IC WEST: 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 WEST
Largest movements
- Intangible fixed assets +€53,606
up €53,606 (+8.4%), from €636,405 to €690,011
- Receivables within one year +€46,726
up €46,726 (+168%), from €27,831 to €74,557
of which Trade receivables: +€54,569
- Tangible fixed assets -€15,039
down €15,039 (-70.5%), from €21,332 to €6,293
- Other debts -€474,072
down €474,072 (-82.0%), from €578,348 to €104,276
- Debts after one year +€365,830
up €365,830 (+248%), from €147,319 to €513,148
- Contributions +€250,000
up €250,000 (+714%), from €35,000 to €285,000
- Profit (loss) carried forward -€172,728
down €172,728 (-102%), from -€170,068 to -€342,796
- Trade debts +€113,354
up €113,354 (+128%), from €88,712 to €202,067
- Gross operating margin -€92,137
down €92,137 (-66.5%), from €138,518 to €46,381
- Depreciation +€35,183
up €35,183 (+19.4%), from €181,360 to €216,544
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 | €687,928 | €771,184 | +€83,256 | +12.1% |
| Fixed assets | 21/28 | €657,738 | €696,304 | +€38,566 | +5.9% |
| Intangible fixed assets | 21 | €636,405 | €690,011 | +€53,606 | +8.4% |
| Tangible fixed assets | 22/27 | €21,332 | €6,293 | -€15,039 | -70.5% |
| Plant, machinery and equipment | 23 | €21,332 | €6,293 | -€15,039 | -70.5% |
| Current assets | 29/58 | €30,190 | €74,880 | +€44,690 | +148% |
| Amounts receivable within one year | 40/41 | €27,831 | €74,557 | +€46,726 | +168% |
| Trade receivables | 40 | €19,987 | €74,557 | +€54,569 | +273% |
| Other amounts receivable | 41 | €7,844 | €0 | -€7,844 | -100% |
| Cash at bank and in hand | 54/58 | €21 | €1 | -€20 | -95.3% |
| Deferred charges and accrued income | 490/1 | €2,338 | €323 | -€2,016 | -86.2% |
| Total equity and liabilities | 10/49 | €687,928 | €771,184 | +€83,256 | +12.1% |
| Equity | 10/15 | -€135,068 | -€57,796 | +€77,272 | +57.2% |
| Contributions | 10/11 | €35,000 | €285,000 | +€250,000 | +714% |
| Profit (loss) carried forward | 14 | -€170,068 | -€342,796 | -€172,728 | -102% |
| Amounts payable | 17/49 | €822,996 | €828,980 | +€5,984 | +0.7% |
| Amounts payable after more than one year | 17 | €147,319 | €513,148 | +€365,830 | +248% |
| Financial debts | 170/4 | €147,319 | €513,148 | +€365,830 | +248% |
| Amounts payable within one year | 42/48 | €675,678 | €315,832 | -€359,846 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €8,618 | €9,170 | +€553 | +6.4% |
| Trade debts | 44 | €88,712 | €202,067 | +€113,354 | +128% |
| Suppliers | 440/4 | €88,712 | €202,067 | +€113,354 | +128% |
| Taxes, remuneration and social security | 45 | €0 | €319 | +€319 | |
| Taxes | 450/3 | €0 | €319 | +€319 | |
| Other amounts payable | 47/48 | €578,348 | €104,276 | -€474,072 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,360 | €216,544 | +€35,183 | +19.4% |
| Other operating charges | 640/8 | €590 | €738 | +€148 | +25.0% |
| Gross operating margin | 9900 | €138,518 | €46,381 | -€92,137 | -66.5% |
| Operating profit (loss) | 9901 | -€43,433 | -€170,901 | -€127,468 | -293% |
| Financial income | 75/76B | €237 | €88 | -€149 | -62.8% |
| Recurring financial income | 75 | €237 | €88 | -€149 | -62.8% |
| Financial charges | 65/66B | €2,414 | €1,915 | -€498 | -20.7% |
| Recurring financial charges | 65 | €2,414 | €1,915 | -€498 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | -€45,609 | -€172,728 | -€127,118 | -279% |
| Profit (loss) for the period | 9904 | -€45,609 | -€172,728 | -€127,118 | -279% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,609 | -€172,728 | -€127,118 | -279% |
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 18 October 2026 via checked.be.