ICM MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€39,396
down €39,396 (-13.1%), from €301,720 to €262,325
- Cash -€10,282
down €10,282 (-68.7%), from €14,957 to €4,675
mainly Debts after one year (-€42,429) and Net result for the year (-€28,280)
- Debts after one year -€42,429
down €42,429 (-30.3%), from €139,975 to €97,545
of which Financial debts: -€42,429
- Profit (loss) carried forward -€28,280
down €28,280, from €4,475 to -€23,804
- Other debts +€21,497
up €21,497 (+52.3%), from €41,095 to €62,592
- Gross operating margin -€32,763
down €32,763 (-52.9%), from €61,924 to €29,161
- Depreciation +€4,238
up €4,238 (+10.7%), from €39,427 to €43,665
- Taxes -€1,920
down €1,920 (-95.2%), from €2,016 to €97
- Financial charges -€1,793
down €1,793 (-17.0%), from €10,560 to €8,766
- Other operating charges -€1,461
down €1,461 (-22.9%), from €6,374 to €4,913
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 | €319,155 | €271,091 | -€48,064 | -15.1% |
| Fixed assets | 21/28 | €301,845 | €262,450 | -€39,396 | -13.1% |
| Tangible fixed assets | 22/27 | €301,720 | €262,325 | -€39,396 | -13.1% |
| Land and buildings | 22 | €163,753 | €145,217 | -€18,536 | -11.3% |
| Plant, machinery and equipment | 23 | €86,414 | €77,951 | -€8,462 | -9.8% |
| Furniture and vehicles | 24 | €1,526 | €673 | -€853 | -55.9% |
| Leasing and similar rights | 25 | €50,028 | €38,483 | -€11,545 | -23.1% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €17,310 | €8,641 | -€8,669 | -50.1% |
| Amounts receivable within one year | 40/41 | €1,176 | €3,099 | +€1,923 | +163.5% |
| Other amounts receivable | 41 | €1,176 | €3,099 | +€1,923 | +163.5% |
| Cash at bank and in hand | 54/58 | €14,957 | €4,675 | -€10,282 | -68.7% |
| Deferred charges and accrued income | 490/1 | €1,176 | €866 | -€310 | -26.4% |
| Total equity and liabilities | 10/49 | €319,155 | €271,091 | -€48,064 | -15.1% |
| Equity | 10/15 | €88,675 | €60,396 | -€28,280 | -31.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €59,200 | €59,200 | = | 0.0% |
| Distributable reserves | 133 | €59,200 | €59,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,475 | -€23,804 | -€28,280 | |
| Amounts payable | 17/49 | €230,480 | €210,695 | -€19,785 | -8.6% |
| Amounts payable after more than one year | 17 | €139,975 | €97,545 | -€42,429 | -30.3% |
| Financial debts | 170/4 | €125,475 | €83,045 | -€42,429 | -33.8% |
| Other amounts payable | 178/9 | €14,500 | €14,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,505 | €113,149 | +€22,644 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €41,657 | €42,429 | +€772 | +1.9% |
| Trade debts | 44 | €7,753 | €8,029 | +€276 | +3.6% |
| Suppliers | 440/4 | €7,753 | €8,029 | +€276 | +3.6% |
| Taxes, remuneration and social security | 45 | - | €100 | +€100 | |
| Taxes | 450/3 | - | €100 | +€100 | |
| Other amounts payable | 47/48 | €41,095 | €62,592 | +€21,497 | +52.3% |
| Non-recurring operating income | 76A | €18,721 | - | -€18,721 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,427 | €43,665 | +€4,238 | +10.7% |
| Other operating charges | 640/8 | €6,374 | €4,913 | -€1,461 | -22.9% |
| Gross operating margin | 9900 | €61,924 | €29,161 | -€32,763 | -52.9% |
| Operating profit (loss) | 9901 | €16,123 | -€19,417 | -€35,540 | |
| Financial charges | 65/66B | €10,560 | €8,766 | -€1,793 | -17.0% |
| Recurring financial charges | 65 | €10,560 | €8,766 | -€1,793 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €5,564 | -€28,183 | -€33,747 | |
| Income taxes | 67/77 | €2,016 | €97 | -€1,920 | -95.2% |
| Profit (loss) for the period | 9904 | €3,547 | -€28,280 | -€31,827 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,547 | -€28,280 | -€31,827 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.