ICE INVEST: what changed
ICE INVEST
Largest movements
- Tangible fixed assets +€273,990
up €273,990 (+35.6%), from €768,837 to €1.0m
- Cash -€22,127
down €22,127 (-96.3%), from €22,967 to €840
mainly Investment in fixed assets (net) (-€313,151) and Net result for the year (-€26,865)
- Receivables within one year +€16,994
new in 2025: €16,994
- Debts after one year +€288,955
up €288,955 (+30.0%), from €964,250 to €1.3m
of which Financial debts: +€417,600
- Profit (loss) carried forward -€26,865
down €26,865 (-22.4%), from -€120,064 to -€146,929
- Other debts +€26,537
up €26,537 (+51.2%), from €51,797 to €78,334
- Trade debts -€13,703
down €13,703 (-74.7%), from €18,354 to €4,651
- Gross operating margin +€47,479
up €47,479, from -€6,066 to €41,413
- Depreciation +€29,654
up €29,654 (+846%), from €3,507 to €33,161
- Financial charges +€26,431
up €26,431 (+439%), from €6,014 to €32,445
- Write-downs -€21,776
no longer reported in 2025 (was €21,776)
- Other operating charges +€3,328
up €3,328 (+278%), from €1,195 to €4,523
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €920,804 | €1,195,661 | +€274,857 | +29.8% |
| Fixed assets | 21/28 | €768,837 | €1,048,827 | +€279,990 | +36.4% |
| Intangible fixed assets | 21 | - | €6,000 | +€6,000 | |
| Tangible fixed assets | 22/27 | €768,837 | €1,042,827 | +€273,990 | +35.6% |
| Land and buildings | 22 | €768,837 | €1,042,827 | +€273,990 | +35.6% |
| Current assets | 29/58 | €151,967 | €146,834 | -€5,133 | -3.4% |
| Amounts receivable within one year | 40/41 | - | €16,994 | +€16,994 | |
| Other amounts receivable | 41 | - | €16,994 | +€16,994 | |
| Current investments | 50/53 | €129,000 | €129,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,967 | €840 | -€22,127 | -96.3% |
| Total equity and liabilities | 10/49 | €920,804 | €1,195,661 | +€274,857 | +29.8% |
| Equity | 10/15 | -€113,664 | -€140,529 | -€26,865 | -23.6% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,064 | -€146,929 | -€26,865 | -22.4% |
| Amounts payable | 17/49 | €1,034,468 | €1,336,190 | +€301,722 | +29.2% |
| Amounts payable after more than one year | 17 | €964,250 | €1,253,205 | +€288,955 | +30.0% |
| Financial debts | 170/4 | €650,000 | €1,067,600 | +€417,600 | +64.2% |
| Other amounts payable | 178/9 | €314,250 | €185,605 | -€128,645 | -40.9% |
| Amounts payable within one year | 42/48 | €70,218 | €82,985 | +€12,767 | +18.2% |
| Financial debts | 43 | €68 | - | -€68 | |
| Credit institutions | 430/8 | €68 | - | -€68 | |
| Trade debts | 44 | €18,354 | €4,651 | -€13,703 | -74.7% |
| Suppliers | 440/4 | €18,354 | €4,651 | -€13,703 | -74.7% |
| Other amounts payable | 47/48 | €51,797 | €78,334 | +€26,537 | +51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,507 | €33,161 | +€29,654 | +846% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,776 | - | -€21,776 | |
| Other operating charges | 640/8 | €1,195 | €4,523 | +€3,328 | +278% |
| Gross operating margin | 9900 | -€6,066 | €41,413 | +€47,479 | |
| Operating profit (loss) | 9901 | -€32,544 | €3,729 | +€36,273 | |
| Financial income | 75/76B | - | €1,851 | +€1,851 | |
| Recurring financial income | 75 | - | €1,851 | +€1,851 | |
| Financial charges | 65/66B | €6,014 | €32,445 | +€26,431 | +439% |
| Recurring financial charges | 65 | €6,014 | €32,445 | +€26,431 | +439% |
| Profit (loss) for the period before taxes | 9903 | -€38,558 | -€26,865 | +€11,693 | +30.3% |
| Profit (loss) for the period | 9904 | -€38,558 | -€26,865 | +€11,693 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,558 | -€26,865 | +€11,693 | +30.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.