ICOR: 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.
ICOR
Largest movements
- Cash -€382,378
down €382,378 (-84.3%), from €453,859 to €71,481
mainly Trade debts (-€566,418) and Stocks and contracts (-€304,830)
- Stocks and contracts +€304,830
up €304,830 (+21.6%), from €1.4m to €1.7m
- Receivables within one year -€81,643
down €81,643 (-8.6%), from €948,574 to €866,931
of which Trade receivables: -€67,498
- Trade debts -€566,418
down €566,418 (-44.0%), from €1.3m to €722,149
- Profit (loss) carried forward +€549,841
up €549,841 (+460.9%), from €119,293 to €669,134
- Other debts -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Short-term financial debts -€85,000
down €85,000 (-17.3%), from €490,000 to €405,000
- Tax, wage and social debts +€61,982
up €61,982 (+45.6%), from €135,805 to €197,787
of which Taxes: +€74,350
- Gross operating margin +€488,403
up €488,403 (+39.1%), from €1.2m to €1.7m
- Taxes +€132,224
up €132,224 (+199.6%), from €66,249 to €198,473
- Financial charges -€30,389
down €30,389 (-39.5%), from €76,950 to €46,561
of which Financial charges: -€33,424
- Other operating charges -€19,805
down €19,805 (-54.2%), from €36,564 to €16,759
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 | €2,916,551 | €2,727,656 | -€188,894 | -6.5% |
| Fixed assets | 21/28 | €86,852 | €59,057 | -€27,795 | -32.0% |
| Intangible fixed assets | 21 | €49,948 | €31,354 | -€18,594 | -37.2% |
| Tangible fixed assets | 22/27 | €33,868 | €27,703 | -€6,165 | -18.2% |
| Furniture and vehicles | 24 | €33,868 | €27,703 | -€6,165 | -18.2% |
| Financial fixed assets | 28 | €3,036 | €0 | -€3,036 | -100.0% |
| Current assets | 29/58 | €2,829,699 | €2,668,600 | -€161,099 | -5.7% |
| Stocks and contracts in progress | 3 | €1,413,951 | €1,718,781 | +€304,830 | +21.6% |
| Stocks | 30/36 | €1,413,951 | €1,718,781 | +€304,830 | +21.6% |
| Amounts receivable within one year | 40/41 | €948,574 | €866,931 | -€81,643 | -8.6% |
| Trade receivables | 40 | €907,549 | €840,050 | -€67,498 | -7.4% |
| Other amounts receivable | 41 | €41,026 | €26,881 | -€14,145 | -34.5% |
| Cash at bank and in hand | 54/58 | €453,859 | €71,481 | -€382,378 | -84.3% |
| Deferred charges and accrued income | 490/1 | €13,315 | €11,407 | -€1,908 | -14.3% |
| Total equity and liabilities | 10/49 | €2,916,551 | €2,727,656 | -€188,894 | -6.5% |
| Equity | 10/15 | €800,793 | €1,379,634 | +€578,841 | +72.3% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €31,500 | €60,500 | +€29,000 | +92.1% |
| Non-distributable reserves | 130/1 | €31,500 | €60,500 | +€29,000 | +92.1% |
| Legal reserve | 130 | €31,500 | €60,500 | +€29,000 | +92.1% |
| Profit (loss) carried forward | 14 | €119,293 | €669,134 | +€549,841 | +460.9% |
| Amounts payable | 17/49 | €2,115,758 | €1,348,022 | -€767,736 | -36.3% |
| Amounts payable after more than one year | 17 | €13,112 | €6,072 | -€7,041 | -53.7% |
| Financial debts | 170/4 | €13,112 | €6,072 | -€7,041 | -53.7% |
| Amounts payable within one year | 42/48 | €2,091,972 | €1,331,977 | -€759,995 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €25,293 | €7,041 | -€18,253 | -72.2% |
| Financial debts | 43 | €490,000 | €405,000 | -€85,000 | -17.3% |
| Credit institutions | 430/8 | €490,000 | €405,000 | -€85,000 | -17.3% |
| Trade debts | 44 | €1,288,568 | €722,149 | -€566,418 | -44.0% |
| Suppliers | 440/4 | €1,288,568 | €722,149 | -€566,418 | -44.0% |
| Advances received on contracts in progress | 46 | €2,307 | €0 | -€2,307 | -100.0% |
| Taxes, remuneration and social security | 45 | €135,805 | €197,787 | +€61,982 | +45.6% |
| Taxes | 450/3 | €35,204 | €109,554 | +€74,350 | +211.2% |
| Remuneration and social security | 454/9 | €100,601 | €88,234 | -€12,367 | -12.3% |
| Other amounts payable | 47/48 | €150,000 | €0 | -€150,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,673 | €9,973 | -€700 | -6.6% |
| Remuneration, social security and pensions | 62 | €906,375 | €913,209 | +€6,833 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,826 | €29,348 | -€1,477 | -4.8% |
| Other operating charges | 640/8 | €36,564 | €16,759 | -€19,805 | -54.2% |
| Non-recurring operating charges | 66A | €10 | - | -€10 | |
| Gross operating margin | 9900 | €1,247,855 | €1,736,258 | +€488,403 | +39.1% |
| Operating profit (loss) | 9901 | €274,080 | €776,942 | +€502,862 | +183.5% |
| Financial income | 75/76B | €46,622 | €46,933 | +€311 | +0.7% |
| Recurring financial income | 75 | €46,622 | €39,041 | -€7,581 | -16.3% |
| Non-recurring financial income | 76B | - | €7,893 | +€7,893 | |
| Financial charges | 65/66B | €76,950 | €46,561 | -€30,389 | -39.5% |
| Recurring financial charges | 65 | €76,950 | €43,526 | -€33,424 | -43.4% |
| Non-recurring financial charges | 66B | - | €3,035 | +€3,035 | |
| Profit (loss) for the period before taxes | 9903 | €243,751 | €777,314 | +€533,563 | +218.9% |
| Income taxes | 67/77 | €66,249 | €198,473 | +€132,224 | +199.6% |
| Profit (loss) for the period | 9904 | €177,503 | €578,841 | +€401,338 | +226.1% |
| Profit (loss) for the period to be appropriated | 9905 | €177,503 | €578,841 | +€401,338 | +226.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.