I.C.B.: 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.B.
Largest movements
- Receivables within one year +€168,599
up €168,599 (+22.0%), from €765,961 to €934,559
of which Trade receivables: +€183,629
- Cash +€104,572
up €104,572 (+162.7%), from €64,261 to €168,833
mainly Depreciation (+€307,860) and Trade debts (+€156,107)
- Tangible fixed assets -€81,812
down €81,812 (-9.5%), from €858,180 to €776,368
of which Plant, machinery and equipment: -€107,556
- Trade debts +€156,107
up €156,107 (+29.0%), from €538,585 to €694,692
- Short-term financial debts -€60,000
down €60,000 (-7.1%), from €850,000 to €790,000
- Staff costs -€46,232
down €46,232 (-9.7%), from €475,224 to €428,992
- Depreciation +€43,794
up €43,794 (+16.6%), from €264,066 to €307,860
- Financial income +€27,177
up €27,177 (+890.9%), from €3,051 to €30,227
of which Financial income: +€26,627
- Financial charges +€13,388
up €13,388 (+16.8%), from €79,658 to €93,046
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 | €4,029,182 | €4,192,476 | +€163,294 | +4.1% |
| Fixed assets | 21/28 | €1,393,631 | €1,307,521 | -€86,110 | -6.2% |
| Intangible fixed assets | 21 | €14,601 | €10,303 | -€4,298 | -29.4% |
| Tangible fixed assets | 22/27 | €858,180 | €776,368 | -€81,812 | -9.5% |
| Land and buildings | 22 | €17,841 | €16,912 | -€929 | -5.2% |
| Plant, machinery and equipment | 23 | €679,599 | €572,043 | -€107,556 | -15.8% |
| Furniture and vehicles | 24 | €160,740 | €187,413 | +€26,673 | +16.6% |
| Financial fixed assets | 28 | €520,850 | €520,850 | = | 0.0% |
| Current assets | 29/58 | €2,635,551 | €2,884,955 | +€249,404 | +9.5% |
| Stocks and contracts in progress | 3 | €1,798,987 | €1,773,059 | -€25,928 | -1.4% |
| Stocks | 30/36 | €1,798,987 | €1,773,059 | -€25,928 | -1.4% |
| Amounts receivable within one year | 40/41 | €765,961 | €934,559 | +€168,599 | +22.0% |
| Trade receivables | 40 | €698,589 | €882,217 | +€183,629 | +26.3% |
| Other amounts receivable | 41 | €67,372 | €52,342 | -€15,030 | -22.3% |
| Cash at bank and in hand | 54/58 | €64,261 | €168,833 | +€104,572 | +162.7% |
| Deferred charges and accrued income | 490/1 | €6,343 | €8,504 | +€2,161 | +34.1% |
| Total equity and liabilities | 10/49 | €4,029,182 | €4,192,476 | +€163,294 | +4.1% |
| Equity | 10/15 | €1,815,015 | €1,833,113 | +€18,098 | +1.0% |
| Contributions | 10/11 | €54,907 | €54,907 | = | 0.0% |
| Capital | 10 | €54,907 | €54,907 | = | 0.0% |
| Issued capital | 100 | €54,907 | €54,907 | = | 0.0% |
| Reserves | 13 | €1,753,966 | €1,778,207 | +€24,240 | +1.4% |
| Non-distributable reserves | 130/1 | €5,491 | €5,491 | = | 0.0% |
| Legal reserve | 130 | €5,491 | €5,491 | = | 0.0% |
| Distributable reserves | 133 | €1,748,476 | €1,772,716 | +€24,240 | +1.4% |
| Profit (loss) carried forward | 14 | €6,142 | - | -€6,142 | |
| Amounts payable | 17/49 | €2,214,167 | €2,359,362 | +€145,195 | +6.6% |
| Amounts payable after more than one year | 17 | €631,403 | €654,855 | +€23,452 | +3.7% |
| Financial debts | 170/4 | €631,403 | €654,855 | +€23,452 | +3.7% |
| Amounts payable within one year | 42/48 | €1,582,764 | €1,704,507 | +€121,743 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €124,559 | €163,763 | +€39,203 | +31.5% |
| Financial debts | 43 | €850,000 | €790,000 | -€60,000 | -7.1% |
| Credit institutions | 430/8 | €850,000 | €790,000 | -€60,000 | -7.1% |
| Trade debts | 44 | €538,585 | €694,692 | +€156,107 | +29.0% |
| Suppliers | 440/4 | €538,585 | €694,692 | +€156,107 | +29.0% |
| Taxes, remuneration and social security | 45 | €51,146 | €42,708 | -€8,438 | -16.5% |
| Taxes | 450/3 | €1,883 | €829 | -€1,053 | -55.9% |
| Remuneration and social security | 454/9 | €49,264 | €41,879 | -€7,385 | -15.0% |
| Other amounts payable | 47/48 | €18,473 | €13,344 | -€5,129 | -27.8% |
| Non-recurring operating income | 76A | - | €7,257 | +€7,257 | |
| Remuneration, social security and pensions | 62 | €475,224 | €428,992 | -€46,232 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,066 | €307,860 | +€43,794 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €884 | +€884 | |
| Other operating charges | 640/8 | €30,774 | €36,469 | +€5,695 | +18.5% |
| Gross operating margin | 9900 | €862,278 | €855,946 | -€6,332 | -0.7% |
| Operating profit (loss) | 9901 | €92,214 | €81,741 | -€10,473 | -11.4% |
| Financial income | 75/76B | €3,051 | €30,227 | +€27,177 | +890.9% |
| Recurring financial income | 75 | €3,051 | €29,677 | +€26,627 | +872.9% |
| Non-recurring financial income | 76B | - | €550 | +€550 | |
| Financial charges | 65/66B | €79,658 | €93,046 | +€13,388 | +16.8% |
| Recurring financial charges | 65 | €79,658 | €93,046 | +€13,388 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €15,607 | €18,922 | +€3,316 | +21.2% |
| Income taxes | 67/77 | €981 | €824 | -€157 | -16.0% |
| Profit (loss) for the period | 9904 | €14,626 | €18,098 | +€3,473 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,626 | €18,098 | +€3,473 | +23.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.