ITSECO: 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.
ITSECO
Largest movements
- Cash -€451,883
down €451,883 (-98.9%), from €456,694 to €4,811
mainly Current investments (-€333,101) and Current portion of long-term debt (-€98,877)
- Current investments +€333,101
up €333,101 (+88.8%), from €375,000 to €708,101
- Tangible fixed assets +€18,959
up €18,959 (+101%), from €18,786 to €37,745
- Receivables within one year +€18,184
up €18,184 (+106%), from €17,213 to €35,397
of which Trade receivables: +€17,431
- Intangible fixed assets -€10,400
down €10,400 (-25.3%), from €41,030 to €30,630
- Current portion of long-term debt -€98,877
down €98,877 (-97.5%), from €101,453 to €2,576
- Other debts +€11,416
up €11,416 (+2,065%), from €553 to €11,969
- Profit (loss) carried forward -€10,768
down €10,768 (-3.1%), from €342,652 to €331,884
- Gross operating margin -€826,278
down €826,278 (-94.1%), from €877,712 to €51,433
- Taxes -€193,555
down €193,555 (-94.1%), from €205,603 to €12,047
- Financial income +€10,779
up €10,779 (+884%), from €1,219 to €11,997
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 | €915,691 | €818,753 | -€96,938 | -10.6% |
| Fixed assets | 21/28 | €59,816 | €68,375 | +€8,559 | +14.3% |
| Intangible fixed assets | 21 | €41,030 | €30,630 | -€10,400 | -25.3% |
| Tangible fixed assets | 22/27 | €18,786 | €37,745 | +€18,959 | +101% |
| Furniture and vehicles | 24 | €18,786 | €37,745 | +€18,959 | +101% |
| Current assets | 29/58 | €855,875 | €750,378 | -€105,497 | -12.3% |
| Amounts receivable within one year | 40/41 | €17,213 | €35,397 | +€18,184 | +106% |
| Trade receivables | 40 | €14,711 | €32,142 | +€17,431 | +118% |
| Other amounts receivable | 41 | €2,502 | €3,254 | +€752 | +30.1% |
| Current investments | 50/53 | €375,000 | €708,101 | +€333,101 | +88.8% |
| Cash at bank and in hand | 54/58 | €456,694 | €4,811 | -€451,883 | -98.9% |
| Deferred charges and accrued income | 490/1 | €6,968 | €2,070 | -€4,898 | -70.3% |
| Total equity and liabilities | 10/49 | €915,691 | €818,753 | -€96,938 | -10.6% |
| Equity | 10/15 | €795,292 | €784,524 | -€10,768 | -1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €434,040 | €434,040 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,800 | €336,800 | = | 0.0% |
| Distributable reserves | 133 | €96,000 | €96,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €342,652 | €331,884 | -€10,768 | -3.1% |
| Amounts payable | 17/49 | €120,398 | €34,229 | -€86,169 | -71.6% |
| Amounts payable within one year | 42/48 | €120,398 | €34,229 | -€86,169 | -71.6% |
| Current portion of amounts payable after more than one year | 42 | €101,453 | €2,576 | -€98,877 | -97.5% |
| Trade debts | 44 | €3,164 | €2,643 | -€521 | -16.5% |
| Suppliers | 440/4 | €3,164 | €2,643 | -€521 | -16.5% |
| Taxes, remuneration and social security | 45 | €15,228 | €17,041 | +€1,813 | +11.9% |
| Taxes | 450/3 | €15,228 | €17,041 | +€1,813 | +11.9% |
| Other amounts payable | 47/48 | €553 | €11,969 | +€11,416 | +2,065% |
| Non-recurring operating income | 76A | €816,949 | - | -€816,949 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,116 | €19,790 | +€4,675 | +30.9% |
| Other operating charges | 640/8 | €940 | €1,502 | +€562 | +59.8% |
| Gross operating margin | 9900 | €877,712 | €51,433 | -€826,278 | -94.1% |
| Operating profit (loss) | 9901 | €861,656 | €30,141 | -€831,515 | -96.5% |
| Financial income | 75/76B | €1,219 | €11,997 | +€10,779 | +884% |
| Recurring financial income | 75 | €1,219 | €11,997 | +€10,779 | +884% |
| Financial charges | 65/66B | €7,443 | €859 | -€6,583 | -88.5% |
| Recurring financial charges | 65 | €7,443 | €859 | -€6,583 | -88.5% |
| Profit (loss) for the period before taxes | 9903 | €855,432 | €41,279 | -€814,153 | -95.2% |
| Income taxes | 67/77 | €205,603 | €12,047 | -€193,555 | -94.1% |
| Profit (loss) for the period | 9904 | €649,829 | €29,232 | -€620,598 | -95.5% |
| Transfer to tax-exempt reserves | 689 | €336,800 | - | -€336,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €313,029 | €29,232 | -€283,798 | -90.7% |
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 19 October 2026 via checked.be.