IPEMS: 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.
IPEMS
Largest movements
- Cash +€95,613
up €95,613 (+234%), from €40,795 to €136,408
mainly Net result for the year (+€82,185) and Other debts (+€20,766)
- Receivables within one year -€19,103
down €19,103 (-29.6%), from €64,502 to €45,399
of which Trade receivables: -€23,517
- Receivables after one year +€4,634
up €4,634 (+4.8%), from €97,367 to €102,000
- Reserves +€67,551
up €67,551 (+42.5%), from €159,024 to €226,576
- Other debts +€20,766
up €20,766 (+386%), from €5,381 to €26,147
- Trade debts -€4,975
down €4,975 (-18.7%), from €26,575 to €21,600
- Tax, wage and social debts -€3,526
down €3,526 (-25.0%), from €14,105 to €10,579
of which Taxes: -€2,526
- Gross operating margin +€30,075
up €30,075 (+40.2%), from €74,798 to €104,873
- Taxes +€4,937
up €4,937 (+26.9%), from €18,321 to €23,258
- Other operating charges -€1,780
down €1,780 (-70.5%), from €2,526 to €746
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 | €208,085 | €287,968 | +€79,884 | +38.4% |
| Fixed assets | 21/28 | €2,294 | €1,901 | -€393 | -17.1% |
| Tangible fixed assets | 22/27 | €2,294 | €1,901 | -€393 | -17.1% |
| Furniture and vehicles | 24 | €2,294 | €1,901 | -€393 | -17.1% |
| Current assets | 29/58 | €205,790 | €286,068 | +€80,277 | +39.0% |
| Amounts receivable after more than one year | 29 | €97,367 | €102,000 | +€4,634 | +4.8% |
| Other amounts receivable | 291 | €97,367 | €102,000 | +€4,634 | +4.8% |
| Amounts receivable within one year | 40/41 | €64,502 | €45,399 | -€19,103 | -29.6% |
| Trade receivables | 40 | €62,350 | €38,833 | -€23,517 | -37.7% |
| Other amounts receivable | 41 | €2,152 | €6,566 | +€4,414 | +205% |
| Cash at bank and in hand | 54/58 | €40,795 | €136,408 | +€95,613 | +234% |
| Deferred charges and accrued income | 490/1 | €3,128 | €2,261 | -€866 | -27.7% |
| Total equity and liabilities | 10/49 | €208,085 | €287,968 | +€79,884 | +38.4% |
| Equity | 10/15 | €162,024 | €229,576 | +€67,551 | +41.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €159,024 | €226,576 | +€67,551 | +42.5% |
| Distributable reserves | 133 | €159,024 | €226,576 | +€67,551 | +42.5% |
| Amounts payable | 17/49 | €46,060 | €58,393 | +€12,333 | +26.8% |
| Amounts payable within one year | 42/48 | €46,060 | €58,326 | +€12,266 | +26.6% |
| Trade debts | 44 | €26,575 | €21,600 | -€4,975 | -18.7% |
| Suppliers | 440/4 | €26,575 | €21,600 | -€4,975 | -18.7% |
| Taxes, remuneration and social security | 45 | €14,105 | €10,579 | -€3,526 | -25.0% |
| Taxes | 450/3 | €13,105 | €10,579 | -€2,526 | -19.3% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €5,381 | €26,147 | +€20,766 | +386% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €692 | €1,178 | +€486 | +70.2% |
| Other operating charges | 640/8 | €2,526 | €746 | -€1,780 | -70.5% |
| Gross operating margin | 9900 | €74,798 | €104,873 | +€30,075 | +40.2% |
| Operating profit (loss) | 9901 | €71,580 | €102,949 | +€31,369 | +43.8% |
| Financial income | 75/76B | €2,281 | €2,860 | +€578 | +25.3% |
| Recurring financial income | 75 | €2,281 | €2,860 | +€578 | +25.3% |
| Financial charges | 65/66B | €226 | €365 | +€139 | +61.5% |
| Recurring financial charges | 65 | €226 | €365 | +€139 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €73,635 | €105,443 | +€31,809 | +43.2% |
| Income taxes | 67/77 | €18,321 | €23,258 | +€4,937 | +26.9% |
| Profit (loss) for the period | 9904 | €55,314 | €82,185 | +€26,871 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,314 | €82,185 | +€26,871 | +48.6% |
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 26 October 2026 via checked.be.