Icor 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.
Icor Management
Largest movements
- Cash +€809,039
up €809,039 (+1674.4%), from €48,317 to €857,357
mainly Other debts (+€2.3m) and Net result for the year (+€2.1m)
- Tangible fixed assets +€131,377
up €131,377 (+67.1%), from €195,784 to €327,161
of which Other tangible fixed assets: +€112,985
- Other debts +€2.3m
up €2.3m (+323.8%), from €716,846 to €3.0m
- Reserves -€1.4m
down €1.4m (-99.8%), from €1.4m to €2,750
of which Distributable reserves: -€1.4m
- Financial income +€808,984
up €808,984 (+66.0%), from €1.2m to €2.0m
- Depreciation +€11,605
up €11,605 (+50.1%), from €23,185 to €34,790
- Gross operating margin +€6,750
up €6,750 (+5.7%), from €119,117 to €125,867
- Financial charges -€5,308
down €5,308 (-25.5%), from €20,831 to €15,524
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,123,612 | €3,084,053 | +€960,441 | +45.2% |
| Fixed assets | 21/28 | €2,018,359 | €2,149,736 | +€131,377 | +6.5% |
| Tangible fixed assets | 22/27 | €195,784 | €327,161 | +€131,377 | +67.1% |
| Plant, machinery and equipment | 23 | €12,239 | €11,797 | -€443 | -3.6% |
| Furniture and vehicles | 24 | €69,961 | €50,120 | -€19,841 | -28.4% |
| Other tangible fixed assets | 26 | €113,584 | €226,568 | +€112,985 | +99.5% |
| Assets under construction and advance payments | 27 | - | €38,677 | +€38,677 | |
| Financial fixed assets | 28 | €1,822,575 | €1,822,575 | = | 0.0% |
| Current assets | 29/58 | €105,253 | €934,317 | +€829,064 | +787.7% |
| Amounts receivable within one year | 40/41 | €56,147 | €75,907 | +€19,760 | +35.2% |
| Trade receivables | 40 | €48,000 | €49,000 | +€1,000 | +2.1% |
| Other amounts receivable | 41 | €8,147 | €26,907 | +€18,760 | +230.3% |
| Cash at bank and in hand | 54/58 | €48,317 | €857,357 | +€809,039 | +1674.4% |
| Deferred charges and accrued income | 490/1 | €789 | €1,053 | +€264 | +33.5% |
| Total equity and liabilities | 10/49 | €2,123,612 | €3,084,053 | +€960,441 | +45.2% |
| Equity | 10/15 | €1,383,615 | €21,350 | -€1.4m | -98.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,365,015 | €2,750 | -€1.4m | -99.8% |
| Tax-exempt reserves | 132 | €85 | €85 | = | 0.0% |
| Distributable reserves | 133 | €1,364,931 | €2,665 | -€1.4m | -99.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €739,996 | €3,062,703 | +€2.3m | +313.9% |
| Amounts payable within one year | 42/48 | €729,765 | €3,047,570 | +€2.3m | +317.6% |
| Trade debts | 44 | €4,049 | €831 | -€3,218 | -79.5% |
| Suppliers | 440/4 | €4,049 | €831 | -€3,218 | -79.5% |
| Taxes, remuneration and social security | 45 | €8,870 | €8,522 | -€348 | -3.9% |
| Taxes | 450/3 | €5,384 | €8,522 | +€3,137 | +58.3% |
| Remuneration and social security | 454/9 | €3,485 | €0 | -€3,485 | -100.0% |
| Other amounts payable | 47/48 | €716,846 | €3,038,217 | +€2.3m | +323.8% |
| Accrued charges and deferred income | 492/3 | €10,232 | €15,133 | +€4,901 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,185 | €34,790 | +€11,605 | +50.1% |
| Other operating charges | 640/8 | €1,890 | €1,860 | -€30 | -1.6% |
| Gross operating margin | 9900 | €119,117 | €125,867 | +€6,750 | +5.7% |
| Operating profit (loss) | 9901 | €94,042 | €89,216 | -€4,825 | -5.1% |
| Financial income | 75/76B | €1,225,961 | €2,034,945 | +€808,984 | +66.0% |
| Recurring financial income | 75 | €1,225,961 | €2,034,945 | +€808,984 | +66.0% |
| Financial charges | 65/66B | €20,831 | €15,524 | -€5,308 | -25.5% |
| Recurring financial charges | 65 | €20,831 | €15,524 | -€5,308 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €1,299,171 | €2,108,638 | +€809,467 | +62.3% |
| Income taxes | 67/77 | €20,051 | €20,903 | +€852 | +4.2% |
| Profit (loss) for the period | 9904 | €1,279,120 | €2,087,735 | +€808,615 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,279,120 | €2,087,735 | +€808,615 | +63.2% |
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.