ICARUS: 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.
ICARUS
Largest movements
- Cash +€67,130
up €67,130 (+1138.7%), from €5,895 to €73,025
mainly Net result for the year (+€84,425) and Depreciation (+€24,448)
- Receivables within one year -€13,927
down €13,927 (-71.5%), from €19,490 to €5,563
of which Trade receivables: -€16,834
- Stocks and contracts +€8,724
up €8,724 (+47.7%), from €18,276 to €27,000
- Tangible fixed assets -€3,722
down €3,722 (-3.4%), from €109,596 to €105,874
of which Plant, machinery and equipment: -€8,943
- Reserves +€84,425
up €84,425 (+148.9%), from €56,708 to €141,133
- Other debts -€26,685
down €26,685 (-38.7%), from €68,903 to €42,219
- Tax, wage and social debts +€9,769
up €9,769 (+148.4%), from €6,582 to €16,351
of which Taxes: +€5,651
- Trade debts -€8,990
down €8,990 (-53.8%), from €16,723 to €7,733
- Gross operating margin +€93,805
up €93,805 (+184.4%), from €50,872 to €144,677
- Taxes +€16,958
up €16,958 (+302.7%), from €5,602 to €22,560
- Staff costs +€11,707
up €11,707, from €0 to €11,707
- Depreciation +€2,905
up €2,905 (+13.5%), from €21,543 to €24,448
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 | €153,974 | €212,844 | +€58,870 | +38.2% |
| Fixed assets | 21/28 | €109,596 | €105,874 | -€3,722 | -3.4% |
| Tangible fixed assets | 22/27 | €109,596 | €105,874 | -€3,722 | -3.4% |
| Land and buildings | 22 | €63,192 | €57,210 | -€5,982 | -9.5% |
| Plant, machinery and equipment | 23 | €27,876 | €18,933 | -€8,943 | -32.1% |
| Furniture and vehicles | 24 | €18,528 | €29,731 | +€11,203 | +60.5% |
| Current assets | 29/58 | €44,379 | €106,970 | +€62,592 | +141.0% |
| Stocks and contracts in progress | 3 | €18,276 | €27,000 | +€8,724 | +47.7% |
| Stocks | 30/36 | €18,276 | €27,000 | +€8,724 | +47.7% |
| Amounts receivable within one year | 40/41 | €19,490 | €5,563 | -€13,927 | -71.5% |
| Trade receivables | 40 | €16,834 | €0 | -€16,834 | -100.0% |
| Other amounts receivable | 41 | €2,656 | €5,563 | +€2,907 | +109.4% |
| Cash at bank and in hand | 54/58 | €5,895 | €73,025 | +€67,130 | +1138.7% |
| Deferred charges and accrued income | 490/1 | €717 | €1,382 | +€665 | +92.8% |
| Total equity and liabilities | 10/49 | €153,974 | €212,844 | +€58,870 | +38.2% |
| Equity | 10/15 | €61,708 | €146,133 | +€84,425 | +136.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,708 | €141,133 | +€84,425 | +148.9% |
| Distributable reserves | 133 | €56,708 | €141,133 | +€84,425 | +148.9% |
| Amounts payable | 17/49 | €92,266 | €66,711 | -€25,555 | -27.7% |
| Amounts payable within one year | 42/48 | €92,209 | €66,303 | -€25,906 | -28.1% |
| Trade debts | 44 | €16,723 | €7,733 | -€8,990 | -53.8% |
| Suppliers | 440/4 | €16,723 | €7,733 | -€8,990 | -53.8% |
| Taxes, remuneration and social security | 45 | €6,582 | €16,351 | +€9,769 | +148.4% |
| Taxes | 450/3 | €6,582 | €12,233 | +€5,651 | +85.8% |
| Remuneration and social security | 454/9 | - | €4,118 | +€4,118 | |
| Other amounts payable | 47/48 | €68,903 | €42,219 | -€26,685 | -38.7% |
| Accrued charges and deferred income | 492/3 | €57 | €408 | +€351 | +610.4% |
| Remuneration, social security and pensions | 62 | €0 | €11,707 | +€11,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,543 | €24,448 | +€2,905 | +13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €834 | €0 | -€834 | -100.0% |
| Other operating charges | 640/8 | €1,979 | €1,871 | -€107 | -5.4% |
| Gross operating margin | 9900 | €50,872 | €144,677 | +€93,805 | +184.4% |
| Operating profit (loss) | 9901 | €26,517 | €106,652 | +€80,135 | +302.2% |
| Financial income | 75/76B | €355 | €415 | +€60 | +16.8% |
| Recurring financial income | 75 | €355 | €415 | +€60 | +16.8% |
| Financial charges | 65/66B | €80 | €82 | +€2 | +2.4% |
| Recurring financial charges | 65 | €80 | €82 | +€2 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €26,792 | €106,985 | +€80,193 | +299.3% |
| Income taxes | 67/77 | €5,602 | €22,560 | +€16,958 | +302.7% |
| Profit (loss) for the period | 9904 | €21,189 | €84,425 | +€63,236 | +298.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,189 | €84,425 | +€63,236 | +298.4% |
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 12 October 2026 via checked.be.