ICARUS HEIGHTS: 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.
ICARUS HEIGHTS
Largest movements
- Tangible fixed assets -€11,156
down €11,156 (-45.9%), from €24,297 to €13,142
of which Furniture and vehicles: -€8,343
- Receivables within one year -€5,356
down €5,356 (-34.0%), from €15,734 to €10,378
of which Trade receivables: -€4,305
- Cash -€2,944
down €2,944 (-59.3%), from €4,963 to €2,019
mainly Tax, wage and social debts (-€11,746) and Net result for the year (-€8,178)
- Deferred charges and accrued income -€633
down €633 (-40.3%), from €1,570 to €937
- Tax, wage and social debts -€11,746
down €11,746 (-68.4%), from €17,178 to €5,433
of which Taxes: -€7,396
- Profit (loss) carried forward -€8,050
down €8,050 (-94.7%), from -€8,502 to -€16,553
- Debts after one year -€3,770
down €3,770 (-70.2%), from €5,374 to €1,604
- Other debts +€1,826
new in 2025: €1,826
- Short-term financial debts +€1,043
up €1,043 (+2153.9%), from €48 to €1,092
- Gross operating margin -€6,935
down €6,935 (-52.2%), from €13,273 to €6,338
- Other operating charges +€1,712
up €1,712 (+255.2%), from €671 to €2,383
- Taxes +€144
up €144 (+112.8%), from €128 to €272
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 | €48,032 | €28,187 | -€19,844 | -41.3% |
| Fixed assets | 21/28 | €24,297 | €13,142 | -€11,156 | -45.9% |
| Tangible fixed assets | 22/27 | €24,297 | €13,142 | -€11,156 | -45.9% |
| Plant, machinery and equipment | 23 | €3,440 | €627 | -€2,812 | -81.8% |
| Furniture and vehicles | 24 | €20,858 | €12,515 | -€8,343 | -40.0% |
| Current assets | 29/58 | €23,734 | €15,045 | -€8,689 | -36.6% |
| Stocks and contracts in progress | 3 | €1,468 | €1,712 | +€244 | +16.6% |
| Stocks | 30/36 | €1,468 | €1,712 | +€244 | +16.6% |
| Amounts receivable within one year | 40/41 | €15,734 | €10,378 | -€5,356 | -34.0% |
| Trade receivables | 40 | €7,987 | €3,682 | -€4,305 | -53.9% |
| Other amounts receivable | 41 | €7,747 | €6,696 | -€1,051 | -13.6% |
| Cash at bank and in hand | 54/58 | €4,963 | €2,019 | -€2,944 | -59.3% |
| Deferred charges and accrued income | 490/1 | €1,570 | €937 | -€633 | -40.3% |
| Total equity and liabilities | 10/49 | €48,032 | €28,187 | -€19,844 | -41.3% |
| Equity | 10/15 | €19,867 | €11,817 | -€8,050 | -40.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €15,970 | €15,970 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,110 | €14,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,502 | -€16,553 | -€8,050 | -94.7% |
| Amounts payable | 17/49 | €28,165 | €16,370 | -€11,794 | -41.9% |
| Amounts payable after more than one year | 17 | €5,374 | €1,604 | -€3,770 | -70.2% |
| Financial debts | 170/4 | €5,374 | €1,604 | -€3,770 | -70.2% |
| Amounts payable within one year | 42/48 | €22,791 | €14,767 | -€8,024 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €3,660 | €3,770 | +€110 | +3.0% |
| Financial debts | 43 | €48 | €1,092 | +€1,043 | +2153.9% |
| Credit institutions | 430/8 | €48 | €1,092 | +€1,043 | +2153.9% |
| Trade debts | 44 | €1,904 | €2,647 | +€742 | +39.0% |
| Suppliers | 440/4 | €1,904 | €2,647 | +€742 | +39.0% |
| Taxes, remuneration and social security | 45 | €17,178 | €5,433 | -€11,746 | -68.4% |
| Taxes | 450/3 | €12,828 | €5,433 | -€7,396 | -57.7% |
| Remuneration and social security | 454/9 | €4,350 | €0 | -€4,350 | -100.0% |
| Other amounts payable | 47/48 | - | €1,826 | +€1,826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,237 | €11,156 | -€81 | -0.7% |
| Other operating charges | 640/8 | €671 | €2,383 | +€1,712 | +255.2% |
| Gross operating margin | 9900 | €13,273 | €6,338 | -€6,935 | -52.2% |
| Operating profit (loss) | 9901 | €1,365 | -€7,201 | -€8,566 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €803 | €705 | -€98 | -12.2% |
| Recurring financial charges | 65 | €803 | €705 | -€98 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €562 | -€7,906 | -€8,468 | |
| Income taxes | 67/77 | €128 | €272 | +€144 | +112.8% |
| Profit (loss) for the period | 9904 | €434 | -€8,178 | -€8,612 | |
| Profit (loss) for the period to be appropriated | 9905 | €434 | -€8,178 | -€8,612 |
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 6 October 2026 via checked.be.