IPAS: 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.
IPAS
Largest movements
- Receivables within one year +€74,820
up €74,820 (+6093.0%), from €1,228 to €76,048
of which Trade receivables: +€54,400
- Financial fixed assets -€45,285
down €45,285 (-100.0%), from €45,285 to €0
- Cash -€6,453
down €6,453 (-17.2%), from €37,505 to €31,052
mainly Net result for the year (-€105,464) and Receivables within one year (-€74,820)
- Profit (loss) carried forward -€105,464
down €105,464 (-167.7%), from -€62,901 to -€168,364
- Trade debts +€87,279
up €87,279 (+2790.4%), from €3,128 to €90,406
- Accrued charges and deferred income +€37,250
new in 2025: €37,250
- Other debts +€4,619
up €4,619 (+32.1%), from €14,383 to €19,002
- Financial charges +€45,752
up €45,752 (+22423.0%), from €204 to €45,956
of which Non-recurring financial charges: +€45,000
- Gross operating margin -€24,105
down €24,105 (-178.4%), from -€13,511 to -€37,616
- Other operating charges +€833
up €833 (+1343.3%), from €62 to €895
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 | €84,732 | €108,417 | +€23,685 | +28.0% |
| Fixed assets | 21/28 | €45,999 | €1,316 | -€44,683 | -97.1% |
| Tangible fixed assets | 22/27 | €714 | €1,316 | +€602 | +84.4% |
| Plant, machinery and equipment | 23 | €714 | €127 | -€587 | -82.2% |
| Furniture and vehicles | 24 | - | €1,189 | +€1,189 | |
| Financial fixed assets | 28 | €45,285 | €0 | -€45,285 | -100.0% |
| Current assets | 29/58 | €38,733 | €107,100 | +€68,367 | +176.5% |
| Amounts receivable within one year | 40/41 | €1,228 | €76,048 | +€74,820 | +6093.0% |
| Trade receivables | 40 | €688 | €55,089 | +€54,400 | +7904.9% |
| Other amounts receivable | 41 | €540 | €20,960 | +€20,420 | +3783.0% |
| Cash at bank and in hand | 54/58 | €37,505 | €31,052 | -€6,453 | -17.2% |
| Total equity and liabilities | 10/49 | €84,732 | €108,417 | +€23,685 | +28.0% |
| Equity | 10/15 | €67,222 | -€38,242 | -€105,464 | |
| Contributions | 10/11 | €127,000 | €127,000 | = | 0.0% |
| Capital | 10 | €127,000 | €127,000 | = | 0.0% |
| Issued capital | 100 | €127,000 | €127,000 | = | 0.0% |
| Reserves | 13 | €3,122 | €3,122 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €24 | €24 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,901 | -€168,364 | -€105,464 | -167.7% |
| Amounts payable | 17/49 | €17,510 | €146,659 | +€129,148 | +737.6% |
| Amounts payable within one year | 42/48 | €17,510 | €109,408 | +€91,898 | +524.8% |
| Trade debts | 44 | €3,128 | €90,406 | +€87,279 | +2790.4% |
| Suppliers | 440/4 | €3,128 | €90,406 | +€87,279 | +2790.4% |
| Other amounts payable | 47/48 | €14,383 | €19,002 | +€4,619 | +32.1% |
| Accrued charges and deferred income | 492/3 | - | €37,250 | +€37,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €431 | €606 | +€175 | +40.7% |
| Other operating charges | 640/8 | €62 | €895 | +€833 | +1343.3% |
| Non-recurring operating charges | 66A | - | €20,391 | +€20,391 | |
| Gross operating margin | 9900 | -€13,511 | -€37,616 | -€24,105 | -178.4% |
| Operating profit (loss) | 9901 | -€14,004 | -€59,508 | -€45,504 | -324.9% |
| Financial income | 75/76B | €18 | €0 | -€18 | -99.5% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -99.5% |
| Financial charges | 65/66B | €204 | €45,956 | +€45,752 | +22423.0% |
| Recurring financial charges | 65 | €204 | €956 | +€752 | +368.5% |
| Non-recurring financial charges | 66B | - | €45,000 | +€45,000 | |
| Profit (loss) for the period before taxes | 9903 | -€14,190 | -€105,464 | -€91,274 | -643.3% |
| Income taxes | 67/77 | -€4 | €0 | +€4 | |
| Profit (loss) for the period | 9904 | -€14,185 | -€105,464 | -€91,278 | -643.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,185 | -€105,464 | -€91,278 | -643.5% |
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 2 October 2026 via checked.be.