ICOBA: 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.
ICOBA
Largest movements
- Receivables within one year +€73,277
up €73,277 (+13.8%), from €529,640 to €602,917
of which Trade receivables: +€113,686
- Tangible fixed assets -€23,165
down €23,165 (-12.0%), from €193,784 to €170,619
of which Furniture and vehicles: -€22,773
- Stocks and contracts -€18,975
down €18,975 (-60.2%), from €31,500 to €12,525
- Cash +€12,411
up €12,411 (+12,996%), from €96 to €12,506
mainly Other debts (+€108,202) and Net result for the year (+€76,795)
- Other debts +€108,202
up €108,202 (+221%), from €48,972 to €157,174
- Profit (loss) carried forward -€84,045
down €84,045 (-99.0%), from €84,896 to €851
- Debts after one year +€23,165
up €23,165 (+4.4%), from €528,407 to €551,572
- Trade debts -€22,203
down €22,203 (-81.8%), from €27,138 to €4,934
- Tax, wage and social debts +€19,344
up €19,344 (+158%), from €12,234 to €31,577
- Financial income +€50,717
up €50,717 (+355%), from €14,283 to €65,000
- Depreciation -€15,183
down €15,183 (-62.7%), from €24,205 to €9,022
- Gross operating margin -€14,183
down €14,183 (-26.7%), from €53,088 to €38,905
- Write-downs +€14,099
up €14,099, from -€14,099 to €0
- Financial charges +€1,540
up €1,540 (+15.4%), from €10,029 to €11,570
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 | €758,547 | €799,091 | +€40,543 | +5.3% |
| Fixed assets | 21/28 | €193,905 | €170,740 | -€23,165 | -11.9% |
| Tangible fixed assets | 22/27 | €193,784 | €170,619 | -€23,165 | -12.0% |
| Land and buildings | 22 | €159,725 | €160,669 | +€944 | +0.6% |
| Plant, machinery and equipment | 23 | €2,069 | €1,186 | -€884 | -42.7% |
| Furniture and vehicles | 24 | €28,032 | €5,259 | -€22,773 | -81.2% |
| Other tangible fixed assets | 26 | €3,958 | €3,505 | -€453 | -11.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €121 | €121 | = | 0.0% |
| Current assets | 29/58 | €564,643 | €628,351 | +€63,708 | +11.3% |
| Stocks and contracts in progress | 3 | €31,500 | €12,525 | -€18,975 | -60.2% |
| Stocks | 30/36 | €31,500 | €12,525 | -€18,975 | -60.2% |
| Amounts receivable within one year | 40/41 | €529,640 | €602,917 | +€73,277 | +13.8% |
| Trade receivables | 40 | €75,991 | €189,677 | +€113,686 | +150% |
| Other amounts receivable | 41 | €453,648 | €413,239 | -€40,409 | -8.9% |
| Cash at bank and in hand | 54/58 | €96 | €12,506 | +€12,411 | +12,996% |
| Deferred charges and accrued income | 490/1 | €3,408 | €403 | -€3,005 | -88.2% |
| Total equity and liabilities | 10/49 | €758,547 | €799,091 | +€40,543 | +5.3% |
| Equity | 10/15 | €105,416 | €19,511 | -€85,905 | -81.5% |
| Contributions | 10/11 | €18,660 | €18,660 | = | 0.0% |
| Reserves | 13 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €1,860 | €0 | -€1,860 | -100% |
| Profit (loss) carried forward | 14 | €84,896 | €851 | -€84,045 | -99.0% |
| Amounts payable | 17/49 | €653,132 | €779,580 | +€126,448 | +19.4% |
| Amounts payable after more than one year | 17 | €528,407 | €551,572 | +€23,165 | +4.4% |
| Financial debts | 170/4 | €528,407 | €551,572 | +€23,165 | +4.4% |
| Amounts payable within one year | 42/48 | €124,724 | €227,980 | +€103,256 | +82.8% |
| Current portion of amounts payable after more than one year | 42 | €36,381 | €34,283 | -€2,098 | -5.8% |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Trade debts | 44 | €27,138 | €4,934 | -€22,203 | -81.8% |
| Suppliers | 440/4 | €27,138 | €4,934 | -€22,203 | -81.8% |
| Taxes, remuneration and social security | 45 | €12,234 | €31,577 | +€19,344 | +158% |
| Taxes | 450/3 | €12,234 | €31,577 | +€19,344 | +158% |
| Other amounts payable | 47/48 | €48,972 | €157,174 | +€108,202 | +221% |
| Accrued charges and deferred income | 492/3 | - | €28 | +€28 | |
| Non-recurring operating income | 76A | €0 | €4,058 | +€4,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,205 | €9,022 | -€15,183 | -62.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,099 | €0 | +€14,099 | |
| Other operating charges | 640/8 | €3,384 | €2,510 | -€873 | -25.8% |
| Non-recurring operating charges | 66A | €34,500 | €747 | -€33,753 | -97.8% |
| Gross operating margin | 9900 | €53,088 | €38,905 | -€14,183 | -26.7% |
| Operating profit (loss) | 9901 | €5,098 | €26,625 | +€21,527 | +422% |
| Financial income | 75/76B | €14,283 | €65,000 | +€50,717 | +355% |
| Recurring financial income | 75 | €14,283 | €65,000 | +€50,717 | +355% |
| Financial charges | 65/66B | €10,029 | €11,570 | +€1,540 | +15.4% |
| Recurring financial charges | 65 | €10,029 | €11,570 | +€1,540 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €9,352 | €80,056 | +€70,704 | +756% |
| Income taxes | 67/77 | €3,061 | €3,261 | +€200 | +6.5% |
| Profit (loss) for the period | 9904 | €6,291 | €76,795 | +€70,504 | +1,121% |
| Profit (loss) for the period to be appropriated | 9905 | €6,291 | €76,795 | +€70,504 | +1,121% |
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.