IKARUS: 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.
IKARUS
Largest movements
- Cash -€60,057
down €60,057 (-32.1%), from €187,377 to €127,320
mainly Contributions, distributions and other (-€40,625) and Investment in fixed assets (net) (-€34,977)
- Stocks and contracts +€31,369
up €31,369 (+498%), from €6,302 to €37,670
- Tangible fixed assets -€23,085
down €23,085 (-5.6%), from €415,396 to €392,311
of which Land and buildings: -€15,219
- Receivables after one year +€15,000
new in 2025: €15,000
- Receivables within one year -€9,293
down €9,293 (-42.4%), from €21,927 to €12,634
of which Trade receivables: -€5,447
- Debts after one year -€30,169
down €30,169 (-35.9%), from €84,043 to €53,874
- Trade debts -€14,883
down €14,883 (-45.0%), from €33,061 to €18,178
- Other debts -€11,000
down €11,000 (-20.4%), from €54,033 to €43,033
- Tax, wage and social debts +€7,680
up €7,680 (+332%), from €2,315 to €9,994
of which Remuneration and social security: +€5,529
- Staff costs +€10,197
up €10,197 (+19.4%), from €52,446 to €62,643
- Gross operating margin +€6,069
up €6,069 (+3.4%), from €178,453 to €184,522
- Write-downs +€4,805
new in 2025: €4,805
- Taxes -€4,586
down €4,586 (-29.3%), from €15,656 to €11,069
- Depreciation +€4,219
up €4,219 (+7.1%), from €59,398 to €63,617
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 | €638,570 | €588,354 | -€50,217 | -7.9% |
| Fixed assets | 21/28 | €420,951 | €392,311 | -€28,641 | -6.8% |
| Intangible fixed assets | 21 | €5,556 | - | -€5,556 | |
| Tangible fixed assets | 22/27 | €415,396 | €392,311 | -€23,085 | -5.6% |
| Land and buildings | 22 | €368,303 | €353,084 | -€15,219 | -4.1% |
| Plant, machinery and equipment | 23 | €39,445 | €33,895 | -€5,551 | -14.1% |
| Furniture and vehicles | 24 | €7,647 | €5,332 | -€2,316 | -30.3% |
| Current assets | 29/58 | €217,619 | €196,043 | -€21,576 | -9.9% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Stocks and contracts in progress | 3 | €6,302 | €37,670 | +€31,369 | +498% |
| Stocks | 30/36 | €6,302 | €37,670 | +€31,369 | +498% |
| Amounts receivable within one year | 40/41 | €21,927 | €12,634 | -€9,293 | -42.4% |
| Trade receivables | 40 | €7,947 | €2,500 | -€5,447 | -68.5% |
| Other amounts receivable | 41 | €13,981 | €10,134 | -€3,846 | -27.5% |
| Cash at bank and in hand | 54/58 | €187,377 | €127,320 | -€60,057 | -32.1% |
| Deferred charges and accrued income | 490/1 | €2,013 | €3,418 | +€1,405 | +69.8% |
| Total equity and liabilities | 10/49 | €638,570 | €588,354 | -€50,217 | -7.9% |
| Equity | 10/15 | €412,889 | €408,139 | -€4,750 | -1.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €325,389 | €326,264 | +€875 | +0.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €306,639 | €307,514 | +€875 | +0.3% |
| Investment grants | 15 | €67,500 | €61,875 | -€5,625 | -8.3% |
| Provisions and deferred taxes | 16 | €22,500 | €20,625 | -€1,875 | -8.3% |
| Deferred taxes | 168 | €22,500 | €20,625 | -€1,875 | -8.3% |
| Amounts payable | 17/49 | €203,181 | €159,589 | -€43,591 | -21.5% |
| Amounts payable after more than one year | 17 | €84,043 | €53,874 | -€30,169 | -35.9% |
| Financial debts | 170/4 | €84,043 | €53,874 | -€30,169 | -35.9% |
| Amounts payable within one year | 42/48 | €119,138 | €105,715 | -€13,423 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €29,729 | €30,169 | +€440 | +1.5% |
| Trade debts | 44 | €33,061 | €18,178 | -€14,883 | -45.0% |
| Suppliers | 440/4 | €33,061 | €18,178 | -€14,883 | -45.0% |
| Advances received on contracts in progress | 46 | - | €4,341 | +€4,341 | |
| Taxes, remuneration and social security | 45 | €2,315 | €9,994 | +€7,680 | +332% |
| Taxes | 450/3 | - | €2,151 | +€2,151 | |
| Remuneration and social security | 454/9 | €2,315 | €7,844 | +€5,529 | +239% |
| Other amounts payable | 47/48 | €54,033 | €43,033 | -€11,000 | -20.4% |
| Remuneration, social security and pensions | 62 | €52,446 | €62,643 | +€10,197 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,398 | €63,617 | +€4,219 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,805 | +€4,805 | |
| Other operating charges | 640/8 | €6,547 | €7,526 | +€979 | +15.0% |
| Gross operating margin | 9900 | €178,453 | €184,522 | +€6,069 | +3.4% |
| Operating profit (loss) | 9901 | €60,062 | €45,930 | -€14,131 | -23.5% |
| Financial income | 75/76B | €492 | €3 | -€489 | -99.4% |
| Recurring financial income | 75 | €492 | €3 | -€489 | -99.4% |
| Financial charges | 65/66B | €5,500 | €6,489 | +€989 | +18.0% |
| Recurring financial charges | 65 | €5,500 | €6,489 | +€989 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €55,054 | €39,444 | -€15,609 | -28.4% |
| Transfer from deferred taxes | 780 | €7,500 | €7,500 | = | 0.0% |
| Income taxes | 67/77 | €15,656 | €11,069 | -€4,586 | -29.3% |
| Profit (loss) for the period | 9904 | €46,898 | €35,875 | -€11,023 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,898 | €35,875 | -€11,023 | -23.5% |
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 24 October 2026 via checked.be.