ITHAKA-BE: what changed
ITHAKA-BE
Largest movements
- Current investments -€170,000
down €170,000 (-100%), from €170,000 to €0
- Receivables within one year +€36,621
up €36,621 (+66.3%), from €55,245 to €91,866
of which Trade receivables: +€19,623
- Cash -€15,988
down €15,988 (-30.3%), from €52,739 to €36,751
mainly Contributions, distributions and other (-€210,000) and Debts after one year (-€46,743)
- Tangible fixed assets -€11,453
down €11,453 (-1.6%), from €736,948 to €725,495
of which Other tangible fixed assets: -€7,145
- Reserves -€125,832
down €125,832 (-18.2%), from €692,686 to €566,854
- Trade debts +€63,717
up €63,717 (+494%), from €12,900 to €76,616
- Debts after one year -€46,743
down €46,743 (-16.4%), from €284,737 to €237,994
- Accrued charges and deferred income -€41,985
down €41,985 (-100.0%), from €42,000 to €15
- Financial income +€17,493
up €17,493 (+372%), from €4,707 to €22,200
- Gross operating margin -€10,851
down €10,851 (-7.0%), from €155,555 to €144,704
- Depreciation +€3,667
up €3,667 (+11.2%), from €32,873 to €36,540
- Other operating charges +€1,620
up €1,620 (+133%), from €1,215 to €2,835
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,130,318 | €964,141 | -€166,178 | -14.7% |
| Fixed assets | 21/28 | €736,948 | €725,495 | -€11,453 | -1.6% |
| Tangible fixed assets | 22/27 | €736,948 | €725,495 | -€11,453 | -1.6% |
| Land and buildings | 22 | €668,385 | €663,974 | -€4,411 | -0.7% |
| Plant, machinery and equipment | 23 | €57 | €0 | -€57 | -100% |
| Furniture and vehicles | 24 | €10,973 | €11,133 | +€159 | +1.5% |
| Other tangible fixed assets | 26 | €57,533 | €50,388 | -€7,145 | -12.4% |
| Current assets | 29/58 | €393,371 | €238,646 | -€154,725 | -39.3% |
| Amounts receivable after more than one year | 29 | €105,000 | €105,000 | = | 0.0% |
| Other amounts receivable | 291 | €105,000 | €105,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55,245 | €91,866 | +€36,621 | +66.3% |
| Trade receivables | 40 | €44,109 | €63,733 | +€19,623 | +44.5% |
| Other amounts receivable | 41 | €11,135 | €28,133 | +€16,997 | +153% |
| Current investments | 50/53 | €170,000 | €0 | -€170,000 | -100% |
| Cash at bank and in hand | 54/58 | €52,739 | €36,751 | -€15,988 | -30.3% |
| Deferred charges and accrued income | 490/1 | €10,387 | €5,030 | -€5,357 | -51.6% |
| Total equity and liabilities | 10/49 | €1,130,318 | €964,141 | -€166,178 | -14.7% |
| Equity | 10/15 | €705,186 | €579,354 | -€125,832 | -17.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €692,686 | €566,854 | -€125,832 | -18.2% |
| Distributable reserves | 133 | €692,686 | €566,854 | -€125,832 | -18.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €425,133 | €384,787 | -€40,346 | -9.5% |
| Amounts payable after more than one year | 17 | €284,737 | €237,994 | -€46,743 | -16.4% |
| Financial debts | 170/4 | €284,737 | €237,994 | -€46,743 | -16.4% |
| Amounts payable within one year | 42/48 | €98,395 | €146,778 | +€48,383 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €46,197 | €46,743 | +€547 | +1.2% |
| Trade debts | 44 | €12,900 | €76,616 | +€63,717 | +494% |
| Suppliers | 440/4 | €12,900 | €76,616 | +€63,717 | +494% |
| Taxes, remuneration and social security | 45 | €30,500 | €23,418 | -€7,082 | -23.2% |
| Taxes | 450/3 | €30,500 | €23,418 | -€7,082 | -23.2% |
| Other amounts payable | 47/48 | €8,799 | €0 | -€8,799 | -100% |
| Accrued charges and deferred income | 492/3 | €42,000 | €15 | -€41,985 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,873 | €36,540 | +€3,667 | +11.2% |
| Other operating charges | 640/8 | €1,215 | €2,835 | +€1,620 | +133% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €155,555 | €144,704 | -€10,851 | -7.0% |
| Operating profit (loss) | 9901 | €121,467 | €105,329 | -€16,138 | -13.3% |
| Financial income | 75/76B | €4,707 | €22,200 | +€17,493 | +372% |
| Recurring financial income | 75 | €4,707 | €22,200 | +€17,493 | +372% |
| Financial charges | 65/66B | €5,859 | €6,402 | +€542 | +9.3% |
| Recurring financial charges | 65 | €5,859 | €6,402 | +€542 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €120,315 | €121,128 | +€813 | +0.7% |
| Income taxes | 67/77 | €38,062 | €36,960 | -€1,102 | -2.9% |
| Profit (loss) for the period | 9904 | €82,253 | €84,168 | +€1,915 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,253 | €84,168 | +€1,915 | +2.3% |
Next steps
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 1 November 2026 via checked.be.