ICE VdW: 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 VdW
Largest movements
- Cash -€182,052
down €182,052 (-53.7%), from €339,092 to €157,040
mainly Contributions, distributions and other (-€144,089) and Current investments (-€100,000)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year -€17,939
down €17,939 (-33.7%), from €53,289 to €35,351
of which Trade receivables: -€28,820
- Reserves -€107,457
down €107,457 (-40.6%), from €264,527 to €157,070
of which Distributable reserves: -€107,457
- Other debts +€8,791
up €8,791 (+8.1%), from €108,961 to €117,752
- Write-downs +€47,268
new in 2025: €47,268
- Taxes -€11,003
down €11,003 (-39.8%), from €27,620 to €16,617
- Gross operating margin -€9,939
down €9,939 (-8.3%), from €120,162 to €110,223
- Financial charges -€2,808
down €2,808 (-28.7%), from €9,769 to €6,961
- Depreciation -€1,738
down €1,738 (-33.8%), from €5,140 to €3,403
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 | €400,185 | €301,361 | -€98,824 | -24.7% |
| Fixed assets | 21/28 | €6,132 | €8,594 | +€2,462 | +40.1% |
| Tangible fixed assets | 22/27 | €6,132 | €8,594 | +€2,462 | +40.1% |
| Plant, machinery and equipment | 23 | €1,988 | €3,188 | +€1,200 | +60.4% |
| Furniture and vehicles | 24 | €2,627 | €4,345 | +€1,718 | +65.4% |
| Other tangible fixed assets | 26 | €1,517 | €1,061 | -€456 | -30.1% |
| Current assets | 29/58 | €394,052 | €292,767 | -€101,286 | -25.7% |
| Amounts receivable within one year | 40/41 | €53,289 | €35,351 | -€17,939 | -33.7% |
| Trade receivables | 40 | €53,112 | €24,292 | -€28,820 | -54.3% |
| Other amounts receivable | 41 | €177 | €11,058 | +€10,881 | +6,132% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €339,092 | €157,040 | -€182,052 | -53.7% |
| Deferred charges and accrued income | 490/1 | €1,671 | €376 | -€1,295 | -77.5% |
| Total equity and liabilities | 10/49 | €400,185 | €301,361 | -€98,824 | -24.7% |
| Equity | 10/15 | €283,127 | €175,670 | -€107,457 | -38.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €264,527 | €157,070 | -€107,457 | -40.6% |
| Tax-exempt reserves | 132 | €583 | €583 | = | 0.0% |
| Distributable reserves | 133 | €263,944 | €156,487 | -€107,457 | -40.7% |
| Amounts payable | 17/49 | €117,058 | €125,691 | +€8,633 | +7.4% |
| Amounts payable within one year | 42/48 | €117,058 | €125,691 | +€8,633 | +7.4% |
| Trade debts | 44 | €1,231 | €3,422 | +€2,191 | +178% |
| Suppliers | 440/4 | €1,231 | €3,422 | +€2,191 | +178% |
| Taxes, remuneration and social security | 45 | €6,866 | €4,517 | -€2,348 | -34.2% |
| Taxes | 450/3 | €6,866 | €4,362 | -€2,504 | -36.5% |
| Remuneration and social security | 454/9 | - | €155 | +€155 | |
| Other amounts payable | 47/48 | €108,961 | €117,752 | +€8,791 | +8.1% |
| Non-recurring operating income | 76A | - | €14,449 | +€14,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,140 | €3,403 | -€1,738 | -33.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €47,268 | +€47,268 | |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €120,162 | €110,223 | -€9,939 | -8.3% |
| Operating profit (loss) | 9901 | €114,516 | €59,032 | -€55,484 | -48.5% |
| Financial income | 75/76B | €343 | €1,178 | +€835 | +244% |
| Recurring financial income | 75 | €343 | €1,178 | +€835 | +244% |
| Financial charges | 65/66B | €9,769 | €6,961 | -€2,808 | -28.7% |
| Recurring financial charges | 65 | €9,769 | €6,961 | -€2,808 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €105,090 | €53,248 | -€51,841 | -49.3% |
| Income taxes | 67/77 | €27,620 | €16,617 | -€11,003 | -39.8% |
| Profit (loss) for the period | 9904 | €77,470 | €36,632 | -€40,838 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,470 | €36,632 | -€40,838 | -52.7% |
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 18 October 2026 via checked.be.