IKAROS: 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.
What changed
IKAROS
NACE 79.110, Travel agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,461
2024 · €47,000-€42,539
Equity
€539,443
2024 · €534,982+€4,461
Cash
€176,169
2024 · €163,550+€12,619
Balance sheet total
€2.5m
2024 · €2.4m+€57,373
Largest movements
Assets
- Receivables within one year +€79,433
up €79,433 (+41.8%), from €189,835 to €269,268
of which Trade receivables: +€60,467
Equity and liabilities
- Accrued charges and deferred income +€34,866
up €34,866 (+45.5%), from €76,579 to €111,445
- Trade debts +€31,710
up €31,710 (+2.2%), from €1.4m to €1.5m
- Reserves +€30,166
up €30,166 (+6.6%), from €454,816 to €484,982
of which Distributable reserves: +€30,166
- Profit (loss) carried forward -€25,705
down €25,705 (-85.2%), from €30,166 to €4,461
Income statement
- Turnover +€87,448
up €87,448 (+1.2%), from €7.5m to €7.6m
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.
Result 2024
€47,000
Gross operating margin
+€55,692
Staff costs
-€51,463
Depreciation
-€35,373
Other operating charges
-€252
Financial income
-€8,229
Financial charges
-€7,153
Taxes
+€4,239
Result 2025
€4,461
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.
From operations
+€55,738
Investment
-€43,119
Financing
€0
Cash 2024
€163,550
From operations (derived)
+€55,738
Net result for the year
+€4,461
Depreciation
+€76,349
Stocks and contracts
-€2,099
Receivables within one year
-€79,433
Deferred charges and accrued income
+€3,548
Trade debts
+€31,710
Tax, wage and social debts
+€3,170
Other debts
-€16,834
Accrued charges and deferred income
+€34,866
Investment (derived)
-€43,119
Investment in fixed assets (net)
-€65,303
Current investments
+€22,184
Cash 2025
€176,169
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,445,598 | €2,502,971 | +€57,373 | +2.3% |
| Fixed assets | 21/28 | €159,685 | €148,639 | -€11,046 | -6.9% |
| Intangible fixed assets | 21 | €106,234 | €100,682 | -€5,552 | -5.2% |
| Tangible fixed assets | 22/27 | €53,451 | €47,957 | -€5,494 | -10.3% |
| Plant, machinery and equipment | 23 | €18,898 | €14,147 | -€4,751 | -25.1% |
| Furniture and vehicles | 24 | €6,004 | €22,758 | +€16,754 | +279.0% |
| Other tangible fixed assets | 26 | €28,549 | €11,052 | -€17,497 | -61.3% |
| Current assets | 29/58 | €2,285,913 | €2,354,332 | +€68,419 | +3.0% |
| Stocks and contracts in progress | 3 | - | €2,099 | +€2,099 | |
| Stocks | 30/36 | - | €2,099 | +€2,099 | |
| Amounts receivable within one year | 40/41 | €189,835 | €269,268 | +€79,433 | +41.8% |
| Trade receivables | 40 | €179,366 | €239,833 | +€60,467 | +33.7% |
| Other amounts receivable | 41 | €10,469 | €29,435 | +€18,966 | +181.2% |
| Current investments | 50/53 | €1,716,234 | €1,694,050 | -€22,184 | -1.3% |
| Cash at bank and in hand | 54/58 | €163,550 | €176,169 | +€12,619 | +7.7% |
| Deferred charges and accrued income | 490/1 | €216,294 | €212,746 | -€3,548 | -1.6% |
| Total equity and liabilities | 10/49 | €2,445,598 | €2,502,971 | +€57,373 | +2.3% |
| Equity | 10/15 | €534,982 | €539,443 | +€4,461 | +0.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €454,816 | €484,982 | +€30,166 | +6.6% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €449,816 | €479,982 | +€30,166 | +6.7% |
| Profit (loss) carried forward | 14 | €30,166 | €4,461 | -€25,705 | -85.2% |
| Amounts payable | 17/49 | €1,910,616 | €1,963,528 | +€52,912 | +2.8% |
| Amounts payable after more than one year | 17 | €175,000 | €175,000 | = | 0.0% |
| Financial debts | 170/4 | €175,000 | €175,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,659,037 | €1,677,083 | +€18,046 | +1.1% |
| Trade debts | 44 | €1,422,958 | €1,454,668 | +€31,710 | +2.2% |
| Suppliers | 440/4 | €1,422,958 | €1,454,668 | +€31,710 | +2.2% |
| Taxes, remuneration and social security | 45 | €219,245 | €222,415 | +€3,170 | +1.4% |
| Taxes | 450/3 | €18,012 | €16,919 | -€1,093 | -6.1% |
| Remuneration and social security | 454/9 | €201,233 | €205,496 | +€4,263 | +2.1% |
| Other amounts payable | 47/48 | €16,834 | - | -€16,834 | |
| Accrued charges and deferred income | 492/3 | €76,579 | €111,445 | +€34,866 | +45.5% |
| Turnover | 70 | €7,536,002 | €7,623,450 | +€87,448 | +1.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €6,372,946 | €6,404,702 | +€31,756 | +0.5% |
| Remuneration, social security and pensions | 62 | €1,079,026 | €1,130,489 | +€51,463 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,976 | €76,349 | +€35,373 | +86.3% |
| Other operating charges | 640/8 | €2,194 | €2,446 | +€252 | +11.5% |
| Gross operating margin | 9900 | €1,163,056 | €1,218,748 | +€55,692 | +4.8% |
| Operating profit (loss) | 9901 | €40,860 | €9,464 | -€31,396 | -76.8% |
| Financial income | 75/76B | €34,758 | €26,529 | -€8,229 | -23.7% |
| Recurring financial income | 75 | €34,758 | €26,529 | -€8,229 | -23.7% |
| Financial charges | 65/66B | €24,011 | €31,164 | +€7,153 | +29.8% |
| Recurring financial charges | 65 | €24,011 | €31,164 | +€7,153 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €51,607 | €4,829 | -€46,778 | -90.6% |
| Income taxes | 67/77 | €4,607 | €368 | -€4,239 | -92.0% |
| Profit (loss) for the period | 9904 | €47,000 | €4,461 | -€42,539 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,000 | €4,461 | -€42,539 | -90.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.