IP CONVERGENCE: 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.
IP CONVERGENCE
Largest movements
- Cash +€76,182
up €76,182 (+190%), from €40,008 to €116,190
mainly Net result for the year (+€44,834) and Depreciation (+€35,278)
- Current investments -€29,730
down €29,730 (-19.5%), from €152,461 to €122,731
- Receivables within one year -€25,588
down €25,588 (-83.5%), from €30,642 to €5,054
of which Trade receivables: -€23,812
- Tangible fixed assets -€22,882
down €22,882 (-3.6%), from €643,794 to €620,912
of which Land and buildings: -€19,040
- Debts after one year -€43,307
down €43,307 (-11.5%), from €377,207 to €333,899
- Reserves +€19,682
up €19,682 (+25.5%), from €77,207 to €96,888
- Other debts +€9,675
up €9,675 (+69.1%), from €14,000 to €23,675
- Tax, wage and social debts +€9,351
up €9,351 (+78.6%), from €11,892 to €21,243
of which Taxes: +€9,035
- Gross operating margin +€12,374
up €12,374 (+12.4%), from €99,808 to €112,182
- Taxes +€5,796
up €5,796 (+43.8%), from €13,233 to €19,029
- Financial charges -€2,197
down €2,197 (-15.1%), from €14,527 to €12,330
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 | €869,866 | €865,037 | -€4,829 | -0.6% |
| Fixed assets | 21/28 | €643,864 | €620,982 | -€22,882 | -3.6% |
| Tangible fixed assets | 22/27 | €643,794 | €620,912 | -€22,882 | -3.6% |
| Land and buildings | 22 | €625,637 | €606,596 | -€19,040 | -3.0% |
| Plant, machinery and equipment | 23 | €15,657 | €11,290 | -€4,367 | -27.9% |
| Furniture and vehicles | 24 | €2,500 | €3,026 | +€525 | +21.0% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €226,002 | €244,056 | +€18,054 | +8.0% |
| Amounts receivable within one year | 40/41 | €30,642 | €5,054 | -€25,588 | -83.5% |
| Trade receivables | 40 | €28,866 | €5,054 | -€23,812 | -82.5% |
| Other amounts receivable | 41 | €1,776 | - | -€1,776 | |
| Current investments | 50/53 | €152,461 | €122,731 | -€29,730 | -19.5% |
| Cash at bank and in hand | 54/58 | €40,008 | €116,190 | +€76,182 | +190% |
| Deferred charges and accrued income | 490/1 | €2,890 | €80 | -€2,810 | -97.2% |
| Total equity and liabilities | 10/49 | €869,866 | €865,037 | -€4,829 | -0.6% |
| Equity | 10/15 | €418,874 | €438,555 | +€19,682 | +4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €77,207 | €96,888 | +€19,682 | +25.5% |
| Distributable reserves | 133 | €77,207 | €96,888 | +€19,682 | +25.5% |
| Profit (loss) carried forward | 14 | €329,267 | €329,267 | = | 0.0% |
| Amounts payable | 17/49 | €450,992 | €426,482 | -€24,510 | -5.4% |
| Amounts payable after more than one year | 17 | €377,207 | €333,899 | -€43,307 | -11.5% |
| Financial debts | 170/4 | €377,207 | €333,899 | -€43,307 | -11.5% |
| Amounts payable within one year | 42/48 | €73,786 | €92,583 | +€18,797 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | €42,086 | €43,307 | +€1,222 | +2.9% |
| Trade debts | 44 | €5,808 | €4,357 | -€1,451 | -25.0% |
| Suppliers | 440/4 | €5,808 | €4,357 | -€1,451 | -25.0% |
| Taxes, remuneration and social security | 45 | €11,892 | €21,243 | +€9,351 | +78.6% |
| Taxes | 450/3 | €9,732 | €18,768 | +€9,035 | +92.8% |
| Remuneration and social security | 454/9 | €2,160 | €2,476 | +€316 | +14.6% |
| Other amounts payable | 47/48 | €14,000 | €23,675 | +€9,675 | +69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,118 | €35,278 | +€160 | +0.5% |
| Other operating charges | 640/8 | €3,129 | €3,834 | +€704 | +22.5% |
| Gross operating margin | 9900 | €99,808 | €112,182 | +€12,374 | +12.4% |
| Operating profit (loss) | 9901 | €61,560 | €73,071 | +€11,510 | +18.7% |
| Financial income | 75/76B | €2,303 | €3,123 | +€820 | +35.6% |
| Recurring financial income | 75 | €2,303 | €3,123 | +€820 | +35.6% |
| Financial charges | 65/66B | €14,527 | €12,330 | -€2,197 | -15.1% |
| Recurring financial charges | 65 | €14,527 | €12,330 | -€2,197 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €49,337 | €63,864 | +€14,527 | +29.4% |
| Income taxes | 67/77 | €13,233 | €19,029 | +€5,796 | +43.8% |
| Profit (loss) for the period | 9904 | €36,103 | €44,834 | +€8,731 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,103 | €44,834 | +€8,731 | +24.2% |
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 15 October 2026 via checked.be.