ICAM GROUP: 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.
What changed
ICAM GROUP
NACE 61.200, Telecommunications resale and intermediation services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,788
2024 · €24,199+€7,589
Equity
€129,812
2024 · €98,024+€31,788
Cash
€34,662
2024 · €30,876+€3,786
Balance sheet total
€453,476
2024 · €159,489+€293,987
Largest movements
Assets
- Receivables within one year +€225,425
up €225,425 (+475%), from €47,506 to €272,931
of which Trade receivables: +€225,729
- Tangible fixed assets +€69,297
up €69,297 (+146%), from €47,386 to €116,684
of which Furniture and vehicles: +€69,297
- Stocks and contracts -€8,221
down €8,221 (-24.4%), from €33,721 to €25,500
of which Stocks: -€8,221
Equity and liabilities
- Other debts +€103,821
up €103,821 (+2,299%), from €4,516 to €108,337
- Trade debts +€91,370
up €91,370 (+271%), from €33,681 to €125,051
of which Suppliers: +€91,370
- Debts after one year +€31,989
up €31,989, from €0 to €31,989
of which Financial debts: +€31,989
- Profit (loss) carried forward +€31,788
up €31,788 (+39.6%), from €80,324 to €112,112
- Tax, wage and social debts +€22,356
up €22,356 (+137%), from €16,268 to €38,624
of which Taxes: +€14,344
Income statement
- Turnover +€8.5m
new in 2025: €8.5m
- Purchases and services -€991,714
down €991,714 (-10.6%), from €9.3m to €8.3m
- Gross operating margin +€135,036
up €135,036 (+134%), from €100,437 to €235,473
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.
Result 2024
€24,199
Gross operating margin
+€135,036
Staff costs
-€61,378
Depreciation
-€17,948
Other operating charges
+€3,214
Other operating items
-€20,132
Financial charges
-€6,165
Taxes
-€25,037
Result 2025
€31,788
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€59,209
Investment
-€107,075
Financing
+€51,652
Cash 2024
€30,876
From operations (derived)
+€59,209
Net result for the year
+€31,788
Depreciation
+€34,078
Stocks and contracts
+€8,221
Receivables within one year
-€225,425
Trade debts
+€91,370
Tax, wage and social debts
+€22,356
Other debts
+€103,821
Accrued charges and deferred income
-€7,000
Investment (derived)
-€107,075
Investment in fixed assets (net)
-€107,075
Financing
+€51,652
Debts after one year
+€31,989
Current portion of long-term debt
+€19,663
Cash 2025
€34,662
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,489 | €453,476 | +€293,987 | +184% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €47,386 | €120,384 | +€72,997 | +154% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €47,386 | €116,684 | +€69,297 | +146% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €47,386 | €116,684 | +€69,297 | +146% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €0 | €3,700 | +€3,700 | |
| Current assets | 29/58 | €112,103 | €333,093 | +€220,990 | +197% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Trade receivables | 290 | €0 | €0 | = | |
| Other amounts receivable | 291 | €0 | €0 | = | |
| Stocks and contracts in progress | 3 | €33,721 | €25,500 | -€8,221 | -24.4% |
| Stocks | 30/36 | €33,721 | €25,500 | -€8,221 | -24.4% |
| Contracts in progress | 37 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €47,506 | €272,931 | +€225,425 | +475% |
| Trade receivables | 40 | €44,829 | €270,558 | +€225,729 | +504% |
| Other amounts receivable | 41 | €2,677 | €2,373 | -€304 | -11.4% |
| Current investments | 50/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €30,876 | €34,662 | +€3,786 | +12.3% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €159,489 | €453,476 | +€293,987 | +184% |
| Equity | 10/15 | €98,024 | €129,812 | +€31,788 | +32.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | €0 | = | |
| Reserves | 13 | €2,700 | €2,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Own shares acquired | 1312 | €0 | €0 | = | |
| Financial assistance | 1313 | €0 | €0 | = | |
| Other | 1319 | €0 | €0 | = | |
| Tax-exempt reserves | 132 | €0 | €0 | = | |
| Distributable reserves | 133 | €2,700 | €2,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,324 | €112,112 | +€31,788 | +39.6% |
| Investment grants | 15 | €0 | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Provisions for liabilities and charges | 160/5 | €0 | €0 | = | |
| Pensions and similar obligations | 160 | €0 | €0 | = | |
| Taxes | 161 | €0 | €0 | = | |
| Major repairs and maintenance | 162 | €0 | €0 | = | |
| Environmental obligations | 163 | €0 | €0 | = | |
| Other liabilities and charges | 164/5 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,465 | €323,664 | +€262,199 | +427% |
| Amounts payable after more than one year | 17 | €0 | €31,989 | +€31,989 | |
| Financial debts | 170/4 | €0 | €31,989 | +€31,989 | |
| Trade debts | 175 | €0 | €0 | = | |
| Advances received on contracts in progress | 176 | €0 | €0 | = | |
| Other amounts payable | 178/9 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €54,465 | €291,675 | +€237,210 | +436% |
| Current portion of amounts payable after more than one year | 42 | €0 | €19,663 | +€19,663 | |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Other loans | 439 | €0 | €0 | = | |
| Trade debts | 44 | €33,681 | €125,051 | +€91,370 | +271% |
| Suppliers | 440/4 | €33,681 | €125,051 | +€91,370 | +271% |
| Bills of exchange payable | 441 | €0 | €0 | = | |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €16,268 | €38,624 | +€22,356 | +137% |
| Taxes | 450/3 | €10,456 | €24,799 | +€14,344 | +137% |
| Remuneration and social security | 454/9 | €5,813 | €13,825 | +€8,012 | +138% |
| Other amounts payable | 47/48 | €4,516 | €108,337 | +€103,821 | +2,299% |
| Accrued charges and deferred income | 492/3 | €7,000 | €0 | -€7,000 | -100% |
| Turnover | 70 | - | €8,475,411 | +€8.5m | |
| Non-recurring operating income | 76A | - | €87,209 | +€87,209 | |
| Goods, raw materials, services and sundry goods | 60/61 | €9,323,028 | €8,331,314 | -€991,714 | -10.6% |
| Remuneration, social security and pensions | 62 | €54,383 | €115,761 | +€61,378 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,130 | €34,078 | +€17,948 | +111% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €0 | = | |
| Other operating charges | 640/8 | €4,241 | €1,027 | -€3,214 | -75.8% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Non-recurring operating charges | 66A | - | €20,132 | +€20,132 | |
| Gross operating margin | 9900 | €100,437 | €235,473 | +€135,036 | +134% |
| Operating profit (loss) | 9901 | €25,684 | €64,475 | +€38,791 | +151% |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €1,485 | €7,649 | +€6,165 | +415% |
| Recurring financial charges | 65 | €1,485 | €7,649 | +€6,165 | +415% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €24,199 | €56,826 | +€32,626 | +135% |
| Transfer from deferred taxes | 780 | €0 | €0 | = | |
| Transfer to deferred taxes | 680 | €0 | €0 | = | |
| Income taxes | 67/77 | €0 | €25,037 | +€25,037 | |
| Profit (loss) for the period | 9904 | €24,199 | €31,788 | +€7,589 | +31.4% |
| Transfer from tax-exempt reserves | 789 | €0 | €0 | = | |
| Transfer to tax-exempt reserves | 689 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €24,199 | €31,788 | +€7,589 | +31.4% |
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 16 October 2026 via checked.be.