ITREFLEX: 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.
ITREFLEX
Largest movements
- Tangible fixed assets +€78,264
up €78,264 (+14.1%), from €555,137 to €633,401
of which Furniture and vehicles: +€112,085
- Cash -€61,215
down €61,215 (-39.9%), from €153,573 to €92,358
mainly Investment in fixed assets (net) (-€167,664) and Contributions, distributions and other (-€151,731)
- Stocks and contracts +€10,121
up €10,121 (+8.4%), from €119,844 to €129,965
- Other debts +€61,285
up €61,285 (+765.3%), from €8,008 to €69,292
- Trade debts +€51,323
up €51,323 (+545.7%), from €9,406 to €60,729
- Debts after one year -€41,995
down €41,995 (-15.1%), from €278,930 to €236,935
- Reserves -€15,386
down €15,386 (-4.0%), from €387,026 to €371,640
of which Tax-exempt reserves: -€7,702
- Tax, wage and social debts -€13,792
down €13,792 (-33.3%), from €41,382 to €27,591
of which Taxes: -€25,389
- Depreciation +€7,783
up €7,783 (+9.5%), from €81,617 to €89,400
- Taxes -€4,799
down €4,799 (-7.7%), from €62,366 to €57,567
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 | €859,190 | €878,332 | +€19,142 | +2.2% |
| Fixed assets | 21/28 | €555,162 | €633,426 | +€78,264 | +14.1% |
| Tangible fixed assets | 22/27 | €555,137 | €633,401 | +€78,264 | +14.1% |
| Land and buildings | 22 | €362,827 | €337,948 | -€24,879 | -6.9% |
| Plant, machinery and equipment | 23 | €27,011 | €18,070 | -€8,941 | -33.1% |
| Furniture and vehicles | 24 | €165,298 | €277,383 | +€112,085 | +67.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €304,028 | €244,906 | -€59,122 | -19.4% |
| Stocks and contracts in progress | 3 | €119,844 | €129,965 | +€10,121 | +8.4% |
| Stocks | 30/36 | €119,844 | €129,965 | +€10,121 | +8.4% |
| Amounts receivable within one year | 40/41 | €30,336 | €22,308 | -€8,028 | -26.5% |
| Trade receivables | 40 | €30,336 | €17,601 | -€12,735 | -42.0% |
| Other amounts receivable | 41 | - | €4,707 | +€4,707 | |
| Cash at bank and in hand | 54/58 | €153,573 | €92,358 | -€61,215 | -39.9% |
| Deferred charges and accrued income | 490/1 | €275 | €275 | = | 0.0% |
| Total equity and liabilities | 10/49 | €859,190 | €878,332 | +€19,142 | +2.2% |
| Equity | 10/15 | €398,146 | €371,760 | -€26,386 | -6.6% |
| Contributions | 10/11 | €11,120 | €120 | -€11,000 | -98.9% |
| Reserves | 13 | €387,026 | €371,640 | -€15,386 | -4.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €44,736 | €37,034 | -€7,702 | -17.2% |
| Distributable reserves | 133 | €342,289 | €334,606 | -€7,684 | -2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,273 | €8,347 | -€1,926 | -18.7% |
| Deferred taxes | 168 | €10,273 | €8,347 | -€1,926 | -18.7% |
| Amounts payable | 17/49 | €450,771 | €498,225 | +€47,454 | +10.5% |
| Amounts payable after more than one year | 17 | €278,930 | €236,935 | -€41,995 | -15.1% |
| Financial debts | 170/4 | €278,930 | €236,935 | -€41,995 | -15.1% |
| Amounts payable within one year | 42/48 | €168,542 | €261,290 | +€92,748 | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €94,580 | €94,079 | -€501 | -0.5% |
| Trade debts | 44 | €9,406 | €60,729 | +€51,323 | +545.7% |
| Suppliers | 440/4 | €9,406 | €60,729 | +€51,323 | +545.7% |
| Advances received on contracts in progress | 46 | €15,166 | €9,600 | -€5,566 | -36.7% |
| Taxes, remuneration and social security | 45 | €41,382 | €27,591 | -€13,792 | -33.3% |
| Taxes | 450/3 | €27,587 | €2,198 | -€25,389 | -92.0% |
| Remuneration and social security | 454/9 | €13,795 | €25,392 | +€11,597 | +84.1% |
| Other amounts payable | 47/48 | €8,008 | €69,292 | +€61,285 | +765.3% |
| Accrued charges and deferred income | 492/3 | €3,300 | €0 | -€3,300 | -100.0% |
| Non-recurring operating income | 76A | €21,089 | €30,540 | +€9,452 | +44.8% |
| Remuneration, social security and pensions | 62 | €141,661 | €141,437 | -€223 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,617 | €89,400 | +€7,783 | +9.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €5,109 | €5,319 | +€209 | +4.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €421,429 | €424,493 | +€3,065 | +0.7% |
| Operating profit (loss) | 9901 | €193,041 | €188,337 | -€4,704 | -2.4% |
| Financial income | 75/76B | €667 | €1,427 | +€760 | +114.0% |
| Recurring financial income | 75 | €667 | €1,427 | +€760 | +114.0% |
| Financial charges | 65/66B | €8,961 | €8,778 | -€183 | -2.0% |
| Recurring financial charges | 65 | €8,961 | €8,778 | -€183 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €184,747 | €180,986 | -€3,761 | -2.0% |
| Transfer from deferred taxes | 780 | €1,867 | €1,926 | +€59 | +3.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €62,366 | €57,567 | -€4,799 | -7.7% |
| Profit (loss) for the period | 9904 | €124,247 | €125,344 | +€1,097 | +0.9% |
| Transfer from tax-exempt reserves | 789 | €7,467 | €7,702 | +€235 | +3.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €131,715 | €133,047 | +€1,332 | +1.0% |
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 3 October 2026 via checked.be.