Icsem: 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.
Icsem
Largest movements
- Receivables within one year +€18,860
up €18,860 (+72.3%), from €26,075 to €44,935
of which Trade receivables: +€14,886
- Cash +€6,981
up €6,981 (+98.1%), from €7,116 to €14,097
mainly Net result for the year (+€44,299) and Depreciation (+€249)
- Tangible fixed assets +€1,055
new in 2025: €1,055
- Profit (loss) carried forward +€43,466
up €43,466 (+122.6%), from €35,452 to €78,918
- Tax, wage and social debts -€14,006
down €14,006 (-58.6%), from €23,913 to €9,907
of which Taxes: -€8,006
- Trade debts -€1,190
no longer reported in 2025 (was €1,190)
- Gross operating margin +€19,581
up €19,581 (+61.1%), from €32,050 to €51,631
- Taxes +€8,616
up €8,616 (+288.3%), from €2,988 to €11,604
- Financial income +€5,527
new in 2025: €5,527
of which Financial income: +€5,527
- Other operating charges -€1,459
down €1,459 (-78.5%), from €1,859 to €400
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 | €63,214 | €90,658 | +€27,445 | +43.4% |
| Fixed assets | 21/28 | €30,000 | €31,582 | +€1,582 | +5.3% |
| Tangible fixed assets | 22/27 | - | €1,055 | +€1,055 | |
| Furniture and vehicles | 24 | - | €1,055 | +€1,055 | |
| Financial fixed assets | 28 | €30,000 | €30,527 | +€527 | +1.8% |
| Current assets | 29/58 | €33,214 | €59,076 | +€25,863 | +77.9% |
| Amounts receivable within one year | 40/41 | €26,075 | €44,935 | +€18,860 | +72.3% |
| Trade receivables | 40 | €26,024 | €40,911 | +€14,886 | +57.2% |
| Other amounts receivable | 41 | €51 | €4,024 | +€3,973 | +7846.3% |
| Cash at bank and in hand | 54/58 | €7,116 | €14,097 | +€6,981 | +98.1% |
| Deferred charges and accrued income | 490/1 | €23 | €45 | +€22 | +98.2% |
| Total equity and liabilities | 10/49 | €63,214 | €90,658 | +€27,445 | +43.4% |
| Equity | 10/15 | €36,452 | €79,918 | +€43,466 | +119.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,452 | €78,918 | +€43,466 | +122.6% |
| Amounts payable | 17/49 | €26,762 | €10,740 | -€16,021 | -59.9% |
| Amounts payable within one year | 42/48 | €25,962 | €10,740 | -€15,221 | -58.6% |
| Trade debts | 44 | €1,190 | - | -€1,190 | |
| Suppliers | 440/4 | €1,190 | - | -€1,190 | |
| Taxes, remuneration and social security | 45 | €23,913 | €9,907 | -€14,006 | -58.6% |
| Taxes | 450/3 | €17,713 | €9,707 | -€8,006 | -45.2% |
| Remuneration and social security | 454/9 | €6,200 | €200 | -€6,000 | -96.8% |
| Other amounts payable | 47/48 | €859 | €833 | -€26 | -3.0% |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €249 | +€249 | |
| Other operating charges | 640/8 | €1,859 | €400 | -€1,459 | -78.5% |
| Gross operating margin | 9900 | €32,050 | €51,631 | +€19,581 | +61.1% |
| Operating profit (loss) | 9901 | €30,191 | €50,983 | +€20,792 | +68.9% |
| Financial income | 75/76B | - | €5,527 | +€5,527 | |
| Recurring financial income | 75 | - | €5,527 | +€5,527 | |
| Non-recurring financial income | 76B | - | €5,527 | +€5,527 | |
| Financial charges | 65/66B | €387 | €607 | +€219 | +56.6% |
| Recurring financial charges | 65 | €387 | €607 | +€219 | +56.6% |
| Profit (loss) for the period before taxes | 9903 | €29,804 | €55,903 | +€26,099 | +87.6% |
| Income taxes | 67/77 | €2,988 | €11,604 | +€8,616 | +288.3% |
| Profit (loss) for the period | 9904 | €26,815 | €44,299 | +€17,484 | +65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,815 | €44,299 | +€17,484 | +65.2% |
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 11 October 2026 via checked.be.