ICARUS: what changed
Two fiscal 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.
What changed
ICARUS
NACE 28.140, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,221
2024 · €1.5m-€1.4m
Equity
€5.8m
2024 · €5.8m+€36,221
Cash
€544,872
2024 · €319,651+€225,222
Balance sheet total
€31.3m
2024 · €44.7m-€13.4m
Largest movements
Assets
- Stocks and contracts -€8.1m
down €8.1m (-66.9%), from €12.2m to €4.0m
of which Contracts in progress: -€8.6m
- Receivables within one year -€7.0m
down €7.0m (-63.0%), from €11.2m to €4.1m
of which Other amounts receivable: -€3.9m
- Financial fixed assets +€1.6m
up €1.6m (+8.1%), from €20.3m to €21.9m
Equity and liabilities
- Trade debts -€6.5m
down €6.5m (-32.7%), from €19.9m to €13.4m
- Advances received -€3.1m
down €3.1m (-72.5%), from €4.3m to €1.2m
- Short-term financial debts -€1.6m
down €1.6m (-22.3%), from €7.2m to €5.6m
- Current portion of long-term debt -€1.1m
down €1.1m (-49.4%), from €2.2m to €1.1m
- Debts after one year -€841,508
down €841,508 (-27.4%), from €3.1m to €2.2m
Income statement
- Turnover +€7.4m
up €7.4m (+33.8%), from €21.8m to €29.2m
- Goods and materials -€6.3m
down €6.3m (-30.8%), from €20.4m to €14.1m
of which Purchases: -€6.1m
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.
Result 2024
€1.5m
Turnover
+€7.4m
Other operating income
+€45,333
Goods and materials
+€6.3m
Services and other goods
-€117,780
Staff costs
-€14,546
Depreciation
+€5,883
Write-downs
+€102,360
Other operating charges
-€5,843
Other operating items
-€15.8m
Financial income
-€222,666
Financial charges
+€148,542
Taxes
-€5,591
Deferred taxes and other
+€703,826
Result 2025
€36,221
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.
From operations
+€5.5m
Investment
-€1.7m
Financing
-€3.5m
Cash 2024
€319,651
From operations (derived)
+€5.5m
Net result for the year
+€36,221
Depreciation
+€119,867
Stocks and contracts
+€8.1m
Receivables within one year
+€7.0m
Deferred charges and accrued income
+€81,452
Trade debts
-€6.5m
Tax, wage and social debts
-€96,395
Advances received
-€3.1m
Other debts
-€153,790
Accrued charges and deferred income
-€62,489
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
-€3.5m
Debts after one year
-€841,508
Current portion of long-term debt
-€1.1m
Short-term financial debts
-€1.6m
Cash 2025
€544,872
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,682,283 | €31,251,091 | -€13.4m | -30.1% |
| Fixed assets | 21/28 | €20,811,298 | €22,412,262 | +€1.6m | +7.7% |
| Intangible fixed assets | 21 | €6,797 | €129 | -€6,668 | -98.1% |
| Tangible fixed assets | 22/27 | €544,213 | €502,034 | -€42,179 | -7.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €125,618 | €119,347 | -€6,270 | -5.0% |
| Furniture and vehicles | 24 | €47,458 | €35,713 | -€11,745 | -24.7% |
| Other tangible fixed assets | 26 | €150,025 | €124,153 | -€25,872 | -17.2% |
| Assets under construction and advance payments | 27 | €221,113 | €222,821 | +€1,708 | +0.8% |
| Financial fixed assets | 28 | €20,260,288 | €21,910,099 | +€1.6m | +8.1% |
| Affiliated companies | 280/1 | €20,260,288 | €21,910,099 | +€1.6m | +8.1% |
| Participating interests | 280 | €3,542,663 | €3,542,663 | = | 0.0% |
| Amounts receivable | 281 | €16,717,624 | €18,367,436 | +€1.6m | +9.9% |
| Current assets | 29/58 | €23,870,985 | €8,838,828 | -€15.0m | -63.0% |
| Stocks and contracts in progress | 3 | €12,162,231 | €4,031,403 | -€8.1m | -66.9% |
| Stocks | 30/36 | €1,926,408 | €2,438,939 | +€512,531 | +26.6% |
| Raw materials and consumables | 30/31 | €1,236,915 | €1,504,798 | +€267,883 | +21.7% |
| Finished goods | 33 | €689,493 | €934,141 | +€244,648 | +35.5% |
| Contracts in progress | 37 | €10,235,823 | €1,592,464 | -€8.6m | -84.4% |
| Amounts receivable within one year | 40/41 | €11,188,024 | €4,142,925 | -€7.0m | -63.0% |
| Trade receivables | 40 | €7,205,728 | €4,012,721 | -€3.2m | -44.3% |
| Other amounts receivable | 41 | €3,982,295 | €130,205 | -€3.9m | -96.7% |
| Cash at bank and in hand | 54/58 | €319,651 | €544,872 | +€225,222 | +70.5% |
| Deferred charges and accrued income | 490/1 | €201,081 | €119,628 | -€81,452 | -40.5% |
| Total equity and liabilities | 10/49 | €44,682,283 | €31,251,091 | -€13.4m | -30.1% |
| Equity | 10/15 | €5,791,973 | €5,828,194 | +€36,221 | +0.6% |
| Contributions | 10/11 | €7,636,297 | €7,636,297 | = | 0.0% |
| Capital | 10 | €7,636,297 | €7,636,297 | = | 0.0% |
| Issued capital | 100 | €7,636,297 | €7,636,297 | = | 0.0% |
| Reserves | 13 | €5,451,824 | €5,451,824 | = | 0.0% |
| Non-distributable reserves | 130/1 | €513,630 | €513,630 | = | 0.0% |
| Legal reserve | 130 | €513,630 | €513,630 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,184,640 | €4,184,640 | = | 0.0% |
| Distributable reserves | 133 | €753,555 | €753,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,382,548 | -€7,346,328 | +€36,221 | +0.5% |
| Investment grants | 15 | €86,400 | €86,400 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,394,880 | €1,394,880 | = | 0.0% |
| Deferred taxes | 168 | €1,394,880 | €1,394,880 | = | 0.0% |
| Amounts payable | 17/49 | €37,495,430 | €24,028,017 | -€13.5m | -35.9% |
| Amounts payable after more than one year | 17 | €3,065,720 | €2,224,212 | -€841,508 | -27.4% |
| Financial debts | 170/4 | €3,065,720 | €2,224,212 | -€841,508 | -27.4% |
| Credit institutions | 173 | €1,564,358 | €1,102,011 | -€462,346 | -29.6% |
| Other loans | 174 | €1,501,363 | €1,122,201 | -€379,161 | -25.3% |
| Amounts payable within one year | 42/48 | €34,321,896 | €21,758,480 | -€12.6m | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €2,197,375 | €1,112,872 | -€1.1m | -49.4% |
| Financial debts | 43 | €7,235,688 | €5,623,544 | -€1.6m | -22.3% |
| Credit institutions | 430/8 | €7,235,688 | €5,623,544 | -€1.6m | -22.3% |
| Trade debts | 44 | €19,925,177 | €13,411,929 | -€6.5m | -32.7% |
| Suppliers | 440/4 | €19,925,177 | €13,411,929 | -€6.5m | -32.7% |
| Advances received on contracts in progress | 46 | €4,281,225 | €1,177,891 | -€3.1m | -72.5% |
| Taxes, remuneration and social security | 45 | €528,639 | €432,245 | -€96,395 | -18.2% |
| Taxes | 450/3 | €75,190 | €73,517 | -€1,673 | -2.2% |
| Remuneration and social security | 454/9 | €453,449 | €358,728 | -€94,721 | -20.9% |
| Other amounts payable | 47/48 | €153,790 | - | -€153,790 | |
| Accrued charges and deferred income | 492/3 | €107,814 | €45,325 | -€62,489 | -58.0% |
| Operating income | 70/76A | €29,415,840 | €20,929,135 | -€8.5m | -28.9% |
| Turnover | 70 | €21,794,577 | €29,171,596 | +€7.4m | +33.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €4,695,043 | -€8,398,711 | -€13.1m | |
| Other operating income | 74 | €110,917 | €156,250 | +€45,333 | +40.9% |
| Non-recurring operating income | 76A | €2,815,302 | - | -€2.8m | |
| Operating charges | 60/66A | €26,497,278 | €20,082,432 | -€6.4m | -24.2% |
| Goods for resale, raw materials and consumables | 60 | €20,407,065 | €14,119,123 | -€6.3m | -30.8% |
| Purchases | 600/8 | €20,449,039 | €14,327,263 | -€6.1m | -29.9% |
| Change in stocks: decrease (increase) | 609 | -€41,974 | -€208,140 | -€166,166 | -395.9% |
| Services and other goods | 61 | €2,940,697 | €3,058,477 | +€117,780 | +4.0% |
| Remuneration, social security and pensions | 62 | €2,604,607 | €2,619,153 | +€14,546 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,750 | €119,867 | -€5,883 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,617 | -€59,743 | -€102,360 | |
| Other operating charges | 640/8 | €72,965 | €78,808 | +€5,843 | +8.0% |
| Non-recurring operating charges | 66A | €303,577 | €146,746 | -€156,831 | -51.7% |
| Operating profit (loss) | 9901 | €2,918,562 | €846,703 | -€2.1m | -71.0% |
| Financial income | 75/76B | €661,325 | €438,658 | -€222,666 | -33.7% |
| Recurring financial income | 75 | €661,325 | €438,658 | -€222,666 | -33.7% |
| Income from financial fixed assets | 750 | €609,031 | €393,797 | -€215,234 | -35.3% |
| Other financial income | 752/9 | €52,293 | €44,861 | -€7,433 | -14.2% |
| Financial charges | 65/66B | €1,388,059 | €1,239,517 | -€148,542 | -10.7% |
| Recurring financial charges | 65 | €1,388,059 | €1,180,891 | -€207,168 | -14.9% |
| Debt charges | 650 | €1,216,144 | €1,076,598 | -€139,545 | -11.5% |
| Other financial charges | 652/9 | €171,916 | €104,293 | -€67,623 | -39.3% |
| Non-recurring financial charges | 66B | - | €58,626 | +€58,626 | |
| Profit (loss) for the period before taxes | 9903 | €2,191,827 | €45,844 | -€2.1m | -97.9% |
| Transfer to deferred taxes | 680 | €703,826 | - | -€703,826 | |
| Income taxes | 67/77 | €4,033 | €9,624 | +€5,591 | +138.6% |
| Taxes | 670/3 | €4,033 | €9,624 | +€5,591 | +138.6% |
| Profit (loss) for the period | 9904 | €1,483,969 | €36,221 | -€1.4m | -97.6% |
| Transfer to tax-exempt reserves | 689 | €2,111,477 | - | -€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€627,508 | €36,221 | +€663,729 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.