ITSF: 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.
ITSF
Largest movements
- Tangible fixed assets -€54,521
down €54,521 (-79.3%), from €68,739 to €14,218
of which Furniture and vehicles: -€51,191
- Cash +€54,168
up €54,168 (+98.8%), from €54,842 to €109,009
mainly Investment in fixed assets (net) (+€49,530) and Net result for the year (+€17,672)
- Receivables within one year +€6,052
up €6,052 (+33.4%), from €18,109 to €24,160
of which Other amounts receivable: +€4,237
- Reserves +€7,093
up €7,093 (+6.7%), from €105,895 to €112,989
- Tax, wage and social debts -€1,531
down €1,531 (-9.4%), from €16,203 to €14,672
of which Taxes: -€1,546
- Depreciation -€14,043
down €14,043 (-73.8%), from €19,034 to €4,991
- Staff costs +€9,252
up €9,252 (+690.4%), from €1,340 to €10,592
- Gross operating margin +€7,963
up €7,963 (+14.9%), from €53,387 to €61,350
- Taxes -€1,737
down €1,737 (-18.8%), from €9,226 to €7,490
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.
Cash bridge derived
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 | €142,393 | €147,888 | +€5,496 | +3.9% |
| Fixed assets | 21/28 | €68,739 | €14,218 | -€54,521 | -79.3% |
| Tangible fixed assets | 22/27 | €68,739 | €14,218 | -€54,521 | -79.3% |
| Plant, machinery and equipment | 23 | €5,312 | €3,432 | -€1,880 | -35.4% |
| Furniture and vehicles | 24 | €51,191 | €0 | -€51,191 | -100.0% |
| Other tangible fixed assets | 26 | €12,236 | €10,786 | -€1,450 | -11.9% |
| Current assets | 29/58 | €73,653 | €133,670 | +€60,017 | +81.5% |
| Amounts receivable within one year | 40/41 | €18,109 | €24,160 | +€6,052 | +33.4% |
| Trade receivables | 40 | €16,335 | €18,150 | +€1,815 | +11.1% |
| Other amounts receivable | 41 | €1,774 | €6,010 | +€4,237 | +238.8% |
| Cash at bank and in hand | 54/58 | €54,842 | €109,009 | +€54,168 | +98.8% |
| Deferred charges and accrued income | 490/1 | €703 | €500 | -€203 | -28.8% |
| Total equity and liabilities | 10/49 | €142,393 | €147,888 | +€5,496 | +3.9% |
| Equity | 10/15 | €112,095 | €119,189 | +€7,093 | +6.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,895 | €112,989 | +€7,093 | +6.7% |
| Distributable reserves | 133 | €105,895 | €112,989 | +€7,093 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,297 | €28,700 | -€1,598 | -5.3% |
| Amounts payable within one year | 42/48 | €30,297 | €28,700 | -€1,598 | -5.3% |
| Trade debts | 44 | €1,027 | €287 | -€740 | -72.1% |
| Suppliers | 440/4 | €1,027 | €287 | -€740 | -72.1% |
| Taxes, remuneration and social security | 45 | €16,203 | €14,672 | -€1,531 | -9.4% |
| Taxes | 450/3 | €15,481 | €13,935 | -€1,546 | -10.0% |
| Remuneration and social security | 454/9 | €722 | €737 | +€15 | +2.1% |
| Other amounts payable | 47/48 | €13,067 | €13,741 | +€674 | +5.2% |
| Non-recurring operating income | 76A | €717 | €826 | +€109 | +15.2% |
| Remuneration, social security and pensions | 62 | €1,340 | €10,592 | +€9,252 | +690.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,034 | €4,991 | -€14,043 | -73.8% |
| Other operating charges | 640/8 | €1,016 | €1,389 | +€373 | +36.7% |
| Non-recurring operating charges | 66A | - | €18,960 | +€18,960 | |
| Gross operating margin | 9900 | €53,387 | €61,350 | +€7,963 | +14.9% |
| Operating profit (loss) | 9901 | €31,998 | €25,419 | -€6,579 | -20.6% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100.0% |
| Financial charges | 65/66B | €169 | €257 | +€88 | +52.3% |
| Recurring financial charges | 65 | €169 | €257 | +€88 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €31,831 | €25,162 | -€6,669 | -21.0% |
| Income taxes | 67/77 | €9,226 | €7,490 | -€1,737 | -18.8% |
| Profit (loss) for the period | 9904 | €22,605 | €17,672 | -€4,933 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,605 | €17,672 | -€4,933 | -21.8% |
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 9 October 2026 via checked.be.