What is the difference between an implicit cost and an explicit cost?

Implicit costs are soft of virtual costs that are can not be easily counted. It is a cost represented by opportunity cost or lost opportunity of company's own resources. For example the cost of maintanence of the company can be counted as implict cost which is different than investing the money into productive work. They have no direct cash inflow or outflow.

On the other hand explicit cost is one that has occured and is clearly reported as a separate cost. For example wages, rent and material cost. This payment are direct payment and productive one.