IPEI BELGIUM: what changed
What changed
IPEI BELGIUM
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€1.4m
2022 · -€1.1m-€277,315
Equity
€8.0m
2022 · €9.4m-€1.4m
Cash
€7.2m
2022 · €32.3m-€25.1m
Balance sheet total
€8.3m
2022 · €33.5m-€25.3m
Largest movements
Assets
- Cash -€25.1m
down €25.1m (-77.8%), from €32.3m to €7.2m
mainly Other debts (-€23.9m) and Net result for the year (-€1.4m)
- Receivables within one year +€404,799
up €404,799 (+490%), from €82,657 to €487,456
of which Other amounts receivable: +€405,049
- Financial fixed assets -€400,000
down €400,000 (-94.1%), from €425,000 to €25,000
Equity and liabilities
- Other debts -€23.9m
down €23.9m (-100.0%), from €23.9m to €1,250
- Profit (loss) carried forward -€1.4m
down €1.4m (-5.8%), from -€24.4m to -€25.8m
Income statement
- Financial charges -€878,998
down €878,998 (-86.7%), from €1.0m to €135,412
of which Financial charges: -€473,998
- Financial income -€577,476
down €577,476 (-94.8%), from €609,074 to €31,597
- Gross operating margin -€523,499
down €523,499 (-86.4%), from -€605,994 to -€1.1m
- Taxes +€19,230
new in 2023: €19,230
- Staff costs +€14,245
up €14,245 (+12.5%), from €114,285 to €128,531
Change in the result, 2022 to 2023
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2022
-€1.1m
Gross operating margin
-€523,499
Staff costs
-€14,245
Depreciation
-€7,615
Other operating charges
-€3,552
Other operating items
-€10,695
Financial income
-€577,476
Financial charges
+€878,998
Taxes
-€19,230
Result 2023
-€1.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2022 and 2023 balance sheets and the 2023 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€25.5m
Investment
+€399,159
Financing
-€49,070
Cash 2022
€32.3m
From operations (derived)
-€25.5m
Net result for the year
-€1.4m
Depreciation
+€10,237
Receivables after one year
+€126,713
Receivables within one year
-€404,799
Smaller working-capital items
-€27,406
Trade debts
+€130,402
Other debts
-€23.9m
Investment (derived)
+€399,159
Investment in fixed assets (net)
+€399,159
Financing
-€49,070
Current portion of long-term debt
-€99,230
Short-term financial debts
+€50,161
Cash 2023
€7.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,523,859 | €8,273,485 | -€25.3m | -75.3% |
| Fixed assets | 21/28 | €434,396 | €25,000 | -€409,396 | -94.2% |
| Intangible fixed assets | 21 | €1,875 | €0 | -€1,875 | -100% |
| Tangible fixed assets | 22/27 | €7,521 | €0 | -€7,521 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,521 | €0 | -€7,521 | -100% |
| Financial fixed assets | 28 | €425,000 | €25,000 | -€400,000 | -94.1% |
| Current assets | 29/58 | €33,089,463 | €8,248,485 | -€24.8m | -75.1% |
| Amounts receivable after more than one year | 29 | €677,887 | €551,174 | -€126,713 | -18.7% |
| Other amounts receivable | 291 | €677,887 | €551,174 | -€126,713 | -18.7% |
| Amounts receivable within one year | 40/41 | €82,657 | €487,456 | +€404,799 | +490% |
| Trade receivables | 40 | €250 | €0 | -€250 | -100% |
| Other amounts receivable | 41 | €82,407 | €487,456 | +€405,049 | +492% |
| Cash at bank and in hand | 54/58 | €32,298,121 | €7,161,590 | -€25.1m | -77.8% |
| Deferred charges and accrued income | 490/1 | €30,798 | €48,265 | +€17,467 | +56.7% |
| Total equity and liabilities | 10/49 | €33,523,859 | €8,273,485 | -€25.3m | -75.3% |
| Equity | 10/15 | €9,400,869 | €7,993,519 | -€1.4m | -15.0% |
| Contributions | 10/11 | €33,765,315 | €33,765,315 | = | 0.0% |
| Capital | 10 | €33,765,315 | €33,765,315 | = | 0.0% |
| Issued capital | 100 | €33,765,315 | €33,765,315 | = | 0.0% |
| Reserves | 13 | €2,370 | €2,370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,370 | €2,370 | = | 0.0% |
| Legal reserve | 130 | €2,370 | €2,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,366,816 | -€25,774,165 | -€1.4m | -5.8% |
| Amounts payable | 17/49 | €24,122,990 | €279,965 | -€23.8m | -98.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €24,112,590 | €279,905 | -€23.8m | -98.8% |
| Current portion of amounts payable after more than one year | 42 | €99,230 | €0 | -€99,230 | -100% |
| Financial debts | 43 | - | €50,161 | +€50,161 | |
| Credit institutions | 430/8 | - | €50,161 | +€50,161 | |
| Trade debts | 44 | €78,963 | €209,365 | +€130,402 | +165% |
| Suppliers | 440/4 | €78,963 | €209,365 | +€130,402 | +165% |
| Taxes, remuneration and social security | 45 | €18,729 | €19,129 | +€400 | +2.1% |
| Taxes | 450/3 | €3,702 | €3,956 | +€254 | +6.9% |
| Remuneration and social security | 454/9 | €15,027 | €15,173 | +€146 | +1.0% |
| Other amounts payable | 47/48 | €23,915,668 | €1,250 | -€23.9m | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,400 | €60 | -€10,340 | -99.4% |
| Remuneration, social security and pensions | 62 | €114,285 | €128,531 | +€14,245 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,622 | €10,237 | +€7,615 | +290% |
| Other operating charges | 640/8 | €1,796 | €5,349 | +€3,552 | +198% |
| Non-recurring operating charges | 66A | - | €10,695 | +€10,695 | |
| Gross operating margin | 9900 | -€605,994 | -€1,129,493 | -€523,499 | -86.4% |
| Operating profit (loss) | 9901 | -€724,697 | -€1,284,304 | -€559,607 | -77.2% |
| Financial income | 75/76B | €609,074 | €31,597 | -€577,476 | -94.8% |
| Recurring financial income | 75 | €609,074 | €31,597 | -€577,476 | -94.8% |
| Financial charges | 65/66B | €1,014,410 | €135,412 | -€878,998 | -86.7% |
| Recurring financial charges | 65 | €484,410 | €10,412 | -€473,998 | -97.9% |
| Non-recurring financial charges | 66B | €530,000 | €125,000 | -€405,000 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,130,034 | -€1,388,119 | -€258,085 | -22.8% |
| Income taxes | 67/77 | - | €19,230 | +€19,230 | |
| Profit (loss) for the period | 9904 | -€1,130,034 | -€1,407,349 | -€277,315 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,130,034 | -€1,407,349 | -€277,315 | -24.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.