Icaresse: 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.
Icaresse
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year +€171,949
up €171,949 (+22.2%), from €775,457 to €947,406
of which Other amounts receivable: +€181,715
- Cash +€118,013
up €118,013 (+29.7%), from €397,110 to €515,124
mainly Current investments (+€200,000) and Depreciation (+€74,564)
- Tangible fixed assets -€71,564
down €71,564 (-4.4%), from €1.6m to €1.6m
- Other debts +€47,116
up €47,116 (+2.9%), from €1.6m to €1.7m
- Gross operating margin -€39,076
down €39,076 (-26.7%), from €146,569 to €107,493
- Financial charges -€9,381
down €9,381 (-11.5%), from €81,380 to €71,999
- Write-downs +€5,818
new in 2025: €5,818
- Taxes -€3,234
down €3,234 (-83.0%), from €3,897 to €664
- Other operating charges +€1,801
up €1,801 (+12.7%), from €14,147 to €15,947
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 | €4,515,479 | €4,545,325 | +€29,846 | +0.7% |
| Fixed assets | 21/28 | €2,015,943 | €1,944,379 | -€71,564 | -3.5% |
| Tangible fixed assets | 22/27 | €1,640,943 | €1,569,379 | -€71,564 | -4.4% |
| Land and buildings | 22 | €1,640,943 | €1,569,379 | -€71,564 | -4.4% |
| Financial fixed assets | 28 | €375,000 | €375,000 | = | 0.0% |
| Current assets | 29/58 | €2,499,536 | €2,600,946 | +€101,410 | +4.1% |
| Stocks and contracts in progress | 3 | €1,126,969 | €1,126,969 | = | 0.0% |
| Stocks | 30/36 | €1,126,969 | €1,126,969 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €775,457 | €947,406 | +€171,949 | +22.2% |
| Trade receivables | 40 | €22,642 | €12,876 | -€9,765 | -43.1% |
| Other amounts receivable | 41 | €752,815 | €934,530 | +€181,715 | +24.1% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €397,110 | €515,124 | +€118,013 | +29.7% |
| Deferred charges and accrued income | 490/1 | - | €11,447 | +€11,447 | |
| Total equity and liabilities | 10/49 | €4,515,479 | €4,545,325 | +€29,846 | +0.7% |
| Equity | 10/15 | €1,863,207 | €1,830,738 | -€32,469 | -1.7% |
| Contributions | 10/11 | €1,540,418 | €1,540,418 | = | 0.0% |
| Reserves | 13 | €322,789 | €290,320 | -€32,469 | -10.1% |
| Non-distributable reserves | 130/1 | €54,042 | €54,042 | = | 0.0% |
| Reserves not available under the articles | 1311 | €54,042 | €54,042 | = | 0.0% |
| Distributable reserves | 133 | €268,747 | €236,279 | -€32,469 | -12.1% |
| Amounts payable | 17/49 | €2,652,272 | €2,714,586 | +€62,314 | +2.3% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,652,272 | €1,714,586 | +€62,314 | +3.8% |
| Trade debts | 44 | €303 | €12,176 | +€11,873 | +3,925% |
| Suppliers | 440/4 | €303 | €12,176 | +€11,873 | +3,925% |
| Taxes, remuneration and social security | 45 | €3,402 | €6,727 | +€3,325 | +97.7% |
| Taxes | 450/3 | €3,402 | €6,727 | +€3,325 | +97.7% |
| Other amounts payable | 47/48 | €1,648,568 | €1,695,684 | +€47,116 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,464 | €74,564 | +€100 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,818 | +€5,818 | |
| Other operating charges | 640/8 | €14,147 | €15,947 | +€1,801 | +12.7% |
| Gross operating margin | 9900 | €146,569 | €107,493 | -€39,076 | -26.7% |
| Operating profit (loss) | 9901 | €57,958 | €11,163 | -€46,795 | -80.7% |
| Financial income | 75/76B | €29,768 | €29,031 | -€737 | -2.5% |
| Recurring financial income | 75 | €29,768 | €29,031 | -€737 | -2.5% |
| Financial charges | 65/66B | €81,380 | €71,999 | -€9,381 | -11.5% |
| Recurring financial charges | 65 | €81,380 | €71,999 | -€9,381 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €6,346 | -€31,805 | -€38,151 | |
| Income taxes | 67/77 | €3,897 | €664 | -€3,234 | -83.0% |
| Profit (loss) for the period | 9904 | €2,449 | -€32,469 | -€34,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,449 | -€32,469 | -€34,917 |
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 24 October 2026 via checked.be.