IPEACON: 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.
IPEACON
Largest movements
- Tangible fixed assets +€84,710
up €84,710 (+872.2%), from €9,712 to €94,422
of which Plant, machinery and equipment: +€83,953
- Cash -€42,480
down €42,480 (-14.2%), from €299,360 to €256,880
mainly Investment in fixed assets (net) (-€93,174) and Receivables within one year (-€14,895)
- Receivables within one year +€14,895
up €14,895 (+32.2%), from €46,207 to €61,102
of which Trade receivables: +€14,169
- Reserves +€41,956
up €41,956 (+12.9%), from €326,138 to €368,094
- Tax, wage and social debts +€20,051
up €20,051 (+354.3%), from €5,659 to €25,710
- Gross operating margin +€9,042
up €9,042 (+15.1%), from €59,755 to €68,797
- Depreciation +€5,061
up €5,061 (+148.7%), from €3,403 to €8,464
- Other operating charges -€1,995
down €1,995 (-79.3%), from €2,515 to €520
- Financial charges -€1,070
down €1,070 (-80.5%), from €1,329 to €259
- Taxes +€922
up €922 (+5.5%), from €16,676 to €17,598
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 | €355,279 | €412,404 | +€57,125 | +16.1% |
| Fixed assets | 21/28 | €9,712 | €94,422 | +€84,710 | +872.2% |
| Tangible fixed assets | 22/27 | €9,712 | €94,422 | +€84,710 | +872.2% |
| Plant, machinery and equipment | 23 | €9,712 | €93,665 | +€83,953 | +864.4% |
| Furniture and vehicles | 24 | - | €757 | +€757 | |
| Current assets | 29/58 | €345,567 | €317,982 | -€27,585 | -8.0% |
| Amounts receivable within one year | 40/41 | €46,207 | €61,102 | +€14,895 | +32.2% |
| Trade receivables | 40 | €38,823 | €52,992 | +€14,169 | +36.5% |
| Other amounts receivable | 41 | €7,384 | €8,110 | +€726 | +9.8% |
| Cash at bank and in hand | 54/58 | €299,360 | €256,880 | -€42,480 | -14.2% |
| Total equity and liabilities | 10/49 | €355,279 | €412,404 | +€57,125 | +16.1% |
| Equity | 10/15 | €344,738 | €386,694 | +€41,956 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €326,138 | €368,094 | +€41,956 | +12.9% |
| Distributable reserves | 133 | €326,138 | €368,094 | +€41,956 | +12.9% |
| Amounts payable | 17/49 | €10,541 | €25,710 | +€15,169 | +143.9% |
| Amounts payable within one year | 42/48 | €9,671 | €25,710 | +€16,039 | +165.8% |
| Financial debts | 43 | €260 | - | -€260 | |
| Credit institutions | 430/8 | €260 | - | -€260 | |
| Taxes, remuneration and social security | 45 | €5,659 | €25,710 | +€20,051 | +354.3% |
| Taxes | 450/3 | €5,659 | €25,710 | +€20,051 | +354.3% |
| Other amounts payable | 47/48 | €3,752 | - | -€3,752 | |
| Accrued charges and deferred income | 492/3 | €870 | - | -€870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,403 | €8,464 | +€5,061 | +148.7% |
| Other operating charges | 640/8 | €2,515 | €520 | -€1,995 | -79.3% |
| Gross operating margin | 9900 | €59,755 | €68,797 | +€9,042 | +15.1% |
| Operating profit (loss) | 9901 | €53,837 | €59,813 | +€5,976 | +11.1% |
| Financial charges | 65/66B | €1,329 | €259 | -€1,070 | -80.5% |
| Recurring financial charges | 65 | €1,329 | €259 | -€1,070 | -80.5% |
| Profit (loss) for the period before taxes | 9903 | €52,508 | €59,554 | +€7,046 | +13.4% |
| Income taxes | 67/77 | €16,676 | €17,598 | +€922 | +5.5% |
| Profit (loss) for the period | 9904 | €35,832 | €41,956 | +€6,124 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,832 | €41,956 | +€6,124 | +17.1% |
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 9 October 2026 via checked.be.