I.C.A.: 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.
I.C.A.
Largest movements
- Stocks and contracts +€662,656
up €662,656 (+41.6%), from €1.6m to €2.3m
- Cash +€74,954
up €74,954 (+740%), from €10,127 to €85,081
mainly Other debts (+€768,009) and Short-term financial debts (+€125,000)
- Receivables within one year +€41,719
up €41,719 (+14.3%), from €291,530 to €333,249
of which Other amounts receivable: +€100,165
- Other debts +€768,009
up €768,009 (+316%), from €242,911 to €1.0m
- Short-term financial debts +€125,000
new in 2025: €125,000
- Profit (loss) carried forward -€69,633
down €69,633 (-12.1%), from €575,782 to €506,149
- Trade debts -€61,675
down €61,675 (-48.7%), from €126,635 to €64,960
- Tax, wage and social debts +€50,732
up €50,732 (+282%), from €17,967 to €68,699
of which Taxes: +€54,090
- Gross operating margin -€61,162
down €61,162 (-83.7%), from €73,096 to €11,934
- Financial charges -€9,997
down €9,997 (-74.6%), from €13,408 to €3,411
- Financial income +€4,179
up €4,179 (+26.4%), from €15,838 to €20,017
- Depreciation -€3,327
down €3,327 (-20.0%), from €16,607 to €13,280
- Staff costs +€2,536
up €2,536 (+4.1%), from €61,146 to €63,682
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,953,372 | €2,750,054 | +€796,682 | +40.8% |
| Fixed assets | 21/28 | €50,507 | €48,052 | -€2,456 | -4.9% |
| Tangible fixed assets | 22/27 | €44,779 | €45,098 | +€319 | +0.7% |
| Furniture and vehicles | 24 | €44,779 | €45,098 | +€319 | +0.7% |
| Financial fixed assets | 28 | €5,728 | €2,953 | -€2,775 | -48.4% |
| Current assets | 29/58 | €1,902,865 | €2,702,003 | +€799,138 | +42.0% |
| Stocks and contracts in progress | 3 | €1,592,499 | €2,255,155 | +€662,656 | +41.6% |
| Stocks | 30/36 | €1,592,499 | €2,255,155 | +€662,656 | +41.6% |
| Amounts receivable within one year | 40/41 | €291,530 | €333,249 | +€41,719 | +14.3% |
| Trade receivables | 40 | €58,447 | €0 | -€58,447 | -100% |
| Other amounts receivable | 41 | €233,083 | €333,249 | +€100,165 | +43.0% |
| Cash at bank and in hand | 54/58 | €10,127 | €85,081 | +€74,954 | +740% |
| Deferred charges and accrued income | 490/1 | €8,709 | €28,518 | +€19,810 | +227% |
| Total equity and liabilities | 10/49 | €1,953,372 | €2,750,054 | +€796,682 | +40.8% |
| Equity | 10/15 | €1,516,250 | €1,446,617 | -€69,633 | -4.6% |
| Contributions | 10/11 | €63,200 | €63,200 | = | 0.0% |
| Reserves | 13 | €877,268 | €877,268 | = | 0.0% |
| Distributable reserves | 133 | €877,268 | €877,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | €575,782 | €506,149 | -€69,633 | -12.1% |
| Amounts payable | 17/49 | €437,122 | €1,303,437 | +€866,315 | +198% |
| Amounts payable after more than one year | 17 | €17,274 | €3,527 | -€13,747 | -79.6% |
| Financial debts | 170/4 | €17,274 | €3,527 | -€13,747 | -79.6% |
| Amounts payable within one year | 42/48 | €415,702 | €1,283,326 | +€867,624 | +209% |
| Current portion of amounts payable after more than one year | 42 | €13,188 | €13,747 | +€559 | +4.2% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €126,635 | €64,960 | -€61,675 | -48.7% |
| Suppliers | 440/4 | €126,635 | €64,960 | -€61,675 | -48.7% |
| Advances received on contracts in progress | 46 | €15,000 | €0 | -€15,000 | -100% |
| Taxes, remuneration and social security | 45 | €17,967 | €68,699 | +€50,732 | +282% |
| Taxes | 450/3 | €3,468 | €57,558 | +€54,090 | +1,560% |
| Remuneration and social security | 454/9 | €14,499 | €11,141 | -€3,358 | -23.2% |
| Other amounts payable | 47/48 | €242,911 | €1,010,920 | +€768,009 | +316% |
| Accrued charges and deferred income | 492/3 | €4,146 | €16,584 | +€12,438 | +300% |
| Non-recurring operating income | 76A | - | €12,000 | +€12,000 | |
| Remuneration, social security and pensions | 62 | €61,146 | €63,682 | +€2,536 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,607 | €13,280 | -€3,327 | -20.0% |
| Other operating charges | 640/8 | €6,052 | €3,650 | -€2,402 | -39.7% |
| Non-recurring operating charges | 66A | - | €16,990 | +€16,990 | |
| Gross operating margin | 9900 | €73,096 | €11,934 | -€61,162 | -83.7% |
| Operating profit (loss) | 9901 | -€10,709 | -€85,668 | -€74,959 | -700% |
| Financial income | 75/76B | €15,838 | €20,017 | +€4,179 | +26.4% |
| Recurring financial income | 75 | €15,838 | €20,017 | +€4,179 | +26.4% |
| Financial charges | 65/66B | €13,408 | €3,411 | -€9,997 | -74.6% |
| Recurring financial charges | 65 | €13,408 | €3,411 | -€9,997 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,279 | -€69,062 | -€60,783 | -734% |
| Income taxes | 67/77 | €579 | €571 | -€8 | -1.4% |
| Profit (loss) for the period | 9904 | -€8,858 | -€69,633 | -€60,775 | -686% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,858 | -€69,633 | -€60,775 | -686% |
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 20 October 2026 via checked.be.