ICARAD: 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.
ICARAD
Largest movements
- Deferred charges and accrued income +€152,793
up €152,793 (+69,363%), from €220 to €153,013
- Cash +€36,710
up €36,710 (+73.3%), from €50,050 to €86,760
mainly Net result for the year (+€218,553) and Tax, wage and social debts (+€4,300)
- Receivables within one year +€7,012
up €7,012 (+93.5%), from €7,496 to €14,509
- Profit (loss) carried forward +€193,553
up €193,553 (+398%), from €48,667 to €242,220
- Tax, wage and social debts +€4,300
up €4,300 (+86.9%), from €4,950 to €9,250
- Gross operating margin +€224,120
up €224,120 (+342%), from €65,522 to €289,642
- Taxes +€54,177
up €54,177 (+422%), from €12,840 to €67,018
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 | €62,523 | €259,363 | +€196,840 | +315% |
| Fixed assets | 21/28 | €4,756 | €5,081 | +€325 | +6.8% |
| Tangible fixed assets | 22/27 | €4,756 | €5,081 | +€325 | +6.8% |
| Plant, machinery and equipment | 23 | €4,756 | €3,725 | -€1,032 | -21.7% |
| Furniture and vehicles | 24 | - | €1,356 | +€1,356 | |
| Current assets | 29/58 | €57,767 | €254,282 | +€196,515 | +340% |
| Amounts receivable within one year | 40/41 | €7,496 | €14,509 | +€7,012 | +93.5% |
| Other amounts receivable | 41 | €7,496 | €14,509 | +€7,012 | +93.5% |
| Cash at bank and in hand | 54/58 | €50,050 | €86,760 | +€36,710 | +73.3% |
| Deferred charges and accrued income | 490/1 | €220 | €153,013 | +€152,793 | +69,363% |
| Total equity and liabilities | 10/49 | €62,523 | €259,363 | +€196,840 | +315% |
| Equity | 10/15 | €53,727 | €247,280 | +€193,553 | +360% |
| Contributions | 10/11 | €60 | €60 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,667 | €242,220 | +€193,553 | +398% |
| Amounts payable | 17/49 | €8,796 | €12,083 | +€3,287 | +37.4% |
| Amounts payable within one year | 42/48 | €8,796 | €12,083 | +€3,287 | +37.4% |
| Trade debts | 44 | €3,846 | €2,833 | -€1,013 | -26.3% |
| Suppliers | 440/4 | €3,846 | €2,833 | -€1,013 | -26.3% |
| Taxes, remuneration and social security | 45 | €4,950 | €9,250 | +€4,300 | +86.9% |
| Taxes | 450/3 | €4,950 | €9,250 | +€4,300 | +86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,484 | €1,467 | -€18 | -1.2% |
| Other operating charges | 640/8 | €885 | €1,118 | +€233 | +26.3% |
| Gross operating margin | 9900 | €65,522 | €289,642 | +€224,120 | +342% |
| Operating profit (loss) | 9901 | €63,152 | €287,057 | +€223,904 | +355% |
| Financial income | 75/76B | €220 | €613 | +€393 | +178% |
| Recurring financial income | 75 | €220 | €613 | +€393 | +178% |
| Financial charges | 65/66B | €2,634 | €2,099 | -€535 | -20.3% |
| Recurring financial charges | 65 | €2,634 | €2,099 | -€535 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €60,739 | €285,571 | +€224,832 | +370% |
| Income taxes | 67/77 | €12,840 | €67,018 | +€54,177 | +422% |
| Profit (loss) for the period | 9904 | €47,898 | €218,553 | +€170,655 | +356% |
| Profit (loss) for the period to be appropriated | 9905 | €47,898 | €218,553 | +€170,655 | +356% |
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.