ITARES: 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.
ITARES
Largest movements
- Tangible fixed assets -€18,185
down €18,185 (-4.0%), from €456,297 to €438,112
- Receivables within one year +€6,000
new in 2025: €6,000
- Debts after one year -€36,309
down €36,309 (-18.0%), from €202,115 to €165,806
- Reserves +€26,550
up €26,550 (+28.1%), from €94,372 to €120,922
- Other debts -€9,254
down €9,254 (-8.9%), from €104,013 to €94,759
- Gross operating margin +€15,666
up €15,666 (+27.1%), from €57,714 to €73,380
- Taxes +€5,041
up €5,041 (+67.1%), from €7,509 to €12,550
- Financial charges -€989
down €989 (-11.9%), from €8,326 to €7,336
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 | €472,633 | €457,456 | -€15,177 | -3.2% |
| Fixed assets | 21/28 | €456,297 | €438,112 | -€18,185 | -4.0% |
| Tangible fixed assets | 22/27 | €456,297 | €438,112 | -€18,185 | -4.0% |
| Land and buildings | 22 | €456,297 | €438,112 | -€18,185 | -4.0% |
| Current assets | 29/58 | €16,336 | €19,344 | +€3,008 | +18.4% |
| Amounts receivable within one year | 40/41 | - | €6,000 | +€6,000 | |
| Trade receivables | 40 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €15,976 | €12,972 | -€3,004 | -18.8% |
| Deferred charges and accrued income | 490/1 | €359 | €371 | +€12 | +3.3% |
| Total equity and liabilities | 10/49 | €472,633 | €457,456 | -€15,177 | -3.2% |
| Equity | 10/15 | €129,995 | €156,546 | +€26,551 | +20.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €94,372 | €120,922 | +€26,550 | +28.1% |
| Distributable reserves | 133 | €94,372 | €120,922 | +€26,550 | +28.1% |
| Profit (loss) carried forward | 14 | €5,623 | €5,624 | +€1 | 0.0% |
| Amounts payable | 17/49 | €342,638 | €300,910 | -€41,728 | -12.2% |
| Amounts payable after more than one year | 17 | €202,115 | €165,806 | -€36,309 | -18.0% |
| Financial debts | 170/4 | €202,115 | €165,806 | -€36,309 | -18.0% |
| Amounts payable within one year | 42/48 | €140,523 | €135,104 | -€5,419 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €25,462 | €26,309 | +€847 | +3.3% |
| Financial debts | 43 | - | €1,938 | +€1,938 | |
| Credit institutions | 430/8 | - | €1,938 | +€1,938 | |
| Trade debts | 44 | €56 | €538 | +€483 | +864.1% |
| Suppliers | 440/4 | €56 | €538 | +€483 | +864.1% |
| Taxes, remuneration and social security | 45 | €10,992 | €11,559 | +€567 | +5.2% |
| Taxes | 450/3 | €10,992 | €11,559 | +€567 | +5.2% |
| Other amounts payable | 47/48 | €104,013 | €94,759 | -€9,254 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,185 | €18,185 | = | 0.0% |
| Other operating charges | 640/8 | €8,491 | €8,758 | +€267 | +3.1% |
| Gross operating margin | 9900 | €57,714 | €73,380 | +€15,666 | +27.1% |
| Operating profit (loss) | 9901 | €31,038 | €46,437 | +€15,400 | +49.6% |
| Financial charges | 65/66B | €8,326 | €7,336 | -€989 | -11.9% |
| Recurring financial charges | 65 | €8,326 | €7,336 | -€989 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €22,712 | €39,101 | +€16,389 | +72.2% |
| Income taxes | 67/77 | €7,509 | €12,550 | +€5,041 | +67.1% |
| Profit (loss) for the period | 9904 | €15,203 | €26,551 | +€11,348 | +74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,203 | €26,551 | +€11,348 | +74.6% |
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 5 October 2026 via checked.be.