ICM: 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.
ICM
Largest movements
- Stocks and contracts -€118,285
down €118,285 (-29.6%), from €399,157 to €280,872
of which Contracts in progress: -€103,504
- Receivables within one year +€102,413
up €102,413 (+50.1%), from €204,398 to €306,812
of which Trade receivables: +€120,854
- Trade debts +€66,175
up €66,175 (+35.2%), from €188,001 to €254,176
- Reserves -€49,130
down €49,130 (-24.0%), from €204,460 to €155,330
of which Distributable reserves: -€49,130
- Tax, wage and social debts -€33,060
down €33,060 (-28.3%), from €116,768 to €83,708
of which Taxes: -€35,897
- Short-term financial debts -€24,739
down €24,739 (-33.1%), from €74,739 to €50,000
- Other debts +€20,957
up €20,957 (+66.7%), from €31,402 to €52,360
- Gross operating margin -€42,836
down €42,836 (-24.9%), from €172,040 to €129,203
- Financial charges -€8,158
down €8,158 (-46.1%), from €17,694 to €9,536
- Staff costs +€4,519
up €4,519 (+3.0%), from €150,820 to €155,339
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 | €627,971 | €608,174 | -€19,797 | -3.2% |
| Fixed assets | 21/28 | €20,780 | €15,835 | -€4,945 | -23.8% |
| Tangible fixed assets | 22/27 | €15,936 | €10,991 | -€4,945 | -31.0% |
| Plant, machinery and equipment | 23 | €4,126 | €736 | -€3,390 | -82.2% |
| Other tangible fixed assets | 26 | €11,810 | €10,255 | -€1,555 | -13.2% |
| Financial fixed assets | 28 | €4,844 | €4,844 | = | 0.0% |
| Current assets | 29/58 | €607,191 | €592,339 | -€14,852 | -2.4% |
| Stocks and contracts in progress | 3 | €399,157 | €280,872 | -€118,285 | -29.6% |
| Stocks | 30/36 | €277,132 | €262,351 | -€14,781 | -5.3% |
| Contracts in progress | 37 | €122,025 | €18,521 | -€103,504 | -84.8% |
| Amounts receivable within one year | 40/41 | €204,398 | €306,812 | +€102,413 | +50.1% |
| Trade receivables | 40 | €184,812 | €305,666 | +€120,854 | +65.4% |
| Other amounts receivable | 41 | €19,586 | €1,146 | -€18,440 | -94.1% |
| Cash at bank and in hand | 54/58 | - | €3,211 | +€3,211 | |
| Deferred charges and accrued income | 490/1 | €3,635 | €1,443 | -€2,192 | -60.3% |
| Total equity and liabilities | 10/49 | €627,971 | €608,174 | -€19,797 | -3.2% |
| Equity | 10/15 | €217,060 | €167,930 | -€49,130 | -22.6% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €204,460 | €155,330 | -€49,130 | -24.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €202,600 | €153,470 | -€49,130 | -24.2% |
| Amounts payable | 17/49 | €410,911 | €440,244 | +€29,333 | +7.1% |
| Amounts payable within one year | 42/48 | €410,911 | €440,244 | +€29,333 | +7.1% |
| Financial debts | 43 | €74,739 | €50,000 | -€24,739 | -33.1% |
| Credit institutions | 430/8 | €74,739 | €50,000 | -€24,739 | -33.1% |
| Trade debts | 44 | €188,001 | €254,176 | +€66,175 | +35.2% |
| Suppliers | 440/4 | €188,001 | €254,176 | +€66,175 | +35.2% |
| Taxes, remuneration and social security | 45 | €116,768 | €83,708 | -€33,060 | -28.3% |
| Taxes | 450/3 | €103,749 | €67,852 | -€35,897 | -34.6% |
| Remuneration and social security | 454/9 | €13,019 | €15,856 | +€2,837 | +21.8% |
| Other amounts payable | 47/48 | €31,402 | €52,360 | +€20,957 | +66.7% |
| Remuneration, social security and pensions | 62 | €150,820 | €155,339 | +€4,519 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,932 | €2,165 | +€233 | +12.1% |
| Other operating charges | 640/8 | €9,307 | €8,430 | -€878 | -9.4% |
| Non-recurring operating charges | 66A | - | €2,780 | +€2,780 | |
| Gross operating margin | 9900 | €172,040 | €129,203 | -€42,836 | -24.9% |
| Operating profit (loss) | 9901 | €9,980 | -€39,511 | -€49,491 | |
| Financial income | 75/76B | €53 | €17 | -€37 | -68.7% |
| Recurring financial income | 75 | €53 | €17 | -€37 | -68.7% |
| Financial charges | 65/66B | €17,694 | €9,536 | -€8,158 | -46.1% |
| Recurring financial charges | 65 | €17,694 | €9,536 | -€8,158 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,661 | -€49,030 | -€41,369 | -540% |
| Income taxes | 67/77 | €828 | €100 | -€728 | -87.9% |
| Profit (loss) for the period | 9904 | -€8,489 | -€49,130 | -€40,641 | -479% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,489 | -€49,130 | -€40,641 | -479% |
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 14 October 2026 via checked.be.