ITMUA: 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.
ITMUA
Largest movements
- Receivables after one year +€36,500
new in 2025: €36,500
- Cash +€24,743
up €24,743 (+88.9%), from €27,836 to €52,580
mainly Net result for the year (+€39,664) and Accrued charges and deferred income (+€23,332)
- Tangible fixed assets +€2,110
up €2,110 (+5.3%), from €40,181 to €42,291
of which Plant, machinery and equipment: +€1,670
- Receivables within one year +€2,062
up €2,062 (+3.8%), from €54,097 to €56,159
of which Other amounts receivable: +€3,381
- Reserves +€38,000
up €38,000 (+108.6%), from €35,000 to €73,000
- Accrued charges and deferred income +€23,332
up €23,332 (+166.9%), from €13,978 to €37,310
- Trade debts +€3,260
up €3,260 (+234.9%), from €1,388 to €4,648
- Tax, wage and social debts -€1,979
down €1,979 (-8.9%), from €22,175 to €20,196
of which Taxes: -€2,375
- Gross operating margin +€43,234
up €43,234 (+88.4%), from €48,935 to €92,169
- Taxes +€27,210
up €27,210 (+233.2%), from €11,667 to €38,878
- Depreciation +€5,177
up €5,177 (+71.6%), from €7,234 to €12,411
- Financial charges -€2,715
down €2,715 (-86.5%), from €3,138 to €422
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 | €124,377 | €189,880 | +€65,503 | +52.7% |
| Fixed assets | 21/28 | €40,181 | €42,373 | +€2,192 | +5.5% |
| Tangible fixed assets | 22/27 | €40,181 | €42,291 | +€2,110 | +5.3% |
| Plant, machinery and equipment | 23 | €29,985 | €31,655 | +€1,670 | +5.6% |
| Furniture and vehicles | 24 | €10,196 | €10,637 | +€441 | +4.3% |
| Financial fixed assets | 28 | - | €82 | +€82 | |
| Current assets | 29/58 | €84,196 | €147,506 | +€63,311 | +75.2% |
| Amounts receivable after more than one year | 29 | - | €36,500 | +€36,500 | |
| Other amounts receivable | 291 | - | €36,500 | +€36,500 | |
| Amounts receivable within one year | 40/41 | €54,097 | €56,159 | +€2,062 | +3.8% |
| Trade receivables | 40 | €53,779 | €52,460 | -€1,319 | -2.5% |
| Other amounts receivable | 41 | €318 | €3,699 | +€3,381 | +1063.2% |
| Cash at bank and in hand | 54/58 | €27,836 | €52,580 | +€24,743 | +88.9% |
| Deferred charges and accrued income | 490/1 | €2,263 | €2,268 | +€5 | +0.2% |
| Total equity and liabilities | 10/49 | €124,377 | €189,880 | +€65,503 | +52.7% |
| Equity | 10/15 | €50,953 | €90,617 | +€39,664 | +77.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €35,000 | €73,000 | +€38,000 | +108.6% |
| Non-distributable reserves | 130/1 | €35,000 | €73,000 | +€38,000 | +108.6% |
| Other | 1319 | €35,000 | €73,000 | +€38,000 | +108.6% |
| Profit (loss) carried forward | 14 | €9,953 | €11,617 | +€1,664 | +16.7% |
| Amounts payable | 17/49 | €73,424 | €99,263 | +€25,839 | +35.2% |
| Amounts payable within one year | 42/48 | €59,446 | €61,953 | +€2,507 | +4.2% |
| Trade debts | 44 | €1,388 | €4,648 | +€3,260 | +234.9% |
| Suppliers | 440/4 | €1,388 | €4,648 | +€3,260 | +234.9% |
| Taxes, remuneration and social security | 45 | €22,175 | €20,196 | -€1,979 | -8.9% |
| Taxes | 450/3 | €22,175 | €19,800 | -€2,375 | -10.7% |
| Remuneration and social security | 454/9 | - | €396 | +€396 | |
| Other amounts payable | 47/48 | €35,883 | €37,110 | +€1,226 | +3.4% |
| Accrued charges and deferred income | 492/3 | €13,978 | €37,310 | +€23,332 | +166.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,234 | €12,411 | +€5,177 | +71.6% |
| Other operating charges | 640/8 | €840 | €800 | -€40 | -4.8% |
| Gross operating margin | 9900 | €48,935 | €92,169 | +€43,234 | +88.4% |
| Operating profit (loss) | 9901 | €40,861 | €78,959 | +€38,097 | +93.2% |
| Financial income | 75/76B | €110 | €5 | -€105 | -95.2% |
| Recurring financial income | 75 | €110 | €5 | -€105 | -95.2% |
| Financial charges | 65/66B | €3,138 | €422 | -€2,715 | -86.5% |
| Recurring financial charges | 65 | €3,138 | €422 | -€2,715 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | €37,834 | €78,542 | +€40,708 | +107.6% |
| Income taxes | 67/77 | €11,667 | €38,878 | +€27,210 | +233.2% |
| Profit (loss) for the period | 9904 | €26,166 | €39,664 | +€13,497 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,166 | €39,664 | +€13,497 | +51.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.