ICEBERG BLUE: 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.
ICEBERG BLUE
Largest movements
- Receivables within one year +€9,038
up €9,038 (+27.7%), from €32,618 to €41,656
of which Trade receivables: +€9,373
- Cash +€6,167
up €6,167 (+30.4%), from €20,289 to €26,456
mainly Net result for the year (+€11,619) and Depreciation (+€5,628)
- Tangible fixed assets -€5,628
down €5,628 (-25.8%), from €21,790 to €16,162
- Reserves +€11,619
up €11,619 (+26.4%), from €43,982 to €55,602
of which Distributable reserves: +€11,619
- Debts after one year -€4,014
down €4,014 (-23.4%), from €17,157 to €13,143
- Tax, wage and social debts +€3,807
up €3,807 (+57.1%), from €6,669 to €10,476
- Trade debts -€2,005
no longer reported in 2025 (was €2,005)
- Gross operating margin +€11,453
up €11,453 (+80.8%), from €14,178 to €25,631
- Taxes +€4,370
up €4,370 (+133%), from €3,286 to €7,656
- Other operating charges -€814
down €814 (-53.4%), from €1,525 to €711
- Financial charges +€618
up €618 (+152%), from €406 to €1,024
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 | €74,696 | €84,274 | +€9,578 | +12.8% |
| Fixed assets | 21/28 | €21,790 | €16,162 | -€5,628 | -25.8% |
| Tangible fixed assets | 22/27 | €21,790 | €16,162 | -€5,628 | -25.8% |
| Furniture and vehicles | 24 | €21,790 | €16,162 | -€5,628 | -25.8% |
| Current assets | 29/58 | €52,906 | €68,112 | +€15,206 | +28.7% |
| Amounts receivable within one year | 40/41 | €32,618 | €41,656 | +€9,038 | +27.7% |
| Trade receivables | 40 | €15,270 | €24,643 | +€9,373 | +61.4% |
| Other amounts receivable | 41 | €17,347 | €17,012 | -€335 | -1.9% |
| Cash at bank and in hand | 54/58 | €20,289 | €26,456 | +€6,167 | +30.4% |
| Total equity and liabilities | 10/49 | €74,696 | €84,274 | +€9,578 | +12.8% |
| Equity | 10/15 | €44,582 | €56,202 | +€11,619 | +26.1% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €43,982 | €55,602 | +€11,619 | +26.4% |
| Tax-exempt reserves | 132 | €569 | €569 | = | 0.0% |
| Distributable reserves | 133 | €43,414 | €55,033 | +€11,619 | +26.8% |
| Amounts payable | 17/49 | €30,114 | €28,073 | -€2,042 | -6.8% |
| Amounts payable after more than one year | 17 | €17,157 | €13,143 | -€4,014 | -23.4% |
| Financial debts | 170/4 | €17,157 | €13,143 | -€4,014 | -23.4% |
| Amounts payable within one year | 42/48 | €12,518 | €14,490 | +€1,972 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €3,843 | €4,014 | +€171 | +4.4% |
| Trade debts | 44 | €2,005 | - | -€2,005 | |
| Suppliers | 440/4 | €2,005 | - | -€2,005 | |
| Taxes, remuneration and social security | 45 | €6,669 | €10,476 | +€3,807 | +57.1% |
| Taxes | 450/3 | €6,669 | €10,476 | +€3,807 | +57.1% |
| Accrued charges and deferred income | 492/3 | €440 | €440 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,628 | €5,628 | = | 0.0% |
| Other operating charges | 640/8 | €1,525 | €711 | -€814 | -53.4% |
| Gross operating margin | 9900 | €14,178 | €25,631 | +€11,453 | +80.8% |
| Operating profit (loss) | 9901 | €7,025 | €19,292 | +€12,267 | +175% |
| Financial income | 75/76B | €896 | €1,007 | +€111 | +12.3% |
| Recurring financial income | 75 | €896 | €1,007 | +€111 | +12.3% |
| Financial charges | 65/66B | €406 | €1,024 | +€618 | +152% |
| Recurring financial charges | 65 | €406 | €1,024 | +€618 | +152% |
| Profit (loss) for the period before taxes | 9903 | €7,516 | €19,276 | +€11,760 | +156% |
| Income taxes | 67/77 | €3,286 | €7,656 | +€4,370 | +133% |
| Profit (loss) for the period | 9904 | €4,229 | €11,619 | +€7,390 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €4,229 | €11,619 | +€7,390 | +175% |
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 24 October 2026 via checked.be.