ITIHAD: 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.
ITIHAD
Largest movements
- Tangible fixed assets +€69,258
up €69,258 (+500%), from €13,844 to €83,102
of which Furniture and vehicles: +€67,381
- Intangible fixed assets +€38,350
up €38,350 (+301%), from €12,750 to €51,100
- Stocks and contracts -€36,800
down €36,800 (-40.0%), from €92,084 to €55,284
- Cash +€18,169
up €18,169 (+44.1%), from €41,222 to €59,391
mainly Trade debts (+€47,041) and Other debts (+€38,570)
- Financial fixed assets +€12,231
up €12,231 (+121%), from €10,095 to €22,326
- Trade debts +€47,041
up €47,041 (+402%), from €11,715 to €58,756
- Other debts +€38,570
up €38,570 (+63.4%), from €60,838 to €99,408
- Profit (loss) carried forward +€14,194
up €14,194 (+40.9%), from €34,736 to €48,930
- Tax, wage and social debts +€6,196
up €6,196 (+14.2%), from €43,706 to €49,902
of which Remuneration and social security: +€23,287
- Gross operating margin +€91,803
up €91,803 (+75.4%), from €121,802 to €213,605
- Staff costs +€80,361
up €80,361 (+107%), from €75,323 to €155,684
- Other operating charges +€14,644
up €14,644 (+228%), from €6,426 to €21,070
- Depreciation +€12,013
up €12,013 (+108%), from €11,116 to €23,129
- Taxes -€9,254
down €9,254, from €8,402 to -€852
From the 2023 result to the 2024 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.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,995 | €275,996 | +€106,001 | +62.4% |
| Fixed assets | 21/28 | €36,689 | €156,528 | +€119,839 | +327% |
| Intangible fixed assets | 21 | €12,750 | €51,100 | +€38,350 | +301% |
| Tangible fixed assets | 22/27 | €13,844 | €83,102 | +€69,258 | +500% |
| Plant, machinery and equipment | 23 | - | €1,877 | +€1,877 | |
| Furniture and vehicles | 24 | €13,844 | €81,225 | +€67,381 | +487% |
| Financial fixed assets | 28 | €10,095 | €22,326 | +€12,231 | +121% |
| Current assets | 29/58 | €133,306 | €119,468 | -€13,838 | -10.4% |
| Amounts receivable after more than one year | 29 | - | €221 | +€221 | |
| Trade receivables | 290 | - | €221 | +€221 | |
| Stocks and contracts in progress | 3 | €92,084 | €55,284 | -€36,800 | -40.0% |
| Stocks | 30/36 | €92,084 | €55,284 | -€36,800 | -40.0% |
| Amounts receivable within one year | 40/41 | - | €4,572 | +€4,572 | |
| Other amounts receivable | 41 | - | €4,572 | +€4,572 | |
| Cash at bank and in hand | 54/58 | €41,222 | €59,391 | +€18,169 | +44.1% |
| Total equity and liabilities | 10/49 | €169,995 | €275,996 | +€106,001 | +62.4% |
| Equity | 10/15 | €53,736 | €67,930 | +€14,194 | +26.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Capital | 10 | €19,000 | €19,000 | = | 0.0% |
| Issued capital | 100 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,736 | €48,930 | +€14,194 | +40.9% |
| Amounts payable | 17/49 | €116,259 | €208,066 | +€91,807 | +79.0% |
| Amounts payable within one year | 42/48 | €116,259 | €208,066 | +€91,807 | +79.0% |
| Trade debts | 44 | €11,715 | €58,756 | +€47,041 | +402% |
| Suppliers | 440/4 | €11,715 | €58,756 | +€47,041 | +402% |
| Taxes, remuneration and social security | 45 | €43,706 | €49,902 | +€6,196 | +14.2% |
| Taxes | 450/3 | €25,554 | €8,463 | -€17,091 | -66.9% |
| Remuneration and social security | 454/9 | €18,152 | €41,439 | +€23,287 | +128% |
| Other amounts payable | 47/48 | €60,838 | €99,408 | +€38,570 | +63.4% |
| Remuneration, social security and pensions | 62 | €75,323 | €155,684 | +€80,361 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,116 | €23,129 | +€12,013 | +108% |
| Other operating charges | 640/8 | €6,426 | €21,070 | +€14,644 | +228% |
| Gross operating margin | 9900 | €121,802 | €213,605 | +€91,803 | +75.4% |
| Operating profit (loss) | 9901 | €28,937 | €13,722 | -€15,215 | -52.6% |
| Financial charges | 65/66B | €1,339 | €380 | -€959 | -71.6% |
| Recurring financial charges | 65 | €1,339 | €380 | -€959 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €27,598 | €13,342 | -€14,256 | -51.7% |
| Income taxes | 67/77 | €8,402 | -€852 | -€9,254 | |
| Profit (loss) for the period | 9904 | €19,196 | €14,194 | -€5,002 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,196 | €14,194 | -€5,002 | -26.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.