ICARE: 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.
ICARE
Largest movements
- Tangible fixed assets -€28,540
down €28,540 (-3.4%), from €850,824 to €822,285
- Receivables within one year +€17,935
new in 2025: €17,935
- Cash +€13,847
up €13,847 (+45.9%), from €30,152 to €43,998
mainly Other debts (+€181,994) and Net result for the year (+€110,566)
- Other debts +€181,994
up €181,994 (+6,054%), from €3,006 to €185,000
- Debts after one year -€90,664
down €90,664 (-27.0%), from €336,264 to €245,599
of which Financial debts: -€93,264
- Reserves -€75,000
down €75,000 (-31.2%), from €240,556 to €165,556
of which Distributable reserves: -€75,000
- Tax, wage and social debts -€16,748
down €16,748 (-47.9%), from €34,932 to €18,184
- Accrued charges and deferred income +€10,102
up €10,102 (+971%), from €1,040 to €11,142
- Gross operating margin +€21,705
up €21,705 (+11.8%), from €184,034 to €205,739
- Other operating charges -€3,717
down €3,717 (-22.1%), from €16,809 to €13,092
- Financial charges -€2,342
down €2,342 (-13.0%), from €18,050 to €15,707
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 | €895,139 | €899,444 | +€4,305 | +0.5% |
| Fixed assets | 21/28 | €850,824 | €822,285 | -€28,540 | -3.4% |
| Tangible fixed assets | 22/27 | €850,824 | €822,285 | -€28,540 | -3.4% |
| Land and buildings | 22 | €850,824 | €822,285 | -€28,540 | -3.4% |
| Current assets | 29/58 | €44,315 | €77,159 | +€32,845 | +74.1% |
| Amounts receivable within one year | 40/41 | - | €17,935 | +€17,935 | |
| Other amounts receivable | 41 | - | €17,935 | +€17,935 | |
| Cash at bank and in hand | 54/58 | €30,152 | €43,998 | +€13,847 | +45.9% |
| Deferred charges and accrued income | 490/1 | €14,163 | €15,226 | +€1,063 | +7.5% |
| Total equity and liabilities | 10/49 | €895,139 | €899,444 | +€4,305 | +0.5% |
| Equity | 10/15 | €420,256 | €345,823 | -€74,434 | -17.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €99,160 | €99,160 | = | 0.0% |
| Reserves | 13 | €240,556 | €165,556 | -€75,000 | -31.2% |
| Non-distributable reserves | 130/1 | €6,964 | €6,964 | = | 0.0% |
| Legal reserve | 130 | €6,964 | €6,964 | = | 0.0% |
| Distributable reserves | 133 | €233,592 | €158,592 | -€75,000 | -32.1% |
| Profit (loss) carried forward | 14 | €18,567 | €19,133 | +€566 | +3.0% |
| Amounts payable | 17/49 | €474,883 | €553,622 | +€78,739 | +16.6% |
| Amounts payable after more than one year | 17 | €336,264 | €245,599 | -€90,664 | -27.0% |
| Financial debts | 170/4 | €321,044 | €227,779 | -€93,264 | -29.1% |
| Other amounts payable | 178/9 | €15,220 | €17,820 | +€2,600 | +17.1% |
| Amounts payable within one year | 42/48 | €137,579 | €296,880 | +€159,302 | +116% |
| Current portion of amounts payable after more than one year | 42 | €89,228 | €93,264 | +€4,037 | +4.5% |
| Trade debts | 44 | €10,413 | €432 | -€9,981 | -95.9% |
| Suppliers | 440/4 | €10,413 | €432 | -€9,981 | -95.9% |
| Taxes, remuneration and social security | 45 | €34,932 | €18,184 | -€16,748 | -47.9% |
| Taxes | 450/3 | €34,932 | €18,184 | -€16,748 | -47.9% |
| Other amounts payable | 47/48 | €3,006 | €185,000 | +€181,994 | +6,054% |
| Accrued charges and deferred income | 492/3 | €1,040 | €11,142 | +€10,102 | +971% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,540 | €28,540 | = | 0.0% |
| Other operating charges | 640/8 | €16,809 | €13,092 | -€3,717 | -22.1% |
| Non-recurring operating charges | 66A | €2,962 | - | -€2,962 | |
| Gross operating margin | 9900 | €184,034 | €205,739 | +€21,705 | +11.8% |
| Operating profit (loss) | 9901 | €135,723 | €164,107 | +€28,384 | +20.9% |
| Financial income | 75/76B | - | €350 | +€350 | |
| Recurring financial income | 75 | - | €350 | +€350 | |
| Financial charges | 65/66B | €18,050 | €15,707 | -€2,342 | -13.0% |
| Recurring financial charges | 65 | €18,050 | €15,707 | -€2,342 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €117,674 | €148,750 | +€31,077 | +26.4% |
| Income taxes | 67/77 | €38,112 | €38,184 | +€73 | +0.2% |
| Profit (loss) for the period | 9904 | €79,562 | €110,566 | +€31,004 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,562 | €110,566 | +€31,004 | +39.0% |
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 17 October 2026 via checked.be.