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 51.100, Air transport
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13,994
2024 · €19,409-€5,416
Equity
€192,686
2024 · €178,692+€13,994
Cash
€4
2024 · €5-€0
Balance sheet total
€540,266
2024 · €522,473+€17,793
Largest movements
Assets
- Receivables within one year +€22,755
up €22,755 (+52.1%), from €43,704 to €66,458
of which Trade receivables: +€12,013
Equity and liabilities
- Accrued charges and deferred income +€22,003
new in 2025: €22,003
- Debts after one year -€18,145
down €18,145 (-6.0%), from €303,087 to €284,942
- Reserves +€13,994
up €13,994 (+9.5%), from €147,692 to €161,686
of which Tax-exempt reserves: +€13,994
Income statement
- Gross operating margin -€6,027
down €6,027 (-9.4%), from €64,113 to €58,087
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
€19,409
Gross operating margin
-€6,027
Depreciation
-€227
Other operating charges
+€228
Financial income
+€1
Financial charges
+€273
Taxes
+€335
Result 2025
€13,994
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
+€41,925
Investment
-€25,672
Financing
-€16,253
Cash 2024
€5
From operations (derived)
+€41,925
Net result for the year
+€13,994
Depreciation
+€30,634
Receivables within one year
-€22,755
Tax, wage and social debts
-€1,951
Accrued charges and deferred income
+€22,003
Investment (derived)
-€25,672
Investment in fixed assets (net)
-€25,672
Financing
-€16,253
Debts after one year
-€18,145
Current portion of long-term debt
+€212
Short-term financial debts
+€1,680
Cash 2025
€4
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €522,473 | €540,266 | +€17,793 | +3.4% |
| Fixed assets | 21/28 | €478,765 | €473,803 | -€4,962 | -1.0% |
| Tangible fixed assets | 22/27 | €478,765 | €473,803 | -€4,962 | -1.0% |
| Land and buildings | 22 | €462,952 | €449,122 | -€13,830 | -3.0% |
| Plant, machinery and equipment | 23 | €11,330 | €21,251 | +€9,921 | +87.6% |
| Furniture and vehicles | 24 | €4,482 | €3,430 | -€1,053 | -23.5% |
| Current assets | 29/58 | €43,708 | €66,463 | +€22,755 | +52.1% |
| Amounts receivable within one year | 40/41 | €43,704 | €66,458 | +€22,755 | +52.1% |
| Trade receivables | 40 | €26,624 | €38,636 | +€12,013 | +45.1% |
| Other amounts receivable | 41 | €17,080 | €27,822 | +€10,742 | +62.9% |
| Cash at bank and in hand | 54/58 | €5 | €4 | -€0 | -3.3% |
| Total equity and liabilities | 10/49 | €522,473 | €540,266 | +€17,793 | +3.4% |
| Equity | 10/15 | €178,692 | €192,686 | +€13,994 | +7.8% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €147,692 | €161,686 | +€13,994 | +9.5% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,450 | €28,444 | +€13,994 | +96.8% |
| Distributable reserves | 133 | €130,142 | €130,142 | = | 0.0% |
| Amounts payable | 17/49 | €343,781 | €347,579 | +€3,799 | +1.1% |
| Amounts payable after more than one year | 17 | €303,087 | €284,942 | -€18,145 | -6.0% |
| Financial debts | 170/4 | €303,087 | €284,942 | -€18,145 | -6.0% |
| Amounts payable within one year | 42/48 | €40,693 | €40,634 | -€59 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €17,933 | €18,145 | +€212 | +1.2% |
| Financial debts | 43 | €7,675 | €9,355 | +€1,680 | +21.9% |
| Credit institutions | 430/8 | €7,675 | €9,355 | +€1,680 | +21.9% |
| Taxes, remuneration and social security | 45 | €15,085 | €13,134 | -€1,951 | -12.9% |
| Taxes | 450/3 | €15,085 | €13,134 | -€1,951 | -12.9% |
| Accrued charges and deferred income | 492/3 | - | €22,003 | +€22,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,407 | €30,634 | +€227 | +0.7% |
| Other operating charges | 640/8 | €2,475 | €2,246 | -€228 | -9.2% |
| Gross operating margin | 9900 | €64,113 | €58,087 | -€6,027 | -9.4% |
| Operating profit (loss) | 9901 | €31,231 | €25,207 | -€6,025 | -19.3% |
| Financial income | 75/76B | €0 | €2 | +€1 | +766.7% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +766.7% |
| Financial charges | 65/66B | €5,117 | €4,845 | -€273 | -5.3% |
| Recurring financial charges | 65 | €5,117 | €4,845 | -€273 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €26,114 | €20,364 | -€5,751 | -22.0% |
| Income taxes | 67/77 | €6,705 | €6,370 | -€335 | -5.0% |
| Profit (loss) for the period | 9904 | €19,409 | €13,994 | -€5,416 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,409 | €13,994 | -€5,416 | -27.9% |
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 5 October 2026 via checked.be.