ITC WALL: 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.
ITC WALL
Largest movements
- Receivables within one year +€21,650
new in 2025: €21,650
- Tangible fixed assets -€9,368
down €9,368 (-5.8%), from €160,605 to €151,237
of which Land and buildings: -€8,090
- Cash -€6,004
down €6,004 (-27.4%), from €21,919 to €15,915
mainly Receivables within one year (-€21,650) and Debts after one year (-€7,895)
- Profit (loss) carried forward +€20,270
up €20,270 (+15.1%), from €134,532 to €154,802
- Debts after one year -€7,895
down €7,895 (-30.6%), from €25,833 to €17,938
of which Financial debts: -€7,895
- Tax, wage and social debts -€4,350
no longer reported in 2025 (was €4,350)
- Current portion of long-term debt -€2,430
down €2,430 (-23.5%), from €10,325 to €7,895
- Depreciation -€1,720
down €1,720 (-15.5%), from €11,088 to €9,368
- Gross operating margin +€1,435
up €1,435 (+3.7%), from €38,285 to €39,720
- Taxes +€545
up €545 (+7.5%), from €7,277 to €7,822
- Financial charges -€497
down €497 (-31.9%), from €1,560 to €1,063
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 | €183,100 | €189,300 | +€6,200 | +3.4% |
| Fixed assets | 21/28 | €160,605 | €151,237 | -€9,368 | -5.8% |
| Tangible fixed assets | 22/27 | €160,605 | €151,237 | -€9,368 | -5.8% |
| Land and buildings | 22 | €159,327 | €151,237 | -€8,090 | -5.1% |
| Furniture and vehicles | 24 | €1,278 | - | -€1,278 | |
| Current assets | 29/58 | €22,495 | €38,062 | +€15,567 | +69.2% |
| Amounts receivable within one year | 40/41 | - | €21,650 | +€21,650 | |
| Other amounts receivable | 41 | - | €21,650 | +€21,650 | |
| Cash at bank and in hand | 54/58 | €21,919 | €15,915 | -€6,004 | -27.4% |
| Deferred charges and accrued income | 490/1 | €576 | €497 | -€79 | -13.7% |
| Total equity and liabilities | 10/49 | €183,100 | €189,300 | +€6,200 | +3.4% |
| Equity | 10/15 | €142,592 | €162,862 | +€20,270 | +14.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,532 | €154,802 | +€20,270 | +15.1% |
| Amounts payable | 17/49 | €40,508 | €26,438 | -€14,070 | -34.7% |
| Amounts payable after more than one year | 17 | €25,833 | €17,938 | -€7,895 | -30.6% |
| Financial debts | 170/4 | €24,198 | €16,303 | -€7,895 | -32.6% |
| Other amounts payable | 178/9 | €1,635 | €1,635 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,675 | €8,500 | -€6,175 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €10,325 | €7,895 | -€2,430 | -23.5% |
| Trade debts | 44 | - | €605 | +€605 | |
| Suppliers | 440/4 | - | €605 | +€605 | |
| Taxes, remuneration and social security | 45 | €4,350 | - | -€4,350 | |
| Taxes | 450/3 | €4,350 | - | -€4,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,088 | €9,368 | -€1,720 | -15.5% |
| Other operating charges | 640/8 | €1,142 | €1,197 | +€55 | +4.9% |
| Gross operating margin | 9900 | €38,285 | €39,720 | +€1,435 | +3.7% |
| Operating profit (loss) | 9901 | €26,055 | €29,155 | +€3,100 | +11.9% |
| Financial charges | 65/66B | €1,560 | €1,063 | -€497 | -31.9% |
| Recurring financial charges | 65 | €1,560 | €1,063 | -€497 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €24,495 | €28,092 | +€3,597 | +14.7% |
| Income taxes | 67/77 | €7,277 | €7,822 | +€545 | +7.5% |
| Profit (loss) for the period | 9904 | €17,218 | €20,270 | +€3,052 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,218 | €20,270 | +€3,052 | +17.7% |
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 21 October 2026 via checked.be.