IPC-GHG: 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.
IPC-GHG
Largest movements
- Intangible fixed assets -€14,290
down €14,290 (-33.9%), from €42,214 to €27,924
- Tangible fixed assets -€10,560
down €10,560 (-82.6%), from €12,781 to €2,221
- Receivables within one year -€5,369
down €5,369 (-99.2%), from €5,412 to €43
of which Trade receivables: -€4,583
- Cash +€4,870
up €4,870 (+63.8%), from €7,639 to €12,509
mainly Net result for the year (+€18,126) and Depreciation (+€15,648)
- Other debts -€39,587
down €39,587 (-55.7%), from €71,032 to €31,446
- Profit (loss) carried forward +€18,126
up €18,126, from -€12,737 to €5,389
- Current portion of long-term debt -€4,035
no longer reported in 2025 (was €4,035)
- Gross operating margin +€20,559
up €20,559 (+120%), from €17,158 to €37,717
- Depreciation -€5,271
down €5,271 (-25.2%), from €20,918 to €15,648
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,343 | €42,968 | -€25,375 | -37.1% |
| Fixed assets | 21/28 | €54,994 | €30,144 | -€24,850 | -45.2% |
| Intangible fixed assets | 21 | €42,214 | €27,924 | -€14,290 | -33.9% |
| Tangible fixed assets | 22/27 | €12,781 | €2,221 | -€10,560 | -82.6% |
| Furniture and vehicles | 24 | €12,781 | €2,221 | -€10,560 | -82.6% |
| Current assets | 29/58 | €13,349 | €12,824 | -€526 | -3.9% |
| Amounts receivable within one year | 40/41 | €5,412 | €43 | -€5,369 | -99.2% |
| Trade receivables | 40 | €4,626 | €43 | -€4,583 | -99.1% |
| Other amounts receivable | 41 | €786 | - | -€786 | |
| Cash at bank and in hand | 54/58 | €7,639 | €12,509 | +€4,870 | +63.8% |
| Deferred charges and accrued income | 490/1 | €299 | €272 | -€26 | -8.8% |
| Total equity and liabilities | 10/49 | €68,343 | €42,968 | -€25,375 | -37.1% |
| Equity | 10/15 | -€7,737 | €10,389 | +€18,126 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,737 | €5,389 | +€18,126 | |
| Amounts payable | 17/49 | €76,081 | €32,579 | -€43,501 | -57.2% |
| Amounts payable within one year | 42/48 | €76,081 | €32,579 | -€43,501 | -57.2% |
| Current portion of amounts payable after more than one year | 42 | €4,035 | - | -€4,035 | |
| Trade debts | 44 | €852 | €499 | -€353 | -41.5% |
| Suppliers | 440/4 | €852 | €499 | -€353 | -41.5% |
| Taxes, remuneration and social security | 45 | €162 | €635 | +€474 | +293% |
| Taxes | 450/3 | €162 | €635 | +€474 | +293% |
| Other amounts payable | 47/48 | €71,032 | €31,446 | -€39,587 | -55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,918 | €15,648 | -€5,271 | -25.2% |
| Other operating charges | 640/8 | €485 | €501 | +€16 | +3.2% |
| Non-recurring operating charges | 66A | - | €2,953 | +€2,953 | |
| Gross operating margin | 9900 | €17,158 | €37,717 | +€20,559 | +120% |
| Operating profit (loss) | 9901 | -€4,245 | €18,616 | +€22,861 | |
| Financial income | 75/76B | €3 | €5 | +€2 | +54.3% |
| Recurring financial income | 75 | €3 | €5 | +€2 | +54.3% |
| Financial charges | 65/66B | €353 | €378 | +€25 | +7.0% |
| Recurring financial charges | 65 | €353 | €378 | +€25 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,594 | €18,243 | +€22,838 | |
| Income taxes | 67/77 | €140 | €117 | -€22 | -16.0% |
| Profit (loss) for the period | 9904 | -€4,734 | €18,126 | +€22,860 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,734 | €18,126 | +€22,860 |
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.