I.C.M.: what changed
Two fiscal 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.M.
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-20.1%), from €5.2m to €4.2m
- Receivables within one year -€433,004
down €433,004 (-98.8%), from €438,053 to €5,049
of which Trade receivables: -€438,053
- Cash +€427,126
up €427,126 (+1159.9%), from €36,824 to €463,949
mainly Stocks and contracts (+€1.1m) and Debts after one year (+€519,106)
- Profit (loss) carried forward -€1.0m
down €1.0m (-224.1%), from -€453,573 to -€1.5m
- Trade debts -€545,634
down €545,634 (-88.2%), from €618,626 to €72,992
- Debts after one year +€519,106
up €519,106 (+8.4%), from €6.2m to €6.7m
of which Financial debts: +€519,106
- Tax, wage and social debts -€72,691
down €72,691 (-58.7%), from €123,912 to €51,220
- Gross operating margin -€1.3m
down €1.3m, from €430,110 to -€851,895
- Financial charges -€98,871
down €98,871 (-37.7%), from €261,974 to €163,103
of which Financial charges: -€118,871
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 | €7,077,271 | €5,961,631 | -€1.1m | -15.8% |
| Fixed assets | 21/28 | €900,000 | €900,000 | = | 0.0% |
| Financial fixed assets | 28 | €900,000 | €900,000 | = | 0.0% |
| Current assets | 29/58 | €6,177,271 | €5,061,631 | -€1.1m | -18.1% |
| Amounts receivable after more than one year | 29 | €477,553 | €418,553 | -€59,000 | -12.4% |
| Other amounts receivable | 291 | €477,553 | €418,553 | -€59,000 | -12.4% |
| Stocks and contracts in progress | 3 | €5,224,841 | €4,174,080 | -€1.1m | -20.1% |
| Stocks | 30/36 | €5,224,841 | €4,174,080 | -€1.1m | -20.1% |
| Amounts receivable within one year | 40/41 | €438,053 | €5,049 | -€433,004 | -98.8% |
| Trade receivables | 40 | €438,053 | - | -€438,053 | |
| Other amounts receivable | 41 | - | €5,049 | +€5,049 | |
| Cash at bank and in hand | 54/58 | €36,824 | €463,949 | +€427,126 | +1159.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,077,271 | €5,961,631 | -€1.1m | -15.8% |
| Equity | 10/15 | €53,432 | -€962,989 | -€1.0m | |
| Contributions | 10/11 | €39,060 | €39,060 | = | 0.0% |
| Reserves | 13 | €467,946 | €467,946 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,729 | €4,729 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,729 | €4,729 | = | 0.0% |
| Tax-exempt reserves | 132 | €382,875 | €382,875 | = | 0.0% |
| Distributable reserves | 133 | €80,341 | €80,341 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€453,573 | -€1,469,995 | -€1.0m | -224.1% |
| Provisions and deferred taxes | 16 | €127,625 | €127,625 | = | 0.0% |
| Deferred taxes | 168 | €127,625 | €127,625 | = | 0.0% |
| Amounts payable | 17/49 | €6,896,214 | €6,796,995 | -€99,219 | -1.4% |
| Amounts payable after more than one year | 17 | €6,153,676 | €6,672,783 | +€519,106 | +8.4% |
| Financial debts | 170/4 | €6,152,340 | €6,671,446 | +€519,106 | +8.4% |
| Other amounts payable | 178/9 | €1,336 | €1,336 | = | 0.0% |
| Amounts payable within one year | 42/48 | €742,538 | €124,212 | -€618,325 | -83.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €618,626 | €72,992 | -€545,634 | -88.2% |
| Suppliers | 440/4 | €618,626 | €72,992 | -€545,634 | -88.2% |
| Taxes, remuneration and social security | 45 | €123,912 | €51,220 | -€72,691 | -58.7% |
| Taxes | 450/3 | €123,912 | €51,220 | -€72,691 | -58.7% |
| Other operating charges | 640/8 | €1,139 | €1,423 | +€284 | +25.0% |
| Non-recurring operating charges | 66A | €4,525 | - | -€4,525 | |
| Gross operating margin | 9900 | €430,110 | -€851,895 | -€1.3m | |
| Operating profit (loss) | 9901 | €424,446 | -€853,319 | -€1.3m | |
| Financial charges | 65/66B | €261,974 | €163,103 | -€98,871 | -37.7% |
| Recurring financial charges | 65 | €261,974 | €143,103 | -€118,871 | -45.4% |
| Non-recurring financial charges | 66B | - | €20,000 | +€20,000 | |
| Profit (loss) for the period before taxes | 9903 | €162,473 | -€1,016,421 | -€1.2m | |
| Income taxes | 67/77 | €430 | - | -€430 | |
| Profit (loss) for the period | 9904 | €162,043 | -€1,016,421 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €162,043 | -€1,016,421 | -€1.2m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.