Ictinus Management: 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.
Ictinus Management
Largest movements
- Receivables after one year -€1.3m
down €1.3m (-71.4%), from €1.8m to €500,000
of which Trade receivables: -€1.8m
- Cash -€399,173
down €399,173 (-38.1%), from €1.0m to €648,047
mainly Contributions, distributions and other (-€3.6m) and Receivables within one year (-€167,709)
- Reserves -€1.6m
down €1.6m (-17.9%), from €8.8m to €7.2m
of which Distributable reserves: -€1.6m
- Gross operating margin +€364,166
up €364,166 (+186%), from €195,743 to €559,909
- Taxes +€78,615
up €78,615 (+30.0%), from €262,206 to €340,821
- Staff costs +€27,421
new in 2025: €27,421
- Financial charges +€8,097
up €8,097 (+48.0%), from €16,875 to €24,973
- Financial income +€7,784
up €7,784 (+0.4%), from €1.9m to €1.9m
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 | €23,049,227 | €21,616,084 | -€1.4m | -6.2% |
| Fixed assets | 21/28 | €14,645,989 | €14,609,290 | -€36,699 | -0.3% |
| Tangible fixed assets | 22/27 | €632,727 | €596,028 | -€36,699 | -5.8% |
| Land and buildings | 22 | €534,263 | €521,959 | -€12,304 | -2.3% |
| Plant, machinery and equipment | 23 | €4,497 | €3,416 | -€1,081 | -24.0% |
| Furniture and vehicles | 24 | €93,967 | €70,653 | -€23,314 | -24.8% |
| Financial fixed assets | 28 | €14,013,262 | €14,013,262 | = | 0.0% |
| Current assets | 29/58 | €8,403,238 | €7,006,794 | -€1.4m | -16.6% |
| Amounts receivable after more than one year | 29 | €1,750,000 | €500,000 | -€1.3m | -71.4% |
| Trade receivables | 290 | €1,750,000 | - | -€1.8m | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €114,763 | €282,472 | +€167,709 | +146% |
| Trade receivables | 40 | €7,300 | €253,121 | +€245,821 | +3,367% |
| Other amounts receivable | 41 | €107,463 | €29,352 | -€78,111 | -72.7% |
| Current investments | 50/53 | €5,490,153 | €5,575,130 | +€84,976 | +1.5% |
| Cash at bank and in hand | 54/58 | €1,047,220 | €648,047 | -€399,173 | -38.1% |
| Deferred charges and accrued income | 490/1 | €1,101 | €1,144 | +€43 | +3.9% |
| Total equity and liabilities | 10/49 | €23,049,227 | €21,616,084 | -€1.4m | -6.2% |
| Equity | 10/15 | €22,796,333 | €21,224,704 | -€1.6m | -6.9% |
| Contributions | 10/11 | €14,024,400 | €14,024,400 | = | 0.0% |
| Reserves | 13 | €8,766,700 | €7,195,050 | -€1.6m | -17.9% |
| Tax-exempt reserves | 132 | €17,633 | €17,633 | = | 0.0% |
| Distributable reserves | 133 | €8,749,067 | €7,177,417 | -€1.6m | -18.0% |
| Profit (loss) carried forward | 14 | €5,233 | €5,253 | +€21 | +0.4% |
| Amounts payable | 17/49 | €252,894 | €391,380 | +€138,486 | +54.8% |
| Amounts payable within one year | 42/48 | €252,894 | €391,380 | +€138,486 | +54.8% |
| Trade debts | 44 | €17,193 | €1,550 | -€15,643 | -91.0% |
| Suppliers | 440/4 | €17,193 | €1,550 | -€15,643 | -91.0% |
| Taxes, remuneration and social security | 45 | €235,701 | €364,798 | +€129,098 | +54.8% |
| Taxes | 450/3 | €225,716 | €363,633 | +€137,917 | +61.1% |
| Remuneration and social security | 454/9 | €9,984 | €1,165 | -€8,819 | -88.3% |
| Other amounts payable | 47/48 | - | €25,032 | +€25,032 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €27,421 | +€27,421 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,504 | €41,106 | +€602 | +1.5% |
| Other operating charges | 640/8 | €3,751 | €3,710 | -€41 | -1.1% |
| Gross operating margin | 9900 | €195,743 | €559,909 | +€364,166 | +186% |
| Operating profit (loss) | 9901 | €151,488 | €487,672 | +€336,184 | +222% |
| Financial income | 75/76B | €1,913,209 | €1,920,993 | +€7,784 | +0.4% |
| Recurring financial income | 75 | €1,913,209 | €1,920,993 | +€7,784 | +0.4% |
| Financial charges | 65/66B | €16,875 | €24,973 | +€8,097 | +48.0% |
| Recurring financial charges | 65 | €16,875 | €24,973 | +€8,097 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €2,047,821 | €2,383,691 | +€335,870 | +16.4% |
| Income taxes | 67/77 | €262,206 | €340,821 | +€78,615 | +30.0% |
| Profit (loss) for the period | 9904 | €1,785,615 | €2,042,871 | +€257,255 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,785,615 | €2,042,871 | +€257,255 | +14.4% |
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 25 October 2026 via checked.be.