ICE Advice: 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.
What changed
ICE Advice
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€77,619
2024 · €1,964+€75,655
Equity
€652,098
2024 · €574,479+€77,619
Cash
€25,052
2024 · €10,305+€14,747
Balance sheet total
€1.9m
2024 · €1.9m-€41,830
Largest movements
Assets
- Tangible fixed assets -€51,147
down €51,147 (-2.7%), from €1.9m to €1.8m
of which Land and buildings: -€49,145
Equity and liabilities
- Reserves +€108,336
up €108,336 (+25.5%), from €425,650 to €533,986
of which Distributable reserves: +€196,815
- Debts after one year -€103,689
down €103,689 (-9.8%), from €1.1m to €959,347
of which Financial debts: -€103,689
- Short-term financial debts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Other debts +€39,309
up €39,309 (+52.0%), from €75,548 to €114,857
- Profit (loss) carried forward -€30,717
down €30,717 (-100%), from €30,717 to €0
Income statement
- Gross operating margin +€102,088
up €102,088 (+80.0%), from €127,685 to €229,773
- Taxes +€20,143
up €20,143 (+952%), from €2,115 to €22,259
- Financial charges +€5,293
up €5,293 (+15.6%), from €33,870 to €39,163
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
€1,964
Gross operating margin
+€102,088
Depreciation
-€2,227
Other operating charges
+€1,234
Financial income
-€4
Financial charges
-€5,293
Taxes
-€20,143
Result 2025
€77,619
raises the resultlowers the result
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.
From operations
+€192,223
Investment
-€35,477
Financing
-€141,998
Cash 2024
€10,305
From operations (derived)
+€192,223
Net result for the year
+€77,619
Depreciation
+€81,594
Receivables within one year
+€6,738
Deferred charges and accrued income
+€3,722
Trade debts
+€2,722
Tax, wage and social debts
-€17,372
Advances received
+€450
Other debts
+€39,309
Accrued charges and deferred income
-€2,559
Investment (derived)
-€35,477
Investment in fixed assets (net)
-€35,477
Financing
-€141,998
Debts after one year
-€103,689
Current portion of long-term debt
+€1,691
Short-term financial debts
-€40,000
Cash 2025
€25,052
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,933,751 | €1,891,921 | -€41,830 | -2.2% |
| Fixed assets | 21/28 | €1,897,509 | €1,851,392 | -€46,117 | -2.4% |
| Tangible fixed assets | 22/27 | €1,895,779 | €1,844,632 | -€51,147 | -2.7% |
| Land and buildings | 22 | €1,860,025 | €1,810,880 | -€49,145 | -2.6% |
| Plant, machinery and equipment | 23 | €18,927 | €16,676 | -€2,251 | -11.9% |
| Furniture and vehicles | 24 | €16,827 | €17,076 | +€249 | +1.5% |
| Financial fixed assets | 28 | €1,730 | €6,760 | +€5,030 | +291% |
| Current assets | 29/58 | €36,242 | €40,529 | +€4,287 | +11.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €21,240 | €14,502 | -€6,738 | -31.7% |
| Trade receivables | 40 | €6,767 | €14,502 | +€7,735 | +114% |
| Other amounts receivable | 41 | €14,473 | €0 | -€14,473 | -100% |
| Cash at bank and in hand | 54/58 | €10,305 | €25,052 | +€14,747 | +143% |
| Deferred charges and accrued income | 490/1 | €4,698 | €976 | -€3,722 | -79.2% |
| Total equity and liabilities | 10/49 | €1,933,751 | €1,891,921 | -€41,830 | -2.2% |
| Equity | 10/15 | €574,479 | €652,098 | +€77,619 | +13.5% |
| Contributions | 10/11 | €118,112 | €118,112 | = | 0.0% |
| Reserves | 13 | €425,650 | €533,986 | +€108,336 | +25.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €88,479 | €0 | -€88,479 | -100% |
| Distributable reserves | 133 | €337,171 | €533,986 | +€196,815 | +58.4% |
| Profit (loss) carried forward | 14 | €30,717 | €0 | -€30,717 | -100% |
| Amounts payable | 17/49 | €1,359,272 | €1,239,824 | -€119,449 | -8.8% |
| Amounts payable after more than one year | 17 | €1,063,036 | €959,347 | -€103,689 | -9.8% |
| Financial debts | 170/4 | €1,063,036 | €959,347 | -€103,689 | -9.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €291,772 | €278,571 | -€13,201 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €101,998 | €103,689 | +€1,691 | +1.7% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100% |
| Trade debts | 44 | €15,608 | €18,329 | +€2,722 | +17.4% |
| Suppliers | 440/4 | €15,608 | €18,329 | +€2,722 | +17.4% |
| Advances received on contracts in progress | 46 | €20,224 | €20,674 | +€450 | +2.2% |
| Taxes, remuneration and social security | 45 | €38,394 | €21,022 | -€17,372 | -45.2% |
| Taxes | 450/3 | €38,394 | €15,522 | -€22,872 | -59.6% |
| Remuneration and social security | 454/9 | €0 | €5,500 | +€5,500 | |
| Other amounts payable | 47/48 | €75,548 | €114,857 | +€39,309 | +52.0% |
| Accrued charges and deferred income | 492/3 | €4,464 | €1,906 | -€2,559 | -57.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,368 | €81,594 | +€2,227 | +2.8% |
| Other operating charges | 640/8 | €10,372 | €9,138 | -€1,234 | -11.9% |
| Gross operating margin | 9900 | €127,685 | €229,773 | +€102,088 | +80.0% |
| Operating profit (loss) | 9901 | €37,946 | €139,041 | +€101,095 | +266% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €33,870 | €39,163 | +€5,293 | +15.6% |
| Recurring financial charges | 65 | €33,870 | €39,163 | +€5,293 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €4,079 | €99,877 | +€95,798 | +2,348% |
| Income taxes | 67/77 | €2,115 | €22,259 | +€20,143 | +952% |
| Profit (loss) for the period | 9904 | €1,964 | €77,619 | +€75,655 | +3,852% |
| Transfer from tax-exempt reserves | 789 | - | €88,479 | +€88,479 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,964 | €166,098 | +€164,134 | +8,357% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.