IPEC: 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.
IPEC
Largest movements
- Cash +€41,689
up €41,689 (+1530.2%), from €2,724 to €44,414
mainly Net result for the year (+€15,083) and Tax, wage and social debts (+€11,055)
- Deferred charges and accrued income -€8,288
down €8,288 (-38.7%), from €21,409 to €13,122
- Receivables within one year -€4,034
down €4,034 (-14.3%), from €28,125 to €24,090
of which Trade receivables: -€3,824
- Tangible fixed assets -€3,290
down €3,290 (-54.0%), from €6,095 to €2,805
- Reserves +€15,000
up €15,000 (+33.4%), from €44,955 to €59,955
of which Distributable reserves: +€15,000
- Tax, wage and social debts +€11,055
up €11,055 (+233.4%), from €4,737 to €15,791
- Gross operating margin +€16,820
up €16,820 (+180.5%), from €9,317 to €26,137
- Taxes +€5,344
up €5,344 (+363.6%), from €1,470 to €6,814
- Other operating charges -€785
down €785 (-37.0%), from €2,120 to €1,335
- Financial charges -€700
down €700 (-18.0%), from €3,894 to €3,194
- Depreciation -€458
down €458 (-52.8%), from €868 to €410
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 | €58,353 | €84,431 | +€26,077 | +44.7% |
| Fixed assets | 21/28 | €6,095 | €2,805 | -€3,290 | -54.0% |
| Tangible fixed assets | 22/27 | €6,095 | €2,805 | -€3,290 | -54.0% |
| Plant, machinery and equipment | 23 | €6,095 | €2,805 | -€3,290 | -54.0% |
| Current assets | 29/58 | €52,258 | €81,626 | +€29,367 | +56.2% |
| Amounts receivable within one year | 40/41 | €28,125 | €24,090 | -€4,034 | -14.3% |
| Trade receivables | 40 | €16,477 | €12,653 | -€3,824 | -23.2% |
| Other amounts receivable | 41 | €11,648 | €11,437 | -€210 | -1.8% |
| Cash at bank and in hand | 54/58 | €2,724 | €44,414 | +€41,689 | +1530.2% |
| Deferred charges and accrued income | 490/1 | €21,409 | €13,122 | -€8,288 | -38.7% |
| Total equity and liabilities | 10/49 | €58,353 | €84,431 | +€26,077 | +44.7% |
| Equity | 10/15 | €53,509 | €68,593 | +€15,083 | +28.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,955 | €59,955 | +€15,000 | +33.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €43,100 | €58,100 | +€15,000 | +34.8% |
| Profit (loss) carried forward | 14 | €2,354 | €2,438 | +€83 | +3.5% |
| Amounts payable | 17/49 | €4,844 | €15,838 | +€10,994 | +227.0% |
| Amounts payable within one year | 42/48 | €4,844 | €15,838 | +€10,994 | +227.0% |
| Trade debts | 44 | €107 | €46 | -€61 | -56.6% |
| Suppliers | 440/4 | €107 | €46 | -€61 | -56.6% |
| Taxes, remuneration and social security | 45 | €4,737 | €15,791 | +€11,055 | +233.4% |
| Taxes | 450/3 | €4,737 | €15,791 | +€11,055 | +233.4% |
| Non-recurring operating income | 76A | - | €25,120 | +€25,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €868 | €410 | -€458 | -52.8% |
| Other operating charges | 640/8 | €2,120 | €1,335 | -€785 | -37.0% |
| Gross operating margin | 9900 | €9,317 | €26,137 | +€16,820 | +180.5% |
| Operating profit (loss) | 9901 | €6,329 | €24,392 | +€18,063 | +285.4% |
| Financial income | 75/76B | €550 | €700 | +€149 | +27.1% |
| Recurring financial income | 75 | €550 | €700 | +€149 | +27.1% |
| Financial charges | 65/66B | €3,894 | €3,194 | -€700 | -18.0% |
| Recurring financial charges | 65 | €3,894 | €3,194 | -€700 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €2,985 | €21,897 | +€18,912 | +633.5% |
| Income taxes | 67/77 | €1,470 | €6,814 | +€5,344 | +363.6% |
| Profit (loss) for the period | 9904 | €1,515 | €15,083 | +€13,568 | +895.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,515 | €15,083 | +€13,568 | +895.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.