ITZU: 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.
What changed
ITZU
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€131,927
2024 · €138,369-€270,297
Equity
€7.2m
2024 · €7.3m-€131,927
Cash
€11,450
2024 · €54,459-€43,009
Balance sheet total
€11.6m
2024 · €12.1m-€569,525
Largest movements
Assets
- Financial fixed assets +€2.0m
up €2.0m (+27.0%), from €7.5m to €9.5m
of which Affiliated companies: +€1.8m
- Receivables within one year -€1.4m
down €1.4m (-44.0%), from €3.2m to €1.8m
of which Other amounts receivable: -€845,298
- Intangible fixed assets -€1.2m
down €1.2m (-97.8%), from €1.2m to €26,884
Equity and liabilities
- Debts after one year -€306,541
down €306,541 (-10.9%), from €2.8m to €2.5m
- Trade debts -€202,353
down €202,353 (-24.3%), from €834,026 to €631,673
- Reserves -€131,927
down €131,927 (-7.6%), from €1.7m to €1.6m
of which Distributable reserves: -€131,927
Income statement
- Financial charges +€1.5m
up €1.5m (+421%), from €353,789 to €1.8m
of which Non-recurring financial charges: +€1.4m
- Financial income +€1.5m
up €1.5m (+516%), from €283,563 to €1.7m
of which Non-recurring financial income: +€1.6m
- Turnover -€254,981
down €254,981 (-8.4%), from €3.0m to €2.8m
- Depreciation -€54,184
down €54,184 (-37.8%), from €143,505 to €89,322
- Services and other goods -€39,679
down €39,679 (-2.0%), from €2.0m to €1.9m
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.
Result 2024
€138,369
Turnover
-€254,981
Other operating income
-€67
Services and other goods
+€39,679
Staff costs
-€7,792
Depreciation
+€54,184
Other operating charges
-€1,091
Other operating items
-€73,944
Financial income
+€1.5m
Financial charges
-€1.5m
Taxes
+€673
Result 2025
-€131,927
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€891,476
Financing
-€293,339
Cash 2024
€54,459
From operations (derived)
+€1.1m
Net result for the year
-€131,927
Depreciation
+€89,322
Receivables within one year
+€1.4m
Deferred charges and accrued income
-€89,334
Trade debts
-€202,353
Tax, wage and social debts
+€9,672
Other debts
+€46,070
Accrued charges and deferred income
+€2,352
Investment (derived)
-€891,476
Investment in fixed assets (net)
-€891,476
Financing
-€293,339
Debts after one year
-€306,541
Current portion of long-term debt
+€13,203
Cash 2025
€11,450
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,125,791 | €11,556,266 | -€569,525 | -4.7% |
| Fixed assets | 21/28 | €8,760,917 | €9,563,071 | +€802,154 | +9.2% |
| Intangible fixed assets | 21 | €1,244,412 | €26,884 | -€1.2m | -97.8% |
| Tangible fixed assets | 22/27 | €32,433 | €29,844 | -€2,589 | -8.0% |
| Plant, machinery and equipment | 23 | €5,616 | €5,482 | -€134 | -2.4% |
| Furniture and vehicles | 24 | €26,817 | €24,361 | -€2,455 | -9.2% |
| Financial fixed assets | 28 | €7,484,071 | €9,506,344 | +€2.0m | +27.0% |
| Affiliated companies | 280/1 | €7,484,071 | €9,309,585 | +€1.8m | +24.4% |
| Participating interests | 280 | €7,484,071 | €8,484,585 | +€1.0m | +13.4% |
| Amounts receivable | 281 | - | €825,000 | +€825,000 | |
| Companies linked by participating interests | 282/3 | - | €196,759 | +€196,759 | |
| Participating interests | 282 | - | €196,759 | +€196,759 | |
| Current assets | 29/58 | €3,364,874 | €1,993,195 | -€1.4m | -40.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,222,146 | €1,804,141 | -€1.4m | -44.0% |
| Trade receivables | 40 | €1,202,006 | €629,300 | -€572,707 | -47.6% |
| Other amounts receivable | 41 | €2,020,140 | €1,174,842 | -€845,298 | -41.8% |
| Cash at bank and in hand | 54/58 | €54,459 | €11,450 | -€43,009 | -79.0% |
| Deferred charges and accrued income | 490/1 | €88,269 | €177,603 | +€89,334 | +101% |
| Total equity and liabilities | 10/49 | €12,125,791 | €11,556,266 | -€569,525 | -4.7% |
| Equity | 10/15 | €7,284,270 | €7,152,343 | -€131,927 | -1.8% |
| Contributions | 10/11 | €5,543,700 | €5,543,700 | = | 0.0% |
| Capital | 10 | €5,543,700 | €5,543,700 | = | 0.0% |
| Issued capital | 100 | €5,543,700 | €5,543,700 | = | 0.0% |
| Reserves | 13 | €1,740,570 | €1,608,643 | -€131,927 | -7.6% |
| Non-distributable reserves | 130/1 | €87,036 | €87,036 | = | 0.0% |
| Legal reserve | 130 | €87,036 | €87,036 | = | 0.0% |
| Distributable reserves | 133 | €1,653,535 | €1,521,607 | -€131,927 | -8.0% |
| Amounts payable | 17/49 | €4,841,521 | €4,403,923 | -€437,598 | -9.0% |
| Amounts payable after more than one year | 17 | €2,809,720 | €2,503,179 | -€306,541 | -10.9% |
| Financial debts | 170/4 | €2,809,720 | €2,503,179 | -€306,541 | -10.9% |
| Subordinated loans | 170 | €445,000 | €445,000 | = | 0.0% |
| Credit institutions | 173 | €2,364,720 | €2,058,179 | -€306,541 | -13.0% |
| Amounts payable within one year | 42/48 | €2,028,957 | €1,895,550 | -€133,408 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €293,339 | €306,542 | +€13,203 | +4.5% |
| Trade debts | 44 | €834,026 | €631,673 | -€202,353 | -24.3% |
| Suppliers | 440/4 | €834,026 | €631,673 | -€202,353 | -24.3% |
| Taxes, remuneration and social security | 45 | €70,314 | €79,986 | +€9,672 | +13.8% |
| Taxes | 450/3 | €4,663 | €1,701 | -€2,962 | -63.5% |
| Remuneration and social security | 454/9 | €65,650 | €78,284 | +€12,634 | +19.2% |
| Other amounts payable | 47/48 | €831,279 | €877,350 | +€46,070 | +5.5% |
| Accrued charges and deferred income | 492/3 | €2,843 | €5,195 | +€2,352 | +82.7% |
| Operating income | 70/76A | €3,093,884 | €2,838,836 | -€255,048 | -8.2% |
| Turnover | 70 | €3,041,438 | €2,786,456 | -€254,981 | -8.4% |
| Other operating income | 74 | €52,446 | €52,379 | -€67 | -0.1% |
| Operating charges | 60/66A | €2,882,914 | €2,871,878 | -€11,036 | -0.4% |
| Services and other goods | 61 | €1,958,158 | €1,918,479 | -€39,679 | -2.0% |
| Remuneration, social security and pensions | 62 | €772,714 | €780,506 | +€7,792 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,505 | €89,322 | -€54,184 | -37.8% |
| Other operating charges | 640/8 | €8,537 | €9,628 | +€1,091 | +12.8% |
| Non-recurring operating charges | 66A | €0 | €73,944 | +€73,944 | |
| Operating profit (loss) | 9901 | €210,970 | -€33,042 | -€244,012 | |
| Financial income | 75/76B | €283,563 | €1,746,237 | +€1.5m | +516% |
| Recurring financial income | 75 | €283,563 | €147,737 | -€135,825 | -47.9% |
| Income from financial fixed assets | 750 | €200,000 | €66,000 | -€134,000 | -67.0% |
| Income from current assets | 751 | €46,708 | €25,763 | -€20,944 | -44.8% |
| Other financial income | 752/9 | €36,855 | €55,974 | +€19,119 | +51.9% |
| Non-recurring financial income | 76B | €0 | €1,598,500 | +€1.6m | |
| Financial charges | 65/66B | €353,789 | €1,843,421 | +€1.5m | +421% |
| Recurring financial charges | 65 | €171,131 | €244,921 | +€73,790 | +43.1% |
| Debt charges | 650 | €123,996 | €179,938 | +€55,942 | +45.1% |
| Other financial charges | 652/9 | €47,135 | €64,983 | +€17,848 | +37.9% |
| Non-recurring financial charges | 66B | €182,657 | €1,598,500 | +€1.4m | +775% |
| Profit (loss) for the period before taxes | 9903 | €140,744 | -€130,226 | -€270,970 | |
| Income taxes | 67/77 | €2,375 | €1,701 | -€673 | -28.4% |
| Taxes | 670/3 | €2,375 | €1,701 | -€673 | -28.4% |
| Profit (loss) for the period | 9904 | €138,369 | -€131,927 | -€270,297 | |
| Profit (loss) for the period to be appropriated | 9905 | €138,369 | -€131,927 | -€270,297 |
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 1 November 2026 via checked.be.