Itefaq: 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.
Itefaq
Largest movements
- Stocks and contracts +€6,667
up €6,667 (+60.1%), from €11,086 to €17,753
- Cash +€3,456
up €3,456 (+37.8%), from €9,133 to €12,588
mainly Trade debts (+€5,718) and Net result for the year (+€4,008)
- Trade debts +€5,718
up €5,718 (+117%), from €4,901 to €10,619
- Profit (loss) carried forward +€4,008
up €4,008 (+292%), from €1,373 to €5,380
- Other debts +€2,101
new in 2025: €2,101
- Tax, wage and social debts -€1,734
down €1,734 (-15.4%), from €11,222 to €9,488
of which Taxes: -€7,224
- Purchases and services -€119,269
down €119,269 (-37.8%), from €315,666 to €196,397
- Turnover -€86,606
down €86,606 (-29.2%), from €296,468 to €209,862
- Gross operating margin +€39,837
up €39,837, from -€17,251 to €22,586
- Other operating charges +€7,515
up €7,515 (+163%), from €4,611 to €12,126
- Staff costs +€3,109
new in 2025: €3,109
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 | €24,996 | €35,088 | +€10,092 | +40.4% |
| Fixed assets | 21/28 | €3,000 | €3,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €21,996 | €32,088 | +€10,092 | +45.9% |
| Stocks and contracts in progress | 3 | €11,086 | €17,753 | +€6,667 | +60.1% |
| Stocks | 30/36 | €11,086 | €17,753 | +€6,667 | +60.1% |
| Amounts receivable within one year | 40/41 | €686 | €371 | -€315 | -46.0% |
| Trade receivables | 40 | €337 | €371 | +€34 | +10.0% |
| Other amounts receivable | 41 | €349 | - | -€349 | |
| Cash at bank and in hand | 54/58 | €9,133 | €12,588 | +€3,456 | +37.8% |
| Deferred charges and accrued income | 490/1 | €1,091 | €1,376 | +€285 | +26.1% |
| Total equity and liabilities | 10/49 | €24,996 | €35,088 | +€10,092 | +40.4% |
| Equity | 10/15 | €8,873 | €12,880 | +€4,008 | +45.2% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,373 | €5,380 | +€4,008 | +292% |
| Amounts payable | 17/49 | €16,123 | €22,208 | +€6,085 | +37.7% |
| Amounts payable within one year | 42/48 | €16,123 | €22,208 | +€6,085 | +37.7% |
| Trade debts | 44 | €4,901 | €10,619 | +€5,718 | +117% |
| Suppliers | 440/4 | €4,901 | €10,619 | +€5,718 | +117% |
| Taxes, remuneration and social security | 45 | €11,222 | €9,488 | -€1,734 | -15.4% |
| Taxes | 450/3 | €9,650 | €2,426 | -€7,224 | -74.9% |
| Remuneration and social security | 454/9 | €1,571 | €7,062 | +€5,491 | +349% |
| Other amounts payable | 47/48 | - | €2,101 | +€2,101 | |
| Turnover | 70 | €296,468 | €209,862 | -€86,606 | -29.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €315,666 | €196,397 | -€119,269 | -37.8% |
| Remuneration, social security and pensions | 62 | - | €3,109 | +€3,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €625 | - | -€625 | |
| Other operating charges | 640/8 | €4,611 | €12,126 | +€7,515 | +163% |
| Gross operating margin | 9900 | -€17,251 | €22,586 | +€39,837 | |
| Operating profit (loss) | 9901 | -€22,487 | €7,351 | +€29,838 | |
| Financial charges | 65/66B | €231 | €108 | -€123 | -53.1% |
| Recurring financial charges | 65 | €231 | €108 | -€123 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,718 | €7,243 | +€29,961 | |
| Income taxes | 67/77 | €4,635 | €3,235 | -€1,400 | -30.2% |
| Profit (loss) for the period | 9904 | -€27,353 | €4,008 | +€31,361 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,353 | €4,008 | +€31,361 |
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 14 October 2026 via checked.be.