ITRA: 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.
ITRA
Largest movements
- Receivables within one year +€132,964
up €132,964 (+43.2%), from €307,647 to €440,611
of which Trade receivables: +€123,133
- Stocks and contracts +€129,554
up €129,554 (+32.4%), from €400,363 to €529,917
of which Contracts in progress: +€167,245
- Cash -€61,489
down €61,489 (-37.8%), from €162,578 to €101,090
mainly Receivables within one year (-€132,964) and Stocks and contracts (-€129,554)
- Tangible fixed assets +€26,388
up €26,388 (+66.1%), from €39,930 to €66,318
of which Furniture and vehicles: +€33,399
- Advances received +€177,347
new in 2026: €177,347
- Profit (loss) carried forward +€41,968
up €41,968 (+59.2%), from -€70,936 to -€28,968
- Tax, wage and social debts -€18,321
down €18,321 (-34.5%), from €53,045 to €34,724
of which Remuneration and social security: -€21,216
- Current portion of long-term debt +€17,434
up €17,434 (+29.5%), from €59,005 to €76,440
- Staff costs +€46,228
up €46,228 (+11.6%), from €398,019 to €444,247
- Taxes +€9,029
up €9,029 (+1,137%), from €794 to €9,823
- Other operating charges -€8,625
down €8,625 (-76.8%), from €11,231 to €2,606
- Financial income -€5,761
down €5,761 (-41.9%), from €13,749 to €7,988
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €928,668 | €1,158,603 | +€229,935 | +24.8% |
| Fixed assets | 21/28 | €58,081 | €81,955 | +€23,874 | +41.1% |
| Intangible fixed assets | 21 | €5,049 | €2,719 | -€2,330 | -46.1% |
| Tangible fixed assets | 22/27 | €39,930 | €66,318 | +€26,388 | +66.1% |
| Plant, machinery and equipment | 23 | €6,695 | €4,194 | -€2,501 | -37.4% |
| Furniture and vehicles | 24 | €16,322 | €49,721 | +€33,399 | +205% |
| Other tangible fixed assets | 26 | €16,913 | €12,403 | -€4,510 | -26.7% |
| Financial fixed assets | 28 | €13,102 | €12,918 | -€184 | -1.4% |
| Current assets | 29/58 | €870,588 | €1,076,648 | +€206,061 | +23.7% |
| Stocks and contracts in progress | 3 | €400,363 | €529,917 | +€129,554 | +32.4% |
| Stocks | 30/36 | €386,994 | €349,303 | -€37,691 | -9.7% |
| Contracts in progress | 37 | €13,369 | €180,614 | +€167,245 | +1,251% |
| Amounts receivable within one year | 40/41 | €307,647 | €440,611 | +€132,964 | +43.2% |
| Trade receivables | 40 | €300,549 | €423,682 | +€123,133 | +41.0% |
| Other amounts receivable | 41 | €7,098 | €16,929 | +€9,831 | +139% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €162,578 | €101,090 | -€61,489 | -37.8% |
| Deferred charges and accrued income | 490/1 | - | €5,031 | +€5,031 | |
| Total equity and liabilities | 10/49 | €928,668 | €1,158,603 | +€229,935 | +24.8% |
| Equity | 10/15 | €308,094 | €350,062 | +€41,968 | +13.6% |
| Contributions | 10/11 | €34,573 | €34,573 | = | 0.0% |
| Reserves | 13 | €344,457 | €344,457 | = | 0.0% |
| Distributable reserves | 133 | €344,457 | €344,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,936 | -€28,968 | +€41,968 | +59.2% |
| Amounts payable | 17/49 | €620,574 | €808,541 | +€187,967 | +30.3% |
| Amounts payable after more than one year | 17 | €243,314 | €249,450 | +€6,135 | +2.5% |
| Financial debts | 170/4 | €243,314 | €249,450 | +€6,135 | +2.5% |
| Amounts payable within one year | 42/48 | €377,260 | €559,092 | +€181,832 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €59,005 | €76,440 | +€17,434 | +29.5% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €265,209 | €270,581 | +€5,372 | +2.0% |
| Suppliers | 440/4 | €265,209 | €270,581 | +€5,372 | +2.0% |
| Advances received on contracts in progress | 46 | - | €177,347 | +€177,347 | |
| Taxes, remuneration and social security | 45 | €53,045 | €34,724 | -€18,321 | -34.5% |
| Taxes | 450/3 | €11,041 | €13,936 | +€2,895 | +26.2% |
| Remuneration and social security | 454/9 | €42,004 | €20,788 | -€21,216 | -50.5% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €398,019 | €444,247 | +€46,228 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,639 | €29,478 | -€161 | -0.5% |
| Other operating charges | 640/8 | €11,231 | €2,606 | -€8,625 | -76.8% |
| Gross operating margin | 9900 | €538,073 | €534,993 | -€3,080 | -0.6% |
| Operating profit (loss) | 9901 | €99,184 | €58,662 | -€40,521 | -40.9% |
| Financial income | 75/76B | €13,749 | €7,988 | -€5,761 | -41.9% |
| Recurring financial income | 75 | €13,749 | €7,988 | -€5,761 | -41.9% |
| Financial charges | 65/66B | €12,761 | €14,859 | +€2,099 | +16.4% |
| Recurring financial charges | 65 | €12,761 | €14,859 | +€2,099 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €100,171 | €51,791 | -€48,381 | -48.3% |
| Income taxes | 67/77 | €794 | €9,823 | +€9,029 | +1,137% |
| Profit (loss) for the period | 9904 | €99,377 | €41,968 | -€57,409 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,377 | €41,968 | -€57,409 | -57.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.