IPE Group: 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.
IPE Group
Largest movements
- Cash +€100,489
up €100,489 (+43.6%), from €230,337 to €330,826
mainly Net result for the year (+€92,063) and Depreciation (+€18,646)
- Tangible fixed assets -€18,646
down €18,646 (-28.4%), from €65,581 to €46,935
of which Furniture and vehicles: -€18,597
- Receivables within one year +€8,479
up €8,479 (+15.1%), from €56,328 to €64,807
of which Trade receivables: +€9,935
- Reserves +€91,221
up €91,221 (+32.8%), from €278,253 to €369,475
- Gross operating margin +€15,546
up €15,546 (+11.7%), from €133,210 to €148,756
- Taxes +€5,035
up €5,035 (+15.6%), from €32,211 to €37,245
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 | €354,395 | €444,793 | +€90,398 | +25.5% |
| Fixed assets | 21/28 | €65,581 | €46,935 | -€18,646 | -28.4% |
| Tangible fixed assets | 22/27 | €65,581 | €46,935 | -€18,646 | -28.4% |
| Land and buildings | 22 | €49 | €0 | -€49 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €65,532 | €46,935 | -€18,597 | -28.4% |
| Current assets | 29/58 | €288,814 | €397,858 | +€109,044 | +37.8% |
| Amounts receivable within one year | 40/41 | €56,328 | €64,807 | +€8,479 | +15.1% |
| Trade receivables | 40 | €49,070 | €59,005 | +€9,935 | +20.2% |
| Other amounts receivable | 41 | €7,258 | €5,802 | -€1,456 | -20.1% |
| Cash at bank and in hand | 54/58 | €230,337 | €330,826 | +€100,489 | +43.6% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,225 | +€76 | +3.6% |
| Total equity and liabilities | 10/49 | €354,395 | €444,793 | +€90,398 | +25.5% |
| Equity | 10/15 | €296,853 | €388,075 | +€91,221 | +30.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €278,253 | €369,475 | +€91,221 | +32.8% |
| Distributable reserves | 133 | €278,253 | €369,475 | +€91,221 | +32.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,542 | €56,718 | -€824 | -1.4% |
| Amounts payable within one year | 42/48 | €42,548 | €41,724 | -€824 | -1.9% |
| Financial debts | 43 | €266 | €583 | +€317 | +119.1% |
| Credit institutions | 430/8 | €266 | €583 | +€317 | +119.1% |
| Trade debts | 44 | €223 | €97 | -€126 | -56.5% |
| Suppliers | 440/4 | €223 | €97 | -€126 | -56.5% |
| Taxes, remuneration and social security | 45 | €41,217 | €40,202 | -€1,014 | -2.5% |
| Taxes | 450/3 | €41,217 | €40,202 | -€1,014 | -2.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €841 | €841 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,994 | €14,994 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,616 | €18,646 | -€969 | -4.9% |
| Other operating charges | 640/8 | €1,148 | €1,013 | -€135 | -11.7% |
| Gross operating margin | 9900 | €133,210 | €148,756 | +€15,546 | +11.7% |
| Operating profit (loss) | 9901 | €112,447 | €129,096 | +€16,650 | +14.8% |
| Financial income | 75/76B | €623 | €312 | -€311 | -49.9% |
| Recurring financial income | 75 | €623 | €312 | -€311 | -49.9% |
| Financial charges | 65/66B | €120 | €100 | -€19 | -16.0% |
| Recurring financial charges | 65 | €120 | €100 | -€19 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €112,950 | €129,308 | +€16,358 | +14.5% |
| Income taxes | 67/77 | €32,211 | €37,245 | +€5,035 | +15.6% |
| Profit (loss) for the period | 9904 | €80,740 | €92,063 | +€11,323 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,740 | €92,063 | +€11,323 | +14.0% |
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.