Icarus Projects: 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 Projects
Largest movements
- Tangible fixed assets -€18,228
down €18,228 (-30.2%), from €60,328 to €42,100
of which Furniture and vehicles: -€18,185
- Receivables within one year -€2,294
down €2,294 (-21.5%), from €10,687 to €8,393
of which Trade receivables: -€2,399
- Cash +€1,999
up €1,999 (+116.1%), from €1,721 to €3,720
mainly Depreciation (+€22,401) and Trade debts (+€2,296)
- Debts after one year -€12,950
down €12,950 (-62.9%), from €20,582 to €7,632
- Current portion of long-term debt -€5,292
down €5,292 (-29.0%), from €18,242 to €12,950
- Other debts -€3,177
down €3,177 (-28.4%), from €11,193 to €8,016
- Trade debts +€2,296
up €2,296 (+118.4%), from €1,939 to €4,235
- Gross operating margin +€17,506
up €17,506 (+220.6%), from €7,935 to €25,441
- Depreciation -€6,275
down €6,275 (-21.9%), from €28,676 to €22,401
- Other operating charges -€1,450
down €1,450 (-58.0%), from €2,500 to €1,051
- Financial charges -€604
down €604 (-25.8%), from €2,345 to €1,741
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 | €73,860 | €55,861 | -€17,999 | -24.4% |
| Fixed assets | 21/28 | €60,328 | €42,100 | -€18,228 | -30.2% |
| Tangible fixed assets | 22/27 | €60,328 | €42,100 | -€18,228 | -30.2% |
| Plant, machinery and equipment | 23 | €8,725 | €8,682 | -€43 | -0.5% |
| Furniture and vehicles | 24 | €51,603 | €33,418 | -€18,185 | -35.2% |
| Current assets | 29/58 | €13,532 | €13,761 | +€229 | +1.7% |
| Amounts receivable within one year | 40/41 | €10,687 | €8,393 | -€2,294 | -21.5% |
| Trade receivables | 40 | €8,956 | €6,557 | -€2,399 | -26.8% |
| Other amounts receivable | 41 | €1,731 | €1,836 | +€105 | +6.0% |
| Cash at bank and in hand | 54/58 | €1,721 | €3,720 | +€1,999 | +116.1% |
| Deferred charges and accrued income | 490/1 | €1,123 | €1,648 | +€524 | +46.7% |
| Total equity and liabilities | 10/49 | €73,860 | €55,861 | -€17,999 | -24.4% |
| Equity | 10/15 | €13,554 | €13,802 | +€248 | +1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €30,621 | €30,621 | = | 0.0% |
| Distributable reserves | 133 | €30,621 | €30,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,267 | -€23,019 | +€248 | +1.1% |
| Amounts payable | 17/49 | €60,305 | €42,059 | -€18,247 | -30.3% |
| Amounts payable after more than one year | 17 | €20,582 | €7,632 | -€12,950 | -62.9% |
| Financial debts | 170/4 | €20,582 | €7,632 | -€12,950 | -62.9% |
| Amounts payable within one year | 42/48 | €39,724 | €34,427 | -€5,297 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €18,242 | €12,950 | -€5,292 | -29.0% |
| Financial debts | 43 | €620 | €1,192 | +€572 | +92.2% |
| Credit institutions | 430/8 | €620 | €1,192 | +€572 | +92.2% |
| Trade debts | 44 | €1,939 | €4,235 | +€2,296 | +118.4% |
| Suppliers | 440/4 | €1,939 | €4,235 | +€2,296 | +118.4% |
| Taxes, remuneration and social security | 45 | €7,730 | €8,033 | +€303 | +3.9% |
| Taxes | 450/3 | €7,730 | €8,033 | +€303 | +3.9% |
| Other amounts payable | 47/48 | €11,193 | €8,016 | -€3,177 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,676 | €22,401 | -€6,275 | -21.9% |
| Other operating charges | 640/8 | €2,500 | €1,051 | -€1,450 | -58.0% |
| Gross operating margin | 9900 | €7,935 | €25,441 | +€17,506 | +220.6% |
| Operating profit (loss) | 9901 | -€23,242 | €1,989 | +€25,231 | |
| Financial income | 75/76B | €223 | €0 | -€223 | -100.0% |
| Recurring financial income | 75 | €223 | €0 | -€223 | -100.0% |
| Financial charges | 65/66B | €2,345 | €1,741 | -€604 | -25.8% |
| Recurring financial charges | 65 | €2,345 | €1,741 | -€604 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€25,363 | €248 | +€25,611 | |
| Income taxes | 67/77 | €130 | €0 | -€130 | -100.0% |
| Profit (loss) for the period | 9904 | -€25,494 | €248 | +€25,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,494 | €248 | +€25,742 |
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.