ITEL: 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.
ITEL
Largest movements
- Cash -€18,203
no longer reported in 2025 (was €18,203)
- Receivables within one year -€3,345
down €3,345 (-13.6%), from €24,597 to €21,251
of which Trade receivables: -€4,243
- Financial fixed assets -€1,538
down €1,538 (-99.2%), from €1,550 to €12
- Tangible fixed assets -€1,031
no longer reported in 2025 (was €1,031)
- Profit (loss) carried forward -€26,149
down €26,149, from €3,211 to -€22,937
- Debts after one year -€14,900
no longer reported in 2025 (was €14,900)
- Short-term financial debts +€13,426
new in 2025: €13,426
- Current portion of long-term debt +€8,193
new in 2025: €8,193
- Tax, wage and social debts -€5,999
down €5,999 (-87.4%), from €6,867 to €869
of which Remuneration and social security: -€5,999
- Gross operating margin -€24,613
down €24,613, from €8,930 to -€15,684
- Taxes -€9,267
no longer reported in 2025 (was €9,267)
- Financial charges -€830
down €830 (-61.7%), from €1,345 to €515
- Other operating charges -€295
no longer reported in 2025 (was €295)
- Depreciation -€218
no longer reported in 2025 (was €218)
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,439 | €21,263 | -€24,176 | -53.2% |
| Fixed assets | 21/28 | €2,581 | €12 | -€2,569 | -99.5% |
| Tangible fixed assets | 22/27 | €1,031 | - | -€1,031 | |
| Other tangible fixed assets | 26 | €1,031 | - | -€1,031 | |
| Financial fixed assets | 28 | €1,550 | €12 | -€1,538 | -99.2% |
| Current assets | 29/58 | €42,858 | €21,251 | -€21,606 | -50.4% |
| Amounts receivable within one year | 40/41 | €24,597 | €21,251 | -€3,345 | -13.6% |
| Trade receivables | 40 | €4,243 | - | -€4,243 | |
| Other amounts receivable | 41 | €20,354 | €21,251 | +€897 | +4.4% |
| Cash at bank and in hand | 54/58 | €18,203 | - | -€18,203 | |
| Deferred charges and accrued income | 490/1 | €58 | - | -€58 | |
| Total equity and liabilities | 10/49 | €45,439 | €21,263 | -€24,176 | -53.2% |
| Equity | 10/15 | €23,671 | -€2,477 | -€26,149 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,211 | -€22,937 | -€26,149 | |
| Amounts payable | 17/49 | €21,767 | €23,740 | +€1,973 | +9.1% |
| Amounts payable after more than one year | 17 | €14,900 | - | -€14,900 | |
| Financial debts | 170/4 | €14,900 | - | -€14,900 | |
| Amounts payable within one year | 42/48 | €6,867 | €23,740 | +€16,873 | +245.7% |
| Current portion of amounts payable after more than one year | 42 | - | €8,193 | +€8,193 | |
| Financial debts | 43 | - | €13,426 | +€13,426 | |
| Credit institutions | 430/8 | - | €13,426 | +€13,426 | |
| Trade debts | 44 | - | €1,253 | +€1,253 | |
| Suppliers | 440/4 | - | €1,253 | +€1,253 | |
| Taxes, remuneration and social security | 45 | €6,867 | €869 | -€5,999 | -87.4% |
| Taxes | 450/3 | €869 | €869 | = | 0.0% |
| Remuneration and social security | 454/9 | €5,999 | - | -€5,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218 | - | -€218 | |
| Other operating charges | 640/8 | €295 | - | -€295 | |
| Gross operating margin | 9900 | €8,930 | -€15,684 | -€24,613 | |
| Operating profit (loss) | 9901 | €8,417 | -€15,684 | -€24,100 | |
| Financial charges | 65/66B | €1,345 | €515 | -€830 | -61.7% |
| Recurring financial charges | 65 | €1,345 | €515 | -€830 | -61.7% |
| Profit (loss) for the period before taxes | 9903 | €7,072 | -€16,199 | -€23,271 | |
| Income taxes | 67/77 | €9,267 | - | -€9,267 | |
| Profit (loss) for the period | 9904 | -€2,195 | -€16,199 | -€14,003 | -637.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,195 | -€16,199 | -€14,003 | -637.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.