IPM: 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.
IPM
Largest movements
- Financial fixed assets -€49,800
down €49,800 (-54.6%), from €91,260 to €41,460
- Tangible fixed assets -€38,881
down €38,881 (-14.6%), from €265,719 to €226,838
of which Land and buildings: -€37,678
- Cash -€30,942
down €30,942 (-68.5%), from €45,176 to €14,234
mainly Other debts (-€94,774) and Net result for the year (-€15,528)
- Other debts -€94,774
down €94,774 (-24.5%), from €386,846 to €292,072
- Reserves -€16,805
down €16,805 (-23.4%), from €71,725 to €54,921
- Gross operating margin -€45,192
down €45,192, from €37,061 to -€8,132
- Financial income +€42,622
new in 2025: €42,622
- Depreciation -€1,144
down €1,144 (-2.6%), from €44,122 to €42,978
- Other operating charges +€507
up €507 (+5.0%), from €10,114 to €10,621
- Financial charges +€468
up €468 (+98.9%), from €473 to €940
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 | €640,524 | €521,621 | -€118,903 | -18.6% |
| Fixed assets | 21/28 | €356,979 | €268,297 | -€88,681 | -24.8% |
| Tangible fixed assets | 22/27 | €265,719 | €226,838 | -€38,881 | -14.6% |
| Land and buildings | 22 | €161,564 | €123,886 | -€37,678 | -23.3% |
| Plant, machinery and equipment | 23 | €6,058 | €5,239 | -€819 | -13.5% |
| Furniture and vehicles | 24 | €5,650 | €5,266 | -€384 | -6.8% |
| Other tangible fixed assets | 26 | €92,447 | €92,447 | = | 0.0% |
| Financial fixed assets | 28 | €91,260 | €41,460 | -€49,800 | -54.6% |
| Current assets | 29/58 | €283,546 | €253,324 | -€30,222 | -10.7% |
| Amounts receivable within one year | 40/41 | €232,633 | €233,138 | +€505 | +0.2% |
| Trade receivables | 40 | €85,900 | €86,183 | +€283 | +0.3% |
| Other amounts receivable | 41 | €146,733 | €146,955 | +€222 | +0.2% |
| Cash at bank and in hand | 54/58 | €45,176 | €14,234 | -€30,942 | -68.5% |
| Deferred charges and accrued income | 490/1 | €5,737 | €5,952 | +€215 | +3.8% |
| Total equity and liabilities | 10/49 | €640,524 | €521,621 | -€118,903 | -18.6% |
| Equity | 10/15 | €217,923 | €202,394 | -€15,528 | -7.1% |
| Contributions | 10/11 | €296,778 | €296,778 | = | 0.0% |
| Reserves | 13 | €71,725 | €54,921 | -€16,805 | -23.4% |
| Tax-exempt reserves | 132 | €71,725 | €54,921 | -€16,805 | -23.4% |
| Profit (loss) carried forward | 14 | -€150,581 | -€149,305 | +€1,276 | +0.8% |
| Provisions and deferred taxes | 16 | €23,908 | €18,307 | -€5,602 | -23.4% |
| Deferred taxes | 168 | €23,908 | €18,307 | -€5,602 | -23.4% |
| Amounts payable | 17/49 | €398,693 | €300,919 | -€97,774 | -24.5% |
| Amounts payable within one year | 42/48 | €398,693 | €299,319 | -€99,374 | -24.9% |
| Trade debts | 44 | €10,625 | €6,168 | -€4,457 | -41.9% |
| Suppliers | 440/4 | €10,625 | €6,168 | -€4,457 | -41.9% |
| Taxes, remuneration and social security | 45 | €1,223 | €1,080 | -€143 | -11.7% |
| Taxes | 450/3 | €1,223 | €1,080 | -€143 | -11.7% |
| Other amounts payable | 47/48 | €386,846 | €292,072 | -€94,774 | -24.5% |
| Accrued charges and deferred income | 492/3 | - | €1,600 | +€1,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,122 | €42,978 | -€1,144 | -2.6% |
| Other operating charges | 640/8 | €10,114 | €10,621 | +€507 | +5.0% |
| Gross operating margin | 9900 | €37,061 | -€8,132 | -€45,192 | |
| Operating profit (loss) | 9901 | -€17,176 | -€61,731 | -€44,555 | -259.4% |
| Financial income | 75/76B | - | €42,622 | +€42,622 | |
| Recurring financial income | 75 | - | €42,622 | +€42,622 | |
| Financial charges | 65/66B | €473 | €940 | +€468 | +98.9% |
| Recurring financial charges | 65 | €473 | €940 | +€468 | +98.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,649 | -€20,050 | -€2,402 | -13.6% |
| Transfer from deferred taxes | 780 | €5,602 | €5,602 | = | 0.0% |
| Income taxes | 67/77 | €1,118 | €1,080 | -€38 | -3.4% |
| Profit (loss) for the period | 9904 | -€13,165 | -€15,528 | -€2,364 | -18.0% |
| Transfer from tax-exempt reserves | 789 | €16,805 | €16,805 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,640 | €1,276 | -€2,364 | -64.9% |
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 30 September 2026 via checked.be.