ICE MAUDRIAN: 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.
ICE MAUDRIAN
Largest movements
- Cash +€110,247
new in 2025: €110,247
mainly Current investments (+€61,954) and Net result for the year (+€56,501)
- Current investments -€61,954
no longer reported in 2025 (was €61,954)
- Stocks and contracts +€33,163
up €33,163 (+40.7%), from €81,405 to €114,568
- Tangible fixed assets +€22,701
up €22,701 (+38.5%), from €59,036 to €81,737
of which Plant, machinery and equipment: +€22,717
- Receivables within one year -€9,843
down €9,843 (-4.0%), from €243,594 to €233,751
of which Other amounts receivable: -€15,338
- Tax, wage and social debts +€50,502
up €50,502 (+41.2%), from €122,520 to €173,022
of which Remuneration and social security: +€39,919
- Profit (loss) carried forward +€21,501
up €21,501 (+15.3%), from €140,582 to €162,082
- Debts after one year +€11,254
up €11,254 (+43.0%), from €26,177 to €37,431
- Trade debts +€8,873
up €8,873 (+18.6%), from €47,684 to €56,557
- Staff costs +€159,163
up €159,163 (+74.6%), from €213,466 to €372,630
- Gross operating margin +€116,109
up €116,109 (+31.8%), from €365,010 to €481,119
- Taxes -€16,372
down €16,372 (-43.9%), from €37,314 to €20,942
- Financial income -€7,663
down €7,663 (-53.4%), from €14,357 to €6,693
- Depreciation +€6,401
up €6,401 (+34.1%), from €18,774 to €25,175
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 | €453,228 | €544,479 | +€91,251 | +20.1% |
| Fixed assets | 21/28 | €64,679 | €85,409 | +€20,730 | +32.0% |
| Intangible fixed assets | 21 | €4,834 | €2,862 | -€1,971 | -40.8% |
| Tangible fixed assets | 22/27 | €59,036 | €81,737 | +€22,701 | +38.5% |
| Plant, machinery and equipment | 23 | €52,010 | €74,727 | +€22,717 | +43.7% |
| Furniture and vehicles | 24 | €383 | €123 | -€260 | -67.9% |
| Other tangible fixed assets | 26 | €6,643 | €6,886 | +€244 | +3.7% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €388,548 | €459,070 | +€70,522 | +18.2% |
| Stocks and contracts in progress | 3 | €81,405 | €114,568 | +€33,163 | +40.7% |
| Stocks | 30/36 | €81,405 | €114,568 | +€33,163 | +40.7% |
| Amounts receivable within one year | 40/41 | €243,594 | €233,751 | -€9,843 | -4.0% |
| Trade receivables | 40 | €151,605 | €157,101 | +€5,496 | +3.6% |
| Other amounts receivable | 41 | €91,988 | €76,650 | -€15,338 | -16.7% |
| Current investments | 50/53 | €61,954 | - | -€61,954 | |
| Cash at bank and in hand | 54/58 | - | €110,247 | +€110,247 | |
| Deferred charges and accrued income | 490/1 | €1,595 | €503 | -€1,092 | -68.5% |
| Total equity and liabilities | 10/49 | €453,228 | €544,479 | +€91,251 | +20.1% |
| Equity | 10/15 | €179,792 | €201,292 | +€21,501 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 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% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €140,582 | €162,082 | +€21,501 | +15.3% |
| Amounts payable | 17/49 | €273,436 | €343,187 | +€69,751 | +25.5% |
| Amounts payable after more than one year | 17 | €26,177 | €37,431 | +€11,254 | +43.0% |
| Financial debts | 170/4 | €26,177 | €37,431 | +€11,254 | +43.0% |
| Amounts payable within one year | 42/48 | €247,259 | €305,756 | +€58,497 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €11,524 | €10,646 | -€878 | -7.6% |
| Trade debts | 44 | €47,684 | €56,557 | +€8,873 | +18.6% |
| Suppliers | 440/4 | €47,684 | €56,557 | +€8,873 | +18.6% |
| Advances received on contracts in progress | 46 | €30,531 | €30,531 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €122,520 | €173,022 | +€50,502 | +41.2% |
| Taxes | 450/3 | €82,139 | €92,722 | +€10,583 | +12.9% |
| Remuneration and social security | 454/9 | €40,380 | €80,299 | +€39,919 | +98.9% |
| Other amounts payable | 47/48 | €35,000 | €35,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €213,466 | €372,630 | +€159,163 | +74.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,774 | €25,175 | +€6,401 | +34.1% |
| Other operating charges | 640/8 | €1,784 | €3,114 | +€1,330 | +74.5% |
| Gross operating margin | 9900 | €365,010 | €481,119 | +€116,109 | +31.8% |
| Operating profit (loss) | 9901 | €130,985 | €80,200 | -€50,785 | -38.8% |
| Financial income | 75/76B | €14,357 | €6,693 | -€7,663 | -53.4% |
| Recurring financial income | 75 | €14,357 | €6,693 | -€7,663 | -53.4% |
| Financial charges | 65/66B | €12,570 | €9,451 | -€3,119 | -24.8% |
| Recurring financial charges | 65 | €12,570 | €9,451 | -€3,119 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €132,772 | €77,442 | -€55,329 | -41.7% |
| Income taxes | 67/77 | €37,314 | €20,942 | -€16,372 | -43.9% |
| Profit (loss) for the period | 9904 | €95,458 | €56,501 | -€38,957 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,458 | €56,501 | -€38,957 | -40.8% |
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 21 October 2026 via checked.be.