ITHACA21: 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.
ITHACA21
Largest movements
- Receivables within one year +€16,839
up €16,839 (+52.9%), from €31,844 to €48,683
- Current investments +€12,000
up €12,000 (+300.0%), from €4,000 to €16,000
- Cash +€8,319
up €8,319 (+35.0%), from €23,794 to €32,113
mainly Net result for the year (+€34,458) and Deferred charges and accrued income (+€6,252)
- Deferred charges and accrued income -€6,252
down €6,252 (-8.4%), from €74,745 to €68,493
- Tangible fixed assets -€3,903
down €3,903 (-10.9%), from €35,968 to €32,066
- Reserves +€34,458
up €34,458 (+29.0%), from €118,763 to €153,221
- Current portion of long-term debt -€7,881
down €7,881 (-31.2%), from €25,288 to €17,407
- Trade debts +€3,726
new in 2025: €3,726
- Tax, wage and social debts -€3,300
down €3,300 (-27.6%), from €11,940 to €8,640
- Gross operating margin -€32,445
down €32,445 (-38.0%), from €85,303 to €52,858
- Taxes -€7,658
down €7,658 (-33.8%), from €22,640 to €14,982
- Financial income +€1,464
up €1,464 (+214.9%), from €681 to €2,146
- Other operating charges -€1,417
down €1,417 (-68.4%), from €2,071 to €653
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 | €170,351 | €197,354 | +€27,004 | +15.9% |
| Fixed assets | 21/28 | €35,968 | €32,066 | -€3,903 | -10.9% |
| Tangible fixed assets | 22/27 | €35,968 | €32,066 | -€3,903 | -10.9% |
| Plant, machinery and equipment | 23 | €35,968 | €32,066 | -€3,903 | -10.9% |
| Current assets | 29/58 | €134,383 | €165,289 | +€30,906 | +23.0% |
| Amounts receivable within one year | 40/41 | €31,844 | €48,683 | +€16,839 | +52.9% |
| Other amounts receivable | 41 | €31,844 | €48,683 | +€16,839 | +52.9% |
| Current investments | 50/53 | €4,000 | €16,000 | +€12,000 | +300.0% |
| Cash at bank and in hand | 54/58 | €23,794 | €32,113 | +€8,319 | +35.0% |
| Deferred charges and accrued income | 490/1 | €74,745 | €68,493 | -€6,252 | -8.4% |
| Total equity and liabilities | 10/49 | €170,351 | €197,354 | +€27,004 | +15.9% |
| Equity | 10/15 | €133,123 | €167,581 | +€34,458 | +25.9% |
| Contributions | 10/11 | €14,360 | €14,360 | = | 0.0% |
| Outside capital | 11 | €14,360 | €14,360 | = | 0.0% |
| Share premium | 1100/10 | €14,360 | €14,360 | = | 0.0% |
| Reserves | 13 | €118,763 | €153,221 | +€34,458 | +29.0% |
| Distributable reserves | 133 | €118,763 | €153,221 | +€34,458 | +29.0% |
| Amounts payable | 17/49 | €37,228 | €29,774 | -€7,454 | -20.0% |
| Amounts payable within one year | 42/48 | €37,228 | €29,774 | -€7,454 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €25,288 | €17,407 | -€7,881 | -31.2% |
| Trade debts | 44 | - | €3,726 | +€3,726 | |
| Suppliers | 440/4 | - | €3,726 | +€3,726 | |
| Taxes, remuneration and social security | 45 | €11,940 | €8,640 | -€3,300 | -27.6% |
| Taxes | 450/3 | €11,940 | €8,640 | -€3,300 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,058 | €3,903 | +€845 | +27.6% |
| Other operating charges | 640/8 | €2,071 | €653 | -€1,417 | -68.4% |
| Gross operating margin | 9900 | €85,303 | €52,858 | -€32,445 | -38.0% |
| Operating profit (loss) | 9901 | €80,174 | €48,302 | -€31,872 | -39.8% |
| Financial income | 75/76B | €681 | €2,146 | +€1,464 | +214.9% |
| Recurring financial income | 75 | €681 | €2,146 | +€1,464 | +214.9% |
| Financial charges | 65/66B | €1,079 | €1,008 | -€71 | -6.6% |
| Recurring financial charges | 65 | €1,079 | €1,008 | -€71 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €79,777 | €49,440 | -€30,337 | -38.0% |
| Income taxes | 67/77 | €22,640 | €14,982 | -€7,658 | -33.8% |
| Profit (loss) for the period | 9904 | €57,137 | €34,458 | -€22,679 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,137 | €34,458 | -€22,679 | -39.7% |
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 30 September 2026 via checked.be.