Icarus Management: 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 Management
Largest movements
- Cash +€51,247
up €51,247 (+511%), from €10,022 to €61,268
mainly Net result for the year (+€63,295) and Depreciation (+€12,086)
- Tangible fixed assets -€10,388
down €10,388 (-13.4%), from €77,365 to €66,977
of which Other tangible fixed assets: -€8,310
- Receivables within one year -€8,702
down €8,702 (-28.2%), from €30,818 to €22,116
of which Trade receivables: -€22,325
- Financial fixed assets +€2,900
new in 2025: €2,900
- Profit (loss) carried forward +€48,295
up €48,295 (+75.4%), from €64,015 to €112,310
- Other debts -€11,991
down €11,991 (-44.4%), from €26,991 to €15,000
- Trade debts -€1,944
down €1,944 (-45.6%), from €4,267 to €2,323
- Gross operating margin -€12,869
down €12,869 (-12.1%), from €106,478 to €93,609
- Depreciation -€3,533
down €3,533 (-22.6%), from €15,620 to €12,086
- Taxes -€1,519
down €1,519 (-9.2%), from €16,472 to €14,954
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.
Derived cash bridge
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 | €120,769 | €155,927 | +€35,159 | +29.1% |
| Fixed assets | 21/28 | €77,365 | €69,877 | -€7,488 | -9.7% |
| Tangible fixed assets | 22/27 | €77,365 | €66,977 | -€10,388 | -13.4% |
| Plant, machinery and equipment | 23 | €1,096 | €1,972 | +€877 | +80.0% |
| Furniture and vehicles | 24 | €12,684 | €9,730 | -€2,954 | -23.3% |
| Other tangible fixed assets | 26 | €63,585 | €55,274 | -€8,310 | -13.1% |
| Financial fixed assets | 28 | - | €2,900 | +€2,900 | |
| Current assets | 29/58 | €43,404 | €86,050 | +€42,646 | +98.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €30,818 | €22,116 | -€8,702 | -28.2% |
| Trade receivables | 40 | €27,297 | €4,972 | -€22,325 | -81.8% |
| Other amounts receivable | 41 | €3,521 | €17,143 | +€13,623 | +387% |
| Current investments | 50/53 | €2,400 | €2,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,022 | €61,268 | +€51,247 | +511% |
| Deferred charges and accrued income | 490/1 | €164 | €266 | +€102 | +62.3% |
| Total equity and liabilities | 10/49 | €120,769 | €155,927 | +€35,159 | +29.1% |
| Equity | 10/15 | €82,615 | €130,910 | +€48,295 | +58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,015 | €112,310 | +€48,295 | +75.4% |
| Amounts payable | 17/49 | €38,154 | €25,017 | -€13,136 | -34.4% |
| Amounts payable within one year | 42/48 | €38,154 | €25,017 | -€13,136 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,267 | €2,323 | -€1,944 | -45.6% |
| Suppliers | 440/4 | €4,267 | €2,323 | -€1,944 | -45.6% |
| Taxes, remuneration and social security | 45 | €6,895 | €7,694 | +€799 | +11.6% |
| Taxes | 450/3 | €6,895 | €7,694 | +€799 | +11.6% |
| Other amounts payable | 47/48 | €26,991 | €15,000 | -€11,991 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,620 | €12,086 | -€3,533 | -22.6% |
| Other operating charges | 640/8 | €2,102 | €3,138 | +€1,037 | +49.3% |
| Gross operating margin | 9900 | €106,478 | €93,609 | -€12,869 | -12.1% |
| Operating profit (loss) | 9901 | €88,757 | €78,384 | -€10,373 | -11.7% |
| Financial income | 75/76B | €33 | €235 | +€202 | +614% |
| Recurring financial income | 75 | €33 | €235 | +€202 | +614% |
| Financial charges | 65/66B | €322 | €370 | +€49 | +15.1% |
| Recurring financial charges | 65 | €322 | €370 | +€49 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €88,468 | €78,249 | -€10,219 | -11.6% |
| Income taxes | 67/77 | €16,472 | €14,954 | -€1,519 | -9.2% |
| Profit (loss) for the period | 9904 | €71,995 | €63,295 | -€8,700 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,995 | €63,295 | -€8,700 | -12.1% |
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 26 October 2026 via checked.be.