Iepamag: 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.
Iepamag
Largest movements
- Receivables within one year -€92,711
down €92,711 (-50.6%), from €183,287 to €90,576
- Tangible fixed assets -€77,626
down €77,626 (-4.8%), from €1.6m to €1.5m
- Profit (loss) carried forward -€99,181
down €99,181 (-16.2%), from €611,317 to €512,136
- Reserves -€49,186
down €49,186 (-4.7%), from €1.0m to €986,765
of which Tax-exempt reserves: -€49,186
- Taxes +€41,316
up €41,316 (+130%), from €31,884 to €73,200
- Gross operating margin -€34,903
down €34,903 (-39.8%), from €87,648 to €52,745
- Write-downs +€24,369
new in 2025: €24,369
- Other operating charges -€2,950
down €2,950 (-25.0%), from €11,796 to €8,846
- Financial charges -€1,596
down €1,596 (-77.4%), from €2,062 to €466
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 | €2,035,496 | €1,873,120 | -€162,376 | -8.0% |
| Fixed assets | 21/28 | €1,608,653 | €1,531,027 | -€77,626 | -4.8% |
| Tangible fixed assets | 22/27 | €1,608,491 | €1,530,865 | -€77,626 | -4.8% |
| Land and buildings | 22 | €1,608,491 | €1,530,865 | -€77,626 | -4.8% |
| Financial fixed assets | 28 | €162 | €162 | = | 0.0% |
| Current assets | 29/58 | €426,843 | €342,093 | -€84,750 | -19.9% |
| Amounts receivable after more than one year | 29 | €16,700 | €9,500 | -€7,200 | -43.1% |
| Other amounts receivable | 291 | €16,700 | €9,500 | -€7,200 | -43.1% |
| Amounts receivable within one year | 40/41 | €183,287 | €90,576 | -€92,711 | -50.6% |
| Other amounts receivable | 41 | €183,287 | €90,576 | -€92,711 | -50.6% |
| Cash at bank and in hand | 54/58 | €180,914 | €194,085 | +€13,171 | +7.3% |
| Deferred charges and accrued income | 490/1 | €45,942 | €47,932 | +€1,991 | +4.3% |
| Total equity and liabilities | 10/49 | €2,035,496 | €1,873,120 | -€162,376 | -8.0% |
| Equity | 10/15 | €1,708,767 | €1,560,401 | -€148,367 | -8.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,035,951 | €986,765 | -€49,186 | -4.7% |
| Non-distributable reserves | 130/1 | €23,426 | €23,426 | = | 0.0% |
| Legal reserve | 130 | €23,426 | €23,426 | = | 0.0% |
| Tax-exempt reserves | 132 | €938,890 | €889,704 | -€49,186 | -5.2% |
| Distributable reserves | 133 | €73,635 | €73,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | €611,317 | €512,136 | -€99,181 | -16.2% |
| Provisions and deferred taxes | 16 | €306,662 | €290,267 | -€16,395 | -5.3% |
| Deferred taxes | 168 | €306,662 | €290,267 | -€16,395 | -5.3% |
| Amounts payable | 17/49 | €20,066 | €22,453 | +€2,386 | +11.9% |
| Amounts payable within one year | 42/48 | €20,019 | €22,215 | +€2,196 | +11.0% |
| Trade debts | 44 | €537 | €1,432 | +€895 | +166% |
| Suppliers | 440/4 | €537 | €1,432 | +€895 | +166% |
| Taxes, remuneration and social security | 45 | €19,481 | €20,783 | +€1,301 | +6.7% |
| Taxes | 450/3 | €19,481 | €20,783 | +€1,301 | +6.7% |
| Accrued charges and deferred income | 492/3 | €48 | €238 | +€190 | +400% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,626 | €77,626 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,369 | +€24,369 | |
| Other operating charges | 640/8 | €11,796 | €8,846 | -€2,950 | -25.0% |
| Gross operating margin | 9900 | €87,648 | €52,745 | -€34,903 | -39.8% |
| Operating profit (loss) | 9901 | -€1,774 | -€58,096 | -€56,322 | -3,174% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,062 | €466 | -€1,596 | -77.4% |
| Recurring financial charges | 65 | €2,062 | €466 | -€1,596 | -77.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,836 | -€58,562 | -€54,726 | -1,427% |
| Transfer from deferred taxes | 780 | €16,395 | €16,395 | = | 0.0% |
| Income taxes | 67/77 | €31,884 | €73,200 | +€41,316 | +130% |
| Profit (loss) for the period | 9904 | -€19,325 | -€115,367 | -€96,042 | -497% |
| Transfer from tax-exempt reserves | 789 | €49,186 | €49,186 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,861 | -€66,181 | -€96,042 |
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 30 October 2026 via checked.be.