ICO WINDPARK: 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.
ICO WINDPARK
Largest movements
- Receivables within one year -€3.4m
down €3.4m (-66.1%), from €5.2m to €1.7m
of which Trade receivables: -€2.3m
- Tangible fixed assets -€2.7m
down €2.7m (-6.2%), from €43.3m to €40.6m
- Cash -€1.0m
down €1.0m (-19.4%), from €5.3m to €4.3m
mainly Debts after one year (-€7.8m) and Trade debts (-€1.4m)
- Debts after one year -€7.8m
down €7.8m (-20.3%), from €38.6m to €30.8m
- Trade debts -€1.4m
down €1.4m (-59.7%), from €2.3m to €941,026
- Reserves +€1.0m
up €1.0m (+17.8%), from €5.7m to €6.7m
of which Distributable reserves: +€1.0m
- Other debts +€985,500
new in 2025: €985,500
- Gross operating margin +€1.0m
up €1.0m (+22.9%), from €4.5m to €5.6m
- Taxes +€269,473
up €269,473 (+1481.4%), from €18,190 to €287,663
- Financial charges -€82,105
down €82,105 (-11.8%), from €695,248 to €613,143
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 | €53,888,863 | €46,587,994 | -€7.3m | -13.5% |
| Fixed assets | 21/28 | €43,258,779 | €40,579,576 | -€2.7m | -6.2% |
| Tangible fixed assets | 22/27 | €43,258,779 | €40,579,576 | -€2.7m | -6.2% |
| Plant, machinery and equipment | 23 | €43,258,779 | €40,579,576 | -€2.7m | -6.2% |
| Current assets | 29/58 | €10,630,084 | €6,008,418 | -€4.6m | -43.5% |
| Amounts receivable within one year | 40/41 | €5,157,902 | €1,749,091 | -€3.4m | -66.1% |
| Trade receivables | 40 | €4,031,968 | €1,749,091 | -€2.3m | -56.6% |
| Other amounts receivable | 41 | €1,125,934 | - | -€1.1m | |
| Cash at bank and in hand | 54/58 | €5,282,401 | €4,259,326 | -€1.0m | -19.4% |
| Deferred charges and accrued income | 490/1 | €189,782 | - | -€189,782 | |
| Total equity and liabilities | 10/49 | €53,888,863 | €46,587,994 | -€7.3m | -13.5% |
| Equity | 10/15 | €7,313,875 | €8,320,770 | +€1.0m | +13.8% |
| Contributions | 10/11 | €1,660,500 | €1,660,500 | = | 0.0% |
| Capital | 10 | €1,660,500 | €1,660,500 | = | 0.0% |
| Issued capital | 100 | €1,660,500 | €1,660,500 | = | 0.0% |
| Reserves | 13 | €5,653,375 | €6,660,270 | +€1.0m | +17.8% |
| Non-distributable reserves | 130/1 | €166,050 | €166,050 | = | 0.0% |
| Legal reserve | 130 | €166,050 | €166,050 | = | 0.0% |
| Distributable reserves | 133 | €5,487,325 | €6,494,220 | +€1.0m | +18.3% |
| Provisions and deferred taxes | 16 | €1,848,000 | €1,848,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,848,000 | €1,848,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,848,000 | €1,848,000 | = | 0.0% |
| Amounts payable | 17/49 | €44,726,989 | €36,419,224 | -€8.3m | -18.6% |
| Amounts payable after more than one year | 17 | €38,604,880 | €30,765,953 | -€7.8m | -20.3% |
| Financial debts | 170/4 | €38,604,880 | €30,765,953 | -€7.8m | -20.3% |
| Amounts payable within one year | 42/48 | €6,122,109 | €5,653,270 | -€468,838 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €3,785,363 | €3,284,600 | -€500,763 | -13.2% |
| Trade debts | 44 | €2,336,746 | €941,026 | -€1.4m | -59.7% |
| Suppliers | 440/4 | €2,336,746 | €941,026 | -€1.4m | -59.7% |
| Taxes, remuneration and social security | 45 | - | €442,144 | +€442,144 | |
| Taxes | 450/3 | - | €442,144 | +€442,144 | |
| Other amounts payable | 47/48 | - | €985,500 | +€985,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,679,203 | €2,679,203 | = | 0.0% |
| Other operating charges | 640/8 | €1,801 | €9,362 | +€7,561 | +419.8% |
| Gross operating margin | 9900 | €4,540,729 | €5,581,767 | +€1.0m | +22.9% |
| Operating profit (loss) | 9901 | €1,859,726 | €2,893,202 | +€1.0m | +55.6% |
| Financial charges | 65/66B | €695,248 | €613,143 | -€82,105 | -11.8% |
| Recurring financial charges | 65 | €695,248 | €613,143 | -€82,105 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €1,164,478 | €2,280,059 | +€1.1m | +95.8% |
| Income taxes | 67/77 | €18,190 | €287,663 | +€269,473 | +1481.4% |
| Profit (loss) for the period | 9904 | €1,146,288 | €1,992,396 | +€846,108 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,146,288 | €1,992,396 | +€846,108 | +73.8% |
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 8 October 2026 via checked.be.