Icelander: 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.
Icelander
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+106.1%), from €2.0m to €4.1m
of which Assets under construction and advance payments: +€1.6m
- Receivables within one year -€467,684
down €467,684 (-63.0%), from €742,362 to €274,678
of which Trade receivables: -€472,189
- Cash -€425,243
down €425,243 (-82.4%), from €516,376 to €91,133
mainly Investment in fixed assets (net) (-€2.4m) and Trade debts (-€206,380)
- Debts after one year +€880,303
up €880,303 (+98.0%), from €897,929 to €1.8m
- Other debts +€310,018
up €310,018 (+22.1%), from €1.4m to €1.7m
- Trade debts -€206,380
down €206,380 (-37.1%), from €556,212 to €349,832
- Current portion of long-term debt +€125,819
up €125,819 (+124.7%), from €100,914 to €226,733
- Short-term financial debts +€125,000
new in 2025: €125,000
- Financial charges +€54,141
up €54,141 (+97.5%), from €55,542 to €109,682
- Depreciation +€50,446
up €50,446 (+20.9%), from €241,633 to €292,079
- Gross operating margin +€35,048
up €35,048 (+5.1%), from €682,437 to €717,485
- Staff costs +€29,076
up €29,076 (+8.2%), from €354,763 to €383,839
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.
Cash bridge derived
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 | €3,487,520 | €4,714,326 | +€1.2m | +35.2% |
| Fixed assets | 21/28 | €2,025,290 | €4,106,905 | +€2.1m | +102.8% |
| Intangible fixed assets | 21 | €42,399 | €19,848 | -€22,551 | -53.2% |
| Tangible fixed assets | 22/27 | €1,982,486 | €4,086,652 | +€2.1m | +106.1% |
| Plant, machinery and equipment | 23 | €487,896 | €358,826 | -€129,070 | -26.5% |
| Furniture and vehicles | 24 | €59,245 | €101,363 | +€42,118 | +71.1% |
| Leasing and similar rights | 25 | - | €553,778 | +€553,778 | |
| Assets under construction and advance payments | 27 | €1,435,345 | €3,072,685 | +€1.6m | +114.1% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €1,462,230 | €607,421 | -€854,809 | -58.5% |
| Stocks and contracts in progress | 3 | €182,454 | €212,410 | +€29,956 | +16.4% |
| Stocks | 30/36 | €182,454 | €212,410 | +€29,956 | +16.4% |
| Amounts receivable within one year | 40/41 | €742,362 | €274,678 | -€467,684 | -63.0% |
| Trade receivables | 40 | €718,498 | €246,309 | -€472,189 | -65.7% |
| Other amounts receivable | 41 | €23,863 | €28,369 | +€4,506 | +18.9% |
| Cash at bank and in hand | 54/58 | €516,376 | €91,133 | -€425,243 | -82.4% |
| Deferred charges and accrued income | 490/1 | €21,039 | €29,200 | +€8,161 | +38.8% |
| Total equity and liabilities | 10/49 | €3,487,520 | €4,714,326 | +€1.2m | +35.2% |
| Equity | 10/15 | €440,809 | €474,627 | +€33,817 | +7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €432,749 | €357,262 | -€75,488 | -17.4% |
| Investment grants | 15 | - | €109,305 | +€109,305 | |
| Amounts payable | 17/49 | €3,046,710 | €4,239,700 | +€1.2m | +39.2% |
| Amounts payable after more than one year | 17 | €897,929 | €1,778,232 | +€880,303 | +98.0% |
| Financial debts | 170/4 | €897,929 | €1,778,232 | +€880,303 | +98.0% |
| Amounts payable within one year | 42/48 | €2,102,634 | €2,461,468 | +€358,834 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €100,914 | €226,733 | +€125,819 | +124.7% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €556,212 | €349,832 | -€206,380 | -37.1% |
| Suppliers | 440/4 | €556,212 | €349,832 | -€206,380 | -37.1% |
| Taxes, remuneration and social security | 45 | €44,834 | €49,211 | +€4,377 | +9.8% |
| Taxes | 450/3 | €3,988 | €65 | -€3,923 | -98.4% |
| Remuneration and social security | 454/9 | €40,846 | €49,146 | +€8,300 | +20.3% |
| Other amounts payable | 47/48 | €1,400,674 | €1,710,693 | +€310,018 | +22.1% |
| Accrued charges and deferred income | 492/3 | €46,147 | €0 | -€46,147 | -100.0% |
| Non-recurring operating income | 76A | €596 | €0 | -€596 | -100.0% |
| Remuneration, social security and pensions | 62 | €354,763 | €383,839 | +€29,076 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,633 | €292,079 | +€50,446 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,981 | €1,151 | -€5,829 | -83.5% |
| Other operating charges | 640/8 | €12,381 | €8,671 | -€3,710 | -30.0% |
| Gross operating margin | 9900 | €682,437 | €717,485 | +€35,048 | +5.1% |
| Operating profit (loss) | 9901 | €66,679 | €31,744 | -€34,935 | -52.4% |
| Financial income | 75/76B | €1,398 | €2,487 | +€1,088 | +77.8% |
| Recurring financial income | 75 | €1,398 | €2,487 | +€1,088 | +77.8% |
| Financial charges | 65/66B | €55,542 | €109,682 | +€54,141 | +97.5% |
| Recurring financial charges | 65 | €55,542 | €109,682 | +€54,141 | +97.5% |
| Profit (loss) for the period before taxes | 9903 | €12,536 | -€75,452 | -€87,988 | |
| Income taxes | 67/77 | - | €36 | +€36 | |
| Profit (loss) for the period | 9904 | €12,536 | -€75,488 | -€88,023 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,536 | -€75,488 | -€88,023 |
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 10 October 2026 via checked.be.