ICOFORM: 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.
ICOFORM
Largest movements
- Receivables within one year -€185,928
down €185,928 (-52.5%), from €354,266 to €168,338
of which Trade receivables: -€238,325
- Cash +€62,283
up €62,283 (+76.5%), from €81,433 to €143,717
mainly Receivables within one year (+€185,928) and Net result for the year (+€36,729)
- Tax, wage and social debts -€167,762
down €167,762 (-75.5%), from €222,090 to €54,327
of which Remuneration and social security: -€106,443
- Profit (loss) carried forward +€36,729
up €36,729 (+22.0%), from €166,795 to €203,525
- Other debts +€15,051
up €15,051 (+89.0%), from €16,920 to €31,970
- Trade debts -€10,268
down €10,268 (-29.0%), from €35,349 to €25,081
- Gross operating margin -€148,216
down €148,216 (-17.6%), from €842,754 to €694,537
- Staff costs -€133,357
down €133,357 (-17.3%), from €770,947 to €637,590
- Taxes -€13,980
down €13,980 (-52.1%), from €26,841 to €12,861
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 | €463,315 | €337,752 | -€125,563 | -27.1% |
| Fixed assets | 21/28 | €4,230 | €4,651 | +€421 | +10.0% |
| Tangible fixed assets | 22/27 | €3,934 | €2,157 | -€1,777 | -45.2% |
| Furniture and vehicles | 24 | €3,934 | €2,157 | -€1,777 | -45.2% |
| Financial fixed assets | 28 | €296 | €2,494 | +€2,198 | +742% |
| Current assets | 29/58 | €459,085 | €333,101 | -€125,984 | -27.4% |
| Amounts receivable within one year | 40/41 | €354,266 | €168,338 | -€185,928 | -52.5% |
| Trade receivables | 40 | €347,730 | €109,405 | -€238,325 | -68.5% |
| Other amounts receivable | 41 | €6,536 | €58,934 | +€52,398 | +802% |
| Cash at bank and in hand | 54/58 | €81,433 | €143,717 | +€62,283 | +76.5% |
| Deferred charges and accrued income | 490/1 | €23,386 | €21,046 | -€2,340 | -10.0% |
| Total equity and liabilities | 10/49 | €463,315 | €337,752 | -€125,563 | -27.1% |
| Equity | 10/15 | €188,795 | €225,525 | +€36,729 | +19.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,795 | €203,525 | +€36,729 | +22.0% |
| Amounts payable | 17/49 | €274,520 | €112,227 | -€162,293 | -59.1% |
| Amounts payable within one year | 42/48 | €274,358 | €111,378 | -€162,980 | -59.4% |
| Trade debts | 44 | €35,349 | €25,081 | -€10,268 | -29.0% |
| Suppliers | 440/4 | €35,349 | €25,081 | -€10,268 | -29.0% |
| Taxes, remuneration and social security | 45 | €222,090 | €54,327 | -€167,762 | -75.5% |
| Taxes | 450/3 | €72,852 | €11,533 | -€61,319 | -84.2% |
| Remuneration and social security | 454/9 | €149,238 | €42,795 | -€106,443 | -71.3% |
| Other amounts payable | 47/48 | €16,920 | €31,970 | +€15,051 | +89.0% |
| Accrued charges and deferred income | 492/3 | €161 | €849 | +€687 | +426% |
| Remuneration, social security and pensions | 62 | €770,947 | €637,590 | -€133,357 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,269 | €1,777 | +€508 | +40.0% |
| Other operating charges | 640/8 | €219 | €1,939 | +€1,719 | +784% |
| Gross operating margin | 9900 | €842,754 | €694,537 | -€148,216 | -17.6% |
| Operating profit (loss) | 9901 | €70,318 | €53,231 | -€17,087 | -24.3% |
| Financial income | 75/76B | €3 | €51 | +€47 | +1,362% |
| Recurring financial income | 75 | €3 | €51 | +€47 | +1,362% |
| Financial charges | 65/66B | €4,699 | €3,691 | -€1,008 | -21.4% |
| Recurring financial charges | 65 | €4,699 | €3,691 | -€1,008 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €65,622 | €49,591 | -€16,032 | -24.4% |
| Income taxes | 67/77 | €26,841 | €12,861 | -€13,980 | -52.1% |
| Profit (loss) for the period | 9904 | €38,781 | €36,729 | -€2,052 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,781 | €36,729 | -€2,052 | -5.3% |
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 16 October 2026 via checked.be.