ITINERA: 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.
ITINERA
Largest movements
- Receivables within one year +€136,248
up €136,248 (+262.1%), from €51,991 to €188,239
of which Trade receivables: +€86,651
- Financial fixed assets -€50,000
down €50,000 (-3.4%), from €1.5m to €1.4m
- Profit (loss) carried forward +€237,189
up €237,189 (+42.4%), from €558,782 to €795,972
- Other debts -€196,817
down €196,817 (-40.9%), from €481,621 to €284,804
- Reserves +€102,676
up €102,676 (+50.6%), from €203,013 to €305,690
of which Distributable reserves: +€150,000
- Trade debts +€65,543
up €65,543 (+98.7%), from €66,405 to €131,948
- Debts after one year -€55,210
down €55,210 (-84.7%), from €65,210 to €10,000
- Financial income +€349,765
up €349,765 (+148545.2%), from €235 to €350,000
- Financial charges -€330,948
down €330,948 (-86.4%), from €383,213 to €52,265
of which Non-recurring financial charges: -€378,778
- Gross operating margin -€38,750
down €38,750 (-26.0%), from €148,765 to €110,015
- Taxes +€9,243
up €9,243 (+34.8%), from €26,560 to €35,803
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 | €1,528,291 | €1,628,650 | +€100,359 | +6.6% |
| Fixed assets | 21/28 | €1,475,473 | €1,424,524 | -€50,949 | -3.5% |
| Tangible fixed assets | 22/27 | €1,306 | €357 | -€949 | -72.6% |
| Furniture and vehicles | 24 | €1,306 | €357 | -€949 | -72.6% |
| Financial fixed assets | 28 | €1,474,167 | €1,424,167 | -€50,000 | -3.4% |
| Current assets | 29/58 | €52,819 | €204,127 | +€151,308 | +286.5% |
| Amounts receivable within one year | 40/41 | €51,991 | €188,239 | +€136,248 | +262.1% |
| Trade receivables | 40 | €45,541 | €132,192 | +€86,651 | +190.3% |
| Other amounts receivable | 41 | €6,450 | €56,047 | +€49,598 | +769.0% |
| Cash at bank and in hand | 54/58 | €828 | €15,887 | +€15,059 | +1819.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,528,291 | €1,628,650 | +€100,359 | +6.6% |
| Equity | 10/15 | €768,001 | €1,107,867 | +€339,866 | +44.3% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €203,013 | €305,690 | +€102,676 | +50.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €201,153 | €153,830 | -€47,324 | -23.5% |
| Distributable reserves | 133 | €1,860 | €151,860 | +€150,000 | +8064.5% |
| Profit (loss) carried forward | 14 | €558,782 | €795,972 | +€237,189 | +42.4% |
| Provisions and deferred taxes | 16 | €71,155 | €51,277 | -€19,878 | -27.9% |
| Deferred taxes | 168 | €71,155 | €51,277 | -€19,878 | -27.9% |
| Amounts payable | 17/49 | €689,136 | €469,507 | -€219,629 | -31.9% |
| Amounts payable after more than one year | 17 | €65,210 | €10,000 | -€55,210 | -84.7% |
| Financial debts | 170/4 | €65,210 | €10,000 | -€55,210 | -84.7% |
| Amounts payable within one year | 42/48 | €616,296 | €457,765 | -€158,531 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €39,663 | €5,210 | -€34,453 | -86.9% |
| Trade debts | 44 | €66,405 | €131,948 | +€65,543 | +98.7% |
| Suppliers | 440/4 | €66,405 | €131,948 | +€65,543 | +98.7% |
| Taxes, remuneration and social security | 45 | €28,607 | €35,803 | +€7,196 | +25.2% |
| Taxes | 450/3 | €28,607 | €35,803 | +€7,196 | +25.2% |
| Other amounts payable | 47/48 | €481,621 | €284,804 | -€196,817 | -40.9% |
| Accrued charges and deferred income | 492/3 | €7,629 | €1,742 | -€5,888 | -77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €949 | €949 | = | 0.0% |
| Other operating charges | 640/8 | €501 | €1,011 | +€510 | +101.8% |
| Gross operating margin | 9900 | €148,765 | €110,015 | -€38,750 | -26.0% |
| Operating profit (loss) | 9901 | €147,315 | €108,056 | -€39,259 | -26.6% |
| Financial income | 75/76B | €235 | €350,000 | +€349,765 | +148545.2% |
| Recurring financial income | 75 | €235 | €350,000 | +€349,765 | +148545.2% |
| Financial charges | 65/66B | €383,213 | €52,265 | -€330,948 | -86.4% |
| Recurring financial charges | 65 | €4,435 | €52,265 | +€47,830 | +1078.5% |
| Non-recurring financial charges | 66B | €378,778 | €0 | -€378,778 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€235,662 | €405,791 | +€641,453 | |
| Transfer from deferred taxes | 780 | - | €19,878 | +€19,878 | |
| Income taxes | 67/77 | €26,560 | €35,803 | +€9,243 | +34.8% |
| Profit (loss) for the period | 9904 | -€262,222 | €389,866 | +€652,088 | |
| Transfer from tax-exempt reserves | 789 | - | €47,324 | +€47,324 | |
| Profit (loss) for the period to be appropriated | 9905 | -€262,222 | €437,189 | +€699,412 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.