ICW: 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.
ICW
Largest movements
- Tangible fixed assets -€39,230
down €39,230 (-5.7%), from €687,890 to €648,660
- Cash +€34,999
up €34,999 (+286.8%), from €12,203 to €47,202
mainly Depreciation (+€39,230) and Net result for the year (+€30,557)
- Debts after one year -€36,404
down €36,404 (-6.5%), from €556,655 to €520,251
of which Financial debts: -€65,437
- Reserves +€30,557
up €30,557 (+21.7%), from €141,107 to €171,664
- Gross operating margin +€3,345
up €3,345 (+3.4%), from €97,524 to €100,868
- Taxes +€1,009
up €1,009 (+11.0%), from €9,146 to €10,155
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 | €818,586 | €811,866 | -€6,720 | -0.8% |
| Fixed assets | 21/28 | €687,890 | €648,660 | -€39,230 | -5.7% |
| Tangible fixed assets | 22/27 | €687,890 | €648,660 | -€39,230 | -5.7% |
| Land and buildings | 22 | €687,890 | €648,660 | -€39,230 | -5.7% |
| Current assets | 29/58 | €130,696 | €163,206 | +€32,510 | +24.9% |
| Amounts receivable within one year | 40/41 | €52,493 | €50,004 | -€2,489 | -4.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €52,493 | €50,004 | -€2,489 | -4.7% |
| Cash at bank and in hand | 54/58 | €12,203 | €47,202 | +€34,999 | +286.8% |
| Deferred charges and accrued income | 490/1 | €66,000 | €66,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €818,586 | €811,866 | -€6,720 | -0.8% |
| Equity | 10/15 | €191,107 | €221,664 | +€30,557 | +16.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €141,107 | €171,664 | +€30,557 | +21.7% |
| Distributable reserves | 133 | €141,107 | €171,664 | +€30,557 | +21.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €627,479 | €590,202 | -€37,277 | -5.9% |
| Amounts payable after more than one year | 17 | €556,655 | €520,251 | -€36,404 | -6.5% |
| Financial debts | 170/4 | €388,044 | €322,607 | -€65,437 | -16.9% |
| Other amounts payable | 178/9 | €168,611 | €197,644 | +€29,033 | +17.2% |
| Amounts payable within one year | 42/48 | €70,824 | €69,951 | -€873 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €63,738 | €65,437 | +€1,699 | +2.7% |
| Financial debts | 43 | €3,030 | €4,366 | +€1,336 | +44.1% |
| Credit institutions | 430/8 | €3,030 | €4,366 | +€1,336 | +44.1% |
| Trade debts | 44 | €4,056 | €148 | -€3,908 | -96.4% |
| Suppliers | 440/4 | €4,056 | €148 | -€3,908 | -96.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,230 | €39,230 | = | 0.0% |
| Other operating charges | 640/8 | €1,103 | €537 | -€566 | -51.3% |
| Gross operating margin | 9900 | €97,524 | €100,868 | +€3,345 | +3.4% |
| Operating profit (loss) | 9901 | €57,191 | €61,101 | +€3,911 | +6.8% |
| Financial charges | 65/66B | €20,605 | €20,390 | -€216 | -1.0% |
| Recurring financial charges | 65 | €20,605 | €20,390 | -€216 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €36,585 | €40,712 | +€4,126 | +11.3% |
| Income taxes | 67/77 | €9,146 | €10,155 | +€1,009 | +11.0% |
| Profit (loss) for the period | 9904 | €27,439 | €30,557 | +€3,118 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,439 | €30,557 | +€3,118 | +11.4% |
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 4 October 2026 via checked.be.