I.C WELL: 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 WELL
Largest movements
- Tangible fixed assets +€355,983
up €355,983 (+360%), from €98,963 to €454,946
of which Land and buildings: +€196,396
- Cash -€51,129
down €51,129 (-53.0%), from €96,521 to €45,392
mainly Investment in fixed assets (net) (-€373,963) and Other debts (-€31,543)
- Debts after one year +€262,947
up €262,947 (+246%), from €106,845 to €369,791
- Other debts -€31,543
down €31,543 (-44.7%), from €70,496 to €38,953
- Current portion of long-term debt +€30,701
up €30,701 (+602%), from €5,096 to €35,798
- Trade debts +€21,753
up €21,753 (+949%), from €2,292 to €24,046
- Profit (loss) carried forward +€16,217
up €16,217 (+216%), from €7,504 to €23,720
- Gross operating margin +€35,984
up €35,984 (+265%), from €13,601 to €49,585
- Depreciation +€15,136
up €15,136 (+532%), from €2,844 to €17,980
- Financial charges +€12,691
up €12,691 (+551%), from €2,303 to €14,993
- Other operating charges -€678
down €678 (-71.9%), from €944 to €265
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 | €197,855 | €505,666 | +€307,811 | +156% |
| Fixed assets | 21/28 | €98,963 | €454,946 | +€355,983 | +360% |
| Tangible fixed assets | 22/27 | €98,963 | €454,946 | +€355,983 | +360% |
| Land and buildings | 22 | €97,023 | €293,419 | +€196,396 | +202% |
| Plant, machinery and equipment | 23 | €622 | €60,564 | +€59,941 | +9,629% |
| Furniture and vehicles | 24 | €1,318 | €16,148 | +€14,830 | +1,126% |
| Other tangible fixed assets | 26 | - | €84,815 | +€84,815 | |
| Current assets | 29/58 | €98,892 | €50,720 | -€48,172 | -48.7% |
| Amounts receivable within one year | 40/41 | €2,060 | €5,281 | +€3,221 | +156% |
| Trade receivables | 40 | - | €0 | +€0 | |
| Other amounts receivable | 41 | €2,060 | €5,281 | +€3,221 | +156% |
| Cash at bank and in hand | 54/58 | €96,521 | €45,392 | -€51,129 | -53.0% |
| Deferred charges and accrued income | 490/1 | €311 | €47 | -€264 | -84.8% |
| Total equity and liabilities | 10/49 | €197,855 | €505,666 | +€307,811 | +156% |
| Equity | 10/15 | €10,504 | €26,720 | +€16,217 | +154% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,504 | €23,720 | +€16,217 | +216% |
| Amounts payable | 17/49 | €187,351 | €478,945 | +€291,594 | +156% |
| Amounts payable after more than one year | 17 | €106,845 | €369,791 | +€262,947 | +246% |
| Financial debts | 170/4 | €106,845 | €369,791 | +€262,947 | +246% |
| Amounts payable within one year | 42/48 | €80,506 | €109,154 | +€28,648 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €5,096 | €35,798 | +€30,701 | +602% |
| Trade debts | 44 | €2,292 | €24,046 | +€21,753 | +949% |
| Suppliers | 440/4 | €2,292 | €24,046 | +€21,753 | +949% |
| Advances received on contracts in progress | 46 | €2,612 | €8,904 | +€6,292 | +241% |
| Taxes, remuneration and social security | 45 | €10 | €1,453 | +€1,444 | +14,851% |
| Taxes | 450/3 | €10 | €1,453 | +€1,444 | +14,851% |
| Other amounts payable | 47/48 | €70,496 | €38,953 | -€31,543 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,844 | €17,980 | +€15,136 | +532% |
| Other operating charges | 640/8 | €944 | €265 | -€678 | -71.9% |
| Gross operating margin | 9900 | €13,601 | €49,585 | +€35,984 | +265% |
| Operating profit (loss) | 9901 | €9,813 | €31,340 | +€21,526 | +219% |
| Financial income | 75/76B | €3 | €95 | +€93 | +3,688% |
| Recurring financial income | 75 | €3 | €95 | +€93 | +3,688% |
| Financial charges | 65/66B | €2,303 | €14,993 | +€12,691 | +551% |
| Recurring financial charges | 65 | €2,303 | €14,993 | +€12,691 | +551% |
| Profit (loss) for the period before taxes | 9903 | €7,513 | €16,442 | +€8,928 | +119% |
| Income taxes | 67/77 | €10 | €225 | +€215 | +2,216% |
| Profit (loss) for the period | 9904 | €7,504 | €16,217 | +€8,713 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €7,504 | €16,217 | +€8,713 | +116% |
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.