ICF: 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.
What changed
ICF
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.5m
2024 · €850,829+€3.7m
Equity
€36.6m
2024 · €39.8m-€3.2m
Cash
€619,282
2024 · €280,941+€338,341
Balance sheet total
€50.4m
2024 · €59.2m-€8.8m
Largest movements
Assets
- Receivables within one year -€9.2m
down €9.2m (-42.9%), from €21.5m to €12.3m
of which Other amounts receivable: -€5.2m
Equity and liabilities
- Reserves -€3.2m
down €3.2m (-15.3%), from €21.3m to €18.0m
of which Distributable reserves: -€4.4m
- Trade debts -€2.9m
down €2.9m (-43.2%), from €6.7m to €3.8m
- Accrued charges and deferred income -€2.5m
down €2.5m (-21.5%), from €11.8m to €9.3m
Income statement
- Financial income +€5.0m
up €5.0m (+79266.4%), from €6,370 to €5.1m
- Turnover -€2.7m
down €2.7m (-6.2%), from €44.1m to €41.3m
- Goods and materials -€862,092
down €862,092 (-2.8%), from €31.2m to €30.3m
- Financial charges +€803,675
up €803,675 (+402.7%), from €199,584 to €1.0m
- Services and other goods -€587,305
down €587,305 (-13.6%), from €4.3m to €3.7m
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.
Result 2024
€850,829
Turnover
-€2.7m
Other operating income
+€129,052
Goods and materials
+€862,092
Services and other goods
+€587,305
Staff costs
+€234,183
Depreciation
+€20,540
Write-downs
-€13,474
Other operating charges
-€11,274
Other operating items
+€252,722
Financial income
+€5.0m
Financial charges
-€803,675
Taxes
+€77,411
Result 2025
€4.5m
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.
From operations
+€8.1m
Investment
€0
Financing
-€7.8m
Cash 2024
€280,941
From operations (derived)
+€8.1m
Net result for the year
+€4.5m
Depreciation
+€153,267
Receivables within one year
+€9.2m
Deferred charges and accrued income
-€267,379
Provisions
-€13,139
Trade debts
-€2.9m
Tax, wage and social debts
-€72,614
Accrued charges and deferred income
-€2.5m
Financing
-€7.8m
Contributions, distributions and other
-€7.8m
Cash 2025
€619,282
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €59,213,405 | €50,424,704 | -€8.8m | -14.8% |
| Fixed assets | 21/28 | €25,007,742 | €24,854,475 | -€153,267 | -0.6% |
| Intangible fixed assets | 21 | €223,502 | €156,248 | -€67,254 | -30.1% |
| Tangible fixed assets | 22/27 | €274,939 | €188,926 | -€86,013 | -31.3% |
| Furniture and vehicles | 24 | €52,853 | €11,174 | -€41,679 | -78.9% |
| Other tangible fixed assets | 26 | €222,086 | €177,752 | -€44,334 | -20.0% |
| Financial fixed assets | 28 | €24,509,301 | €24,509,301 | = | 0.0% |
| Affiliated companies | 280/1 | €24,509,301 | €24,509,301 | = | 0.0% |
| Participating interests | 280 | €24,509,301 | €24,509,301 | = | 0.0% |
| Current assets | 29/58 | €34,205,663 | €25,570,229 | -€8.6m | -25.2% |
| Amounts receivable within one year | 40/41 | €21,520,028 | €12,278,874 | -€9.2m | -42.9% |
| Trade receivables | 40 | €12,550,973 | €8,495,008 | -€4.1m | -32.3% |
| Other amounts receivable | 41 | €8,969,055 | €3,783,866 | -€5.2m | -57.8% |
| Cash at bank and in hand | 54/58 | €280,941 | €619,282 | +€338,341 | +120.4% |
| Deferred charges and accrued income | 490/1 | €12,404,694 | €12,672,073 | +€267,379 | +2.2% |
| Total equity and liabilities | 10/49 | €59,213,405 | €50,424,704 | -€8.8m | -14.8% |
| Equity | 10/15 | €39,817,656 | €36,569,970 | -€3.2m | -8.2% |
| Contributions | 10/11 | €18,539,936 | €18,539,936 | = | 0.0% |
| Capital | 10 | €18,539,936 | €18,539,936 | = | 0.0% |
| Issued capital | 100 | €18,539,936 | €18,539,936 | = | 0.0% |
| Reserves | 13 | €21,277,720 | €18,030,034 | -€3.2m | -15.3% |
| Non-distributable reserves | 130/1 | €740,893 | €1,853,994 | +€1.1m | +150.2% |
| Legal reserve | 130 | €740,893 | €1,853,994 | +€1.1m | +150.2% |
| Distributable reserves | 133 | €20,536,827 | €16,176,040 | -€4.4m | -21.2% |
| Provisions and deferred taxes | 16 | €13,139 | - | -€13,139 | |
| Provisions for liabilities and charges | 160/5 | €13,139 | - | -€13,139 | |
| Other liabilities and charges | 164/5 | €13,139 | - | -€13,139 | |
| Amounts payable | 17/49 | €19,382,610 | €13,854,734 | -€5.5m | -28.5% |
| Amounts payable within one year | 42/48 | €7,570,708 | €4,585,480 | -€3.0m | -39.4% |
| Trade debts | 44 | €6,735,847 | €3,823,233 | -€2.9m | -43.2% |
| Suppliers | 440/4 | €6,735,847 | €3,823,233 | -€2.9m | -43.2% |
| Taxes, remuneration and social security | 45 | €834,861 | €762,247 | -€72,614 | -8.7% |
| Taxes | 450/3 | €196,820 | €205,349 | +€8,529 | +4.3% |
| Remuneration and social security | 454/9 | €638,041 | €556,898 | -€81,143 | -12.7% |
| Accrued charges and deferred income | 492/3 | €11,811,902 | €9,269,254 | -€2.5m | -21.5% |
| Operating income | 70/76A | €44,782,006 | €42,182,344 | -€2.6m | -5.8% |
| Turnover | 70 | €44,065,012 | €41,336,298 | -€2.7m | -6.2% |
| Other operating income | 74 | €716,994 | €846,046 | +€129,052 | +18.0% |
| Operating charges | 60/66A | €43,320,274 | €41,388,180 | -€1.9m | -4.5% |
| Goods for resale, raw materials and consumables | 60 | €31,177,650 | €30,315,558 | -€862,092 | -2.8% |
| Purchases | 600/8 | €31,177,650 | €30,315,558 | -€862,092 | -2.8% |
| Services and other goods | 61 | €4,317,488 | €3,730,183 | -€587,305 | -13.6% |
| Remuneration, social security and pensions | 62 | €6,546,497 | €6,312,314 | -€234,183 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,807 | €153,267 | -€20,540 | -11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,529 | €17,003 | +€13,474 | +381.8% |
| Other operating charges | 640/8 | €848,581 | €859,855 | +€11,274 | +1.3% |
| Non-recurring operating charges | 66A | €252,722 | - | -€252,722 | |
| Operating profit (loss) | 9901 | €1,461,732 | €794,164 | -€667,568 | -45.7% |
| Financial income | 75/76B | €6,370 | €5,055,640 | +€5.0m | +79266.4% |
| Recurring financial income | 75 | €6,370 | €5,055,640 | +€5.0m | +79266.4% |
| Income from financial fixed assets | 750 | - | €4,051,190 | +€4.1m | |
| Other financial income | 752/9 | €6,370 | €1,004,450 | +€998,080 | +15668.4% |
| Financial charges | 65/66B | €199,584 | €1,003,259 | +€803,675 | +402.7% |
| Recurring financial charges | 65 | €199,584 | €1,003,259 | +€803,675 | +402.7% |
| Debt charges | 650 | €2,761 | €2,005 | -€756 | -27.4% |
| Other financial charges | 652/9 | €196,823 | €1,001,254 | +€804,431 | +408.7% |
| Profit (loss) for the period before taxes | 9903 | €1,268,518 | €4,846,545 | +€3.6m | +282.1% |
| Income taxes | 67/77 | €417,689 | €340,278 | -€77,411 | -18.5% |
| Taxes | 670/3 | €417,689 | €340,278 | -€77,411 | -18.5% |
| Profit (loss) for the period | 9904 | €850,829 | €4,506,267 | +€3.7m | +429.6% |
| Profit (loss) for the period to be appropriated | 9905 | €850,829 | €4,506,267 | +€3.7m | +429.6% |
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 11 October 2026 via checked.be.