| Total equity and liabilities | 10/49 | €41,680 | €66,591 | +€24,911 | +59.8% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,680 | €64,591 | +€24,911 | +62.8% |
| Amounts payable within one year | 42/48 | €39,680 | €64,591 | +€24,911 | +62.8% |
| Financial debts | 43 | €59 | €35 | -€24 | -40.8% |
| Other loans | 439 | €59 | €35 | -€24 | -40.8% |
| Trade debts | 44 | - | €5,377 | +€5,377 | |
| Suppliers | 440/4 | - | €5,377 | +€5,377 | |
| Taxes, remuneration and social security | 45 | €14,897 | €13,650 | -€1,248 | -8.4% |
| Taxes | 450/3 | €14,897 | €13,650 | -€1,248 | -8.4% |
| Other amounts payable | 47/48 | €24,724 | €45,529 | +€20,805 | +84.2% |
| Remuneration, social security and pensions | 62 | €2,527 | €3,084 | +€557 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,058 | €1,925 | -€133 | -6.5% |
| Other operating charges | 640/8 | €4,501 | €1,830 | -€2,671 | -59.3% |
| Gross operating margin | 9900 | €49,921 | €77,784 | +€27,862 | +55.8% |
| Operating profit (loss) | 9901 | €40,835 | €70,945 | +€30,110 | +73.7% |
| Financial income | 75/76B | €26 | €37 | +€11 | +42.4% |
| Recurring financial income | 75 | €26 | €37 | +€11 | +42.4% |
| Financial charges | 65/66B | €796 | €1,507 | +€711 | +89.3% |
| Recurring financial charges | 65 | €796 | €1,507 | +€711 | +89.3% |
| Profit (loss) for the period before taxes | 9903 | €40,065 | €69,475 | +€29,410 | +73.4% |
| Income taxes | 67/77 | €10,979 | €14,567 | +€3,588 | +32.7% |
| Profit (loss) for the period | 9904 | €29,087 | €54,908 | +€25,822 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,087 | €54,908 | +€25,822 | +88.8% |
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 16 October 2026 via checked.be.