ICAROS: 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.
ICAROS
Largest movements
- Cash -€443,588
down €443,588 (-60.4%), from €734,667 to €291,078
mainly Contributions, distributions and other (-€2.6m) and Current investments (-€159,760)
- Current investments +€159,760
up €159,760 (+95.0%), from €168,178 to €327,938
- Tangible fixed assets -€122,587
down €122,587 (-35.7%), from €342,961 to €220,374
- Receivables within one year -€72,165
down €72,165 (-65.1%), from €110,860 to €38,695
of which Trade receivables: -€45,376
- Profit (loss) carried forward -€512,955
down €512,955 (-78.0%), from €657,717 to €144,762
- Other debts +€132,558
up €132,558 (+42.8%), from €310,049 to €442,607
- Trade debts -€95,887
down €95,887 (-90.9%), from €105,536 to €9,649
- Accrued charges and deferred income +€18,433
new in 2025: €18,433
- Financial income -€991,842
down €991,842 (-33.1%), from €3.0m to €2.0m
of which Financial income: -€991,034
- Gross operating margin +€120,206
up €120,206 (+697.1%), from €17,243 to €137,449
- Financial charges +€26,715
up €26,715 (+3686.1%), from €725 to €27,440
- Write-downs -€13,698
new in 2025: -€13,698
- Taxes +€11,288
up €11,288 (+71.2%), from €15,848 to €27,136
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.
Cash bridge derived
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 | €1,400,363 | €921,783 | -€478,580 | -34.2% |
| Fixed assets | 21/28 | €386,658 | €264,071 | -€122,587 | -31.7% |
| Tangible fixed assets | 22/27 | €342,961 | €220,374 | -€122,587 | -35.7% |
| Land and buildings | 22 | €342,961 | €220,374 | -€122,587 | -35.7% |
| Financial fixed assets | 28 | €43,697 | €43,697 | = | 0.0% |
| Current assets | 29/58 | €1,013,705 | €657,711 | -€355,993 | -35.1% |
| Amounts receivable within one year | 40/41 | €110,860 | €38,695 | -€72,165 | -65.1% |
| Trade receivables | 40 | €62,093 | €16,717 | -€45,376 | -73.1% |
| Other amounts receivable | 41 | €48,767 | €21,978 | -€26,789 | -54.9% |
| Current investments | 50/53 | €168,178 | €327,938 | +€159,760 | +95.0% |
| Cash at bank and in hand | 54/58 | €734,667 | €291,078 | -€443,588 | -60.4% |
| Total equity and liabilities | 10/49 | €1,400,363 | €921,783 | -€478,580 | -34.2% |
| Equity | 10/15 | €952,207 | €432,728 | -€519,479 | -54.6% |
| Contributions | 10/11 | €252,878 | €252,878 | = | 0.0% |
| Capital | 10 | €252,878 | €252,878 | = | 0.0% |
| Issued capital | 100 | €252,878 | €252,878 | = | 0.0% |
| Reserves | 13 | €41,612 | €35,088 | -€6,524 | -15.7% |
| Non-distributable reserves | 130/1 | €31,588 | €31,588 | = | 0.0% |
| Legal reserve | 130 | €31,588 | €31,588 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,024 | €3,500 | -€6,524 | -65.1% |
| Profit (loss) carried forward | 14 | €657,717 | €144,762 | -€512,955 | -78.0% |
| Provisions and deferred taxes | 16 | €3,360 | - | -€3,360 | |
| Deferred taxes | 168 | €3,360 | - | -€3,360 | |
| Amounts payable | 17/49 | €444,796 | €489,055 | +€44,259 | +10.0% |
| Amounts payable after more than one year | 17 | €18,396 | €17,276 | -€1,119 | -6.1% |
| Financial debts | 170/4 | €18,396 | €17,276 | -€1,119 | -6.1% |
| Amounts payable within one year | 42/48 | €426,400 | €453,345 | +€26,945 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €10,816 | €1,090 | -€9,726 | -89.9% |
| Trade debts | 44 | €105,536 | €9,649 | -€95,887 | -90.9% |
| Suppliers | 440/4 | €105,536 | €9,649 | -€95,887 | -90.9% |
| Other amounts payable | 47/48 | €310,049 | €442,607 | +€132,558 | +42.8% |
| Accrued charges and deferred income | 492/3 | - | €18,433 | +€18,433 | |
| Non-recurring operating income | 76A | - | €60,808 | +€60,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,587 | €12,587 | -€6,000 | -32.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,698 | -€13,698 | |
| Other operating charges | 640/8 | €8,617 | €13,785 | +€5,168 | +60.0% |
| Gross operating margin | 9900 | €17,243 | €137,449 | +€120,206 | +697.1% |
| Operating profit (loss) | 9901 | -€9,961 | €124,775 | +€134,736 | |
| Financial income | 75/76B | €2,998,804 | €2,006,962 | -€991,842 | -33.1% |
| Recurring financial income | 75 | €2,997,996 | €2,006,962 | -€991,034 | -33.1% |
| Non-recurring financial income | 76B | €808 | - | -€808 | |
| Financial charges | 65/66B | €725 | €27,440 | +€26,715 | +3686.1% |
| Recurring financial charges | 65 | €725 | €27,440 | +€26,715 | +3686.1% |
| Profit (loss) for the period before taxes | 9903 | €2,988,119 | €2,104,297 | -€883,822 | -29.6% |
| Transfer from deferred taxes | 780 | €3,360 | €3,360 | +€0 | 0.0% |
| Income taxes | 67/77 | €15,848 | €27,136 | +€11,288 | +71.2% |
| Profit (loss) for the period | 9904 | €2,975,631 | €2,080,521 | -€895,110 | -30.1% |
| Transfer from tax-exempt reserves | 789 | €6,524 | €6,524 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,982,155 | €2,087,045 | -€895,110 | -30.0% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.