Ex ICEM: 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.
Ex ICEM
Largest movements
- Receivables within one year +€170,694
up €170,694 (+53.9%), from €316,935 to €487,629
of which Other amounts receivable: +€164,672
- Cash -€31,187
down €31,187 (-63.6%), from €49,002 to €17,815
mainly Receivables within one year (-€170,694) and Deferred charges and accrued income (-€872)
- Reserves +€126,040
up €126,040 (+40.1%), from €314,300 to €440,340
of which Distributable reserves: +€126,040
- Tax, wage and social debts +€10,683
up €10,683 (+52.8%), from €20,221 to €30,904
- Gross operating margin +€110,600
up €110,600 (+176.3%), from €62,734 to €173,334
- Taxes +€46,926
up €46,926 (+266.3%), from €17,625 to €64,551
- Financial income +€8,337
up €8,337 (+66.3%), from €12,565 to €20,902
- Financial charges -€5,821
down €5,821 (-81.8%), from €7,112 to €1,291
- Other operating charges -€1,919
down €1,919 (-84.3%), from €2,276 to €358
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 | €371,646 | €510,037 | +€138,391 | +37.2% |
| Fixed assets | 21/28 | €5,709 | €3,721 | -€1,988 | -34.8% |
| Tangible fixed assets | 22/27 | €5,709 | €3,721 | -€1,988 | -34.8% |
| Furniture and vehicles | 24 | €5,709 | €3,721 | -€1,988 | -34.8% |
| Current assets | 29/58 | €365,936 | €506,316 | +€140,379 | +38.4% |
| Amounts receivable within one year | 40/41 | €316,935 | €487,629 | +€170,694 | +53.9% |
| Trade receivables | 40 | €12,259 | €18,281 | +€6,022 | +49.1% |
| Other amounts receivable | 41 | €304,676 | €469,348 | +€164,672 | +54.0% |
| Cash at bank and in hand | 54/58 | €49,002 | €17,815 | -€31,187 | -63.6% |
| Deferred charges and accrued income | 490/1 | - | €872 | +€872 | |
| Total equity and liabilities | 10/49 | €371,646 | €510,037 | +€138,391 | +37.2% |
| Equity | 10/15 | €332,950 | €458,999 | +€126,049 | +37.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €314,300 | €440,340 | +€126,040 | +40.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €312,440 | €438,480 | +€126,040 | +40.3% |
| Profit (loss) carried forward | 14 | €50 | €59 | +€9 | +17.3% |
| Amounts payable | 17/49 | €38,695 | €51,038 | +€12,343 | +31.9% |
| Amounts payable within one year | 42/48 | €38,695 | €51,038 | +€12,343 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €6,082 | €7,595 | +€1,514 | +24.9% |
| Trade debts | 44 | €12,393 | €12,539 | +€146 | +1.2% |
| Suppliers | 440/4 | €12,393 | €12,539 | +€146 | +1.2% |
| Taxes, remuneration and social security | 45 | €20,221 | €30,904 | +€10,683 | +52.8% |
| Taxes | 450/3 | €20,221 | €30,904 | +€10,683 | +52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,442 | €1,988 | -€454 | -18.6% |
| Other operating charges | 640/8 | €2,276 | €358 | -€1,919 | -84.3% |
| Gross operating margin | 9900 | €62,734 | €173,334 | +€110,600 | +176.3% |
| Operating profit (loss) | 9901 | €58,016 | €170,989 | +€112,973 | +194.7% |
| Financial income | 75/76B | €12,565 | €20,902 | +€8,337 | +66.3% |
| Recurring financial income | 75 | €12,565 | €20,902 | +€8,337 | +66.3% |
| Financial charges | 65/66B | €7,112 | €1,291 | -€5,821 | -81.8% |
| Recurring financial charges | 65 | €7,112 | €1,291 | -€5,821 | -81.8% |
| Profit (loss) for the period before taxes | 9903 | €63,470 | €190,600 | +€127,130 | +200.3% |
| Income taxes | 67/77 | €17,625 | €64,551 | +€46,926 | +266.3% |
| Profit (loss) for the period | 9904 | €45,845 | €126,049 | +€80,204 | +174.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,845 | €126,049 | +€80,204 | +174.9% |
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 9 October 2026 via checked.be.