ITRD: 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.
ITRD
Largest movements
- Receivables within one year +€33,362
up €33,362 (+65.8%), from €50,739 to €84,101
of which Trade receivables: +€32,574
- Tangible fixed assets -€25,059
down €25,059 (-63.5%), from €39,488 to €14,430
of which Furniture and vehicles: -€21,491
- Deferred charges and accrued income +€24,198
up €24,198 (+381.6%), from €6,341 to €30,539
- Cash -€14,088
down €14,088 (-89.2%), from €15,789 to €1,702
mainly Receivables within one year (-€33,362) and Deferred charges and accrued income (-€24,198)
- Tax, wage and social debts +€18,792
up €18,792 (+44.5%), from €42,186 to €60,979
of which Taxes: +€17,776
- Debts after one year -€16,755
down €16,755 (-69.4%), from €24,140 to €7,385
of which Financial debts: -€14,255
- Other debts +€12,775
up €12,775 (+71.5%), from €17,872 to €30,647
- Trade debts +€10,702
up €10,702 (+68.9%), from €15,522 to €26,224
- Current portion of long-term debt -€9,979
down €9,979 (-86.6%), from €11,523 to €1,544
- Gross operating margin -€53,453
down €53,453 (-38.0%), from €140,677 to €87,224
- Staff costs -€15,168
down €15,168 (-16.8%), from €90,328 to €75,160
- Depreciation -€11,018
down €11,018 (-69.6%), from €15,833 to €4,815
- Other operating charges -€2,399
down €2,399 (-71.2%), from €3,369 to €970
- Financial charges +€2,327
up €2,327 (+66.4%), from €3,502 to €5,829
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 | €119,997 | €138,411 | +€18,414 | +15.3% |
| Fixed assets | 21/28 | €47,128 | €22,070 | -€25,059 | -53.2% |
| Tangible fixed assets | 22/27 | €39,488 | €14,430 | -€25,059 | -63.5% |
| Plant, machinery and equipment | 23 | €7,096 | €6,346 | -€750 | -10.6% |
| Furniture and vehicles | 24 | €29,574 | €8,083 | -€21,491 | -72.7% |
| Assets under construction and advance payments | 27 | €2,818 | - | -€2,818 | |
| Financial fixed assets | 28 | €7,640 | €7,640 | = | 0.0% |
| Current assets | 29/58 | €72,869 | €116,342 | +€43,473 | +59.7% |
| Amounts receivable within one year | 40/41 | €50,739 | €84,101 | +€33,362 | +65.8% |
| Trade receivables | 40 | €49,308 | €81,882 | +€32,574 | +66.1% |
| Other amounts receivable | 41 | €1,431 | €2,219 | +€788 | +55.1% |
| Cash at bank and in hand | 54/58 | €15,789 | €1,702 | -€14,088 | -89.2% |
| Deferred charges and accrued income | 490/1 | €6,341 | €30,539 | +€24,198 | +381.6% |
| Total equity and liabilities | 10/49 | €119,997 | €138,411 | +€18,414 | +15.3% |
| Equity | 10/15 | €1,984 | €3,030 | +€1,046 | +52.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,016 | -€1,970 | +€1,046 | +34.7% |
| Amounts payable | 17/49 | €118,013 | €135,381 | +€17,368 | +14.7% |
| Amounts payable after more than one year | 17 | €24,140 | €7,385 | -€16,755 | -69.4% |
| Financial debts | 170/4 | €14,255 | - | -€14,255 | |
| Other amounts payable | 178/9 | €9,885 | €7,385 | -€2,500 | -25.3% |
| Amounts payable within one year | 42/48 | €92,139 | €120,460 | +€28,321 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €11,523 | €1,544 | -€9,979 | -86.6% |
| Financial debts | 43 | €5,035 | €1,066 | -€3,969 | -78.8% |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Other loans | 439 | €5,035 | €1,054 | -€3,981 | -79.1% |
| Trade debts | 44 | €15,522 | €26,224 | +€10,702 | +68.9% |
| Suppliers | 440/4 | €15,522 | €26,224 | +€10,702 | +68.9% |
| Taxes, remuneration and social security | 45 | €42,186 | €60,979 | +€18,792 | +44.5% |
| Taxes | 450/3 | €21,269 | €39,045 | +€17,776 | +83.6% |
| Remuneration and social security | 454/9 | €20,917 | €21,933 | +€1,016 | +4.9% |
| Other amounts payable | 47/48 | €17,872 | €30,647 | +€12,775 | +71.5% |
| Accrued charges and deferred income | 492/3 | €1,733 | €7,536 | +€5,802 | +334.7% |
| Remuneration, social security and pensions | 62 | €90,328 | €75,160 | -€15,168 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,833 | €4,815 | -€11,018 | -69.6% |
| Other operating charges | 640/8 | €3,369 | €970 | -€2,399 | -71.2% |
| Gross operating margin | 9900 | €140,677 | €87,224 | -€53,453 | -38.0% |
| Operating profit (loss) | 9901 | €31,147 | €6,279 | -€24,868 | -79.8% |
| Financial income | 75/76B | €70 | €223 | +€153 | +220.2% |
| Recurring financial income | 75 | €70 | €223 | +€153 | +220.2% |
| Financial charges | 65/66B | €3,502 | €5,829 | +€2,327 | +66.4% |
| Recurring financial charges | 65 | €3,502 | €5,829 | +€2,327 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | €27,714 | €673 | -€27,042 | -97.6% |
| Income taxes | 67/77 | €815 | -€373 | -€1,189 | |
| Profit (loss) for the period | 9904 | €26,899 | €1,046 | -€25,853 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,899 | €1,046 | -€25,853 | -96.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.