ITSL4: 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.
ITSL4
Largest movements
- Cash -€45,673
down €45,673 (-96.3%), from €47,412 to €1,739
mainly Contributions, distributions and other (-€60,000) and Net result for the year (-€35,666)
- Receivables within one year -€45,541
down €45,541 (-82.5%), from €55,219 to €9,678
of which Other amounts receivable: -€41,949
- Profit (loss) carried forward -€95,666
down €95,666, from €86,734 to -€8,932
- Other debts +€17,778
new in 2025: €17,778
- Tax, wage and social debts -€7,081
no longer reported in 2025 (was €7,081)
of which Remuneration and social security: -€5,355
- Trade debts -€6,664
down €6,664 (-84.9%), from €7,849 to €1,185
- Gross operating margin -€47,730
down €47,730, from €20,136 to -€27,594
- Taxes +€12,409
up €12,409, from -€4,751 to €7,658
- Other operating charges -€399
no longer reported in 2025 (was €399)
- Financial charges +€276
up €276, from -€202 to €75
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 | €104,664 | €13,031 | -€91,633 | -87.5% |
| Fixed assets | 21/28 | €1,145 | €705 | -€439 | -38.4% |
| Tangible fixed assets | 22/27 | €1,145 | €705 | -€439 | -38.4% |
| Plant, machinery and equipment | 23 | €1,145 | €705 | -€439 | -38.4% |
| Current assets | 29/58 | €103,520 | €12,326 | -€91,194 | -88.1% |
| Amounts receivable within one year | 40/41 | €55,219 | €9,678 | -€45,541 | -82.5% |
| Trade receivables | 40 | €5,355 | €1,763 | -€3,592 | -67.1% |
| Other amounts receivable | 41 | €49,864 | €7,915 | -€41,949 | -84.1% |
| Cash at bank and in hand | 54/58 | €47,412 | €1,739 | -€45,673 | -96.3% |
| Deferred charges and accrued income | 490/1 | €889 | €909 | +€19 | +2.2% |
| Total equity and liabilities | 10/49 | €104,664 | €13,031 | -€91,633 | -87.5% |
| Equity | 10/15 | €89,734 | -€5,932 | -€95,666 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | - | -€3,000 | |
| Issued capital | 100 | €3,000 | - | -€3,000 | |
| Outside capital | 11 | - | €3,000 | +€3,000 | |
| Other | 1109/19 | - | €3,000 | +€3,000 | |
| Profit (loss) carried forward | 14 | €86,734 | -€8,932 | -€95,666 | |
| Amounts payable | 17/49 | €14,931 | €18,963 | +€4,033 | +27.0% |
| Amounts payable within one year | 42/48 | €14,931 | €18,963 | +€4,033 | +27.0% |
| Trade debts | 44 | €7,849 | €1,185 | -€6,664 | -84.9% |
| Suppliers | 440/4 | €7,849 | €1,185 | -€6,664 | -84.9% |
| Taxes, remuneration and social security | 45 | €7,081 | - | -€7,081 | |
| Taxes | 450/3 | €1,726 | - | -€1,726 | |
| Remuneration and social security | 454/9 | €5,355 | - | -€5,355 | |
| Other amounts payable | 47/48 | - | €17,778 | +€17,778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €439 | €439 | = | 0.0% |
| Other operating charges | 640/8 | €399 | - | -€399 | |
| Gross operating margin | 9900 | €20,136 | -€27,594 | -€47,730 | |
| Operating profit (loss) | 9901 | €19,298 | -€28,033 | -€47,332 | |
| Financial income | 75/76B | - | €101 | +€101 | |
| Recurring financial income | 75 | - | €101 | +€101 | |
| Financial charges | 65/66B | -€202 | €75 | +€276 | |
| Recurring financial charges | 65 | -€202 | €75 | +€276 | |
| Profit (loss) for the period before taxes | 9903 | €19,500 | -€28,008 | -€47,508 | |
| Income taxes | 67/77 | -€4,751 | €7,658 | +€12,409 | |
| Profit (loss) for the period | 9904 | €24,251 | -€35,666 | -€59,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,251 | -€35,666 | -€59,917 |
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.