ITEF: what changed
What changed
ITEF
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€17,045
2024 · €26,063-€9,018
Equity
€1.1m
2024 · €1.1m+€17,045
Cash
€12,359
2024 · €9,684+€2,675
Balance sheet total
€1.4m
2024 · €1.5m-€42,504
Largest movements
Assets
- Tangible fixed assets -€46,815
down €46,815 (-3.2%), from €1.5m to €1.4m
of which Land and buildings: -€46,559
Equity and liabilities
- Accrued charges and deferred income -€24,602
down €24,602 (-46.4%), from €52,997 to €28,395
- Debts after one year -€17,330
down €17,330 (-6.7%), from €259,435 to €242,105
- Profit (loss) carried forward +€17,045
up €17,045 (+2.2%), from €768,179 to €785,224
Income statement
- Gross operating margin -€12,158
down €12,158 (-9.9%), from €122,480 to €110,321
- Staff costs -€10,574
down €10,574 (-69.9%), from €15,123 to €4,549
- Depreciation +€6,993
up €6,993 (+12.6%), from €55,598 to €62,591
- Taxes -€3,278
down €3,278 (-35.9%), from €9,125 to €5,847
- Financial charges +€2,609
up €2,609 (+48.3%), from €5,399 to €8,008
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€26,063
Gross operating margin
-€12,158
Staff costs
+€10,574
Depreciation
-€6,993
Other operating charges
-€1,110
Financial income
+€0
Financial charges
-€2,609
Taxes
+€3,278
Result 2025
€17,045
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€39,693
Investment
-€15,777
Financing
-€21,242
Cash 2024
€9,684
From operations (derived)
+€39,693
Net result for the year
+€17,045
Depreciation
+€62,591
Receivables within one year
-€1,636
Trade debts
-€11,648
Tax, wage and social debts
-€2,056
Accrued charges and deferred income
-€24,602
Investment (derived)
-€15,777
Investment in fixed assets (net)
-€15,777
Financing
-€21,242
Debts after one year
-€17,330
Current portion of long-term debt
+€1,088
Short-term financial debts
-€5,000
Cash 2025
€12,359
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,470,714 | €1,428,210 | -€42,504 | -2.9% |
| Fixed assets | 21/28 | €1,457,789 | €1,410,975 | -€46,815 | -3.2% |
| Tangible fixed assets | 22/27 | €1,457,358 | €1,410,544 | -€46,815 | -3.2% |
| Land and buildings | 22 | €1,456,939 | €1,410,380 | -€46,559 | -3.2% |
| Plant, machinery and equipment | 23 | €420 | €164 | -€256 | -60.9% |
| Financial fixed assets | 28 | €431 | €431 | = | 0.0% |
| Current assets | 29/58 | €12,925 | €17,236 | +€4,311 | +33.4% |
| Amounts receivable within one year | 40/41 | €3,241 | €4,877 | +€1,636 | +50.5% |
| Trade receivables | 40 | €910 | €3,883 | +€2,973 | +327% |
| Other amounts receivable | 41 | €2,331 | €994 | -€1,337 | -57.3% |
| Cash at bank and in hand | 54/58 | €9,684 | €12,359 | +€2,675 | +27.6% |
| Total equity and liabilities | 10/49 | €1,470,714 | €1,428,210 | -€42,504 | -2.9% |
| Equity | 10/15 | €1,109,179 | €1,126,224 | +€17,045 | +1.5% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €31,000 | €31,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €768,179 | €785,224 | +€17,045 | +2.2% |
| Amounts payable | 17/49 | €361,535 | €301,986 | -€59,548 | -16.5% |
| Amounts payable after more than one year | 17 | €259,435 | €242,105 | -€17,330 | -6.7% |
| Financial debts | 170/4 | €259,435 | €242,105 | -€17,330 | -6.7% |
| Amounts payable within one year | 42/48 | €49,102 | €31,486 | -€17,616 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €16,242 | €17,330 | +€1,088 | +6.7% |
| Financial debts | 43 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Credit institutions | 430/8 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Trade debts | 44 | €18,259 | €6,611 | -€11,648 | -63.8% |
| Suppliers | 440/4 | €18,259 | €6,611 | -€11,648 | -63.8% |
| Taxes, remuneration and social security | 45 | €4,601 | €2,545 | -€2,056 | -44.7% |
| Taxes | 450/3 | €1,299 | €1,109 | -€190 | -14.6% |
| Remuneration and social security | 454/9 | €3,302 | €1,436 | -€1,866 | -56.5% |
| Accrued charges and deferred income | 492/3 | €52,997 | €28,395 | -€24,602 | -46.4% |
| Non-recurring operating income | 76A | - | €22,254 | +€22,254 | |
| Remuneration, social security and pensions | 62 | €15,123 | €4,549 | -€10,574 | -69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,598 | €62,591 | +€6,993 | +12.6% |
| Other operating charges | 640/8 | €11,171 | €12,281 | +€1,110 | +9.9% |
| Gross operating margin | 9900 | €122,480 | €110,321 | -€12,158 | -9.9% |
| Operating profit (loss) | 9901 | €40,587 | €30,900 | -€9,687 | -23.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +50.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +50.0% |
| Financial charges | 65/66B | €5,399 | €8,008 | +€2,609 | +48.3% |
| Recurring financial charges | 65 | €5,399 | €8,008 | +€2,609 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €35,188 | €22,892 | -€12,297 | -34.9% |
| Income taxes | 67/77 | €9,125 | €5,847 | -€3,278 | -35.9% |
| Profit (loss) for the period | 9904 | €26,063 | €17,045 | -€9,018 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,063 | €17,045 | -€9,018 | -34.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.