ICAR: 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.
ICAR
Largest movements
- Cash -€5,006
down €5,006 (-97.9%), from €5,114 to €108
mainly Net result for the year (-€33,189) and Debts after one year (-€9,011)
- Tangible fixed assets -€4,834
down €4,834 (-2.2%), from €218,837 to €214,003
of which Land and buildings: -€2,764
- Profit (loss) carried forward -€33,189
down €33,189 (-182%), from -€18,235 to -€51,424
- Other debts +€32,611
up €32,611 (+113%), from €28,898 to €61,509
- Debts after one year -€9,011
down €9,011 (-5.1%), from €176,284 to €167,273
- Gross operating margin -€34,279
down €34,279, from €15,143 to -€19,136
- Financial charges -€354
down €354 (-5.3%), from €6,671 to €6,317
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 | €249,864 | €242,011 | -€7,853 | -3.1% |
| Fixed assets | 21/28 | €219,337 | €214,503 | -€4,834 | -2.2% |
| Tangible fixed assets | 22/27 | €218,837 | €214,003 | -€4,834 | -2.2% |
| Land and buildings | 22 | €140,922 | €138,158 | -€2,764 | -2.0% |
| Plant, machinery and equipment | 23 | €73,665 | €71,591 | -€2,074 | -2.8% |
| Furniture and vehicles | 24 | €4,250 | €4,254 | +€4 | +0.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €30,527 | €27,508 | -€3,019 | -9.9% |
| Amounts receivable within one year | 40/41 | €25,413 | €27,400 | +€1,987 | +7.8% |
| Trade receivables | 40 | €17,200 | €17,505 | +€305 | +1.8% |
| Other amounts receivable | 41 | €8,213 | €9,895 | +€1,682 | +20.5% |
| Cash at bank and in hand | 54/58 | €5,114 | €108 | -€5,006 | -97.9% |
| Total equity and liabilities | 10/49 | €249,864 | €242,011 | -€7,853 | -3.1% |
| Equity | 10/15 | €32,837 | -€352 | -€33,189 | |
| Contributions | 10/11 | €42,200 | €42,200 | = | 0.0% |
| Reserves | 13 | €8,872 | €8,872 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,220 | €4,220 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,220 | €4,220 | = | 0.0% |
| Distributable reserves | 133 | €4,652 | €4,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,235 | -€51,424 | -€33,189 | -182% |
| Amounts payable | 17/49 | €217,027 | €242,363 | +€25,336 | +11.7% |
| Amounts payable after more than one year | 17 | €176,284 | €167,273 | -€9,011 | -5.1% |
| Financial debts | 170/4 | €176,284 | €167,273 | -€9,011 | -5.1% |
| Amounts payable within one year | 42/48 | €40,743 | €75,090 | +€34,347 | +84.3% |
| Current portion of amounts payable after more than one year | 42 | €8,713 | €9,010 | +€297 | +3.4% |
| Trade debts | 44 | €1,935 | €3,471 | +€1,536 | +79.4% |
| Suppliers | 440/4 | €1,935 | €3,471 | +€1,536 | +79.4% |
| Taxes, remuneration and social security | 45 | €1,197 | €1,100 | -€97 | -8.1% |
| Taxes | 450/3 | €1,197 | €1,100 | -€97 | -8.1% |
| Other amounts payable | 47/48 | €28,898 | €61,509 | +€32,611 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,536 | €5,536 | = | 0.0% |
| Other operating charges | 640/8 | €3,612 | €3,717 | +€105 | +2.9% |
| Gross operating margin | 9900 | €15,143 | -€19,136 | -€34,279 | |
| Operating profit (loss) | 9901 | €5,995 | -€28,389 | -€34,384 | |
| Financial income | 75/76B | €1,349 | €1,517 | +€168 | +12.5% |
| Recurring financial income | 75 | €1,349 | €1,517 | +€168 | +12.5% |
| Financial charges | 65/66B | €6,671 | €6,317 | -€354 | -5.3% |
| Recurring financial charges | 65 | €6,671 | €6,317 | -€354 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €673 | -€33,189 | -€33,862 | |
| Income taxes | 67/77 | €43 | - | -€43 | |
| Profit (loss) for the period | 9904 | €630 | -€33,189 | -€33,819 | |
| Profit (loss) for the period to be appropriated | 9905 | €630 | -€33,189 | -€33,819 |
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 15 October 2026 via checked.be.