I.P.V. Management: 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.P.V. Management
Largest movements
- Tangible fixed assets -€9,697
down €9,697 (-6.8%), from €141,671 to €131,974
of which Land and buildings: -€9,697
- Profit (loss) carried forward -€21,971
down €21,971 (-11.7%), from -€187,501 to -€209,471
- Other debts +€12,102
up €12,102 (+6.0%), from €201,002 to €213,104
- Taxes -€759
down €759, from €380 to -€380
- Gross operating margin -€743
down €743 (-7.1%), from -€10,422 to -€11,165
- Depreciation -€539
down €539 (-5.3%), from €10,236 to €9,697
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 | €359,770 | €349,901 | -€9,869 | -2.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €141,671 | €131,974 | -€9,697 | -6.8% |
| Tangible fixed assets | 22/27 | €141,671 | €131,974 | -€9,697 | -6.8% |
| Land and buildings | 22 | €141,671 | €131,974 | -€9,697 | -6.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €218,098 | €217,927 | -€171 | -0.1% |
| Amounts receivable within one year | 40/41 | €0 | €380 | +€380 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €380 | +€380 | |
| Current investments | 50/53 | €213,068 | €213,069 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €5,030 | €4,478 | -€552 | -11.0% |
| Total equity and liabilities | 10/49 | €359,770 | €349,901 | -€9,869 | -2.7% |
| Equity | 10/15 | €158,768 | €136,797 | -€21,971 | -13.8% |
| Contributions | 10/11 | €331,200 | €331,200 | = | 0.0% |
| Capital | 10 | €331,200 | €331,200 | = | 0.0% |
| Issued capital | 100 | €331,200 | €331,200 | = | 0.0% |
| Reserves | 13 | €15,069 | €15,069 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,069 | €15,069 | = | 0.0% |
| Legal reserve | 130 | €15,069 | €15,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,501 | -€209,471 | -€21,971 | -11.7% |
| Amounts payable | 17/49 | €201,002 | €213,104 | +€12,102 | +6.0% |
| Amounts payable within one year | 42/48 | €201,002 | €213,104 | +€12,102 | +6.0% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Other amounts payable | 47/48 | €201,002 | €213,104 | +€12,102 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,236 | €9,697 | -€539 | -5.3% |
| Other operating charges | 640/8 | €2,381 | €2,456 | +€75 | +3.2% |
| Gross operating margin | 9900 | -€10,422 | -€11,165 | -€743 | -7.1% |
| Operating profit (loss) | 9901 | -€23,039 | -€23,318 | -€279 | -1.2% |
| Financial income | 75/76B | €1,272 | €1,268 | -€3 | -0.3% |
| Recurring financial income | 75 | €1,272 | €1,268 | -€3 | -0.3% |
| Financial charges | 65/66B | €301 | €301 | -€0 | -0.1% |
| Recurring financial charges | 65 | €301 | €301 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,068 | -€22,350 | -€282 | -1.3% |
| Income taxes | 67/77 | €380 | -€380 | -€759 | |
| Profit (loss) for the period | 9904 | -€22,448 | -€21,971 | +€477 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,448 | -€21,971 | +€477 | +2.1% |
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 29 October 2026 via checked.be.