IPECO: 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.
IPECO
Largest movements
- Receivables within one year +€63,438
up €63,438 (+112%), from €56,504 to €119,942
of which Trade receivables: +€61,384
- Cash -€30,098
down €30,098 (-35.9%), from €83,879 to €53,781
mainly Receivables within one year (-€63,438) and Other debts (-€53,817)
- Tangible fixed assets -€8,702
down €8,702 (-34.0%), from €25,581 to €16,879
of which Furniture and vehicles: -€5,597
- Deferred charges and accrued income -€3,404
down €3,404 (-44.0%), from €7,738 to €4,334
- Debts after one year +€55,603
up €55,603 (+710%), from €7,835 to €63,438
of which Other amounts payable: +€60,000
- Other debts -€53,817
down €53,817 (-60.2%), from €89,385 to €35,569
- Tax, wage and social debts +€11,981
up €11,981 (+174%), from €6,886 to €18,868
of which Taxes: +€11,993
- Trade debts +€9,423
up €9,423 (+148%), from €6,363 to €15,786
- Profit (loss) carried forward -€4,057
down €4,057 (-4.4%), from €91,365 to €87,307
- Gross operating margin -€79,611
down €79,611 (-35.4%), from €224,909 to €145,298
- Taxes -€20,065
down €20,065 (-69.7%), from €28,774 to €8,709
- Financial charges +€2,700
up €2,700 (+133%), from €2,031 to €4,732
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 | €224,715 | €247,020 | +€22,305 | +9.9% |
| Fixed assets | 21/28 | €26,839 | €17,361 | -€9,478 | -35.3% |
| Intangible fixed assets | 21 | €1,066 | €289 | -€776 | -72.8% |
| Tangible fixed assets | 22/27 | €25,581 | €16,879 | -€8,702 | -34.0% |
| Plant, machinery and equipment | 23 | €334 | €169 | -€166 | -49.5% |
| Furniture and vehicles | 24 | €12,883 | €7,286 | -€5,597 | -43.4% |
| Other tangible fixed assets | 26 | €12,364 | €9,425 | -€2,939 | -23.8% |
| Financial fixed assets | 28 | €192 | €192 | = | 0.0% |
| Current assets | 29/58 | €197,876 | €229,659 | +€31,783 | +16.1% |
| Amounts receivable within one year | 40/41 | €56,504 | €119,942 | +€63,438 | +112% |
| Trade receivables | 40 | €41,253 | €102,637 | +€61,384 | +149% |
| Other amounts receivable | 41 | €15,251 | €17,306 | +€2,054 | +13.5% |
| Current investments | 50/53 | €49,754 | €51,601 | +€1,847 | +3.7% |
| Cash at bank and in hand | 54/58 | €83,879 | €53,781 | -€30,098 | -35.9% |
| Deferred charges and accrued income | 490/1 | €7,738 | €4,334 | -€3,404 | -44.0% |
| Total equity and liabilities | 10/49 | €224,715 | €247,020 | +€22,305 | +9.9% |
| Equity | 10/15 | €110,052 | €105,995 | -€4,057 | -3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87 | €87 | = | 0.0% |
| Distributable reserves | 133 | €87 | €87 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,365 | €87,307 | -€4,057 | -4.4% |
| Amounts payable | 17/49 | €114,663 | €141,025 | +€26,362 | +23.0% |
| Amounts payable after more than one year | 17 | €7,835 | €63,438 | +€55,603 | +710% |
| Financial debts | 170/4 | €7,835 | €3,438 | -€4,397 | -56.1% |
| Other amounts payable | 178/9 | - | €60,000 | +€60,000 | |
| Amounts payable within one year | 42/48 | €106,828 | €74,620 | -€32,208 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €4,194 | €4,397 | +€204 | +4.9% |
| Trade debts | 44 | €6,363 | €15,786 | +€9,423 | +148% |
| Suppliers | 440/4 | €6,363 | €15,786 | +€9,423 | +148% |
| Taxes, remuneration and social security | 45 | €6,886 | €18,868 | +€11,981 | +174% |
| Taxes | 450/3 | €6,693 | €18,685 | +€11,993 | +179% |
| Remuneration and social security | 454/9 | €194 | €182 | -€11 | -5.8% |
| Other amounts payable | 47/48 | €89,385 | €35,569 | -€53,817 | -60.2% |
| Accrued charges and deferred income | 492/3 | - | €2,968 | +€2,968 | |
| Remuneration, social security and pensions | 62 | €88,964 | €89,297 | +€333 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,431 | €10,887 | -€544 | -4.8% |
| Other operating charges | 640/8 | €1,700 | €1,227 | -€472 | -27.8% |
| Non-recurring operating charges | 66A | - | €160 | +€160 | |
| Gross operating margin | 9900 | €224,909 | €145,298 | -€79,611 | -35.4% |
| Operating profit (loss) | 9901 | €122,815 | €43,728 | -€79,087 | -64.4% |
| Financial income | 75/76B | €173 | €656 | +€483 | +279% |
| Recurring financial income | 75 | €173 | €656 | +€483 | +279% |
| Financial charges | 65/66B | €2,031 | €4,732 | +€2,700 | +133% |
| Recurring financial charges | 65 | €2,031 | €4,732 | +€2,700 | +133% |
| Profit (loss) for the period before taxes | 9903 | €120,957 | €39,652 | -€81,305 | -67.2% |
| Income taxes | 67/77 | €28,774 | €8,709 | -€20,065 | -69.7% |
| Profit (loss) for the period | 9904 | €92,183 | €30,943 | -€61,240 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,183 | €30,943 | -€61,240 | -66.4% |
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 14 October 2026 via checked.be.