ICEMAN & WAFFLEMAN: 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.
ICEMAN & WAFFLEMAN
Largest movements
- Receivables after one year +€35,990
up €35,990 (+347%), from €10,378 to €46,368
- Intangible fixed assets -€31,458
down €31,458 (-12.3%), from €254,770 to €223,312
- Cash -€20,722
down €20,722 (-78.3%), from €26,453 to €5,731
mainly Debts after one year (-€43,834) and Receivables after one year (-€35,990)
- Receivables within one year -€20,537
down €20,537 (-57.8%), from €35,505 to €14,968
of which Trade receivables: -€19,430
- Tangible fixed assets -€7,910
down €7,910 (-22.2%), from €35,676 to €27,765
of which Plant, machinery and equipment: -€8,814
- Debts after one year -€43,834
down €43,834 (-30.1%), from €145,420 to €101,586
- Trade debts -€15,529
down €15,529 (-30.1%), from €51,636 to €36,108
- Reserves +€14,830
up €14,830 (+51.1%), from €28,998 to €43,827
- Tax, wage and social debts -€4,638
down €4,638 (-10.3%), from €45,219 to €40,580
of which Taxes: -€9,351
- Other operating charges -€16,696
down €16,696 (-85.7%), from €19,474 to €2,778
- Staff costs +€13,369
up €13,369 (+6.4%), from €209,820 to €223,189
- Gross operating margin -€12,973
down €12,973 (-3.9%), from €330,089 to €317,116
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 | €373,290 | €329,302 | -€43,989 | -11.8% |
| Fixed assets | 21/28 | €290,445 | €251,077 | -€39,369 | -13.6% |
| Intangible fixed assets | 21 | €254,770 | €223,312 | -€31,458 | -12.3% |
| Tangible fixed assets | 22/27 | €35,676 | €27,765 | -€7,910 | -22.2% |
| Plant, machinery and equipment | 23 | €32,981 | €24,167 | -€8,814 | -26.7% |
| Furniture and vehicles | 24 | €2,694 | €3,598 | +€904 | +33.6% |
| Current assets | 29/58 | €82,845 | €78,225 | -€4,620 | -5.6% |
| Amounts receivable after more than one year | 29 | €10,378 | €46,368 | +€35,990 | +347% |
| Other amounts receivable | 291 | €10,378 | €46,368 | +€35,990 | +347% |
| Stocks and contracts in progress | 3 | €10,509 | €11,158 | +€649 | +6.2% |
| Stocks | 30/36 | €10,509 | €11,158 | +€649 | +6.2% |
| Amounts receivable within one year | 40/41 | €35,505 | €14,968 | -€20,537 | -57.8% |
| Trade receivables | 40 | €30,338 | €10,907 | -€19,430 | -64.0% |
| Other amounts receivable | 41 | €5,167 | €4,061 | -€1,107 | -21.4% |
| Cash at bank and in hand | 54/58 | €26,453 | €5,731 | -€20,722 | -78.3% |
| Total equity and liabilities | 10/49 | €373,290 | €329,302 | -€43,989 | -11.8% |
| Equity | 10/15 | €88,998 | €103,827 | +€14,830 | +16.7% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €28,998 | €43,827 | +€14,830 | +51.1% |
| Distributable reserves | 133 | €28,998 | €43,827 | +€14,830 | +51.1% |
| Amounts payable | 17/49 | €284,293 | €225,474 | -€58,818 | -20.7% |
| Amounts payable after more than one year | 17 | €145,420 | €101,586 | -€43,834 | -30.1% |
| Financial debts | 170/4 | €145,420 | €101,586 | -€43,834 | -30.1% |
| Amounts payable within one year | 42/48 | €138,873 | €123,889 | -€14,984 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €42,018 | €43,834 | +€1,817 | +4.3% |
| Trade debts | 44 | €51,636 | €36,108 | -€15,529 | -30.1% |
| Suppliers | 440/4 | €51,636 | €36,108 | -€15,529 | -30.1% |
| Taxes, remuneration and social security | 45 | €45,219 | €40,580 | -€4,638 | -10.3% |
| Taxes | 450/3 | €29,560 | €20,209 | -€9,351 | -31.6% |
| Remuneration and social security | 454/9 | €15,658 | €20,371 | +€4,713 | +30.1% |
| Other amounts payable | 47/48 | - | €3,367 | +€3,367 | |
| Remuneration, social security and pensions | 62 | €209,820 | €223,189 | +€13,369 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,317 | €42,129 | +€812 | +2.0% |
| Other operating charges | 640/8 | €19,474 | €2,778 | -€16,696 | -85.7% |
| Gross operating margin | 9900 | €330,089 | €317,116 | -€12,973 | -3.9% |
| Operating profit (loss) | 9901 | €59,478 | €49,020 | -€10,458 | -17.6% |
| Financial income | 75/76B | €526 | €1,485 | +€959 | +182% |
| Recurring financial income | 75 | €526 | €1,485 | +€959 | +182% |
| Financial charges | 65/66B | €26,149 | €26,570 | +€421 | +1.6% |
| Recurring financial charges | 65 | €26,149 | €26,570 | +€421 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €33,855 | €23,936 | -€9,920 | -29.3% |
| Income taxes | 67/77 | €10,590 | €9,106 | -€1,484 | -14.0% |
| Profit (loss) for the period | 9904 | €23,265 | €14,830 | -€8,435 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,265 | €14,830 | -€8,435 | -36.3% |
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 15 October 2026 via checked.be.