IPINCO: 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.
IPINCO
Largest movements
- Tangible fixed assets -€759,299
down €759,299 (-16.5%), from €4.6m to €3.8m
of which Plant, machinery and equipment: -€594,566
- Receivables within one year +€679,093
up €679,093 (+45.5%), from €1.5m to €2.2m
of which Trade receivables: +€678,354
- Cash +€348,814
up €348,814 (+28.4%), from €1.2m to €1.6m
mainly Depreciation (+€1.1m) and Net result for the year (+€335,190)
- Reserves +€315,190
up €315,190 (+10.1%), from €3.1m to €3.4m
of which Distributable reserves: +€300,925
- Depreciation -€87,187
down €87,187 (-7.3%), from €1.2m to €1.1m
- Gross operating margin -€45,941
down €45,941 (-2.8%), from €1.6m to €1.6m
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 | €7,348,129 | €7,599,461 | +€251,332 | +3.4% |
| Fixed assets | 21/28 | €4,610,936 | €3,851,636 | -€759,299 | -16.5% |
| Tangible fixed assets | 22/27 | €4,608,436 | €3,849,136 | -€759,299 | -16.5% |
| Land and buildings | 22 | €2,779,003 | €2,614,270 | -€164,733 | -5.9% |
| Plant, machinery and equipment | 23 | €1,829,432 | €1,234,866 | -€594,566 | -32.5% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €2,737,193 | €3,747,824 | +€1.0m | +36.9% |
| Amounts receivable within one year | 40/41 | €1,490,970 | €2,170,063 | +€679,093 | +45.5% |
| Trade receivables | 40 | €1,390,771 | €2,069,125 | +€678,354 | +48.8% |
| Other amounts receivable | 41 | €100,200 | €100,938 | +€739 | +0.7% |
| Cash at bank and in hand | 54/58 | €1,228,948 | €1,577,761 | +€348,814 | +28.4% |
| Deferred charges and accrued income | 490/1 | €17,275 | €0 | -€17,275 | -100.0% |
| Total equity and liabilities | 10/49 | €7,348,129 | €7,599,461 | +€251,332 | +3.4% |
| Equity | 10/15 | €7,116,173 | €7,431,363 | +€315,190 | +4.4% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €3,116,173 | €3,431,363 | +€315,190 | +10.1% |
| Non-distributable reserves | 130/1 | €287,000 | €303,891 | +€16,891 | +5.9% |
| Legal reserve | 130 | €287,000 | €303,891 | +€16,891 | +5.9% |
| Tax-exempt reserves | 132 | €20,331 | €17,706 | -€2,625 | -12.9% |
| Distributable reserves | 133 | €2,808,842 | €3,109,766 | +€300,925 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €6,777 | €5,902 | -€875 | -12.9% |
| Deferred taxes | 168 | €6,777 | €5,902 | -€875 | -12.9% |
| Amounts payable | 17/49 | €225,179 | €162,195 | -€62,983 | -28.0% |
| Amounts payable within one year | 42/48 | €223,566 | €157,251 | -€66,315 | -29.7% |
| Trade debts | 44 | €96,566 | €22,251 | -€74,315 | -77.0% |
| Suppliers | 440/4 | €96,566 | €22,251 | -€74,315 | -77.0% |
| Taxes, remuneration and social security | 45 | €107,000 | €115,000 | +€8,000 | +7.5% |
| Taxes | 450/3 | €107,000 | €115,000 | +€8,000 | +7.5% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,613 | €4,945 | +€3,332 | +206.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,189,074 | €1,101,887 | -€87,187 | -7.3% |
| Other operating charges | 640/8 | €22,503 | €23,111 | +€608 | +2.7% |
| Gross operating margin | 9900 | €1,620,729 | €1,574,788 | -€45,941 | -2.8% |
| Operating profit (loss) | 9901 | €409,152 | €449,791 | +€40,639 | +9.9% |
| Financial charges | 65/66B | €615 | €645 | +€30 | +4.9% |
| Recurring financial charges | 65 | €615 | €645 | +€30 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €408,536 | €449,145 | +€40,609 | +9.9% |
| Transfer from deferred taxes | 780 | €875 | €875 | = | 0.0% |
| Income taxes | 67/77 | €106,987 | €114,830 | +€7,843 | +7.3% |
| Profit (loss) for the period | 9904 | €302,425 | €335,190 | +€32,766 | +10.8% |
| Transfer from tax-exempt reserves | 789 | €2,625 | €2,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €305,050 | €337,815 | +€32,766 | +10.7% |
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 11 October 2026 via checked.be.