ITHAGO: 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.
ITHAGO
Largest movements
- Tangible fixed assets -€22,234
down €22,234 (-14.7%), from €151,488 to €129,254
of which Furniture and vehicles: -€20,057
- Cash +€16,136
up €16,136 (+30.3%), from €53,248 to €69,384
mainly Other debts (+€30,016) and Depreciation (+€26,235)
- Receivables within one year -€15,745
down €15,745 (-49.0%), from €32,126 to €16,381
of which Trade receivables: -€14,109
- Receivables after one year +€12,000
new in 2025: €12,000
- Deferred charges and accrued income -€7,016
down €7,016 (-66.6%), from €10,529 to €3,513
- Other debts +€30,016
up €30,016 (+171.5%), from €17,500 to €47,516
- Reserves -€26,342
down €26,342 (-31.2%), from €84,419 to €58,076
- Debts after one year -€24,043
down €24,043 (-26.3%), from €91,501 to €67,458
- Gross operating margin -€18,867
down €18,867 (-22.6%), from €83,301 to €64,434
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 | €247,391 | €230,531 | -€16,860 | -6.8% |
| Fixed assets | 21/28 | €151,488 | €129,254 | -€22,234 | -14.7% |
| Tangible fixed assets | 22/27 | €151,488 | €129,254 | -€22,234 | -14.7% |
| Land and buildings | 22 | €98,400 | €95,314 | -€3,086 | -3.1% |
| Plant, machinery and equipment | 23 | €865 | €558 | -€307 | -35.5% |
| Furniture and vehicles | 24 | €43,343 | €23,286 | -€20,057 | -46.3% |
| Other tangible fixed assets | 26 | €8,880 | €10,095 | +€1,215 | +13.7% |
| Current assets | 29/58 | €95,903 | €101,278 | +€5,374 | +5.6% |
| Amounts receivable after more than one year | 29 | - | €12,000 | +€12,000 | |
| Other amounts receivable | 291 | - | €12,000 | +€12,000 | |
| Amounts receivable within one year | 40/41 | €32,126 | €16,381 | -€15,745 | -49.0% |
| Trade receivables | 40 | €30,490 | €16,381 | -€14,109 | -46.3% |
| Other amounts receivable | 41 | €1,636 | - | -€1,636 | |
| Cash at bank and in hand | 54/58 | €53,248 | €69,384 | +€16,136 | +30.3% |
| Deferred charges and accrued income | 490/1 | €10,529 | €3,513 | -€7,016 | -66.6% |
| Total equity and liabilities | 10/49 | €247,391 | €230,531 | -€16,860 | -6.8% |
| Equity | 10/15 | €94,277 | €67,934 | -€26,342 | -27.9% |
| Contributions | 10/11 | €9,858 | €9,858 | = | 0.0% |
| Reserves | 13 | €84,419 | €58,076 | -€26,342 | -31.2% |
| Distributable reserves | 133 | €84,419 | €58,076 | -€26,342 | -31.2% |
| Amounts payable | 17/49 | €153,115 | €162,597 | +€9,483 | +6.2% |
| Amounts payable after more than one year | 17 | €91,501 | €67,458 | -€24,043 | -26.3% |
| Financial debts | 170/4 | €91,501 | €67,458 | -€24,043 | -26.3% |
| Amounts payable within one year | 42/48 | €60,854 | €94,939 | +€34,086 | +56.0% |
| Current portion of amounts payable after more than one year | 42 | €25,623 | €26,030 | +€406 | +1.6% |
| Financial debts | 43 | €2,547 | €2,914 | +€367 | +14.4% |
| Credit institutions | 430/8 | €2,547 | €2,914 | +€367 | +14.4% |
| Trade debts | 44 | €2,571 | €4,365 | +€1,794 | +69.8% |
| Suppliers | 440/4 | €2,571 | €4,365 | +€1,794 | +69.8% |
| Taxes, remuneration and social security | 45 | €12,613 | €14,115 | +€1,502 | +11.9% |
| Taxes | 450/3 | €12,613 | €14,115 | +€1,502 | +11.9% |
| Other amounts payable | 47/48 | €17,500 | €47,516 | +€30,016 | +171.5% |
| Accrued charges and deferred income | 492/3 | €760 | €200 | -€560 | -73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,554 | €26,235 | +€681 | +2.7% |
| Other operating charges | 640/8 | €1,966 | €2,654 | +€689 | +35.0% |
| Non-recurring operating charges | 66A | €1,790 | - | -€1,790 | |
| Gross operating margin | 9900 | €83,301 | €64,434 | -€18,867 | -22.6% |
| Operating profit (loss) | 9901 | €53,991 | €35,544 | -€18,446 | -34.2% |
| Financial income | 75/76B | €161 | €645 | +€484 | +300.8% |
| Recurring financial income | 75 | €161 | €645 | +€484 | +300.8% |
| Financial charges | 65/66B | €2,890 | €2,376 | -€514 | -17.8% |
| Recurring financial charges | 65 | €2,890 | €2,376 | -€514 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €51,262 | €33,813 | -€17,448 | -34.0% |
| Income taxes | 67/77 | €13,467 | €13,231 | -€236 | -1.8% |
| Profit (loss) for the period | 9904 | €37,795 | €20,582 | -€17,212 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,795 | €20,582 | -€17,212 | -45.5% |
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 7 October 2026 via checked.be.