ICAM: 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.
ICAM
Largest movements
- Financial fixed assets +€145,000
up €145,000 (+371.8%), from €39,000 to €184,000
- Receivables within one year +€13,401
up €13,401 (+118.6%), from €11,300 to €24,702
of which Trade receivables: +€13,401
- Other debts +€165,076
up €165,076 (+576.2%), from €28,649 to €193,725
- Tax, wage and social debts -€4,624
down €4,624 (-30.0%), from €15,421 to €10,797
of which Taxes: -€4,624
- Trade debts -€4,195
down €4,195 (-40.0%), from €10,482 to €6,287
- Purchases and services -€86,686
no longer reported in 2025 (was €86,686)
- Gross operating margin +€12,904
up €12,904, from -€4,958 to €7,946
- Taxes +€2,736
up €2,736 (+205.4%), from €1,332 to €4,068
- Other operating charges -€1,153
down €1,153 (-50.9%), from €2,264 to €1,111
- Depreciation -€182
down €182 (-22.8%), from €798 to €617
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 | €51,514 | €209,525 | +€158,011 | +306.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €40,204 | €184,588 | +€144,383 | +359.1% |
| Tangible fixed assets | 22/27 | €1,204 | €588 | -€617 | -51.2% |
| Furniture and vehicles | 24 | €1,204 | €588 | -€617 | -51.2% |
| Financial fixed assets | 28 | €39,000 | €184,000 | +€145,000 | +371.8% |
| Current assets | 29/58 | €11,309 | €24,937 | +€13,628 | +120.5% |
| Amounts receivable within one year | 40/41 | €11,300 | €24,702 | +€13,401 | +118.6% |
| Trade receivables | 40 | €11,300 | €24,702 | +€13,401 | +118.6% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €9 | €235 | +€226 | +2522.3% |
| Total equity and liabilities | 10/49 | €51,514 | €209,525 | +€158,011 | +306.7% |
| Equity | 10/15 | -€3,090 | -€1,290 | +€1,800 | +58.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,590 | -€3,790 | +€1,800 | +32.2% |
| Amounts payable | 17/49 | €54,604 | €210,814 | +€156,211 | +286.1% |
| Amounts payable within one year | 42/48 | €54,552 | €210,810 | +€156,258 | +286.4% |
| Trade debts | 44 | €10,482 | €6,287 | -€4,195 | -40.0% |
| Suppliers | 440/4 | €10,482 | €6,287 | -€4,195 | -40.0% |
| Taxes, remuneration and social security | 45 | €15,421 | €10,797 | -€4,624 | -30.0% |
| Taxes | 450/3 | €15,421 | €10,797 | -€4,624 | -30.0% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €28,649 | €193,725 | +€165,076 | +576.2% |
| Accrued charges and deferred income | 492/3 | €52 | €5 | -€47 | -91.3% |
| Non-recurring operating income | 76A | €21 | €37 | +€16 | +75.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €86,686 | - | -€86,686 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €798 | €617 | -€182 | -22.8% |
| Other operating charges | 640/8 | €2,264 | €1,111 | -€1,153 | -50.9% |
| Gross operating margin | 9900 | -€4,958 | €7,946 | +€12,904 | |
| Operating profit (loss) | 9901 | -€8,020 | €6,219 | +€14,239 | |
| Financial charges | 65/66B | €386 | €350 | -€36 | -9.3% |
| Recurring financial charges | 65 | €386 | €350 | -€36 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,406 | €5,869 | +€14,275 | |
| Income taxes | 67/77 | €1,332 | €4,068 | +€2,736 | +205.4% |
| Profit (loss) for the period | 9904 | -€9,738 | €1,800 | +€11,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,738 | €1,800 | +€11,539 |
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.