ITNERA: 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.
ITNERA
Largest movements
- Current investments -€45,000
no longer reported in 2025 (was €45,000)
- Receivables within one year +€33,751
up €33,751 (+175%), from €19,310 to €53,061
of which Trade receivables: +€34,987
- Cash +€18,208
up €18,208 (+30.2%), from €60,266 to €78,474
mainly Net result for the year (+€85,298) and Current investments (+€45,000)
- Tangible fixed assets -€12,246
down €12,246 (-7.7%), from €159,021 to €146,775
of which Land and buildings: -€12,894
- Debts after one year -€18,268
down €18,268 (-18.9%), from €96,567 to €78,299
- Tax, wage and social debts +€11,223
up €11,223 (+108%), from €10,433 to €21,655
- Other debts +€8,372
up €8,372 (+930%), from €900 to €9,272
- Reserves -€7,500
down €7,500 (-2.7%), from €278,600 to €271,100
- Write-downs -€34,027
down €34,027, from €10,365 to -€23,661
- Other operating charges +€23,725
up €23,725 (+1,178%), from €2,014 to €25,739
- Taxes +€4,303
up €4,303 (+14.7%), from €29,302 to €33,605
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.
Derived cash bridge
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 | €405,679 | €399,623 | -€6,056 | -1.5% |
| Fixed assets | 21/28 | €159,071 | €146,825 | -€12,246 | -7.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €159,021 | €146,775 | -€12,246 | -7.7% |
| Land and buildings | 22 | €158,623 | €145,728 | -€12,894 | -8.1% |
| Furniture and vehicles | 24 | €399 | €1,047 | +€648 | +163% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €246,608 | €252,798 | +€6,191 | +2.5% |
| Amounts receivable after more than one year | 29 | €120,112 | €120,000 | -€112 | -0.1% |
| Other amounts receivable | 291 | €120,112 | €120,000 | -€112 | -0.1% |
| Amounts receivable within one year | 40/41 | €19,310 | €53,061 | +€33,751 | +175% |
| Trade receivables | 40 | €18,074 | €53,061 | +€34,987 | +194% |
| Other amounts receivable | 41 | €1,236 | - | -€1,236 | |
| Current investments | 50/53 | €45,000 | - | -€45,000 | |
| Cash at bank and in hand | 54/58 | €60,266 | €78,474 | +€18,208 | +30.2% |
| Deferred charges and accrued income | 490/1 | €1,919 | €1,263 | -€656 | -34.2% |
| Total equity and liabilities | 10/49 | €405,679 | €399,623 | -€6,056 | -1.5% |
| Equity | 10/15 | €278,692 | €271,290 | -€7,402 | -2.7% |
| Reserves | 13 | €278,600 | €271,100 | -€7,500 | -2.7% |
| Distributable reserves | 133 | €278,600 | €271,100 | -€7,500 | -2.7% |
| Profit (loss) carried forward | 14 | €92 | €190 | +€98 | +107% |
| Amounts payable | 17/49 | €126,987 | €128,333 | +€1,346 | +1.1% |
| Amounts payable after more than one year | 17 | €96,567 | €78,299 | -€18,268 | -18.9% |
| Financial debts | 170/4 | €96,567 | €78,299 | -€18,268 | -18.9% |
| Amounts payable within one year | 42/48 | €30,420 | €50,034 | +€19,614 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €17,451 | €18,268 | +€816 | +4.7% |
| Trade debts | 44 | €1,635 | €839 | -€797 | -48.7% |
| Suppliers | 440/4 | €1,635 | €839 | -€797 | -48.7% |
| Taxes, remuneration and social security | 45 | €10,433 | €21,655 | +€11,223 | +108% |
| Taxes | 450/3 | €10,433 | €21,655 | +€11,223 | +108% |
| Other amounts payable | 47/48 | €900 | €9,272 | +€8,372 | +930% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,497 | €13,323 | -€174 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,365 | -€23,661 | -€34,027 | |
| Other operating charges | 640/8 | €2,014 | €25,739 | +€23,725 | +1,178% |
| Gross operating margin | 9900 | €134,493 | €134,941 | +€448 | +0.3% |
| Operating profit (loss) | 9901 | €108,617 | €119,541 | +€10,924 | +10.1% |
| Financial income | 75/76B | €3,497 | €4,760 | +€1,264 | +36.1% |
| Recurring financial income | 75 | €3,497 | €4,760 | +€1,264 | +36.1% |
| Financial charges | 65/66B | €5,819 | €5,398 | -€421 | -7.2% |
| Recurring financial charges | 65 | €5,819 | €5,398 | -€421 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €106,294 | €118,903 | +€12,609 | +11.9% |
| Income taxes | 67/77 | €29,302 | €33,605 | +€4,303 | +14.7% |
| Profit (loss) for the period | 9904 | €76,992 | €85,298 | +€8,306 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,992 | €85,298 | +€8,306 | +10.8% |
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 1 November 2026 via checked.be.