IPCOM: 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.
What changed
IPCOM
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€10.8m
2024 · -€7.3m-€3.5m
Equity
€86.4m
2024 · €66.9m+€19.4m
Cash
€27.0m
2024 · €11.3m+€15.7m
Balance sheet total
€487.5m
2024 · €329.4m+€158.2m
Largest movements
Assets
- Financial fixed assets +€121.6m
up €121.6m (+43.4%), from €280.2m to €401.7m
of which Affiliated companies: +€121.4m
- Receivables within one year +€20.4m
up €20.4m (+54.7%), from €37.4m to €57.8m
of which Other amounts receivable: +€16.0m
- Cash +€15.7m
up €15.7m (+139.2%), from €11.3m to €27.0m
mainly Debts after one year (+€91.0m) and Other debts (+€37.3m)
Equity and liabilities
- Debts after one year +€91.0m
up €91.0m (+45.7%), from €199.2m to €290.2m
- Other debts +€37.3m
up €37.3m (+70.1%), from €53.3m to €90.6m
- Contributions +€30.2m
up €30.2m (+60.8%), from €49.6m to €79.8m
- Reserves -€10.8m
down €10.8m (-62.2%), from €17.3m to €6.5m
of which Distributable reserves: -€10.8m
- Current portion of long-term debt +€6.3m
up €6.3m (+169.2%), from €3.7m to €10.0m
Income statement
- Financial charges +€14.0m
up €14.0m (+90.8%), from €15.4m to €29.4m
- Financial income +€10.6m
up €10.6m (+114.6%), from €9.3m to €19.9m
of which Financial income: +€10.6m
- Services and other goods +€3.0m
up €3.0m (+32.8%), from €9.0m to €12.0m
- Turnover +€2.5m
up €2.5m (+37.0%), from €6.8m to €9.4m
- Other operating income +€1.1m
up €1.1m (+38.3%), from €2.7m to €3.8m
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
-€7.3m
Turnover
+€2.5m
Other operating income
+€1.1m
Services and other goods
-€3.0m
Staff costs
-€596,855
Depreciation
-€1,017
Other operating charges
-€87,938
Other operating items
+€844
Financial income
+€10.6m
Financial charges
-€14.0m
Taxes
+€3,658
Result 2025
-€10.8m
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.
From operations
+€10.0m
Investment
-€121.7m
Financing
+€127.5m
Cash 2024
€11.3m
From operations (derived)
+€10.0m
Net result for the year
-€10.8m
Depreciation
+€79,749
Receivables within one year
-€20.4m
Deferred charges and accrued income
-€357,150
Trade debts
+€2.0m
Tax, wage and social debts
+€198,569
Other debts
+€37.3m
Accrued charges and deferred income
+€1.9m
Investment (derived)
-€121.7m
Investment in fixed assets (net)
-€121.7m
Financing
+€127.5m
Debts after one year
+€91.0m
Current portion of long-term debt
+€6.3m
Contributions, distributions and other
+€30.2m
Cash 2025
€27.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €329,378,519 | €487,535,677 | +€158.2m | +48.0% |
| Fixed assets | 21/28 | €280,359,873 | €402,028,123 | +€121.7m | +43.4% |
| Intangible fixed assets | 21 | €23,792 | €153,356 | +€129,564 | +544.6% |
| Tangible fixed assets | 22/27 | €144,403 | €127,538 | -€16,865 | -11.7% |
| Furniture and vehicles | 24 | €38,555 | €42,044 | +€3,488 | +9.0% |
| Other tangible fixed assets | 26 | €105,848 | €85,494 | -€20,354 | -19.2% |
| Financial fixed assets | 28 | €280,191,678 | €401,747,229 | +€121.6m | +43.4% |
| Affiliated companies | 280/1 | €279,404,773 | €400,756,695 | +€121.4m | +43.4% |
| Participating interests | 280 | €136,675,922 | €224,159,206 | +€87.5m | +64.0% |
| Amounts receivable | 281 | €142,728,851 | €176,597,488 | +€33.9m | +23.7% |
| Other financial fixed assets | 284/8 | €786,905 | €990,534 | +€203,629 | +25.9% |
| Amounts receivable and cash guarantees | 285/8 | €786,905 | €990,534 | +€203,629 | +25.9% |
| Current assets | 29/58 | €49,018,645 | €85,507,554 | +€36.5m | +74.4% |
| Amounts receivable within one year | 40/41 | €37,368,939 | €57,798,937 | +€20.4m | +54.7% |
| Trade receivables | 40 | €2,986,099 | €7,393,405 | +€4.4m | +147.6% |
| Other amounts receivable | 41 | €34,382,840 | €50,405,531 | +€16.0m | +46.6% |
| Cash at bank and in hand | 54/58 | €11,283,494 | €26,985,255 | +€15.7m | +139.2% |
| Deferred charges and accrued income | 490/1 | €366,213 | €723,362 | +€357,150 | +97.5% |
| Total equity and liabilities | 10/49 | €329,378,519 | €487,535,677 | +€158.2m | +48.0% |
| Equity | 10/15 | €66,936,701 | €86,361,584 | +€19.4m | +29.0% |
| Contributions | 10/11 | €49,627,405 | €79,822,405 | +€30.2m | +60.8% |
| Capital | 10 | €49,627,405 | €79,822,405 | +€30.2m | +60.8% |
| Issued capital | 100 | €49,627,405 | €79,822,405 | +€30.2m | +60.8% |
| Reserves | 13 | €17,309,296 | €6,539,179 | -€10.8m | -62.2% |
| Non-distributable reserves | 130/1 | €3,976,491 | €3,976,491 | = | 0.0% |
| Legal reserve | 130 | €3,976,491 | €3,976,491 | = | 0.0% |
| Distributable reserves | 133 | €13,332,805 | €2,562,689 | -€10.8m | -80.8% |
| Amounts payable | 17/49 | €262,441,818 | €401,174,092 | +€138.7m | +52.9% |
| Amounts payable after more than one year | 17 | €199,215,137 | €290,214,181 | +€91.0m | +45.7% |
| Financial debts | 170/4 | €199,215,137 | €290,214,181 | +€91.0m | +45.7% |
| Other loans | 174 | €199,215,137 | €290,214,181 | +€91.0m | +45.7% |
| Amounts payable within one year | 42/48 | €59,423,940 | €105,259,453 | +€45.8m | +77.1% |
| Current portion of amounts payable after more than one year | 42 | €3,714,127 | €10,000,000 | +€6.3m | +169.2% |
| Trade debts | 44 | €2,024,844 | €4,039,020 | +€2.0m | +99.5% |
| Suppliers | 440/4 | €2,024,844 | €4,039,020 | +€2.0m | +99.5% |
| Taxes, remuneration and social security | 45 | €411,401 | €609,970 | +€198,569 | +48.3% |
| Taxes | 450/3 | €62,906 | €65,987 | +€3,081 | +4.9% |
| Remuneration and social security | 454/9 | €348,495 | €543,983 | +€195,488 | +56.1% |
| Other amounts payable | 47/48 | €53,273,568 | €90,610,463 | +€37.3m | +70.1% |
| Accrued charges and deferred income | 492/3 | €3,802,740 | €5,700,458 | +€1.9m | +49.9% |
| Operating income | 70/76A | €9,582,906 | €13,160,226 | +€3.6m | +37.3% |
| Turnover | 70 | €6,834,146 | €9,359,890 | +€2.5m | +37.0% |
| Other operating income | 74 | €2,748,666 | €3,800,337 | +€1.1m | +38.3% |
| Non-recurring operating income | 76A | €95 | - | -€95 | |
| Operating charges | 60/66A | €10,750,981 | €14,395,637 | +€3.6m | +33.9% |
| Services and other goods | 61 | €9,020,018 | €11,979,802 | +€3.0m | +32.8% |
| Remuneration, social security and pensions | 62 | €1,586,281 | €2,183,136 | +€596,855 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,732 | €79,749 | +€1,017 | +1.3% |
| Other operating charges | 640/8 | €65,012 | €152,950 | +€87,938 | +135.3% |
| Non-recurring operating charges | 66A | €938 | - | -€938 | |
| Operating profit (loss) | 9901 | -€1,168,075 | -€1,235,410 | -€67,335 | -5.8% |
| Financial income | 75/76B | €9,253,425 | €19,853,353 | +€10.6m | +114.6% |
| Recurring financial income | 75 | €9,253,425 | €19,849,212 | +€10.6m | +114.5% |
| Income from financial fixed assets | 750 | €7,871,194 | €18,980,650 | +€11.1m | +141.1% |
| Income from current assets | 751 | €362,811 | €445,944 | +€83,133 | +22.9% |
| Other financial income | 752/9 | €1,019,420 | €422,618 | -€596,802 | -58.5% |
| Non-recurring financial income | 76B | - | €4,141 | +€4,141 | |
| Financial charges | 65/66B | €15,401,662 | €29,388,059 | +€14.0m | +90.8% |
| Recurring financial charges | 65 | €15,401,662 | €29,388,059 | +€14.0m | +90.8% |
| Debt charges | 650 | €15,203,689 | €26,341,818 | +€11.1m | +73.3% |
| Other financial charges | 652/9 | €197,973 | €3,046,242 | +€2.8m | +1438.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,316,312 | -€10,770,117 | -€3.5m | -47.2% |
| Income taxes | 67/77 | €3,658 | - | -€3,658 | |
| Taxes | 670/3 | €4,000 | - | -€4,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €342 | - | -€342 | |
| Profit (loss) for the period | 9904 | -€7,319,970 | -€10,770,117 | -€3.5m | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,319,970 | -€10,770,117 | -€3.5m | -47.1% |
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 30 September 2026 via checked.be.