ITSI: 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.
ITSI
Largest movements
- Receivables within one year +€37,696
up €37,696 (+45.2%), from €83,480 to €121,176
of which Other amounts receivable: +€36,942
- Deferred charges and accrued income +€7,356
up €7,356 (+316.7%), from €2,323 to €9,679
- Tangible fixed assets +€5,586
up €5,586 (+77.1%), from €7,249 to €12,835
of which Plant, machinery and equipment: +€5,456
- Cash -€5,057
no longer reported in 2025 (was €5,057)
mainly Receivables within one year (-€37,696) and Investment in fixed assets (net) (-€10,776)
- Reserves +€35,365
up €35,365 (+68.9%), from €51,353 to €86,717
- Short-term financial debts +€9,796
new in 2025: €9,796
- Other debts -€8,901
no longer reported in 2025 (was €8,901)
- Tax, wage and social debts +€8,295
up €8,295 (+195.2%), from €4,249 to €12,544
- Gross operating margin +€11,494
up €11,494 (+23.2%), from €49,550 to €61,044
- Taxes +€5,176
up €5,176 (+50.8%), from €10,179 to €15,355
- Financial charges +€3,604
up €3,604 (+544.6%), from €662 to €4,265
- Depreciation +€1,510
up €1,510 (+41.0%), from €3,680 to €5,190
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 | €152,213 | €197,793 | +€45,581 | +29.9% |
| Fixed assets | 21/28 | €7,249 | €12,835 | +€5,586 | +77.1% |
| Tangible fixed assets | 22/27 | €7,249 | €12,835 | +€5,586 | +77.1% |
| Plant, machinery and equipment | 23 | - | €5,456 | +€5,456 | |
| Furniture and vehicles | 24 | €7,249 | €7,379 | +€130 | +1.8% |
| Current assets | 29/58 | €144,964 | €184,959 | +€39,995 | +27.6% |
| Amounts receivable after more than one year | 29 | €54,104 | €54,104 | = | 0.0% |
| Other amounts receivable | 291 | €54,104 | €54,104 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €83,480 | €121,176 | +€37,696 | +45.2% |
| Trade receivables | 40 | €40,281 | €41,035 | +€754 | +1.9% |
| Other amounts receivable | 41 | €43,199 | €80,142 | +€36,942 | +85.5% |
| Cash at bank and in hand | 54/58 | €5,057 | - | -€5,057 | |
| Deferred charges and accrued income | 490/1 | €2,323 | €9,679 | +€7,356 | +316.7% |
| Total equity and liabilities | 10/49 | €152,213 | €197,793 | +€45,581 | +29.9% |
| Equity | 10/15 | €126,849 | €162,213 | +€35,365 | +27.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €51,353 | €86,717 | +€35,365 | +68.9% |
| Distributable reserves | 133 | €51,353 | €86,717 | +€35,365 | +68.9% |
| Profit (loss) carried forward | 14 | €55,036 | €55,036 | = | 0.0% |
| Amounts payable | 17/49 | €25,364 | €35,580 | +€10,216 | +40.3% |
| Amounts payable within one year | 42/48 | €25,364 | €35,580 | +€10,216 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €8,362 | €8,358 | -€4 | -0.1% |
| Financial debts | 43 | - | €9,796 | +€9,796 | |
| Credit institutions | 430/8 | - | €9,796 | +€9,796 | |
| Trade debts | 44 | €3,852 | €4,883 | +€1,031 | +26.8% |
| Suppliers | 440/4 | €3,852 | €4,883 | +€1,031 | +26.8% |
| Taxes, remuneration and social security | 45 | €4,249 | €12,544 | +€8,295 | +195.2% |
| Taxes | 450/3 | €4,249 | €12,544 | +€8,295 | +195.2% |
| Other amounts payable | 47/48 | €8,901 | - | -€8,901 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,680 | €5,190 | +€1,510 | +41.0% |
| Other operating charges | 640/8 | €1,174 | €869 | -€305 | -26.0% |
| Gross operating margin | 9900 | €49,550 | €61,044 | +€11,494 | +23.2% |
| Operating profit (loss) | 9901 | €44,697 | €54,985 | +€10,289 | +23.0% |
| Financial charges | 65/66B | €662 | €4,265 | +€3,604 | +544.6% |
| Recurring financial charges | 65 | €662 | €4,265 | +€3,604 | +544.6% |
| Profit (loss) for the period before taxes | 9903 | €44,035 | €50,720 | +€6,685 | +15.2% |
| Income taxes | 67/77 | €10,179 | €15,355 | +€5,176 | +50.8% |
| Profit (loss) for the period | 9904 | €33,856 | €35,365 | +€1,509 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,856 | €35,365 | +€1,509 | +4.5% |
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 2 October 2026 via checked.be.