IPELA: 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.
IPELA
Largest movements
- Cash -€4,854
down €4,854 (-51.1%), from €9,496 to €4,642
mainly Contributions, distributions and other (-€74,076) and Investment in fixed assets (net) (-€1,799)
- Tangible fixed assets +€716
up €716 (+22.9%), from €3,122 to €3,838
- Profit (loss) carried forward -€43,347
down €43,347 (-100.0%), from €43,347 to €0
- Other debts +€29,869
up €29,869 (+3477.2%), from €859 to €30,728
- Advances received +€6,396
new in 2025: €6,396
- Tax, wage and social debts +€3,831
new in 2025: €3,831
- Trade debts -€1,593
down €1,593 (-73.9%), from €2,157 to €564
- Gross operating margin +€14,135
up €14,135 (+43.5%), from €32,474 to €46,609
- Taxes +€6,692
up €6,692 (+109.0%), from €6,139 to €12,831
- Financial charges -€824
down €824 (-18.1%), from €4,556 to €3,732
- Financial income +€621
up €621 (+28.3%), from €2,191 to €2,813
- Depreciation +€471
up €471 (+76.9%), from €612 to €1,083
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 | €71,236 | €67,256 | -€3,980 | -5.6% |
| Fixed assets | 21/28 | €3,122 | €3,838 | +€716 | +22.9% |
| Tangible fixed assets | 22/27 | €3,122 | €3,838 | +€716 | +22.9% |
| Furniture and vehicles | 24 | €3,122 | €3,838 | +€716 | +22.9% |
| Current assets | 29/58 | €68,114 | €63,418 | -€4,696 | -6.9% |
| Amounts receivable within one year | 40/41 | €56,405 | €56,702 | +€297 | +0.5% |
| Trade receivables | 40 | €7,018 | €12,825 | +€5,807 | +82.7% |
| Other amounts receivable | 41 | €49,387 | €43,877 | -€5,510 | -11.2% |
| Cash at bank and in hand | 54/58 | €9,496 | €4,642 | -€4,854 | -51.1% |
| Deferred charges and accrued income | 490/1 | €2,214 | €2,074 | -€139 | -6.3% |
| Total equity and liabilities | 10/49 | €71,236 | €67,256 | -€3,980 | -5.6% |
| Equity | 10/15 | €63,797 | €20,449 | -€43,347 | -67.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €17,449 | €17,449 | = | 0.0% |
| Distributable reserves | 133 | €17,449 | €17,449 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,347 | €0 | -€43,347 | -100.0% |
| Amounts payable | 17/49 | €7,440 | €46,807 | +€39,367 | +529.1% |
| Amounts payable within one year | 42/48 | €7,440 | €46,807 | +€39,367 | +529.1% |
| Financial debts | 43 | €4,424 | €5,288 | +€864 | +19.5% |
| Credit institutions | 430/8 | €4,424 | €5,288 | +€864 | +19.5% |
| Trade debts | 44 | €2,157 | €564 | -€1,593 | -73.9% |
| Suppliers | 440/4 | €2,157 | €564 | -€1,593 | -73.9% |
| Advances received on contracts in progress | 46 | - | €6,396 | +€6,396 | |
| Taxes, remuneration and social security | 45 | - | €3,831 | +€3,831 | |
| Taxes | 450/3 | - | €3,831 | +€3,831 | |
| Other amounts payable | 47/48 | €859 | €30,728 | +€29,869 | +3477.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612 | €1,083 | +€471 | +76.9% |
| Other operating charges | 640/8 | €1,455 | €1,047 | -€409 | -28.1% |
| Gross operating margin | 9900 | €32,474 | €46,609 | +€14,135 | +43.5% |
| Operating profit (loss) | 9901 | €30,406 | €44,479 | +€14,073 | +46.3% |
| Financial income | 75/76B | €2,191 | €2,813 | +€621 | +28.3% |
| Recurring financial income | 75 | €2,191 | €2,813 | +€621 | +28.3% |
| Financial charges | 65/66B | €4,556 | €3,732 | -€824 | -18.1% |
| Recurring financial charges | 65 | €4,556 | €3,732 | -€824 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €28,041 | €43,559 | +€15,518 | +55.3% |
| Income taxes | 67/77 | €6,139 | €12,831 | +€6,692 | +109.0% |
| Profit (loss) for the period | 9904 | €21,902 | €30,728 | +€8,827 | +40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,902 | €30,728 | +€8,827 | +40.3% |
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 29 September 2026 via checked.be.