I.H.P.: 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.
I.H.P.
Largest movements
- Stocks and contracts -€93,076
down €93,076 (-13.7%), from €679,974 to €586,898
- Cash +€15,605
up €15,605 (+34.9%), from €44,692 to €60,298
mainly Stocks and contracts (+€93,076) and Depreciation (+€11,628)
- Tangible fixed assets +€8,031
up €8,031 (+28.3%), from €28,330 to €36,361
of which Furniture and vehicles: +€5,009
- Tax, wage and social debts -€17,889
down €17,889 (-81.2%), from €22,030 to €4,142
- Profit (loss) carried forward -€14,121
down €14,121 (-11.5%), from -€122,910 to -€137,031
- Debts after one year -€12,951
down €12,951 (-48.6%), from €26,636 to €13,685
- Other debts -€12,700
down €12,700 (-1.6%), from €789,299 to €776,599
- Current portion of long-term debt -€8,726
down €8,726 (-40.3%), from €21,677 to €12,951
- Gross operating margin +€25,059
up €25,059, from -€21,352 to €3,708
- Financial charges -€2,462
down €2,462 (-46.6%), from €5,286 to €2,824
- Other operating charges -€2,100
down €2,100 (-40.4%), from €5,193 to €3,092
- Depreciation -€1,837
down €1,837 (-13.6%), from €13,465 to €11,628
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 | €759,959 | €690,849 | -€69,110 | -9.1% |
| Fixed assets | 21/28 | €33,080 | €41,111 | +€8,031 | +24.3% |
| Tangible fixed assets | 22/27 | €28,330 | €36,361 | +€8,031 | +28.3% |
| Plant, machinery and equipment | 23 | €389 | €3,411 | +€3,022 | +777% |
| Furniture and vehicles | 24 | €27,941 | €32,950 | +€5,009 | +17.9% |
| Financial fixed assets | 28 | €4,750 | €4,750 | = | 0.0% |
| Current assets | 29/58 | €726,879 | €649,738 | -€77,141 | -10.6% |
| Stocks and contracts in progress | 3 | €679,974 | €586,898 | -€93,076 | -13.7% |
| Stocks | 30/36 | €679,974 | €586,898 | -€93,076 | -13.7% |
| Amounts receivable within one year | 40/41 | - | €2,122 | +€2,122 | |
| Trade receivables | 40 | - | €242 | +€242 | |
| Other amounts receivable | 41 | - | €1,880 | +€1,880 | |
| Cash at bank and in hand | 54/58 | €44,692 | €60,298 | +€15,605 | +34.9% |
| Deferred charges and accrued income | 490/1 | €2,213 | €421 | -€1,792 | -81.0% |
| Total equity and liabilities | 10/49 | €759,959 | €690,849 | -€69,110 | -9.1% |
| Equity | 10/15 | -€104,052 | -€118,173 | -€14,121 | -13.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €266 | €266 | = | 0.0% |
| Non-distributable reserves | 130/1 | €266 | €266 | = | 0.0% |
| Reserves not available under the articles | 1311 | €266 | €266 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,910 | -€137,031 | -€14,121 | -11.5% |
| Amounts payable | 17/49 | €864,011 | €809,022 | -€54,989 | -6.4% |
| Amounts payable after more than one year | 17 | €26,636 | €13,685 | -€12,951 | -48.6% |
| Financial debts | 170/4 | €26,636 | €13,685 | -€12,951 | -48.6% |
| Amounts payable within one year | 42/48 | €837,375 | €795,336 | -€42,039 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €21,677 | €12,951 | -€8,726 | -40.3% |
| Trade debts | 44 | €4,369 | €1,645 | -€2,724 | -62.3% |
| Suppliers | 440/4 | €4,369 | €1,645 | -€2,724 | -62.3% |
| Taxes, remuneration and social security | 45 | €22,030 | €4,142 | -€17,889 | -81.2% |
| Taxes | 450/3 | €22,030 | €4,142 | -€17,889 | -81.2% |
| Other amounts payable | 47/48 | €789,299 | €776,599 | -€12,700 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,465 | €11,628 | -€1,837 | -13.6% |
| Other operating charges | 640/8 | €5,193 | €3,092 | -€2,100 | -40.4% |
| Gross operating margin | 9900 | -€21,352 | €3,708 | +€25,059 | |
| Operating profit (loss) | 9901 | -€40,009 | -€11,013 | +€28,997 | +72.5% |
| Financial charges | 65/66B | €5,286 | €2,824 | -€2,462 | -46.6% |
| Recurring financial charges | 65 | €5,286 | €2,824 | -€2,462 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | -€45,295 | -€13,836 | +€31,459 | +69.5% |
| Income taxes | 67/77 | €186 | €285 | +€98 | +52.7% |
| Profit (loss) for the period | 9904 | -€45,481 | -€14,121 | +€31,360 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,481 | -€14,121 | +€31,360 | +69.0% |
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 25 October 2026 via checked.be.