IC: 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.
IC
Largest movements
- Receivables after one year +€60,000
up €60,000 (+41.4%), from €145,000 to €205,000
- Cash -€50,807
down €50,807 (-69.7%), from €72,862 to €22,055
mainly Contributions, distributions and other (-€225,000) and Receivables after one year (-€60,000)
- Receivables within one year -€34,718
down €34,718 (-52.9%), from €65,578 to €30,860
of which Trade receivables: -€54,695
- Tangible fixed assets -€22,195
down €22,195 (-4.0%), from €551,593 to €529,398
of which Land and buildings: -€19,027
- Reserves -€225,000
down €225,000 (-12.9%), from €1.7m to €1.5m
of which Distributable reserves: -€225,000
- Other debts +€145,566
up €145,566 (+6,849%), from €2,125 to €147,691
- Gross operating margin -€185,197
down €185,197 (-76.3%), from €242,588 to €57,391
- Taxes -€63,034
down €63,034 (-88.3%), from €71,398 to €8,364
- Financial income -€2,831
no longer reported in 2025 (was €2,831)
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 | €2,186,910 | €2,139,468 | -€47,441 | -2.2% |
| Fixed assets | 21/28 | €1,901,593 | €1,879,398 | -€22,195 | -1.2% |
| Tangible fixed assets | 22/27 | €551,593 | €529,398 | -€22,195 | -4.0% |
| Land and buildings | 22 | €533,659 | €514,633 | -€19,027 | -3.6% |
| Furniture and vehicles | 24 | €17,933 | €14,765 | -€3,169 | -17.7% |
| Financial fixed assets | 28 | €1,350,000 | €1,350,000 | = | 0.0% |
| Current assets | 29/58 | €285,317 | €260,071 | -€25,246 | -8.8% |
| Amounts receivable after more than one year | 29 | €145,000 | €205,000 | +€60,000 | +41.4% |
| Other amounts receivable | 291 | €145,000 | €205,000 | +€60,000 | +41.4% |
| Amounts receivable within one year | 40/41 | €65,578 | €30,860 | -€34,718 | -52.9% |
| Trade receivables | 40 | €63,717 | €9,022 | -€54,695 | -85.8% |
| Other amounts receivable | 41 | €1,862 | €21,838 | +€19,976 | +1,073% |
| Cash at bank and in hand | 54/58 | €72,862 | €22,055 | -€50,807 | -69.7% |
| Deferred charges and accrued income | 490/1 | €1,877 | €2,156 | +€279 | +14.9% |
| Total equity and liabilities | 10/49 | €2,186,910 | €2,139,468 | -€47,441 | -2.2% |
| Equity | 10/15 | €2,148,774 | €1,943,900 | -€204,874 | -9.5% |
| Contributions | 10/11 | €64,452 | €64,452 | = | 0.0% |
| Capital | 10 | €64,452 | €64,452 | = | 0.0% |
| Issued capital | 100 | €64,452 | €64,452 | = | 0.0% |
| Reserves | 13 | €1,748,945 | €1,523,945 | -€225,000 | -12.9% |
| Non-distributable reserves | 130/1 | €96,445 | €96,445 | = | 0.0% |
| Legal reserve | 130 | €96,445 | €96,445 | = | 0.0% |
| Distributable reserves | 133 | €1,652,500 | €1,427,500 | -€225,000 | -13.6% |
| Profit (loss) carried forward | 14 | €335,377 | €355,502 | +€20,126 | +6.0% |
| Amounts payable | 17/49 | €38,136 | €195,569 | +€157,433 | +413% |
| Amounts payable within one year | 42/48 | €35,596 | €181,129 | +€145,533 | +409% |
| Financial debts | 43 | - | €239 | +€239 | |
| Credit institutions | 430/8 | - | €239 | +€239 | |
| Trade debts | 44 | €4,775 | €4,690 | -€85 | -1.8% |
| Suppliers | 440/4 | €4,775 | €4,690 | -€85 | -1.8% |
| Taxes, remuneration and social security | 45 | €28,695 | €28,509 | -€187 | -0.7% |
| Taxes | 450/3 | €28,695 | €28,509 | -€187 | -0.7% |
| Other amounts payable | 47/48 | €2,125 | €147,691 | +€145,566 | +6,849% |
| Accrued charges and deferred income | 492/3 | €2,540 | €14,440 | +€11,900 | +469% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,860 | €23,270 | +€410 | +1.8% |
| Other operating charges | 640/8 | €4,518 | €4,870 | +€352 | +7.8% |
| Gross operating margin | 9900 | €242,588 | €57,391 | -€185,197 | -76.3% |
| Operating profit (loss) | 9901 | €215,211 | €29,251 | -€185,959 | -86.4% |
| Financial income | 75/76B | €2,831 | - | -€2,831 | |
| Recurring financial income | 75 | €2,831 | - | -€2,831 | |
| Financial charges | 65/66B | €251 | €762 | +€511 | +204% |
| Recurring financial charges | 65 | €251 | €762 | +€511 | +204% |
| Profit (loss) for the period before taxes | 9903 | €217,791 | €28,490 | -€189,301 | -86.9% |
| Income taxes | 67/77 | €71,398 | €8,364 | -€63,034 | -88.3% |
| Profit (loss) for the period | 9904 | €146,393 | €20,126 | -€126,267 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €146,393 | €20,126 | -€126,267 | -86.3% |
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 17 October 2026 via checked.be.