ITISAI: 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.
ITISAI
Largest movements
- Receivables within one year +€58,885
up €58,885 (+23.6%), from €249,678 to €308,562
of which Other amounts receivable: +€61,302
- Cash +€42,159
up €42,159 (+286.0%), from €14,743 to €56,902
mainly Short-term financial debts (+€80,000) and Depreciation (+€33,593)
- Tangible fixed assets +€39,397
up €39,397 (+7.3%), from €536,797 to €576,194
of which Furniture and vehicles: +€61,544
- Receivables after one year -€26,595
down €26,595 (-34.7%), from €76,544 to €49,950
- Short-term financial debts +€80,000
up €80,000 (+36.4%), from €220,000 to €300,000
- Gross operating margin +€68,423
up €68,423, from -€9,951 to €58,472
- Financial income -€21,913
down €21,913 (-45.7%), from €47,957 to €26,045
of which Financial income: -€23,913
- Depreciation +€3,024
up €3,024 (+9.9%), from €30,569 to €33,593
- Taxes +€1,738
up €1,738 (+250.8%), from €693 to €2,431
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 | €2,371,268 | €2,490,021 | +€118,752 | +5.0% |
| Fixed assets | 21/28 | €1,357,466 | €1,396,862 | +€39,397 | +2.9% |
| Tangible fixed assets | 22/27 | €536,797 | €576,194 | +€39,397 | +7.3% |
| Land and buildings | 22 | €493,906 | €480,457 | -€13,449 | -2.7% |
| Plant, machinery and equipment | 23 | €33,892 | €25,193 | -€8,699 | -25.7% |
| Furniture and vehicles | 24 | €9,000 | €70,544 | +€61,544 | +683.8% |
| Financial fixed assets | 28 | €820,668 | €820,668 | = | 0.0% |
| Current assets | 29/58 | €1,013,803 | €1,093,158 | +€79,356 | +7.8% |
| Amounts receivable after more than one year | 29 | €76,544 | €49,950 | -€26,595 | -34.7% |
| Other amounts receivable | 291 | €76,544 | €49,950 | -€26,595 | -34.7% |
| Amounts receivable within one year | 40/41 | €249,678 | €308,562 | +€58,885 | +23.6% |
| Trade receivables | 40 | €10,831 | €8,414 | -€2,417 | -22.3% |
| Other amounts receivable | 41 | €238,846 | €300,148 | +€61,302 | +25.7% |
| Current investments | 50/53 | €671,242 | €669,734 | -€1,508 | -0.2% |
| Cash at bank and in hand | 54/58 | €14,743 | €56,902 | +€42,159 | +286.0% |
| Deferred charges and accrued income | 490/1 | €1,596 | €8,010 | +€6,414 | +401.9% |
| Total equity and liabilities | 10/49 | €2,371,268 | €2,490,021 | +€118,752 | +5.0% |
| Equity | 10/15 | €1,757,591 | €1,750,535 | -€7,055 | -0.4% |
| Contributions | 10/11 | €259,002 | €259,002 | = | 0.0% |
| Reserves | 13 | €81,457 | €74,402 | -€7,055 | -8.7% |
| Distributable reserves | 133 | €81,457 | €74,402 | -€7,055 | -8.7% |
| Profit (loss) carried forward | 14 | €1,417,132 | €1,417,132 | = | 0.0% |
| Amounts payable | 17/49 | €613,678 | €739,485 | +€125,807 | +20.5% |
| Amounts payable after more than one year | 17 | €372,823 | €384,710 | +€11,887 | +3.2% |
| Financial debts | 170/4 | €372,823 | €384,710 | +€11,887 | +3.2% |
| Amounts payable within one year | 42/48 | €238,871 | €351,941 | +€113,070 | +47.3% |
| Current portion of amounts payable after more than one year | 42 | €7,432 | €23,895 | +€16,463 | +221.5% |
| Financial debts | 43 | €220,000 | €300,000 | +€80,000 | +36.4% |
| Credit institutions | 430/8 | €220,000 | €300,000 | +€80,000 | +36.4% |
| Trade debts | 44 | €6,667 | €5,856 | -€811 | -12.2% |
| Suppliers | 440/4 | €6,667 | €5,856 | -€811 | -12.2% |
| Taxes, remuneration and social security | 45 | €1,454 | €2,190 | +€735 | +50.6% |
| Taxes | 450/3 | €1,454 | €2,190 | +€735 | +50.6% |
| Other amounts payable | 47/48 | €3,317 | €20,000 | +€16,683 | +502.9% |
| Accrued charges and deferred income | 492/3 | €1,985 | €2,835 | +€851 | +42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,569 | €33,593 | +€3,024 | +9.9% |
| Other operating charges | 640/8 | €6,392 | €6,184 | -€208 | -3.3% |
| Gross operating margin | 9900 | -€9,951 | €58,472 | +€68,423 | |
| Operating profit (loss) | 9901 | -€46,912 | €18,695 | +€65,607 | |
| Financial income | 75/76B | €47,957 | €26,045 | -€21,913 | -45.7% |
| Recurring financial income | 75 | €47,957 | €24,045 | -€23,913 | -49.9% |
| Non-recurring financial income | 76B | - | €2,000 | +€2,000 | |
| Financial charges | 65/66B | €29,241 | €29,364 | +€123 | +0.4% |
| Recurring financial charges | 65 | €29,240 | €29,364 | +€124 | +0.4% |
| Non-recurring financial charges | 66B | €1 | €0 | -€1 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,196 | €15,376 | +€43,572 | |
| Income taxes | 67/77 | €693 | €2,431 | +€1,738 | +250.8% |
| Profit (loss) for the period | 9904 | -€28,889 | €12,945 | +€41,834 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,889 | €12,945 | +€41,834 |
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 10 October 2026 via checked.be.