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 -€9,376
down €9,376 (-32.1%), from €29,172 to €19,796
of which Plant, machinery and equipment: -€5,604
- Receivables within one year +€5,181
up €5,181 (+135.2%), from €3,833 to €9,014
of which Other amounts receivable: +€4,654
- Stocks and contracts +€5,000
new in 2025: €5,000
- Cash +€792
up €792 (+4.5%), from €17,739 to €18,532
mainly Depreciation (+€9,376) and Debts after one year (+€4,935)
- Profit (loss) carried forward -€5,301
down €5,301 (-837.4%), from -€633 to -€5,934
- Debts after one year +€4,935
up €4,935 (+32.3%), from €15,283 to €20,218
- Current portion of long-term debt +€4,072
new in 2025: €4,072
- Trade debts -€2,559
down €2,559 (-58.1%), from €4,403 to €1,844
- Tax, wage and social debts +€842
up €842 (+12.6%), from €6,692 to €7,534
of which Remuneration and social security: +€1,697
- Gross operating margin -€9,743
down €9,743 (-19.1%), from €51,143 to €41,400
- Staff costs +€6,112
up €6,112 (+23.7%), from €25,842 to €31,954
- Depreciation +€1,061
up €1,061 (+12.8%), from €8,315 to €9,376
- Other operating charges +€746
up €746 (+18.9%), from €3,945 to €4,691
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 | €50,744 | €52,733 | +€1,989 | +3.9% |
| Fixed assets | 21/28 | €29,172 | €20,096 | -€9,076 | -31.1% |
| Tangible fixed assets | 22/27 | €29,172 | €19,796 | -€9,376 | -32.1% |
| Plant, machinery and equipment | 23 | €21,164 | €15,560 | -€5,604 | -26.5% |
| Furniture and vehicles | 24 | €8,008 | €4,236 | -€3,772 | -47.1% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €21,572 | €32,637 | +€11,065 | +51.3% |
| Stocks and contracts in progress | 3 | - | €5,000 | +€5,000 | |
| Stocks | 30/36 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €3,833 | €9,014 | +€5,181 | +135.2% |
| Trade receivables | 40 | €1,303 | €1,830 | +€528 | +40.5% |
| Other amounts receivable | 41 | €2,530 | €7,184 | +€4,654 | +183.9% |
| Cash at bank and in hand | 54/58 | €17,739 | €18,532 | +€792 | +4.5% |
| Deferred charges and accrued income | 490/1 | - | €91 | +€91 | |
| Total equity and liabilities | 10/49 | €50,744 | €52,733 | +€1,989 | +3.9% |
| Equity | 10/15 | €24,367 | €19,066 | -€5,301 | -21.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€633 | -€5,934 | -€5,301 | -837.4% |
| Amounts payable | 17/49 | €26,377 | €33,668 | +€7,290 | +27.6% |
| Amounts payable after more than one year | 17 | €15,283 | €20,218 | +€4,935 | +32.3% |
| Financial debts | 170/4 | €15,283 | €20,218 | +€4,935 | +32.3% |
| Amounts payable within one year | 42/48 | €11,095 | €13,450 | +€2,355 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,072 | +€4,072 | |
| Trade debts | 44 | €4,403 | €1,844 | -€2,559 | -58.1% |
| Suppliers | 440/4 | €4,403 | €1,844 | -€2,559 | -58.1% |
| Taxes, remuneration and social security | 45 | €6,692 | €7,534 | +€842 | +12.6% |
| Taxes | 450/3 | €5,230 | €4,376 | -€855 | -16.3% |
| Remuneration and social security | 454/9 | €1,461 | €3,158 | +€1,697 | +116.1% |
| Remuneration, social security and pensions | 62 | €25,842 | €31,954 | +€6,112 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,315 | €9,376 | +€1,061 | +12.8% |
| Other operating charges | 640/8 | €3,945 | €4,691 | +€746 | +18.9% |
| Gross operating margin | 9900 | €51,143 | €41,400 | -€9,743 | -19.1% |
| Operating profit (loss) | 9901 | €13,040 | -€4,622 | -€17,662 | |
| Financial income | 75/76B | €3 | €10 | +€7 | +234.3% |
| Recurring financial income | 75 | €3 | €10 | +€7 | +234.3% |
| Financial charges | 65/66B | €771 | €689 | -€82 | -10.6% |
| Recurring financial charges | 65 | €771 | €689 | -€82 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €12,272 | -€5,301 | -€17,573 | |
| Profit (loss) for the period | 9904 | €12,272 | -€5,301 | -€17,573 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,272 | -€5,301 | -€17,573 |
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 9 October 2026 via checked.be.