ITHENA: what changed
Two financial 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.
ITHENA
Largest movements
- Cash +€10,117
up €10,117 (+13.4%), from €75,467 to €85,584
mainly Net result for the year (+€13,755) and Tax, wage and social debts (+€3,746)
- Tangible fixed assets -€3,553
down €3,553 (-62.5%), from €5,687 to €2,134
- Deferred charges and accrued income +€2,198
up €2,198 (+23.2%), from €9,491 to €11,689
- Tax, wage and social debts +€3,746
up €3,746 (+47.2%), from €7,934 to €11,680
- Reserves +€3,186
up €3,186 (+4.6%), from €69,260 to €72,446
- Other debts +€2,289
up €2,289 (+27.1%), from €8,437 to €10,726
- Turnover -€136,375
no longer reported in 2025 (was €136,375)
- Purchases and services -€106,625
no longer reported in 2025 (was €106,625)
- Gross operating margin -€8,249
down €8,249 (-25.0%), from €32,976 to €24,726
- Financial charges -€2,592
down €2,592 (-62.8%), from €4,123 to €1,532
- Depreciation -€1,717
down €1,717 (-32.6%), from €5,269 to €3,553
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 | €102,684 | €111,204 | +€8,521 | +8.3% |
| Fixed assets | 21/28 | €5,687 | €2,134 | -€3,553 | -62.5% |
| Tangible fixed assets | 22/27 | €5,687 | €2,134 | -€3,553 | -62.5% |
| Plant, machinery and equipment | 23 | €5,687 | €2,134 | -€3,553 | -62.5% |
| Current assets | 29/58 | €96,997 | €109,070 | +€12,073 | +12.4% |
| Amounts receivable within one year | 40/41 | €12,040 | €11,798 | -€242 | -2.0% |
| Trade receivables | 40 | €12,040 | €11,798 | -€242 | -2.0% |
| Cash at bank and in hand | 54/58 | €75,467 | €85,584 | +€10,117 | +13.4% |
| Deferred charges and accrued income | 490/1 | €9,491 | €11,689 | +€2,198 | +23.2% |
| Total equity and liabilities | 10/49 | €102,684 | €111,204 | +€8,521 | +8.3% |
| Equity | 10/15 | €81,660 | €84,846 | +€3,186 | +3.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €69,260 | €72,446 | +€3,186 | +4.6% |
| Distributable reserves | 133 | €69,260 | €72,446 | +€3,186 | +4.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,024 | €26,358 | +€5,335 | +25.4% |
| Amounts payable within one year | 42/48 | €20,248 | €25,982 | +€5,735 | +28.3% |
| Trade debts | 44 | €3,876 | €3,576 | -€300 | -7.7% |
| Suppliers | 440/4 | €3,876 | €3,576 | -€300 | -7.7% |
| Taxes, remuneration and social security | 45 | €7,934 | €11,680 | +€3,746 | +47.2% |
| Taxes | 450/3 | €7,934 | €11,680 | +€3,746 | +47.2% |
| Other amounts payable | 47/48 | €8,437 | €10,726 | +€2,289 | +27.1% |
| Accrued charges and deferred income | 492/3 | €776 | €376 | -€400 | -51.5% |
| Turnover | 70 | €136,375 | - | -€136,375 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €106,625 | - | -€106,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,269 | €3,553 | -€1,717 | -32.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €32,976 | €24,726 | -€8,249 | -25.0% |
| Operating profit (loss) | 9901 | €27,319 | €20,774 | -€6,545 | -24.0% |
| Financial income | 75/76B | €240 | €370 | +€129 | +53.9% |
| Recurring financial income | 75 | €240 | €370 | +€129 | +53.9% |
| Financial charges | 65/66B | €4,123 | €1,532 | -€2,592 | -62.8% |
| Recurring financial charges | 65 | €4,123 | €1,532 | -€2,592 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €23,436 | €19,612 | -€3,824 | -16.3% |
| Income taxes | 67/77 | €7,125 | €5,857 | -€1,268 | -17.8% |
| Profit (loss) for the period | 9904 | €16,311 | €13,755 | -€2,556 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,311 | €13,755 | -€2,556 | -15.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.