GROUPE ICEL: 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
GROUPE ICEL
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,537
2024 · €4,481-€9,018
Equity
€1.8m
2024 · €1.8m-€4,537
Cash
€97
2024 · €10,176-€10,079
Balance sheet total
€2.5m
2024 · €2.5m-€13,415
Largest movements
Assets
- Receivables within one year -€49,435
down €49,435 (-64.0%), from €77,241 to €27,806
- Tangible fixed assets +€43,979
up €43,979 (+1.9%), from €2.3m to €2.3m
of which Land and buildings: +€53,088
Equity and liabilities
- Debts after one year -€61,485
down €61,485 (-14.3%), from €428,692 to €367,207
of which Financial debts: -€61,485
Income statement
- Gross operating margin -€37,126
down €37,126 (-44.2%), from €84,007 to €46,882
- Other operating charges -€14,063
down €14,063 (-48.1%), from €29,261 to €15,199
- Financial charges -€11,874
down €11,874 (-50.2%), from €23,644 to €11,770
- Taxes -€2,017
down €2,017 (-59.1%), from €3,412 to €1,394
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
€4,481
Gross operating margin
-€37,126
Depreciation
+€154
Other operating charges
+€14,063
Financial charges
+€11,874
Taxes
+€2,017
Result 2025
-€4,537
raises the resultlowers the result
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
+€118,690
Investment
-€67,034
Financing
-€61,735
Cash 2024
€10,176
From operations (derived)
+€118,690
Net result for the year
-€4,537
Depreciation
+€23,055
Receivables within one year
+€49,435
Deferred charges and accrued income
-€2,119
Trade debts
+€18,589
Tax, wage and social debts
+€18,989
Advances received
+€1,646
Other debts
+€13,632
Investment (derived)
-€67,034
Investment in fixed assets (net)
-€67,034
Financing
-€61,735
Debts after one year
-€61,485
Current portion of long-term debt
+€1,810
Short-term financial debts
-€2,060
Cash 2025
€97
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,518,975 | €2,505,559 | -€13,415 | -0.5% |
| Fixed assets | 21/28 | €2,284,289 | €2,328,268 | +€43,979 | +1.9% |
| Tangible fixed assets | 22/27 | €2,284,253 | €2,328,232 | +€43,979 | +1.9% |
| Land and buildings | 22 | €2,227,414 | €2,280,502 | +€53,088 | +2.4% |
| Furniture and vehicles | 24 | €40,042 | €35,015 | -€5,027 | -12.6% |
| Other tangible fixed assets | 26 | €16,797 | €12,716 | -€4,082 | -24.3% |
| Financial fixed assets | 28 | €36 | €36 | = | 0.0% |
| Current assets | 29/58 | €234,685 | €177,291 | -€57,394 | -24.5% |
| Stocks and contracts in progress | 3 | €147,269 | €147,269 | = | 0.0% |
| Stocks | 30/36 | €147,269 | €147,269 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €77,241 | €27,806 | -€49,435 | -64.0% |
| Trade receivables | 40 | €77,241 | €27,806 | -€49,435 | -64.0% |
| Cash at bank and in hand | 54/58 | €10,176 | €97 | -€10,079 | -99.0% |
| Deferred charges and accrued income | 490/1 | - | €2,119 | +€2,119 | |
| Total equity and liabilities | 10/49 | €2,518,975 | €2,505,559 | -€13,415 | -0.5% |
| Equity | 10/15 | €1,842,032 | €1,837,495 | -€4,537 | -0.2% |
| Contributions | 10/11 | €18,583 | €18,583 | = | 0.0% |
| Revaluation surpluses | 12 | €1,573,602 | €1,573,602 | = | 0.0% |
| Reserves | 13 | €6,534 | €6,534 | = | 0.0% |
| 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 | €4,674 | €4,674 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,313 | €238,777 | -€4,537 | -1.9% |
| Amounts payable | 17/49 | €676,943 | €668,064 | -€8,879 | -1.3% |
| Amounts payable after more than one year | 17 | €428,692 | €367,207 | -€61,485 | -14.3% |
| Financial debts | 170/4 | €427,592 | €366,107 | -€61,485 | -14.4% |
| Other amounts payable | 178/9 | €1,100 | €1,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €248,251 | €300,857 | +€52,606 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €59,675 | €61,485 | +€1,810 | +3.0% |
| Financial debts | 43 | €2,060 | €0 | -€2,060 | -100% |
| Credit institutions | 430/8 | €2,060 | €0 | -€2,060 | -100% |
| Trade debts | 44 | €50,505 | €69,094 | +€18,589 | +36.8% |
| Suppliers | 440/4 | €50,505 | €69,094 | +€18,589 | +36.8% |
| Advances received on contracts in progress | 46 | €74,355 | €76,000 | +€1,646 | +2.2% |
| Taxes, remuneration and social security | 45 | €19,966 | €38,955 | +€18,989 | +95.1% |
| Taxes | 450/3 | €19,966 | €38,955 | +€18,989 | +95.1% |
| Other amounts payable | 47/48 | €41,691 | €55,324 | +€13,632 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,210 | €23,055 | -€154 | -0.7% |
| Other operating charges | 640/8 | €29,261 | €15,199 | -€14,063 | -48.1% |
| Gross operating margin | 9900 | €84,007 | €46,882 | -€37,126 | -44.2% |
| Operating profit (loss) | 9901 | €31,536 | €8,627 | -€22,909 | -72.6% |
| Financial charges | 65/66B | €23,644 | €11,770 | -€11,874 | -50.2% |
| Recurring financial charges | 65 | €23,644 | €11,770 | -€11,874 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €7,893 | -€3,143 | -€11,035 | |
| Income taxes | 67/77 | €3,412 | €1,394 | -€2,017 | -59.1% |
| Profit (loss) for the period | 9904 | €4,481 | -€4,537 | -€9,018 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,481 | -€4,537 | -€9,018 |
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 30 October 2026 via checked.be.