IPARCO: 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.
What changed
IPARCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€98,558
2024 · €22,797+€75,762
Equity
€2.5m
2024 · €2.6m-€79,257
Cash
€751,789
2024 · €148,010+€603,778
Balance sheet total
€4.6m
2024 · €4.1m+€504,109
Largest movements
Assets
- Cash +€603,778
up €603,778 (+408%), from €148,010 to €751,789
mainly Other debts (+€715,789) and Depreciation (+€144,552)
- Tangible fixed assets -€109,198
down €109,198 (-10.4%), from €1.0m to €938,635
of which Land and buildings: -€102,585
Equity and liabilities
- Other debts +€715,789
up €715,789 (+66.3%), from €1.1m to €1.8m
- Current portion of long-term debt -€92,341
down €92,341 (-84.2%), from €109,608 to €17,266
- Reserves -€79,257
down €79,257 (-9.0%), from €878,009 to €798,752
of which Distributable reserves: -€52,814
Income statement
- Gross operating margin +€60,114
up €60,114 (+29.7%), from €202,711 to €262,825
- Depreciation -€40,038
down €40,038 (-21.7%), from €184,590 to €144,552
- Financial income -€30,019
down €30,019 (-32.6%), from €92,104 to €62,085
- Financial charges -€20,275
down €20,275 (-25.8%), from €78,700 to €58,425
- Taxes +€14,141
up €14,141 (+422%), from €3,349 to €17,490
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.
Result 2024
€22,797
Gross operating margin
+€60,114
Depreciation
+€40,038
Other operating charges
-€701
Other operating items
-€269
Financial income
-€30,019
Financial charges
+€20,275
Taxes
-€14,141
Deferred taxes and other
+€464
Result 2025
€98,558
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€944,910
Investment
-€35,354
Financing
-€305,778
Cash 2024
€148,010
From operations (derived)
+€944,910
Net result for the year
+€98,558
Depreciation
+€144,552
Stocks and contracts
-€4,081
Receivables within one year
+€17,377
Deferred charges and accrued income
-€22,825
Provisions
-€11,760
Trade debts
+€10,679
Tax, wage and social debts
-€338
Other debts
+€715,789
Accrued charges and deferred income
-€3,042
Investment (derived)
-€35,354
Investment in fixed assets (net)
-€35,354
Financing
-€305,778
Debts after one year
-€35,622
Current portion of long-term debt
-€92,341
Contributions, distributions and other
-€177,815
Cash 2025
€751,789
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,145,276 | €4,649,385 | +€504,109 | +12.2% |
| Fixed assets | 21/28 | €1,664,550 | €1,555,352 | -€109,198 | -6.6% |
| Tangible fixed assets | 22/27 | €1,047,833 | €938,635 | -€109,198 | -10.4% |
| Land and buildings | 22 | €1,033,357 | €930,772 | -€102,585 | -9.9% |
| Plant, machinery and equipment | 23 | €6,607 | €4,574 | -€2,033 | -30.8% |
| Furniture and vehicles | 24 | €7,868 | €3,288 | -€4,580 | -58.2% |
| Financial fixed assets | 28 | €616,718 | €616,718 | = | 0.0% |
| Current assets | 29/58 | €2,480,726 | €3,094,033 | +€613,307 | +24.7% |
| Stocks and contracts in progress | 3 | €229,361 | €233,443 | +€4,081 | +1.8% |
| Stocks | 30/36 | €229,361 | €233,443 | +€4,081 | +1.8% |
| Amounts receivable within one year | 40/41 | €2,092,044 | €2,074,667 | -€17,377 | -0.8% |
| Other amounts receivable | 41 | €2,092,044 | €2,074,667 | -€17,377 | -0.8% |
| Cash at bank and in hand | 54/58 | €148,010 | €751,789 | +€603,778 | +408% |
| Deferred charges and accrued income | 490/1 | €11,310 | €34,136 | +€22,825 | +202% |
| Total equity and liabilities | 10/49 | €4,145,276 | €4,649,385 | +€504,109 | +12.2% |
| Equity | 10/15 | €2,602,766 | €2,523,510 | -€79,257 | -3.0% |
| Contributions | 10/11 | €1,408,113 | €1,408,113 | = | 0.0% |
| Capital | 10 | €1,408,113 | €1,408,113 | = | 0.0% |
| Issued capital | 100 | €1,408,113 | €1,408,113 | = | 0.0% |
| Reserves | 13 | €878,009 | €798,752 | -€79,257 | -9.0% |
| Non-distributable reserves | 130/1 | €120,127 | €127,364 | +€7,237 | +6.0% |
| Legal reserve | 130 | €120,127 | €127,364 | +€7,237 | +6.0% |
| Tax-exempt reserves | 132 | €235,504 | €201,825 | -€33,680 | -14.3% |
| Distributable reserves | 133 | €522,378 | €469,564 | -€52,814 | -10.1% |
| Profit (loss) carried forward | 14 | €316,645 | €316,645 | = | 0.0% |
| Provisions and deferred taxes | 16 | €86,074 | €74,314 | -€11,760 | -13.7% |
| Deferred taxes | 168 | €86,074 | €74,314 | -€11,760 | -13.7% |
| Amounts payable | 17/49 | €1,456,436 | €2,051,562 | +€595,126 | +40.9% |
| Amounts payable after more than one year | 17 | €185,622 | €150,000 | -€35,622 | -19.2% |
| Financial debts | 170/4 | €185,622 | €150,000 | -€35,622 | -19.2% |
| Amounts payable within one year | 42/48 | €1,232,958 | €1,866,747 | +€633,789 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €109,608 | €17,266 | -€92,341 | -84.2% |
| Trade debts | 44 | €11,984 | €22,664 | +€10,679 | +89.1% |
| Suppliers | 440/4 | €11,984 | €22,664 | +€10,679 | +89.1% |
| Taxes, remuneration and social security | 45 | €30,938 | €30,600 | -€338 | -1.1% |
| Taxes | 450/3 | €30,938 | €30,600 | -€338 | -1.1% |
| Other amounts payable | 47/48 | €1,080,427 | €1,796,217 | +€715,789 | +66.3% |
| Accrued charges and deferred income | 492/3 | €37,856 | €34,815 | -€3,042 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,590 | €144,552 | -€40,038 | -21.7% |
| Other operating charges | 640/8 | €16,548 | €17,249 | +€701 | +4.2% |
| Non-recurring operating charges | 66A | €126 | €395 | +€269 | +213% |
| Gross operating margin | 9900 | €202,711 | €262,825 | +€60,114 | +29.7% |
| Operating profit (loss) | 9901 | €1,446 | €100,629 | +€99,183 | +6,860% |
| Financial income | 75/76B | €92,104 | €62,085 | -€30,019 | -32.6% |
| Recurring financial income | 75 | €92,104 | €62,085 | -€30,019 | -32.6% |
| Financial charges | 65/66B | €78,700 | €58,425 | -€20,275 | -25.8% |
| Recurring financial charges | 65 | €78,700 | €58,425 | -€20,275 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €14,849 | €104,289 | +€89,439 | +602% |
| Transfer from deferred taxes | 780 | €11,296 | €11,760 | +€464 | +4.1% |
| Income taxes | 67/77 | €3,349 | €17,490 | +€14,141 | +422% |
| Profit (loss) for the period | 9904 | €22,797 | €98,558 | +€75,762 | +332% |
| Transfer from tax-exempt reserves | 789 | €32,289 | €33,680 | +€1,391 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,085 | €132,238 | +€77,152 | +140% |
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 19 October 2026 via checked.be.