ITEMA: what changed
What changed
ITEMA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€386,082
2024 · €588,104-€202,022
Equity
€1.3m
2024 · €903,856+€380,713
Cash
€1.7m
2024 · €1.3m+€410,606
Balance sheet total
€2.2m
2024 · €2.6m-€491,709
Largest movements
Assets
- Stocks and contracts -€757,335
down €757,335 (-87.6%), from €864,977 to €107,642
- Cash +€410,606
up €410,606 (+31.9%), from €1.3m to €1.7m
mainly Stocks and contracts (+€757,335) and Net result for the year (+€386,082)
- Receivables within one year -€148,764
down €148,764 (-31.1%), from €477,825 to €329,060
of which Other amounts receivable: -€90,994
Equity and liabilities
- Trade debts -€714,842
down €714,842 (-68.5%), from €1.0m to €328,659
- Reserves +€380,713
up €380,713 (+62.0%), from €614,209 to €994,922
of which Distributable reserves: +€380,713
- Tax, wage and social debts -€152,126
down €152,126 (-43.6%), from €349,182 to €197,056
of which Taxes: -€152,465
Income statement
- Gross operating margin -€278,177
down €278,177 (-29.2%), from €953,058 to €674,881
- Taxes -€93,404
down €93,404 (-33.7%), from €277,341 to €183,938
- Financial charges +€13,899
up €13,899 (+351%), from €3,957 to €17,856
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€588,104
Gross operating margin
-€278,177
Staff costs
-€4,343
Depreciation
+€2,000
Provisions
-€201
Other operating charges
-€578
Other operating items
-€149
Financial income
-€79
Financial charges
-€13,899
Taxes
+€93,404
Result 2025
€386,082
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€417,196
Investment
-€1,221
Financing
-€5,369
Cash 2024
€1.3m
From operations (derived)
+€417,196
Net result for the year
+€386,082
Depreciation
+€147
Stocks and contracts
+€757,335
Receivables within one year
+€148,764
Deferred charges and accrued income
-€2,710
Trade debts
-€714,842
Tax, wage and social debts
-€152,126
Other debts
-€5,454
Investment (derived)
-€1,221
Investment in fixed assets (net)
-€1,221
Financing
-€5,369
Contributions, distributions and other
-€5,369
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,648,912 | €2,157,204 | -€491,709 | -18.6% |
| Fixed assets | 21/28 | €206 | €1,280 | +€1,074 | +521% |
| Tangible fixed assets | 22/27 | €18 | €1,091 | +€1,074 | +6,039% |
| Furniture and vehicles | 24 | €18 | €1,091 | +€1,074 | +6,039% |
| Financial fixed assets | 28 | €188 | €188 | = | 0.0% |
| Current assets | 29/58 | €2,648,706 | €2,155,924 | -€492,783 | -18.6% |
| Stocks and contracts in progress | 3 | €864,977 | €107,642 | -€757,335 | -87.6% |
| Stocks | 30/36 | €864,977 | €107,642 | -€757,335 | -87.6% |
| Amounts receivable within one year | 40/41 | €477,825 | €329,060 | -€148,764 | -31.1% |
| Trade receivables | 40 | €160,733 | €102,962 | -€57,771 | -35.9% |
| Other amounts receivable | 41 | €317,092 | €226,098 | -€90,994 | -28.7% |
| Cash at bank and in hand | 54/58 | €1,287,947 | €1,698,553 | +€410,606 | +31.9% |
| Deferred charges and accrued income | 490/1 | €17,958 | €20,669 | +€2,710 | +15.1% |
| Total equity and liabilities | 10/49 | €2,648,912 | €2,157,204 | -€491,709 | -18.6% |
| Equity | 10/15 | €903,856 | €1,284,569 | +€380,713 | +42.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €614,209 | €994,922 | +€380,713 | +62.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,906 | €23,906 | = | 0.0% |
| Distributable reserves | 133 | €584,103 | €964,816 | +€380,713 | +65.2% |
| Profit (loss) carried forward | 14 | €227,647 | €227,647 | = | 0.0% |
| Amounts payable | 17/49 | €1,745,056 | €872,635 | -€872,422 | -50.0% |
| Amounts payable within one year | 42/48 | €1,745,056 | €872,635 | -€872,422 | -50.0% |
| Trade debts | 44 | €1,043,501 | €328,659 | -€714,842 | -68.5% |
| Suppliers | 440/4 | €1,043,501 | €328,659 | -€714,842 | -68.5% |
| Taxes, remuneration and social security | 45 | €349,182 | €197,056 | -€152,126 | -43.6% |
| Taxes | 450/3 | €339,696 | €187,231 | -€152,465 | -44.9% |
| Remuneration and social security | 454/9 | €9,486 | €9,826 | +€340 | +3.6% |
| Other amounts payable | 47/48 | €352,374 | €346,919 | -€5,454 | -1.5% |
| Remuneration, social security and pensions | 62 | €80,554 | €84,896 | +€4,343 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,148 | €147 | -€2,000 | -93.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €138 | €340 | +€201 | +145% |
| Other operating charges | 640/8 | €895 | €1,473 | +€578 | +64.5% |
| Non-recurring operating charges | 66A | - | €149 | +€149 | |
| Gross operating margin | 9900 | €953,058 | €674,881 | -€278,177 | -29.2% |
| Operating profit (loss) | 9901 | €869,323 | €587,876 | -€281,447 | -32.4% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Financial charges | 65/66B | €3,957 | €17,856 | +€13,899 | +351% |
| Recurring financial charges | 65 | €3,957 | €17,856 | +€13,899 | +351% |
| Profit (loss) for the period before taxes | 9903 | €865,445 | €570,020 | -€295,425 | -34.1% |
| Income taxes | 67/77 | €277,341 | €183,938 | -€93,404 | -33.7% |
| Profit (loss) for the period | 9904 | €588,104 | €386,082 | -€202,022 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €588,104 | €386,082 | -€202,022 | -34.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.