IPAGRO: 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.
IPAGRO
Largest movements
- Cash -€347,987
down €347,987 (-88.6%), from €392,930 to €44,943
mainly Current investments (-€325,000) and Accrued charges and deferred income (-€34,000)
- Current investments +€325,000
new in 2025: €325,000
- Accrued charges and deferred income -€34,000
down €34,000 (-68.0%), from €50,000 to €16,000
- Financial charges -€5,999
down €5,999 (-27.2%), from €22,053 to €16,054
- Financial income -€5,421
down €5,421 (-64.9%), from €8,350 to €2,930
- Gross operating margin -€2,019
down €2,019 (-8.2%), from €24,706 to €22,688
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 | €1,072,043 | €1,044,999 | -€27,044 | -2.5% |
| Fixed assets | 21/28 | €647,274 | €647,274 | = | 0.0% |
| Tangible fixed assets | 22/27 | €647,274 | €647,274 | = | 0.0% |
| Land and buildings | 22 | €647,274 | €647,274 | = | 0.0% |
| Current assets | 29/58 | €424,769 | €397,725 | -€27,044 | -6.4% |
| Stocks and contracts in progress | 3 | €15,180 | €15,180 | = | 0.0% |
| Stocks | 30/36 | €15,180 | €15,180 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,262 | €879 | -€1,383 | -61.1% |
| Trade receivables | 40 | - | €879 | +€879 | |
| Other amounts receivable | 41 | €2,262 | - | -€2,262 | |
| Current investments | 50/53 | - | €325,000 | +€325,000 | |
| Cash at bank and in hand | 54/58 | €392,930 | €44,943 | -€347,987 | -88.6% |
| Deferred charges and accrued income | 490/1 | €14,397 | €11,724 | -€2,674 | -18.6% |
| Total equity and liabilities | 10/49 | €1,072,043 | €1,044,999 | -€27,044 | -2.5% |
| Equity | 10/15 | €222,043 | €228,999 | +€6,956 | +3.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €79,198 | €79,198 | = | 0.0% |
| Distributable reserves | 133 | €79,198 | €79,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,156 | -€50,200 | +€6,956 | +12.2% |
| Amounts payable | 17/49 | €850,000 | €816,000 | -€34,000 | -4.0% |
| Amounts payable after more than one year | 17 | €800,000 | €800,000 | = | 0.0% |
| Financial debts | 170/4 | €800,000 | €800,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €50,000 | €16,000 | -€34,000 | -68.0% |
| Other operating charges | 640/8 | €2,547 | €2,607 | +€60 | +2.4% |
| Gross operating margin | 9900 | €24,706 | €22,688 | -€2,019 | -8.2% |
| Operating profit (loss) | 9901 | €22,160 | €20,080 | -€2,079 | -9.4% |
| Financial income | 75/76B | €8,350 | €2,930 | -€5,421 | -64.9% |
| Recurring financial income | 75 | €8,350 | €2,930 | -€5,421 | -64.9% |
| Financial charges | 65/66B | €22,053 | €16,054 | -€5,999 | -27.2% |
| Recurring financial charges | 65 | €22,053 | €16,054 | -€5,999 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €8,457 | €6,956 | -€1,501 | -17.8% |
| Profit (loss) for the period | 9904 | €8,457 | €6,956 | -€1,501 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,457 | €6,956 | -€1,501 | -17.8% |
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 9 October 2026 via checked.be.