ITH: 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.
ITH
Largest movements
- Cash +€125,761
up €125,761 (+25.8%), from €487,500 to €613,260
mainly Net result for the year (+€65,547) and Depreciation (+€19,467)
- Tangible fixed assets -€19,467
down €19,467 (-21.2%), from €91,688 to €72,221
- Current investments -€17,000
down €17,000 (-17.0%), from €100,000 to €83,000
- Reserves +€63,881
up €63,881 (+12.4%), from €515,391 to €579,272
- Trade debts +€12,407
up €12,407 (+423.4%), from €2,930 to €15,337
- Other debts +€8,601
up €8,601 (+4.3%), from €198,555 to €207,156
- Gross operating margin -€17,771
down €17,771 (-12.3%), from €144,462 to €126,692
- Taxes -€6,385
down €6,385 (-19.3%), from €33,075 to €26,690
- Financial income -€1,594
down €1,594 (-70.0%), from €2,276 to €683
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 | €745,596 | €829,397 | +€83,801 | +11.2% |
| Fixed assets | 21/28 | €91,688 | €72,221 | -€19,467 | -21.2% |
| Tangible fixed assets | 22/27 | €91,688 | €72,221 | -€19,467 | -21.2% |
| Land and buildings | 22 | €70,606 | €64,187 | -€6,419 | -9.1% |
| Furniture and vehicles | 24 | €15,842 | €6,284 | -€9,558 | -60.3% |
| Other tangible fixed assets | 26 | €5,239 | €1,750 | -€3,490 | -66.6% |
| Current assets | 29/58 | €653,909 | €757,176 | +€103,267 | +15.8% |
| Amounts receivable within one year | 40/41 | €61,948 | €58,654 | -€3,294 | -5.3% |
| Trade receivables | 40 | €61,948 | €58,654 | -€3,294 | -5.3% |
| Current investments | 50/53 | €100,000 | €83,000 | -€17,000 | -17.0% |
| Cash at bank and in hand | 54/58 | €487,500 | €613,260 | +€125,761 | +25.8% |
| Deferred charges and accrued income | 490/1 | €4,461 | €2,261 | -€2,200 | -49.3% |
| Total equity and liabilities | 10/49 | €745,596 | €829,397 | +€83,801 | +11.2% |
| Equity | 10/15 | €516,391 | €580,272 | +€63,881 | +12.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €515,391 | €579,272 | +€63,881 | +12.4% |
| Distributable reserves | 133 | €515,391 | €579,272 | +€63,881 | +12.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,205 | €249,124 | +€19,919 | +8.7% |
| Amounts payable within one year | 42/48 | €215,383 | €234,963 | +€19,580 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,930 | €15,337 | +€12,407 | +423.4% |
| Suppliers | 440/4 | €2,930 | €15,337 | +€12,407 | +423.4% |
| Taxes, remuneration and social security | 45 | €13,898 | €12,470 | -€1,428 | -10.3% |
| Taxes | 450/3 | €13,898 | €12,470 | -€1,428 | -10.3% |
| Other amounts payable | 47/48 | €198,555 | €207,156 | +€8,601 | +4.3% |
| Accrued charges and deferred income | 492/3 | €13,822 | €14,161 | +€339 | +2.5% |
| Non-recurring operating income | 76A | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,319 | €19,467 | +€147 | +0.8% |
| Other operating charges | 640/8 | €1,037 | €1,068 | +€30 | +2.9% |
| Gross operating margin | 9900 | €144,462 | €126,692 | -€17,771 | -12.3% |
| Operating profit (loss) | 9901 | €124,106 | €106,157 | -€17,948 | -14.5% |
| Financial income | 75/76B | €2,276 | €683 | -€1,594 | -70.0% |
| Recurring financial income | 75 | €2,276 | €683 | -€1,594 | -70.0% |
| Financial charges | 65/66B | €14,230 | €14,603 | +€373 | +2.6% |
| Recurring financial charges | 65 | €14,230 | €14,603 | +€373 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €112,152 | €92,237 | -€19,915 | -17.8% |
| Income taxes | 67/77 | €33,075 | €26,690 | -€6,385 | -19.3% |
| Profit (loss) for the period | 9904 | €79,077 | €65,547 | -€13,530 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,077 | €65,547 | -€13,530 | -17.1% |
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 8 October 2026 via checked.be.