IPEVA: 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.
IPEVA
Largest movements
- Current investments +€96,257
up €96,257 (+3359.7%), from €2,865 to €99,122
- Receivables within one year -€71,301
down €71,301 (-75.7%), from €94,161 to €22,860
of which Other amounts receivable: -€72,145
- Cash +€8,228
up €8,228 (+18.1%), from €45,542 to €53,770
mainly Net result for the year (+€104,682) and Receivables within one year (+€71,301)
- Reserves +€104,682
up €104,682 (+42.4%), from €246,729 to €351,411
- Current portion of long-term debt -€59,981
no longer reported in 2025 (was €59,981)
- Tax, wage and social debts -€9,369
down €9,369 (-70.0%), from €13,389 to €4,020
- Financial income -€88,112
down €88,112 (-58.6%), from €150,310 to €62,197
- Taxes -€8,718
down €8,718 (-23.0%), from €37,966 to €29,249
- Gross operating margin -€6,237
down €6,237 (-6.4%), from €97,368 to €91,130
- Financial charges -€3,252
down €3,252 (-21.7%), from €15,004 to €11,751
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 | €495,540 | €530,064 | +€34,524 | +7.0% |
| Fixed assets | 21/28 | €352,818 | €354,312 | +€1,494 | +0.4% |
| Tangible fixed assets | 22/27 | €12,818 | €14,312 | +€1,494 | +11.7% |
| Furniture and vehicles | 24 | €12,818 | €14,312 | +€1,494 | +11.7% |
| Financial fixed assets | 28 | €340,000 | €340,000 | = | 0.0% |
| Current assets | 29/58 | €142,722 | €175,752 | +€33,030 | +23.1% |
| Amounts receivable within one year | 40/41 | €94,161 | €22,860 | -€71,301 | -75.7% |
| Trade receivables | 40 | €15,125 | €15,969 | +€844 | +5.6% |
| Other amounts receivable | 41 | €79,036 | €6,891 | -€72,145 | -91.3% |
| Current investments | 50/53 | €2,865 | €99,122 | +€96,257 | +3359.7% |
| Cash at bank and in hand | 54/58 | €45,542 | €53,770 | +€8,228 | +18.1% |
| Deferred charges and accrued income | 490/1 | €155 | - | -€155 | |
| Total equity and liabilities | 10/49 | €495,540 | €530,064 | +€34,524 | +7.0% |
| Equity | 10/15 | €247,729 | €352,411 | +€104,682 | +42.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €246,729 | €351,411 | +€104,682 | +42.4% |
| Distributable reserves | 133 | €246,729 | €351,411 | +€104,682 | +42.4% |
| Amounts payable | 17/49 | €247,811 | €177,653 | -€70,158 | -28.3% |
| Amounts payable after more than one year | 17 | €170,000 | €170,000 | = | 0.0% |
| Financial debts | 170/4 | €170,000 | €170,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,811 | €7,554 | -€70,256 | -90.3% |
| Current portion of amounts payable after more than one year | 42 | €59,981 | - | -€59,981 | |
| Trade debts | 44 | €230 | €666 | +€436 | +190.0% |
| Suppliers | 440/4 | €230 | €666 | +€436 | +190.0% |
| Taxes, remuneration and social security | 45 | €13,389 | €4,020 | -€9,369 | -70.0% |
| Taxes | 450/3 | €13,389 | €4,020 | -€9,369 | -70.0% |
| Other amounts payable | 47/48 | €4,211 | €2,869 | -€1,342 | -31.9% |
| Accrued charges and deferred income | 492/3 | - | €98 | +€98 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,333 | €7,456 | +€123 | +1.7% |
| Other operating charges | 640/8 | - | €189 | +€189 | |
| Gross operating margin | 9900 | €97,368 | €91,130 | -€6,237 | -6.4% |
| Operating profit (loss) | 9901 | €90,034 | €83,485 | -€6,549 | -7.3% |
| Financial income | 75/76B | €150,310 | €62,197 | -€88,112 | -58.6% |
| Recurring financial income | 75 | €150,310 | €62,197 | -€88,112 | -58.6% |
| Financial charges | 65/66B | €15,004 | €11,751 | -€3,252 | -21.7% |
| Recurring financial charges | 65 | €15,004 | €11,751 | -€3,252 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €225,340 | €133,931 | -€91,410 | -40.6% |
| Income taxes | 67/77 | €37,966 | €29,249 | -€8,718 | -23.0% |
| Profit (loss) for the period | 9904 | €187,374 | €104,682 | -€82,692 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €187,374 | €104,682 | -€82,692 | -44.1% |
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 9 October 2026 via checked.be.