INDUSTRIAL PACKAGING SOLUTIONS: 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.
INDUSTRIAL PACKAGING SOLUTIONS
Largest movements
- Current investments -€1.2m
down €1.2m (-96.1%), from €1.3m to €50,000
- Cash +€121,603
up €121,603 (+28.5%), from €426,739 to €548,342
mainly Current investments (+€1.2m) and Receivables after one year (+€120,000)
- Receivables after one year -€120,000
down €120,000 (-5.9%), from €2.0m to €1.9m
- Tangible fixed assets -€78,559
down €78,559 (-9.1%), from €860,863 to €782,303
of which Land and buildings: -€54,312
- Other debts -€998,043
down €998,043 (-86.2%), from €1.2m to €160,290
- Reserves -€280,267
down €280,267 (-8.6%), from €3.3m to €3.0m
- Debts after one year -€56,491
down €56,491 (-30.1%), from €187,866 to €131,374
- Financial income -€112,311
down €112,311 (-49.7%), from €226,076 to €113,764
- Taxes -€52,838
down €52,838 (-64.1%), from €82,377 to €29,539
- Financial charges +€50,482
up €50,482 (+86.5%), from €58,355 to €108,837
- Gross operating margin -€29,729
down €29,729 (-18.0%), from €165,623 to €135,893
- Depreciation +€6,378
up €6,378 (+6.9%), from €92,112 to €98,490
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.
Cash bridge derived
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 | €4,783,481 | €3,429,669 | -€1.4m | -28.3% |
| Fixed assets | 21/28 | €860,938 | €782,379 | -€78,559 | -9.1% |
| Tangible fixed assets | 22/27 | €860,863 | €782,303 | -€78,559 | -9.1% |
| Land and buildings | 22 | €735,010 | €680,697 | -€54,312 | -7.4% |
| Furniture and vehicles | 24 | €125,853 | €99,126 | -€26,727 | -21.2% |
| Other tangible fixed assets | 26 | - | €2,480 | +€2,480 | |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €3,922,543 | €2,647,290 | -€1.3m | -32.5% |
| Amounts receivable after more than one year | 29 | €2,025,800 | €1,905,800 | -€120,000 | -5.9% |
| Other amounts receivable | 291 | €2,025,800 | €1,905,800 | -€120,000 | -5.9% |
| Amounts receivable within one year | 40/41 | €113,626 | €93,884 | -€19,742 | -17.4% |
| Trade receivables | 40 | €57,486 | €36,426 | -€21,060 | -36.6% |
| Other amounts receivable | 41 | €56,140 | €57,458 | +€1,318 | +2.3% |
| Current investments | 50/53 | €1,298,604 | €50,000 | -€1.2m | -96.1% |
| Cash at bank and in hand | 54/58 | €426,739 | €548,342 | +€121,603 | +28.5% |
| Deferred charges and accrued income | 490/1 | €57,774 | €49,264 | -€8,510 | -14.7% |
| Total equity and liabilities | 10/49 | €4,783,481 | €3,429,669 | -€1.4m | -28.3% |
| Equity | 10/15 | €3,298,072 | €3,017,805 | -€280,267 | -8.5% |
| Contributions | 10/11 | €29,600 | €29,600 | = | 0.0% |
| Reserves | 13 | €3,268,472 | €2,988,205 | -€280,267 | -8.6% |
| Distributable reserves | 133 | €3,268,472 | €2,988,205 | -€280,267 | -8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,485,410 | €411,864 | -€1.1m | -72.3% |
| Amounts payable after more than one year | 17 | €187,866 | €131,374 | -€56,491 | -30.1% |
| Financial debts | 170/4 | €187,866 | €131,374 | -€56,491 | -30.1% |
| Amounts payable within one year | 42/48 | €1,294,152 | €277,204 | -€1.0m | -78.6% |
| Current portion of amounts payable after more than one year | 42 | €59,920 | €61,148 | +€1,228 | +2.0% |
| Financial debts | 43 | €0 | €7,575 | +€7,575 | |
| Credit institutions | 430/8 | €0 | €7,575 | +€7,575 | |
| Trade debts | 44 | €21,185 | €7,646 | -€13,539 | -63.9% |
| Suppliers | 440/4 | €21,185 | €7,646 | -€13,539 | -63.9% |
| Taxes, remuneration and social security | 45 | €54,714 | €40,546 | -€14,168 | -25.9% |
| Taxes | 450/3 | €54,668 | €37,380 | -€17,288 | -31.6% |
| Remuneration and social security | 454/9 | €46 | €3,166 | +€3,120 | +6817.2% |
| Other amounts payable | 47/48 | €1,158,333 | €160,290 | -€998,043 | -86.2% |
| Accrued charges and deferred income | 492/3 | €3,392 | €3,286 | -€106 | -3.1% |
| Non-recurring operating income | 76A | €18,551 | €0 | -€18,551 | -100.0% |
| Remuneration, social security and pensions | 62 | €11,020 | €9,602 | -€1,418 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,112 | €98,490 | +€6,378 | +6.9% |
| Other operating charges | 640/8 | €6,464 | €2,177 | -€4,287 | -66.3% |
| Gross operating margin | 9900 | €165,623 | €135,893 | -€29,729 | -18.0% |
| Operating profit (loss) | 9901 | €56,027 | €25,624 | -€30,403 | -54.3% |
| Financial income | 75/76B | €226,076 | €113,764 | -€112,311 | -49.7% |
| Recurring financial income | 75 | €226,076 | €113,764 | -€112,311 | -49.7% |
| Financial charges | 65/66B | €58,355 | €108,837 | +€50,482 | +86.5% |
| Recurring financial charges | 65 | €58,355 | €108,837 | +€50,482 | +86.5% |
| Profit (loss) for the period before taxes | 9903 | €223,747 | €30,552 | -€193,196 | -86.3% |
| Income taxes | 67/77 | €82,377 | €29,539 | -€52,838 | -64.1% |
| Profit (loss) for the period | 9904 | €141,371 | €1,012 | -€140,358 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €141,371 | €1,012 | -€140,358 | -99.3% |
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 11 October 2026 via checked.be.