IKARO: what changed
IKARO
Largest movements
- Receivables within one year +€99,869
up €99,869 (+132%), from €75,847 to €175,716
of which Trade receivables: +€97,636
- Cash +€71,314
up €71,314 (+22.5%), from €316,841 to €388,155
mainly Other debts (+€392,439) and Net result for the year (+€283,238)
- Tangible fixed assets -€7,068
down €7,068 (-9.1%), from €77,758 to €70,690
of which Furniture and vehicles: -€17,657
- Other debts +€392,439
up €392,439 (+880%), from €44,589 to €437,028
- Profit (loss) carried forward -€196,762
down €196,762 (-82.7%), from €237,862 to €41,100
- Trade debts -€27,892
down €27,892 (-80.6%), from €34,595 to €6,702
- Debts after one year -€16,877
down €16,877 (-32.1%), from €52,642 to €35,764
- Tax, wage and social debts +€12,671
up €12,671 (+29.5%), from €42,923 to €55,593
of which Taxes: +€7,161
- Gross operating margin +€133,914
up €133,914 (+47.9%), from €279,488 to €413,402
- Taxes +€29,887
up €29,887 (+49.2%), from €60,716 to €90,603
- Financial charges +€16,030
up €16,030 (+526%), from €3,048 to €19,077
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €475,291 | €639,526 | +€164,235 | +34.6% |
| Fixed assets | 21/28 | €80,258 | €73,190 | -€7,068 | -8.8% |
| Tangible fixed assets | 22/27 | €77,758 | €70,690 | -€7,068 | -9.1% |
| Plant, machinery and equipment | 23 | €3,944 | €3,184 | -€760 | -19.3% |
| Furniture and vehicles | 24 | €73,814 | €56,157 | -€17,657 | -23.9% |
| Other tangible fixed assets | 26 | - | €11,349 | +€11,349 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €395,033 | €566,336 | +€171,303 | +43.4% |
| Amounts receivable within one year | 40/41 | €75,847 | €175,716 | +€99,869 | +132% |
| Trade receivables | 40 | €30,580 | €128,216 | +€97,636 | +319% |
| Other amounts receivable | 41 | €45,267 | €47,500 | +€2,233 | +4.9% |
| Cash at bank and in hand | 54/58 | €316,841 | €388,155 | +€71,314 | +22.5% |
| Deferred charges and accrued income | 490/1 | €2,345 | €2,465 | +€120 | +5.1% |
| Total equity and liabilities | 10/49 | €475,291 | €639,526 | +€164,235 | +34.6% |
| Equity | 10/15 | €284,302 | €87,540 | -€196,762 | -69.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €36,440 | €36,440 | = | 0.0% |
| Distributable reserves | 133 | €36,440 | €36,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,862 | €41,100 | -€196,762 | -82.7% |
| Amounts payable | 17/49 | €190,989 | €551,986 | +€360,997 | +189% |
| Amounts payable after more than one year | 17 | €52,642 | €35,764 | -€16,877 | -32.1% |
| Financial debts | 170/4 | €52,642 | €35,764 | -€16,877 | -32.1% |
| Amounts payable within one year | 42/48 | €138,347 | €516,201 | +€377,854 | +273% |
| Current portion of amounts payable after more than one year | 42 | €16,241 | €16,877 | +€636 | +3.9% |
| Trade debts | 44 | €34,595 | €6,702 | -€27,892 | -80.6% |
| Suppliers | 440/4 | €34,595 | €6,702 | -€27,892 | -80.6% |
| Taxes, remuneration and social security | 45 | €42,923 | €55,593 | +€12,671 | +29.5% |
| Taxes | 450/3 | €42,923 | €50,084 | +€7,161 | +16.7% |
| Remuneration and social security | 454/9 | - | €5,510 | +€5,510 | |
| Other amounts payable | 47/48 | €44,589 | €437,028 | +€392,439 | +880% |
| Accrued charges and deferred income | 492/3 | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,677 | €20,382 | +€706 | +3.6% |
| Other operating charges | 640/8 | €159 | - | -€159 | |
| Non-recurring operating charges | 66A | - | €101 | +€101 | |
| Gross operating margin | 9900 | €279,488 | €413,402 | +€133,914 | +47.9% |
| Operating profit (loss) | 9901 | €259,652 | €392,919 | +€133,266 | +51.3% |
| Financial charges | 65/66B | €3,048 | €19,077 | +€16,030 | +526% |
| Recurring financial charges | 65 | €3,048 | €19,077 | +€16,030 | +526% |
| Profit (loss) for the period before taxes | 9903 | €256,605 | €373,841 | +€117,237 | +45.7% |
| Income taxes | 67/77 | €60,716 | €90,603 | +€29,887 | +49.2% |
| Profit (loss) for the period | 9904 | €195,889 | €283,238 | +€87,350 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €195,889 | €283,238 | +€87,350 | +44.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.