IPAQ: what changed
Two fiscal 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.
IPAQ
Largest movements
- Tangible fixed assets -€41,759
down €41,759 (-5.2%), from €807,431 to €765,672
of which Land and buildings: -€39,861
- Debts after one year -€103,364
down €103,364 (-19.3%), from €535,262 to €431,898
- Current portion of long-term debt +€34,153
up €34,153 (+12.9%), from €265,619 to €299,772
- Profit (loss) carried forward +€28,785
up €28,785 (+62.9%), from €45,751 to €74,536
- Gross operating margin +€29,172
up €29,172 (+40.6%), from €71,890 to €101,062
- Taxes +€6,162
up €6,162 (+175.4%), from €3,512 to €9,674
- Depreciation +€2,407
up €2,407 (+5.8%), from €41,421 to €43,829
- Financial charges +€1,280
up €1,280 (+13.1%), from €9,800 to €11,079
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 | €899,638 | €856,196 | -€43,442 | -4.8% |
| Fixed assets | 21/28 | €807,431 | €765,672 | -€41,759 | -5.2% |
| Tangible fixed assets | 22/27 | €807,431 | €765,672 | -€41,759 | -5.2% |
| Land and buildings | 22 | €793,627 | €753,766 | -€39,861 | -5.0% |
| Furniture and vehicles | 24 | €387 | - | -€387 | |
| Other tangible fixed assets | 26 | €13,417 | €11,906 | -€1,511 | -11.3% |
| Current assets | 29/58 | €92,207 | €90,524 | -€1,683 | -1.8% |
| Cash at bank and in hand | 54/58 | €1,723 | €6,062 | +€4,338 | +251.8% |
| Deferred charges and accrued income | 490/1 | €90,484 | €84,462 | -€6,022 | -6.7% |
| Total equity and liabilities | 10/49 | €899,638 | €856,196 | -€43,442 | -4.8% |
| Equity | 10/15 | €64,351 | €93,136 | +€28,785 | +44.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,751 | €74,536 | +€28,785 | +62.9% |
| Amounts payable | 17/49 | €835,287 | €763,060 | -€72,227 | -8.6% |
| Amounts payable after more than one year | 17 | €535,262 | €431,898 | -€103,364 | -19.3% |
| Financial debts | 170/4 | €535,262 | €431,898 | -€103,364 | -19.3% |
| Amounts payable within one year | 42/48 | €297,816 | €330,828 | +€33,012 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €265,619 | €299,772 | +€34,153 | +12.9% |
| Trade debts | 44 | €7,268 | - | -€7,268 | |
| Suppliers | 440/4 | €7,268 | - | -€7,268 | |
| Taxes, remuneration and social security | 45 | - | €3,625 | +€3,625 | |
| Taxes | 450/3 | - | €3,625 | +€3,625 | |
| Other amounts payable | 47/48 | €24,930 | €27,432 | +€2,502 | +10.0% |
| Accrued charges and deferred income | 492/3 | €2,209 | €334 | -€1,875 | -84.9% |
| Non-recurring operating income | 76A | €121 | - | -€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,421 | €43,829 | +€2,407 | +5.8% |
| Other operating charges | 640/8 | €8,042 | €7,695 | -€346 | -4.3% |
| Gross operating margin | 9900 | €71,890 | €101,062 | +€29,172 | +40.6% |
| Operating profit (loss) | 9901 | €22,427 | €49,538 | +€27,111 | +120.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €9,800 | €11,079 | +€1,280 | +13.1% |
| Recurring financial charges | 65 | €9,800 | €11,079 | +€1,280 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €12,628 | €38,459 | +€25,832 | +204.6% |
| Income taxes | 67/77 | €3,512 | €9,674 | +€6,162 | +175.4% |
| Profit (loss) for the period | 9904 | €9,115 | €28,785 | +€19,670 | +215.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,115 | €28,785 | +€19,670 | +215.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.