IPAM: 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.
IPAM
Largest movements
- Receivables within one year +€107,582
up €107,582 (+57.3%), from €187,811 to €295,393
of which Other amounts receivable: +€55,075
- Tangible fixed assets -€24,413
down €24,413 (-2.1%), from €1.2m to €1.2m
of which Land and buildings: -€43,753
- Short-term financial debts +€111,423
up €111,423 (+443.9%), from €25,100 to €136,523
of which Credit institutions: +€61,423
- Advances received +€100,000
new in 2025: €100,000
- Reserves +€85,095
up €85,095 (+10.1%), from €841,352 to €926,447
of which Distributable reserves: +€90,142
- Tax, wage and social debts -€78,408
down €78,408 (-77.4%), from €101,240 to €22,833
of which Taxes: -€76,908
- Current portion of long-term debt -€51,471
down €51,471 (-59.5%), from €86,571 to €35,101
- Taxes +€29,300
up €29,300 (+135.3%), from €21,657 to €50,957
- Other operating charges -€11,952
down €11,952 (-76.4%), from €15,651 to €3,699
- Depreciation +€7,283
up €7,283 (+16.3%), from €44,802 to €52,085
- Financial income +€5,251
up €5,251 (+43.9%), from €11,971 to €17,222
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 | €1,646,467 | €1,745,769 | +€99,302 | +6.0% |
| Fixed assets | 21/28 | €1,450,253 | €1,431,942 | -€18,311 | -1.3% |
| Tangible fixed assets | 22/27 | €1,186,777 | €1,162,364 | -€24,413 | -2.1% |
| Land and buildings | 22 | €1,163,208 | €1,119,454 | -€43,753 | -3.8% |
| Plant, machinery and equipment | 23 | €1,492 | €965 | -€527 | -35.3% |
| Furniture and vehicles | 24 | €21,840 | €41,850 | +€20,010 | +91.6% |
| Other tangible fixed assets | 26 | €237 | €95 | -€143 | -60.1% |
| Financial fixed assets | 28 | €263,476 | €269,578 | +€6,103 | +2.3% |
| Current assets | 29/58 | €196,214 | €313,827 | +€117,613 | +59.9% |
| Amounts receivable within one year | 40/41 | €187,811 | €295,393 | +€107,582 | +57.3% |
| Trade receivables | 40 | €16,470 | €68,978 | +€52,508 | +318.8% |
| Other amounts receivable | 41 | €171,341 | €226,416 | +€55,075 | +32.1% |
| Cash at bank and in hand | 54/58 | €1,141 | €1,484 | +€343 | +30.1% |
| Deferred charges and accrued income | 490/1 | €7,263 | €16,950 | +€9,687 | +133.4% |
| Total equity and liabilities | 10/49 | €1,646,467 | €1,745,769 | +€99,302 | +6.0% |
| Equity | 10/15 | €860,352 | €945,447 | +€85,095 | +9.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €841,352 | €926,447 | +€85,095 | +10.1% |
| Tax-exempt reserves | 132 | €73,182 | €68,135 | -€5,047 | -6.9% |
| Distributable reserves | 133 | €768,170 | €858,312 | +€90,142 | +11.7% |
| Provisions and deferred taxes | 16 | €24,394 | €22,712 | -€1,682 | -6.9% |
| Deferred taxes | 168 | €24,394 | €22,712 | -€1,682 | -6.9% |
| Amounts payable | 17/49 | €761,721 | €777,611 | +€15,889 | +2.1% |
| Amounts payable after more than one year | 17 | €357,975 | €322,874 | -€35,101 | -9.8% |
| Financial debts | 170/4 | €357,975 | €322,874 | -€35,101 | -9.8% |
| Amounts payable within one year | 42/48 | €402,696 | €454,737 | +€52,041 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €86,571 | €35,101 | -€51,471 | -59.5% |
| Financial debts | 43 | €25,100 | €136,523 | +€111,423 | +443.9% |
| Credit institutions | 430/8 | €25,100 | €86,523 | +€61,423 | +244.7% |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €51,229 | €22,847 | -€28,382 | -55.4% |
| Suppliers | 440/4 | €51,229 | €22,847 | -€28,382 | -55.4% |
| Advances received on contracts in progress | 46 | - | €100,000 | +€100,000 | |
| Taxes, remuneration and social security | 45 | €101,240 | €22,833 | -€78,408 | -77.4% |
| Taxes | 450/3 | €98,243 | €21,335 | -€76,908 | -78.3% |
| Remuneration and social security | 454/9 | €2,997 | €1,498 | -€1,499 | -50.0% |
| Other amounts payable | 47/48 | €138,555 | €137,433 | -€1,121 | -0.8% |
| Accrued charges and deferred income | 492/3 | €1,051 | - | -€1,051 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,802 | €52,085 | +€7,283 | +16.3% |
| Other operating charges | 640/8 | €15,651 | €3,699 | -€11,952 | -76.4% |
| Non-recurring operating charges | 66A | €10,020 | - | -€10,020 | |
| Gross operating margin | 9900 | €199,920 | €198,419 | -€1,501 | -0.8% |
| Operating profit (loss) | 9901 | €129,447 | €142,634 | +€13,188 | +10.2% |
| Financial income | 75/76B | €11,971 | €17,222 | +€5,251 | +43.9% |
| Recurring financial income | 75 | €11,971 | €17,222 | +€5,251 | +43.9% |
| Financial charges | 65/66B | €24,692 | €25,487 | +€795 | +3.2% |
| Recurring financial charges | 65 | €24,692 | €25,487 | +€795 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €116,726 | €134,370 | +€17,644 | +15.1% |
| Transfer from deferred taxes | 780 | €1,682 | €1,682 | = | 0.0% |
| Income taxes | 67/77 | €21,657 | €50,957 | +€29,300 | +135.3% |
| Profit (loss) for the period | 9904 | €96,752 | €85,095 | -€11,656 | -12.0% |
| Transfer from tax-exempt reserves | 789 | €5,047 | €5,047 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,799 | €90,142 | -€11,656 | -11.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.