IPEX: 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.
What changed
IPEX
NACE 63.100, Computing infrastructure, data processing, hosting and related activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€401,498
2024 · €432,868-€31,370
Equity
€23.1m
2024 · €2.7m+€20.4m
Cash
€1.0m
2024 · €1.2m-€202,125
Balance sheet total
€44.5m
2024 · €12.5m+€32.0m
Largest movements
Assets
- Financial fixed assets +€30.1m
up €30.1m (+3330.4%), from €903,375 to €31.0m
of which Affiliated companies: +€30.1m
- Intangible fixed assets +€1.2m
up €1.2m (+53.5%), from €2.2m to €3.4m
- Receivables within one year +€989,374
up €989,374 (+21.5%), from €4.6m to €5.6m
of which Trade receivables: +€829,374
Equity and liabilities
- Contributions +€20.0m
up €20.0m (+7874.0%), from €254,000 to €20.3m
- Debts after one year +€10.7m
up €10.7m (+687.0%), from €1.6m to €12.3m
- Current portion of long-term debt +€1.5m
up €1.5m (+203.8%), from €714,451 to €2.2m
- Short-term financial debts -€540,667
down €540,667 (-24.6%), from €2.2m to €1.7m
Income statement
- Turnover +€1.5m
up €1.5m (+4.9%), from €30.2m to €31.7m
- Services and other goods +€1.1m
up €1.1m (+23.5%), from €4.6m to €5.7m
- Goods and materials +€483,153
up €483,153 (+2.4%), from €20.4m to €20.8m
of which Purchases: +€351,747
- Depreciation +€339,115
up €339,115 (+16.2%), from €2.1m to €2.4m
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.
Result 2024
€432,868
Turnover
+€1.5m
Other operating income
-€65,270
Goods and materials
-€483,153
Services and other goods
-€1.1m
Staff costs
-€239,729
Depreciation
-€339,115
Write-downs
-€9,525
Other operating charges
-€5,925
Other operating items
+€729,519
Financial income
+€12,120
Financial charges
-€46,502
Taxes
-€1,161
Result 2025
€401,498
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.
From operations
+€1.9m
Investment
-€33.8m
Financing
+€31.7m
Cash 2024
€1.2m
From operations (derived)
+€1.9m
Net result for the year
+€401,498
Depreciation
+€2.4m
Smaller working-capital items
+€88,957
Receivables within one year
-€989,374
Tax, wage and social debts
+€110,337
Other debts
-€153,495
Investment (derived)
-€33.8m
Investment in fixed assets (net)
-€33.8m
Financing
+€31.7m
Debts after one year
+€10.7m
Current portion of long-term debt
+€1.5m
Short-term financial debts
-€540,667
Contributions, distributions and other
+€20.0m
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,468,037 | €44,487,607 | +€32.0m | +256.8% |
| Fixed assets | 21/28 | €5,638,077 | €36,992,160 | +€31.4m | +556.1% |
| Intangible fixed assets | 21 | €2,247,017 | €3,448,995 | +€1.2m | +53.5% |
| Tangible fixed assets | 22/27 | €2,487,686 | €2,554,122 | +€66,436 | +2.7% |
| Plant, machinery and equipment | 23 | €70,564 | €46,445 | -€24,119 | -34.2% |
| Furniture and vehicles | 24 | €1,070,033 | €911,381 | -€158,652 | -14.8% |
| Leasing and similar rights | 25 | €518,324 | €499,207 | -€19,117 | -3.7% |
| Other tangible fixed assets | 26 | €828,765 | €1,097,089 | +€268,324 | +32.4% |
| Financial fixed assets | 28 | €903,375 | €30,989,043 | +€30.1m | +3330.4% |
| Affiliated companies | 280/1 | €897,727 | €30,983,395 | +€30.1m | +3351.3% |
| Participating interests | 280 | €897,727 | €30,983,395 | +€30.1m | +3351.3% |
| Other financial fixed assets | 284/8 | €5,648 | €5,648 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,648 | €5,648 | = | 0.0% |
| Current assets | 29/58 | €6,829,960 | €7,495,447 | +€665,487 | +9.7% |
| Stocks and contracts in progress | 3 | €609,270 | €537,361 | -€71,909 | -11.8% |
| Stocks | 30/36 | €609,270 | €537,361 | -€71,909 | -11.8% |
| Goods purchased for resale | 34 | €609,270 | €537,361 | -€71,909 | -11.8% |
| Amounts receivable within one year | 40/41 | €4,606,148 | €5,595,522 | +€989,374 | +21.5% |
| Trade receivables | 40 | €4,606,148 | €5,435,522 | +€829,374 | +18.0% |
| Other amounts receivable | 41 | - | €160,000 | +€160,000 | |
| Cash at bank and in hand | 54/58 | €1,207,778 | €1,005,652 | -€202,125 | -16.7% |
| Deferred charges and accrued income | 490/1 | €406,765 | €356,912 | -€49,853 | -12.3% |
| Total equity and liabilities | 10/49 | €12,468,037 | €44,487,607 | +€32.0m | +256.8% |
| Equity | 10/15 | €2,709,700 | €23,146,657 | +€20.4m | +754.2% |
| Contributions | 10/11 | €254,000 | €20,254,000 | +€20.0m | +7874.0% |
| Capital | 10 | €254,000 | €20,254,000 | +€20.0m | +7874.0% |
| Issued capital | 100 | €254,000 | €20,254,000 | +€20.0m | +7874.0% |
| Reserves | 13 | €34,876 | €54,951 | +€20,075 | +57.6% |
| Non-distributable reserves | 130/1 | €25,400 | €45,475 | +€20,075 | +79.0% |
| Legal reserve | 130 | €25,400 | €45,475 | +€20,075 | +79.0% |
| Distributable reserves | 133 | €9,476 | €9,476 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,393,992 | €2,775,415 | +€381,423 | +15.9% |
| Investment grants | 15 | €26,831 | €62,292 | +€35,460 | +132.2% |
| Amounts payable | 17/49 | €9,758,338 | €21,340,949 | +€11.6m | +118.7% |
| Amounts payable after more than one year | 17 | €1,563,777 | €12,306,990 | +€10.7m | +687.0% |
| Financial debts | 170/4 | €1,563,777 | €12,306,990 | +€10.7m | +687.0% |
| Subordinated loans | 170 | €66,667 | €33,333 | -€33,333 | -50.0% |
| Leasing and similar obligations | 172 | €240,409 | €342,616 | +€102,206 | +42.5% |
| Credit institutions | 173 | €1,256,701 | €11,931,041 | +€10.7m | +849.4% |
| Amounts payable within one year | 42/48 | €8,098,671 | €8,918,012 | +€819,341 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €714,451 | €2,170,481 | +€1.5m | +203.8% |
| Financial debts | 43 | €2,193,600 | €1,652,932 | -€540,667 | -24.6% |
| Credit institutions | 430/8 | €2,193,600 | €1,652,932 | -€540,667 | -24.6% |
| Trade debts | 44 | €3,451,489 | €3,469,595 | +€18,106 | +0.5% |
| Suppliers | 440/4 | €3,451,489 | €3,469,595 | +€18,106 | +0.5% |
| Advances received on contracts in progress | 46 | €890,185 | €819,216 | -€70,969 | -8.0% |
| Taxes, remuneration and social security | 45 | €695,452 | €805,789 | +€110,337 | +15.9% |
| Taxes | 450/3 | €252,057 | €254,034 | +€1,977 | +0.8% |
| Remuneration and social security | 454/9 | €443,395 | €551,754 | +€108,360 | +24.4% |
| Other amounts payable | 47/48 | €153,495 | - | -€153,495 | |
| Accrued charges and deferred income | 492/3 | €95,889 | €115,947 | +€20,058 | +20.9% |
| Operating income | 70/76A | €31,363,854 | €33,513,735 | +€2.1m | +6.9% |
| Turnover | 70 | €30,217,671 | €31,711,976 | +€1.5m | +4.9% |
| Own construction capitalised | 72 | €199,711 | €170,829 | -€28,881 | -14.5% |
| Other operating income | 74 | €934,862 | €869,591 | -€65,270 | -7.0% |
| Non-recurring operating income | 76A | €11,610 | €761,338 | +€749,728 | +6457.5% |
| Operating charges | 60/66A | €30,676,037 | €32,821,744 | +€2.1m | +7.0% |
| Goods for resale, raw materials and consumables | 60 | €20,363,215 | €20,846,368 | +€483,153 | +2.4% |
| Purchases | 600/8 | €20,422,712 | €20,774,459 | +€351,747 | +1.7% |
| Change in stocks: decrease (increase) | 609 | -€59,496 | €71,909 | +€131,406 | |
| Services and other goods | 61 | €4,577,516 | €5,654,449 | +€1.1m | +23.5% |
| Remuneration, social security and pensions | 62 | €3,610,915 | €3,850,644 | +€239,729 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,098,496 | €2,437,612 | +€339,115 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €322 | €9,847 | +€9,525 | +2953.5% |
| Other operating charges | 640/8 | €16,330 | €22,256 | +€5,925 | +36.3% |
| Non-recurring operating charges | 66A | €9,242 | €569 | -€8,673 | -93.8% |
| Operating profit (loss) | 9901 | €687,817 | €691,990 | +€4,174 | +0.6% |
| Financial income | 75/76B | €27,761 | €39,881 | +€12,120 | +43.7% |
| Recurring financial income | 75 | €27,761 | €39,881 | +€12,120 | +43.7% |
| Income from financial fixed assets | 750 | €20,852 | €34 | -€20,818 | -99.8% |
| Other financial income | 752/9 | €6,910 | €39,847 | +€32,938 | +476.7% |
| Financial charges | 65/66B | €277,965 | €324,468 | +€46,502 | +16.7% |
| Recurring financial charges | 65 | €277,965 | €324,468 | +€46,502 | +16.7% |
| Debt charges | 650 | €248,719 | €266,599 | +€17,880 | +7.2% |
| Other financial charges | 652/9 | €29,246 | €57,869 | +€28,623 | +97.9% |
| Profit (loss) for the period before taxes | 9903 | €437,612 | €407,404 | -€30,209 | -6.9% |
| Income taxes | 67/77 | €4,745 | €5,906 | +€1,161 | +24.5% |
| Taxes | 670/3 | €4,745 | €5,906 | +€1,161 | +24.5% |
| Profit (loss) for the period | 9904 | €432,868 | €401,498 | -€31,370 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €432,868 | €401,498 | -€31,370 | -7.2% |
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 3 October 2026 via checked.be.